People eat out a lot these days. And a lot of these people who end up eating out are millennials, ranging from around 20 to 35 years of age.
There seems to be a myriad of reasons behind this phenomenon, but the fact of the matter is millennials are choosing to eat out more than previous generations and are the biggest client base for restaurants.
Millennials spend 44% of their food dollars (versus 40% of baby boomers) on dining out, according to the Food Institute’s analysis of the United States Department of Agriculture’s food expenditure data.
The amount of food dollars spent on restaurants and takeaway has steadily increased over the years, from 34% in 1974 to 50% in 2014, the analysis showed. Continue Reading
Technologies are transforming the restaurant industry, as it becomes an awesome tool that addresses consumer demands for customisation and efficiency.
The restaurant industry has traditionally been a very labor-dependent industry, both in and outside the kitchen.
But new technologies such as chatbots and mobile-phone apps are changing the way we approach all aspects of the industry. It changes the process from food procurement to service and delivery.
Here are five exciting technologies that is bound to change the restaurant business in 2017! Continue Reading
Every restaurant’s biggest challenge is to engage customers. And keep them coming back, again and again. It’s easier said than done.
With a myriad of choices in terms of restaurants, competition is stiff while customers are becoming more critical and discerning. Get one thing wrong and they’ll be out the door forever.
The key is to engage customers on a more personal level. so that they feel an emotional connection to your restaurant. Continue Reading
The restaurant menu is a main driving force in getting customers in the door so it is imperative that you get this right.
But it’s a tricky one as the prices on the restaurant menu directly affect your restaurant’s profitability, so you can’t go too low or too high. It’s got to be just perfect.
After you’ve figured out your ideal food-cost percentage (usually between 20% and 40%) to make your business profitable, you may want to use some of these menu-psychology tricks to help nudge your diners to make the choices that work best for your business.
If you’re looking to further your education in the hospitality industry, you’re spoilt for choice these days. The travel and tourism industry employs 266 million people across the world, according to an industry report. So it’s not surprising that there are a myriad of universities offering a wide range of hospitality courses on management, both credited and non-credited.
However, committing to a credited degree takes time and financial investment. A full-time bachelor’s degree in hospitality management at a US university could set you back tens of thousands of dollars and it would be usually be a four-year commitment. It’s a smart idea to investigate ways to enhance knowledge and skills in one’s industry of choice, but not everyone can afford the time or the cost of doing a full-time programme.
Social-media is one of the most important platforms in product marketing these days. And Facebook, with more than 1.4 billion users worldwide, allows you to target your audience and may bring you real results, if you nail your marketing strategy.
Facebook allows users to aim marketing/advertising strategies at specific demographics, locations, interests, behaviours and connections through their filtering system. You can target custom audiences or zero in on what they call “lookalike audiences,” which lets you find more people similar to your best customers.
Social media is a powerful marketing tool for businesses, especially for small and medium-size enterprises. You can get maximum bang for your buck as it gives you the freedom to reach a large crowd in countless locations, or drive targeted traffic to your campaign based on categories such as demographics, locations, interests, connections and behaviours.
Online retailers are in constant battle to win as many shopping dollars from you as possible. And shoppers nowadays are spoilt for choice. You can now buy things, in your pyjamas in the comfort of your own home, pretty much whatever you want from wherever in the world.
So how can we make this easier? Browsing on the Web and clicking a button is all well and good, but how awesome would it be if I could just chat about what I want and voila! Some great choices based on a short conversation would magically appear.
And that’s what retailers and companies want their chatbots to be – a personal shopper, an assistant and a friend.