Tom S.’s Post

Full-service restaurant market share has dropped 3% from 24% to 21%, according to Technomic. This shows that demand is prioritizing the convenience and speed QSRs provide. This is a common trend during economic cycles when people tighten the financial belt a bit, but I think it is also partly due to post-pandemic continued desire for convenience and willingness to order online. So, what can full-service models do to differentiate themselves? I think the underappreciated point is how restaurants handle their value perception. Establishments often just offer their full menu on third-party delivery services. However, those in the industry know that not all items deliver well. If customers receive cold and soggy food, how likely are they to visit your location in the future? If they keep some beloved items for the in-store experience, they might draw more customers in more for the full experience than just to fill their bellies. #Restaurant #Hospitality #CX

The National Restaurant Association's 2024 State of the Industry Report revealed that 45% of operators say their restaurants do not have enough staff coverage to support customer demand. With restaurant sales forecasted to exceed $1 trillion this year, 2024 is no time for your business to be short-staffed! shiftNOW is here to help fill the gaps in your staff schedule so you can focus on what matters -- your customers. https://lnkd.in/d9dV4_29

Dynamic pricing has become a hot topic among restaurateurs. Recently a number of examples of it's implementation have come up. But is our customers ready for this pricing system? Though they are use to it in many other services such as when booking a taxi, does it really transfer so easily into the restaurant setting? Personally I'm deeply interested in exploring how it could be used and do believe there is space fore it, but it's essential to consider its broader impact on customer perceptions and industry dynamics. While the ability to adjust prices in real-time offers undeniable advantages in maximizing revenue and staying competitive, are we sacrificing transparency and fairness in the process? Moreover, the potential repercussions of dynamic pricing on customer loyalty and brand reputation need to be considered. Could fluctuating prices during peak hours alienate regular patrons, overshadowing short-term gains with long-term consequences? I think we are still at the stage of approaching dynamic pricing with a critical eye, with many questions left to answer. How can we strike a balance between profitability and customer trust? What measures can we take to ensure that dynamic pricing enhances, rather than detracts from, the dining experience? This article is a great start to understand how it could be used : https://lnkd.in/dGGeN59b #DynamicPricing #RestaurantIndustry #CustomerExperience #BusinessEthics #FoodForThought

Consumer spending is trending upwards, and these 27 restaurant brands are reaping the benefits. (https://lnkd.in/emkZnKzZ) 27 fastest-growing restaurant chains right now - https://lnkd.in/eUn-gezE #QSR #growth #multilocationbrands #socicustomers #fastgrowing #consumerspend

What Awaits the Restaurant Industry in 2024? Off-premises, inflation, and staffing woes are likely all still in play. The pandemic rocked the restaurant industry in 2021 and 2022, closing many eateries, reducing revenue for the survivors, and curtailing employment. When indoor dining was prohibited in many locations, off-premises skyrocketed and has continued to do well. But in 2023, and looking into 2024, the industry is bouncing back, and making adjustments, especially in technology. #restauranttech #simpletechllc #simpletechpos #restaurantpos

Jonathan Maze from Restaurant Business Online dives into quick-service restaurant (QSR) performance trends for Q1 2024, with insights from RMS' QSR trends report: https://lnkd.in/eYWxH8f8 #restaurantindustry #fastfood #industrytrends

Boosting your restaurant's Average Star Rating isn't just about winning over critics- it's a strategic move that drives more visitors through your doors. In today's digital age, where consumers consult reviews for even the smallest decisions, the impact on your business is undeniable. According to a 2021 Tripadvisor study, a whopping 70% of people consider reviews when choosing a restaurant. GuestXM data revealed: Full-service restaurants that upped their Average Star Rating (ASR) from the previous year experienced only a minor 2% decline in traffic in Q4 2022. On the contrary, businesses with a dip in ASR faced a substancial 4% decline in traffic. https://hubs.la/Q02ffMm-0 Nation's Restaurant News

Data shows that restaurant sales picked up momentum in November and December — and so did traffic. But experts aren't so sure the industry will sustain that momentum in the months ahead. Read more in Alicia Kelso's great analysis 👇 Nation's Restaurant News #restaurants #foodservice #sales #trends https://lnkd.in/eGwdGpsu

Restaurant owners, facing slow traffic, can relate to the challenge of attracting customers without relying on discounts or themed nights. Check out this article for insights on navigating through the current slowdown and boosting your restaurant's foot traffic. #RestaurantIndustry #BusinessTips

Running a restaurant today often requires you to consider various methods to get your delicious dishes into the hands of eager customers. One growing trend is the use of second-party delivery services. However, partnering with a delivery service is not always the best move for every establishment. Here are five factors that restaurant owners should consider when deciding if this strategy fits their business model. https://hubs.la/Q02qzFX60