- According to federal data, foodservice and drinking places earned $84.98 billion in May of this year which only showed a 0.7% increase from April 2022. It is safe to assume that this low of an increase is due to the current inflation we are all facing. While the increase of foodservice and drinking places was lower than average, according to the Bureau of Labor statistics, food-away-from-home increased 7.4% year-over-year in May which was the largest 12-month increase since November 1981.
Source: QSR Magazine. Read the full article here.
- Historically speaking, the food industry has always been slower to adapt new technologies. Given the pandemic, labor shortages, inflation and everything else in-between, many companies have decided to adapt technology for the better and make it a higher priority within their business. According to a recent report by the Food Industry Executive, more than four in ten processors and manufacturers stated that software has transformed the way that they operate their business – especially from a competitive standpoint.
Source: Food Industry Executive. Download the full report here.
- Since the pandemic, the food service industry has seen a major increase in the adoption of digital loyalty programs. A lot of work can go into creating a worth-while loyalty program including but not limited to:
- Giving your customers exactly what they want. Think of what is important and relevant to them. While free food or beverages is always nice, you can consider a “VIP” experience or even access to a limited time offer a week before you roll it out to the public.
- Personalization. Customers want a seamless experience while using your loyalty program. It’s important to leave no room for question… share with them exactly how many points they accumulated from their purchase(s), when they can obtain their next special offer, and any levels of loyalty, if applicable to name a few.
- Communicating in the most effective way possible. Knowing how your customers want to be contacted is the key to success in ensuring that they are seeing any promotions or timely messages you want to send out. One recommendation is allowing your customers within the app to select how they would like to be contacted by your business (SMS, across, push notifications or both).
Source: QSR Web. Read the full article here.