This site uses cookies to improve your experience. To help us insure we adhere to various privacy regulations, please select your country/region of residence. If you do not select a country, we will assume you are from the United States. Select your Cookie Settings or view our Privacy Policy and Terms of Use.
Cookie Settings
Cookies and similar technologies are used on this website for proper function of the website, for tracking performance analytics and for marketing purposes. We and some of our third-party providers may use cookie data for various purposes. Please review the cookie settings below and choose your preference.
Used for the proper function of the website
Used for monitoring website traffic and interactions
Cookie Settings
Cookies and similar technologies are used on this website for proper function of the website, for tracking performance analytics and for marketing purposes. We and some of our third-party providers may use cookie data for various purposes. Please review the cookie settings below and choose your preference.
Strictly Necessary: Used for the proper function of the website
Performance/Analytics: Used for monitoring website traffic and interactions
In 2024, restaurant traffic slowed while price sensitivity grew. Moreover, three out of four respondents believe restaurant prices are higher and high prices are the primary reason for cutting back on restaurant spending. Recurring customers. Promotions and discounts attract customers, but they’re often short-lived.
Menu pricing isnt just about covering costsits about finding that sweet spot where profitability, customer perception, and operational reality meet. Set prices too low, and youre leaving money on the table. Too high, and youll drive customers away.
Steady Online Ordering Brings Food Waste, Donations to the Forefront of Priorities Ordering food online increases restaurant sales, but it also can potentially increase wasted food if proactive measures aren’t taken – for both the business and consumers at home.
Running a restaurant isn’t just about crafting the perfect plate or creating an unforgettable experience for your guests, it’s about making money. The reality is, these vendors make a healthy profit off every sale, and many are willing to negotiate if you know how to play the game. billion, reflecting a 4.7
Dynamic pricing would add friction to the guest experience, according to Capterra’s 2023 Dynamic Pricing in Restaurants. Sixty-five percent of consumers say dynamic pricing would make the decision of where and when to eat more difficult; 63 percent say it would make it harder to budget their restaurant spending.
Due to many factors including inflation and supply chain challenges, restaurant owners and operators have been faced with tough choice about raising menu prices. As food prices rise, restaurants should try to stay within their target ratio for food cost to gross food revenue in order to maintain target profits.
Beata Zawrzel/NurPhoto via Getty Images New CEO Brian Niccol is hoping customers will fall back in love with the coffee chain. The chain has seen declining sales , and foot traffic is down 10 percent over the last year. Unfortunately, leaning into this customizable creativity has, arguably, made the experience at Starbucks worse.
“Through expansive experiences that inspire our guests paired with the ambiance of the space and the food on the plate, we’re setting new standards for the industry and creating truly spectacular moments for all who enter our restaurants and bars.”
These metrics give you a clear picture of your delivery performancefrom order volume and customer retention to delivery speed and profitability. These metrics give you a clear picture of your delivery performancefrom order volume and customer retention to delivery speed and profitability.
From my experience, it is difficult to experience a dinner for two in a moderate full-service, independent restaurant for less than $120 without gratuity. Recent data published by USA Today suggests that the average upper middle-class couple spends around $200 per week on groceries. That’s 21 meals for two people over seven days.
In recent months, other matcha-seekers visiting Japan have been having a similar experience. In the US, matcha sales have reportedly reached in excess of $10 billion over the past 25 years. They did roughly six months of sales in a little less than a month,” Mangan says. Now, the matcha industry is struggling to keep up.
Restaurants collect a ton of customer data. Think about it: What if you could automatically send a special offer to a customer who hasnt ordered in a while? When used strategically, customer data can help you personalize marketing, streamline operations, and create a better dining experience for your guests.
Customers expect to browse menus, place orders, and pay for their meals with just a few taps of their phones. For restaurant operators, this presents both an opportunity and a challenge: how to implement an online ordering system that maximizes revenue while maintaining control over their customer relationships. billion in revenue.
When delivery app orders sync with your point of sale, youre not just saving timeyoure improving order accuracy, speeding up the process, and getting cleaner reporting. Both options help eliminate manual entry and streamline how delivery orders are processed, but the experience and the flexibility can be very different.
One key area to focus on is drink sales, with cocktail sales accounting for about 23% of a bar's revenue. It just goes to show how important drink pricing and cost management are to maximizing profits. Start by tracking all the income your bar generates, including sales from drinks, food, and any additional services.
What was once a gradual process turned into a rapid transformation, permanently reshaping how restaurants operate and interact with customers. Customers have now fully embraced the benefits of using restaurant technology, and to keep up with guests evolving expectations, the tech industry is growing at an incredible rate.
What should be a reassuring sightscreens full of customer ordersis actually a logistical nightmare. A single mistakelike forgetting to accept an order on one app while preparing anothercan result in a frustrated customer and a lost sale. Are delivery prices aligned with in-house costs? Which apps are performing best?
But independently owned, more agile operations can out-maneuver big brands by leaning on their point of sale (POS) platforms to increase sales and expand their client bases. Understand customer cravings and business needs through data. Let’s say the price of beef goes up.
For a deeper dive into brand messaging, strategy, and authenticity, creating unified guest experiences, and the orchestration of physical and experiential touchpoints, Modern Restaurant Management (MRM) magazine reached out to The Plaid Penguin’s Founder and Sir Idea Man Joe Haubenhofer. A strong restaurant brand goes beyond a logo.
According to September 2023 numbers from the National Restaurant Association , 49 percent of restaurants reported year-over-year increases in same-store sales. Adapt to Growing Price Fatigue Since the pandemic, controlling food costs has been a major challenge for restaurant operators. Full-service menu prices climbed 4.5
If your business isnt keeping up with the changes, you risk falling behind and not meeting modern customer expectations. For operators, restaurant apps mean higher sales, greater customer retention, and smoother day-to-day operations. Online ordering and delivery apps.
Being a business owner you must be aware that a repeat customer is better than a new customer. This is due to the reason that repeat customers tend to spend more money as compared to new customers. Therefore, if a business can retain its customers, it can easily boost the profits by 95%.
On top of the everyday commitment to prepare great food, provide stellar service, and maintain an inviting environment, restaurant operators have, in recent years, been challenged to meet higher standards for protecting customer payment information – and now to preserve public health and safety.
While the restaurant industry has experienced major supply chain and labor issues throughout the pandemic, it is now reaching a tipping point. Here are four key areas that brands should be focusing on to help protect their bottom line and maintain a positive guest experience: Zero In on Personalization and Customer Data.
QSRs Shift Focus from Slow-Paced Dining to Swift, Transactional Experiences Quick Service Restaurants (QSRs) are reimagining their dining spaces to prioritize speed, convenience, and personalization over traditional, slow-paced dining experiences. An issue that may arise from this in 2024 is data privacy.
The COVID-19 pandemic has brought endless changes to the restaurant industry, but perhaps the most significant has been the rise of the contactless dining experience. With customers opting for alternatives to dine-in, restaurants adapted to build solutions to offer takeout, delivery and curbside pickup options.
The popularity of drive-thru continues as sales are up 30 percent since 2019. But what do customers want from the drive-thru experience and how can QSRs better meet those needs? Guests have high expectations for their drive-thru experiences. How will the drive-thru change in the coming years? What does that mean?
Low-power solutions draw much less power than higher-price cellular or Wi-Fi-enabled solutions to transmit data, which means devices last longer without the need for replacement batteries, resulting in a lower total cost of ownership. Energy Management. As restaurant owners look to cut costs, energy consumption is an obvious area to exploit.
Restaurants are making use of workflow automation to increase efficiency in numerous ways inlcuding customer service automation and sales and marketing automation. Automating customer service tasks helps to improve the customerexperience. Improving customer service. Benefits of Workflow Automation.
Happy hours can be a great way to increase foot traffic and boost sales for restaurant and bars. So, you can attract new customers and encourage existing ones to stick around for a bit longer with happy hour promotions. Not only does it attract customers during slow times , but it also boosts sales and encourages people to come back.
In this article, youll learn: How menu management software streamlines menu updates and eliminates manual errors Why outdated or inconsistent menus can impact customer satisfaction and revenue Key features to look for when choosing the right software for your restaurant Lets explore why every restaurant needs menu management software.
While there was a strong desire to return to pre-pandemic norms, many businesses underestimated the lasting impact of COVID-19 on customer behaviours and preferences. As with most other industries, the biggest talking point for restaurants in 2023 has been artificial intelligence. Here are some of their insights.
But some, such as the popularity of technology enabled dining experiences, are staying strong. The same survey showed no correlation between app popularity and an excellent mobile experience – implying that mobile ordering apps only need to be “good enough” to satisfy the demand for this kind of service. Set the Bar.
Youre delivering a great dining experience, yet foot traffic remains inconsistent, online engagement is low, and new customers arent coming in as often as youd like. The problem isnt your food or serviceits visibility and customer engagementand were going to help you fix that. Optimize your Google Business Profile.
71 percent rely on delivery for 11 percent or more of sales. 33 percent rely on delivery for more than 20 percent of sales. 65 percent rely on mobile ordering for 11 percent or more of sales. 25 percent rely on mobile ordering for more than 20 percent of sales. Investment in delivery and mobile ordering pays off.
Ensuring guests experience true hospitality is tantamount to running a successful restaurant. Thanks to restaurant technologies, it’s possible to not only deliver a superior customerexperience — the crux of hospitality — but also take things to the next level. Hospitality is greater than the sum of its parts.
With the holidays coming up, restaurants don’t want to be caught short-staffed and underprepared for the increase in customer volume, as this can contribute to patron dissatisfaction and lower tips. The Consumer Price Index for September shows an 8.5 The Consumer Price Index for September shows an 8.5 Today in the U.S.,
” Simple concept yet much harder to pull off for today’s restaurants struggling to harmonize in-store, drive-thru, delivery and curbside experiences for both customers and employees. Customer expectations are level set by their most advanced in-store and digital experiences.
Those priorities include increased marketing and sales efforts alongside new benefits and programs to attract and retain staff. The primary response was menu price increases, with nearly 61 percent of respondents adjusting prices to cope with the new reality.
By the time you finish this article, youll know how to approach restaurant marketing the right way and not waste time doing guesswork, crossing your fingers, and then hoping you see new customers walking through the door. Customers have more choices, higher expectations, and countless ways to discover (or overlook) your restaurant.
While staffing has always topped the list of restaurant owner/manager pain points, it now seems to be at crisis proportions. March restaurant sale surged 36 percent year-over-year and nearly reached 2019 levels. Customers are embracing it the same way they have embraced self-checkout in grocery and big box stores.
Create a Strong Online Presence While platforms like Instagram and TikTok can generate buzz for a restaurant, many Gen Z customers are still looking to traditional platforms like Yelp and Google Maps when choosing a restaurant to visit; therefore, marketing strategies should focus on creating a strong online presence for the overall brand.
"We anticipate a broad adoption of pumpkin items across different dining experiences, culinary styles, and dayparts," said Bryla. "We’ve " When it comes to pricing, the team at Margin Edge reports that operators and consumers should prepare to spend a bit more on items made with pumpkin puree.
For example, basic point of sale (POS) systems or integrated restaurant management systems are useful digital tools that enable data reporting. It also provides managers or owners a way to justify any decisions regarding staffing, menu development, or customer service operations. Everything nowadays is trackable.
We organize all of the trending information in your field so you don't have to. Join 49,000+ users and stay up to date on the latest articles your peers are reading.
You know about us, now we want to get to know you!
Let's personalize your content
Let's get even more personalized
We recognize your account from another site in our network, please click 'Send Email' below to continue with verifying your account and setting a password.
Let's personalize your content