restaurant brand
Ghost Kitchens, AI And POS Systems: Restaurant Tech Providers Predict Top 2020 Trends
Close-up of sign for gig economy meal delivery app Doordash, with text reading Doordash Pick up ... [ ] Here, in a restaurant setting in Lafayette, California, May 23, 2019. Earlier this year, Hudson Riehle from the National Restaurant Association said we're at a tipping point in the restaurant industry, pointing to the emergence of "essentially a new business model." In a nutshell, that means a majority of consumers, especially younger consumers, now prefer to eat their restaurant meals somewhere other than an actual restaurant whether that be via drive-thru, delivery, takeout, whatever. So, what comes on the other side of this tipping point? According to industry technology providers (in many cases, disruptors), the major narratives for 2020 include even more delivery, ghost kitchens, a more sophisticated point-of-sale system and artificial intelligence.
Feeding the Algorithm: How Restaurants Use Data to Capture Competitive Advantage
Advanced analytics, powered by a variety of data sources, are transforming industry after industry, from technology to financial services to industrial goods. With a few notable exceptions, however, restaurants have been slower to move--which is ironic considering the amount of data that restaurant brands have available and the range of ways that they can put it to use. BCG's 2018 digital maturity survey of top restaurant brands found that four in five brands can access a wealth of data from multiple sources, but only one in five has in place a comprehensive big data strategy, an integrated customer master data set that the entire organization can access, or the ability to use predictive analytics algorithms to drive business decisions automatically. Not a single brand self-identified as fluent in advanced analytics techniques such as artificial intelligence, machine learning, chatbots, or voice-enabled ordering. This is a big opportunity for the brands that move fast.
Responding to Bad Restaurant Reviews – Be Proactive
In the past, a bad meal or poor service could cost a restaurant a customer, and perhaps that customer's family and friends. Today, thanks to social media and the exponential distributive power of viral networks, a single diner's experience of cutting into an overcooked steak or encountering a surly waiter can influence thousands and quickly become a PR nightmare that impacts revenue and damages brand reputation. Despite the risk of negative publicity on social media, many restaurant chains are passive about developing strategies to respond to snarky reviews and hostile comments. One rationale is that it's impossible to monitor vast social networks for any and every negative mention of a restaurant brand. Another is that giving rewards or freebies to complainers sets a precedent for additional giveaways. Yet evidence suggests that restaurants that do respond proactively to complaints on social media and take steps to make things right with disgruntled customers are perceived favorably.