How Technology Elevates Revenue For Global Food Service Industry?
Technology and Innovation has crept its way in almost all major arenas of life. Be it travel, career, education or even something as basic and routine as food, there is always scope for elevated performance and increased revenue generation. Incorporating technological advancements in food and service industry has been nothing short of a wonderful metamorphosis. The traditional restaurant culture is saturated with old serving practices and ordinary menus. Modern consumers look for newness in everything they do. Food service industry was in for a major overhaul for a long time now. Keeping up with the pace of technological advancements in the field of ordering and service will help restaurants to maintain their revenue stream.
According to recent research statistics, Food Service Market was valued at USD 3.1 Trillion in 2018 and is projected to reach USD 4.5 Trillion by 2026, growing at a CAGR of 3.2% from 2019 to 2026.
This growth is boosted by technological innovations in the industry which has added exceptional experiences for the consumers while opting to dine-in or getting food delivered.
Artificial Intelligence & Robotics
Robots as waiters- a trend that is catching attention of many restaurateurs around the blog. Using robots to take orders, serve customers and collect cheques is an efficient upgrade to human waiters as it reduces errors in orders and speeds up the process.
Many food delivery aggregators are testing drones for delivering food quickly and efficiently. Drones are able to lift heavy loads and can deliver orders to consumers without any errors. It also maintains contactless delivery to ensure that the food is untouched by anyone other than the buyer.
Biometric applications can reduce time and efforts gone into attendance mapping of servers, payment of food orders and much more. This technology also assures security of cash registers as it can be programmed to unlock with specific predefined set of fingerprints.
Many fast food chains have already employed self-serving kiosks which has proven to increase their sales and reduce turnaround time for orders. Self-serving kiosks completely eliminate the need of a server or a cashier and optimizes the entire order process.
Restaurants can also include customized menus for recurring customers based on their preferences and previous order history, which is made possible by technology called “big data”. Big data generates outputs by processing keywords that returns customized order options for a specific customer. This reduces time spent in waiting for order addressal and also adds a personal touch to the interactions between a customer and the restaurateur.
The newest trend is that of ghost kitchens or cook-only kitchens. Such kitchens do not have a sit-out or dining area for customers. They are solely built to serve online orders and delivery of food. The concept of ghost kitchen is gaining popularity because of its quick delivery and capsule menus.
Food industry is set to see some major changes in the coming years. The industry is expected to grow at a high rate as people opt more for a customized experience in food. The demand for diet food and organically produced food is already rising as people lean more towards a healthier mind, body and soul experience. We, at TCW Group, are delighted to already be matching pace with the newest trends and offer our consumers the best gourmet food and beverage experience of their lifetime.