Where Should Restaurant Brands Focus Their AI Efforts?
Artificial intelligence is top of mind for businesses. It has transitioned from being technical jargon to boardroom talk and management team discussions.
While the restaurant industry has traditionally been slower to adopt new technology, AI stands out as a top priority for enterprise brands according to Qu’s 5th Annual State of Digital report.
Unlocking AI’s true potential remains challenging for restaurants. AI innovations shouldn’t be a “standalone solution” for brands, but a value-added capability that’s integrated into the technology stack.
There are five AI focus areas that restaurant leaders should consider adopting in 2024:
- Conversational AI
- . AI-Enabled Alerting and Analytics
- Optimized Food Production & Delivery
- . Dynamic Commerce
- Robotic Automation & Computer Vision
Original story and image on QSR Magazine
Original story and image on Marketing Mag
Are your marketing channels still delivering in 2024?
Australia is a foodie nation, home to tens of thousands of fantastic restaurants, bars and cafes. However, in a saturated industry where competition is so high, standing out can be difficult. SevenRooms Asia Pacific managing director Paul Hadida offers insight into how hospitality businesses can keep their marketing strategies effective when the economy is tight – and it’s food for thought for all industries.
As a former Sydney cafe owner, one of my biggest challenges was standing out when customers are, quite literally, spoilt for choice. That battle for attention was even harder when economic conditions were challenging – as unfortunately, they are today.
Where Is Surge Pricing Headed?
"Restaurants thinking about implementing surge pricing need to balance the revenue upside with the potential brand backlash," says Savneet Singh, CEO of PAR Technology. "While third-party delivery companies were expected to commoditize food like airline tickets, the opposite happened: people became more attached to their favorite brands. Food is visceral in a way that airline seats aren't. Trying to apply surge pricing models in restaurants is still very early and I think we’ll see brands take a cautious approach to figure out what ‘sells.’"
Is it possible for restaurants to have the best of both worlds and maximize revenue and still capture customer loyalty?
Modern Restaurant Management (MRM) magazine asked Singh to elaborate on his views on where the pricing model is headed in the QSR landscape.
Original story and image on Modern Restaurant Management
Original story and image on Restaurant Business
Is fast food now a luxury? Most Americans think so
Higher prices aren’t just causing Americans to cut back on dining at fast-food chains, they’re changing the perception of fast food itself.
Nearly 80% of Americans now consider fast food a “luxury,” according to a survey released last week by Lending Tree. Seventy- eight percent of respondents said yes when asked, “Fast food has gotten more expensive, and I now view it as a luxury.”
The view is most acute by people who make less money or who have kids, according to the survey. Among those making less than $30,000 per year, 83% now consider fast food a luxury, along with 82% of those with kids older than 18 and 80% of those with kids younger than 18. Eighty one percent of Gen X respondents and 80% of women also agreed with that phrase.