How to grow your QSR’s revenue in 2024
The Global Quick Service Restaurant market is anticipated to rise at a considerable rate during the forecast period, between 2023 and 2031 (Consumer Goods Industry By PR,2023).
However, it is important to understand what are the best strategies that can lead you towards a sustainable expansion.
It’s time to level up! Uncover how you can improve the restaurant experience for your staff, operations, and customers.
QSR trends to boost your operations in 2024
After almost 3 years of severe obstacles in the food industry, restaurants had to relearn how to revamp themselves. As we move into 2024, QSR chains are still presented with unprecedented opportunities and challenges. However, to navigate this dynamic environment and elevate operational efficiency, it’s imperative to embrace innovative strategies.
Here are three key strategies that aim to revolutionize QSR chains and drive success in 2024:
1. Competitive technological edge
By 2024, a substantial portion of Quick Service Restaurant (QSR) operations is anticipated to undergo automation. The development of self-service kiosks, digital ordering platforms, and AI-driven technologies has already had a crucial impact on kitchen efficiency, labor expenses, and the overall customer experience.
However, without the struggle of a fragmented tech stack and multiple providers, a boost in efficiency and profitability would be easily met:
- Provide Live Order Tracking and let your customers know about the status of their order
- Meet your Promised Time of Arrival (PTA) with our AI-driven Calculation
- Have all your sales channels seamlessly integrated into your POS and Reduce mistakes in orders
- Automate the kitchen flow and benefit from faster order preparation
2. Data-driven management
A forward-thinking business dedicates resources to comprehending customer demographics, purchase patterns, and frequency of visits. Creating a brand purpose and mission and identifying critical moments within the customer’s journey should be the main goals for QSR’s chains to encourage repeated business.
Mining customer data is an area restaurants can’t afford to explore (Bank of America, 2023). With the help of a digital partner, it is easier to stay ahead of the curve which becomes important when going forward:
- Get access to all order & customer data in one central location
- Plan your growth strategy with data-driven insights on a chain-wide level
- Compare and analyze live performance with real-time dashboards and reports
3. Loyalty program
Effective loyalty programs directly contribute to financial success, frequently leading to increased order sizes and higher order frequency among program members. These initiatives can channel customers towards a brand’s in-house delivery services, providing the brand with more favorable profit margins compared to orders fulfilled through third-party delivery services.
Enhance brand loyalty and customer retention by collaborating with a digital partner who assists in implementing a rewarding system for your customers:
- Points: Choose to grant points based on amounts spent or grant points based on order value ranges
- Tiers: Create tiers based on points earned or based on spending
- Rewards: Set rewards that people can claim using points. Different rewards can be set for different tiers
- Promotions: Launch Loyalty specific promotions, like % discounts per tier, by granting points based on time, channel,or specific products
The future reserves more for the QSR industry
Ensuring a robust technology infrastructure, developing advanced data and analytical capacities, and remaining at the forefront of evolving technological trends will be essential for achieving growth. However, only time will tell what the future holds for such a fast-paced industry.