How Big Data is Revolutionizing Restaurant Industry
We’re amid a technologically intelligent era, where manual endeavor seems too old school! Every industry is going through a revamp adapting distinctive, rather offbeat strategies and approaches to generate higher profit margins and extend business possibilities to the next level.
The online food delivery platforms are expanding choice and convenience, allowing customers to order from a wide array of restaurants with a tap on their smartphone. According to McKinsey, “Worldwide, the market for food delivery stands at €83 billion, or 1 percent of the total food market and 4 percent of food sold through restaurants and fast-food chains. It has already matured in most countries, with an overall annual growth rate estimated at just 3.5 percent for the next few years”
Big data analytics plays an imperative role in driving palpable profits to business, and the restaurant industry is all set to experience revolutionizing impacts in understanding customer needs edge to edge. Providing customized services, aiming abounding customer generation through the restaurant software solutions tailored to their requirements.
How Restaurants benefit from Big Data?
Every Restaurant, café, food delivery chain or even a mini store constantly generate data, it may not just be customer itineraries, it’s a lot more! Including delivery locations, GPS, images, social media insights, customer reviews, blogs/articles etc. It also contributes to generating data of the average wait time, experience with delivery, food taste, menu availability on the website, customer loyalty card information and the stock inventory.
While a massive data is generated every day, the food delivery business needs to combine the unstructured data with the transactional and sales data in the store making a wider analysis on generating a better reputation resulting in increased revenue.
Practically used Big Data Analytics
It may be a matter of sentimental analytics through combining different unstructured data, however, restaurant delivery chains are emphasizing and basing future strategies based on predictive analytics. Biggies including GrubHub, DoorDash, Munchery etc. are some of the leading chains basing their entire revenue generation model strategy on Big Data Analytics.
GrubHub makes use of Big Data to generate online ordering patterns, filtering gender-based specific tastes data. The analysis helps the restaurant in making the best use of their menu providing cuisine/taste/food specific based recommendations to the users.
DoorDash makes use of a combination of Big Data & Machine Learning to study the food demands, stock inventory and the number of staff including delivery persons. This makes easy for them to arrange drivers on duty and food stock preparation which can save time & money along with gaining customer trust.
Munchery makes use of predictive analysis through a platform developed by Salesforce- Desk.com, which connects with the Muchery software and track order history, food preferences and social media data of the company.
Usage of Big Data Analytics for every Restaurant Chain
Restaurants are capable of driving performance with the right use of advanced analytics, ask your big data solution providers for detailed insights into the untapped possibilities through Analytics!
- Faster Food Delivery : Put Big Data in action and experience a seamless delivery approach! Big Data can fetch instant information on traffic, weather, temperature, and route to provide customers with better updates, live tracking, quick ETA. It plans the resources and transportation for a smooth experience.
- Customer Segmentation : It’s no big deal to filter customers basing on their taste preferences, gender, age, marital status or food allergies to know your customers better and provide them recommendations basing on the same.
- Menu Management : The menu should always be an on-demand option! Customer-centric menu modifications are the best way to increase sales on the go! Install a POS system which can help to identify the popular food items which can then be revamped and filtered as per customer’s requirement.
- Privacy : Big Data is meant to provide data security and help against fraudulent activities. You can keep a tab on the third parties who are assigned to collect the guest data as data protection matters should be verified as per the applicable law and regulations.
- Strategizing : With the use of predictive analytics, you can drill to the root cause to predict future revenue. Restaurants can keep a check on the current status and develop strategies to modify operations and enhance profits.
Big Data Analytics is a powerhouse to operational efficiencies and a streamlined process for better business predictability!