Rising Competition in Food & Beverage RetailBut as more people are realizing the potential aspects of this industry, the market is getting even more competitive and challenging in nature. There are so many small startups now along with the big houses that there is constant competition and rivalry of survival. So, here is a trick for those who have just started a venture in food and beverage or wish to have their start-up in this industry in the coming few days. All you need to do is to follow some of the hot food beverage trends that are definitely going to help you in boosting up your business.
Looks Matter:This phase is very much true in today’s world of Instagram and Facebook. The current times have also seen a rise in the number of food bloggers who visit places that are fancy and attractive. Of course, there are also many food bloggers who explore places irrespective of their looks, but the number of people who run after great looks is comparatively higher. Not just food bloggers but usual customers also love to visit restaurants and food joints that may be small but are arranged in a cozy and attractive way. The reason is simply that they crave to get good pictures for their Instagram stories. Not just the ambiance but the presentation of the food is also a great thing to notice. Today, you will find images of food floating around on different social media platforms. This is because people love to click pictures of fancy food items in a fancy restaurant. So, if you do not wish to be left behind, buck up your bets and think of something creative for your restaurant as well as for the presentation of your food items on the table.
Higher Competition:There is already so much competition with so many new and old food joints and restaurants. Now another challenge that has come up is that many of the non-food brands are also taking a dive in the food and beverage industry lately. There are so many examples to explain this point such as the well-known brand Tiffany & Co, which actually deals in jewelry came up with its restaurant the Blue Box Cafe. Of course, the cafe attracted a lot of customers since the starting itself due to the brand recognition that Tiffany has. So, this can get quite challenging for many other restaurants to compete with such big brands entering the industry.
So, what is the solution here?If you are from the food and beverage industry purely, you will know this industry much better than those who are coming from the non-food industries. Hence, you need to take advantage of this fact and have to plan strategies to offer your best options to keep up with your customer flow.
Online Food Ordering:The craze of ordering pizza over the phone to get it delivered at home has been there for many years now. But now many insights have disclosed that the amount of food ordering transactions have increased much more than before. Of course, the recent pandemic has had a major impact on it as now many people are scared of visiting crowded restaurants and prefer to order food online to maintain social distancing. So, to survive, it is very much essential to offer your customers the option of online food ordering through any application or through a website, whichever is convenient.
The Value of Ethics:Even though life has become tough and busy today, people are still sensitive towards any act of ethics and value. It is a major fact that while the food and beverage industry has much higher sales than any other retail industry, this is another dark fact that the food industry also struggles to reduce the regular food wastage that takes place. To curb this, many of the food joints have taken the initiative to donate unused food items among those who are needy. Similarly, in the wish to maintain a fancy and high profile set up, often many restaurants forget that every human being is not the same. There have been histories where restaurants do not allow people in wheelchairs or in non-standard attires to enter the vicinity. Such discrimination definitely evokes a sense of boycott in many sensible customers and the business crashes down. On the other hand, there have been noticed many restaurants such as KFC that do not just respect all kinds of customers but also takes initiative to hire some staff members who have a certain disability so that they can also earn a decent living.
Customization:Today people love to get things that have been customized especially for them. Also, the increasing cases of allergies to different items have made many people quit eating at restaurants. Also, staying healthy has become a priority today due to the increasing health concerns. In such a case, restaurants offering customization option has become a favourite of many of the customers. Restaurants such as Subway offer their customers to customize their sandwiches or salad so that they can choose the items that they wish to have and avoid those that can be problematic for them. No doubt such convenience allows more people to drop in and increase the sales of such restaurants and food joints.
ConclusionOne of the most essential ways to be in the competition and grow well is to adapt to the ongoing trends. These trends will change from time to time and you should be flexible enough to change your attitude also according to them. Currently, the above few trends are highly on the racks and many startup businesses following these trends have noticed success coming on their way much faster than usual.
Importance of Food Distribution BusinessWhile food and service are two different departments, it may quite possibly happen at times that food may have a direct impact on the service too. For example, if a restaurant does not have enough stock and the customers are filling up in the restaurant, the staff may either land up refusing certain orders or may delay delivering them. This surely can upset most of the customers and can have a direct impact on the restaurant business. Now for keeping a proper stock of food, the restaurants also highly depend upon different food distributors. The food distribution business is not just something that helps restaurants. This is in fact a huge section that is behind a lot of things such as the distribution of packaged food items, and similar others. If the food distribution business houses run their operations smoothly, surely they help the restaurants and other food joints also to run their business efficiently.
One of the best ways to keep your food distribution business running smoothly is to implement the right ERP system. Here are some of the eminent benefits of implementing the right ERP for food distribution business.
Better Management of Inventory:
Forecasting of Demand:
Increase in Profit Margin:
Increased Food Delivery:The demand for home deliveries has already seen a rise over the last few years. But when things started getting back to normal after the removal of lockdown, a tremendous increase is noticed for home delivery orders. Though due to rapid vaccination drive and other strategies, there has been noticed a good control over the virus, people are still not sure whether they should go out of their houses or not. Thus, a visible drop has been noticed in the number of people who would visit restaurants to dine in. These guests rather feel more comfortable now ordering food and getting it delivered at home to consume it within the comfort of their homes.
Enhanced Hygiene:One of the most essential points that we cannot ignore during this pandemic time is that of enhanced hygiene. Apart from the rules of social distancing and wearing a mask, another most essential point is to take extreme care about hygiene. Food can get contaminated quite easily and so it is essential to maintain extra cleanliness while handling food. F&B Industry has introduced several regulations now to maintain the hygiene factor so that food can be served and delivered without any risk of contamination. Some of the regulations that the hotels, restaurants, and other places maintain in this new normal are:
- Sanitizing the kitchen and dining area at regular intervals,
- Handling food by wearing gloves, masks, and hair caps,
- Maintaining social distancing at work as well as from the customers.
Enhanced Digitalization:As social distancing became the prime solution to cut down the spread of the virus, digitalization became quite popular now. Customers now prefer to make payments through different digital forms so that they do not have to get in contact with the other person in terms of exchanging currencies. There are two major ways that have allowed the spread of digitalization in between the relationship of a customer and the F&B industry.
- When customers order online, they prefer to pay online at the application or at the website directly before the food is delivered.
- When the customer is at the restaurant for dine-in, they usually pay online through different money transfer applications available now in place of paying in cash.
Is This Change Good for the Long Run?While many of the restaurants and small food joints may find the introduction of these changes a bit messy and expensive at the initial stage, but definitely this is going to pay off in the long run. Here are some of the eminent ways how the use of technology is a help in the long run.
- The use of technology such as restaurant management systems makes your operations much smoother and accelerates the quality and speed of work.
- The ERP system does not offer a faster and safer mode of payment but also helps in keeping track of your monetary elements such as comparing sales of different months to check your growth
- There are also restaurant management systems that include inventory management that also helps you in handling your inventory well so that you can control food wastage or even shortage on time.
- Systems welcoming customer feedback helps you in understanding what you need to change so that you can get ready to serve the customers in an even better way.
- Orders received untimed
- Missing order bills
- Wasting time in tracking and consolidation
- Unable to keep a check on credit limit
- No easy track of pending payment
- No records of sales returns and damaged goods
- Losing out on money
Give your Sales Reps a business wand and boost your sales.Streamline your B2B sales by empowering your Sales Reps to sell more, sell smarter and sell faster with a smart b2b mobile ordering app.
1) Mobile Order TakingFast and efficient order taking on the go enhances your customer experience. Eliminating manual and redundant tasks save a lot of money as well as increase sales by more outreach. Your sales reps can easily see the purchase history, replenish the goods and sell faster.
2) Complete CataloguePaper catalogues are old school! Replace them with an intuitive mobile ordering app, and you can update the product lists and set multiple price levels for your retail customers. This way, your customers can have complete details of the products they are purchasing. Location wise pricing and discounts from your backend solution make it easier for your sales reps to sell better. Product UPCs and SKUs were never so easy to manage.
3) Instantly Raise Invoices and Collect PaymentsToday we offer several payment methods and instant invoices to e-commerce customers. Why not offer such facilities to our b2b clients? Your sales reps struggle daily to create a paper invoice and sometimes lose them during transit or in records. Thus, with one reliable B2B order and invoice app, your sales reps can create instant invoices and offer multiple payment options to your B2B customers. 4) Credit Sales and Notes Every penny you collect on your credit sales is a profit to your business! Keeping track of credit sales is the most daunting task, and in this process, many businesses are losing their money. No proper records of the credit sales, pending payments and the inability to pull out the details at the right time lead to heavy losses to the businesses. Therefore, a smart b2b mobile ordering app is all you need to efficiently and accurately manage your credit sales. 5) Efficiently Manage Returns Manufacturers and distributors globally brood over managing returns, damaged and expired goods. From collecting them physically to maintaining them in fat files is a daunting task. The chances of losing track of these goods in transit are very high, ultimately leading you to losses.
6) Track Sales RecordsTracking sales figures are crucial for the growth of any business. Synced with your cloud backend solution, you can instantly check the sales of items performing well. From tracking the sales per rep to sales per customer is done in real-time without tedious excel sheets, paperwork and manual calculations.
7) Actionable InsightsKeeping manual records is not just cumbersome, but the accuracy is highly questionable. Why? Simply because managing fat files and checking out credit notes, pending payments, purchase history etc., does not give you enough analysis to make informed decisions. Think of replacing it with a smart B2B Sales ordering app where all the sales, invoices and credits are updated immediately. All the data seamlessly syncs up with your cloud backend solution for you to make informed decisions in real-time. Gaining actionable insights and taking control of your B2B sales – across channels can help recapture lost opportunities. As a result, you can prevent your B2B buyers from switching suppliers and increasing overall business growth.
8) Stock Transfer & Inventory ManagementTo efficiently manage your stock take, stock transfers and complete inventory with a robust cloud backend solution. It syncs with your b2b mobile ordering app. A complete solution for all your b2b business needs. Suitable for businesses like:
- Company Owned Chains
With daily circumstances occurring around the globe, especially during the current unprecedented times of Covid-19, business industries such as the Food and Beverage (F&B) are not spared from this as well.
Here are 5 Restaurant Technological Trends to prep you, if you are considering starting an F&B business venture, especially now more so than ever when both restaurants and business owners alike have taken a bad toll during this period and technology have been observed to provide F&B businesses with add-on means to stay afloat or to change its course of business model approach to have a leg up against the competition.
#1: Reduce Food Waste Technology
Many restaurant owners have been looking to explore more into reducing food wastage in recent years as the Food and Beverage (F&B) industry is one of the few sectors that is currently contributing to the staggering amount of food wastage globally.
Recent technology enables Restaurant Owners and Management Staffs to have better insights and data into analyzing and anticipating guest demands for certain products and menu items
i.e. High in demand, popular and sold out items, and also least favorite or popular items, thus help restaurants to track their inventory and reduce food wastage in entirety, such as decreasing amounts of ingredients purchased for least popular products or menu items and cutting costs in certain aspects relating to food preparation processes and more.
Hence it comes with the added benefit of helping restaurants reduce their operating costs overall where food waste is estimated to cost the hospitality industry $100 billion each year—without sacrificing anything in terms of the guest experience, where they could better plan and strategize to roll out more on high demand products and menu items based on preferred days and dining services’ time periods according to figures, while also reworking and/or promoting more on least favorite or popular products and menu items before including them onto their menu once again.
Additionally, many of today’s consumers are also consciously choosing to support businesses that strive to contribute to a positive environmental impact hence this would also enable businesses to position themselves with a better brand image and recognition with prospective customers as one of their target audiences too.
#2: Technology that Improves Guests’ Experiences
This is a trend that’s commonly seen across all retail industries in recent years: Guests want an experience that’s tailored and personalized to them, their tastes, and their interests. That’s historically been a challenge in the restaurant industry, but new technology trends are slowly getting introduced and implemented for restaurants in this current digital age.
First, there are waiter ordering apps or platforms which could straightaway send (‘fire’) guests’ menu orders directly to the backend kitchen for preparation and this enables guests and restaurant staff to save time and cut costs while providing efficiency and productivity as stationery materials are no longer needed and could be replaced to become digitalized thus also minimizing human errors.
Then there’s the technology that allows you to collect and utilize data about your guests through membership feature; where restaurant owners are able to entice guests to become regulars or frequent patrons by offering them customized experiences that cater to their known preferences and also with the benefit usage of vouchers, coupons and more.
#3: Technology that Allows Customers to Follow their Online Orders
Since 2020, many guests have replaced visits to restaurants with delivery orders instead—often placed via third-party delivery apps like FoodPanda, Zomato, Swiggy, Dunzo, and more, like dining in becomes challenging for restaurants and the majority have to turn to digital means such as online delivery to stay afloat.
A handy feature that online ordering and delivery apps could offer guests is the ability to follow along with every step of the food order process as their order is prepared, picked up by a delivery driver, and dropped off at their doorstep. Guests who have grown accustomed to being able to follow along and get real-time updates about their food orders would most likely not prefer to go back to how things were before.
This means that a growing trend in restaurant technology is the ability to take direct online orders and provide updates to guests while those orders are in the midst of completion and/or when it gets fulfilled with notifications letting guests know that their orders have been prepared and/or safely delivered once food orders have arrived at the chosen location.
#4: Technology for Splitting the Bill and Paying at the Table
Splitting the bill has long been a little bit of a pain point for restaurant guests. But with the most compatible and ideal technology, it becomes a far simpler process—no calculator required.
Technology that’s really gaining in popularity allows guests to use either their own smartphones or a tablet at the table to view their bill in real-time, place multiple orders under the same dining setting, and have the options of either ‘Pay-First’ (paying first before dining) or ‘Pay-Later’ (paying later after dining) payment concepts at their table, so when it’s time to pay, the bill would be already sorted through without much hassle.
Additionally, when guests dine in at any restaurant, they would much prefer to be given the option of having the flexibility to add on menu orders and spill their bills in any preferred manner (i.e. Paying Dutch, Splitting by ‘n’ number of guests, etc.) due to circumstances when guests have companions who join them after or leaves before their meals are completely finished.
This saves time and enhances a positive impression for guests and restaurant staff, and can result in higher guest spending, better table turn time, and more revenue for your restaurant as a whole.
#5: Technology for Different Contactless Experiences
The pandemic has made “contactless delivery” into a phrase everyone knows and understands. But even prior to Covid-19, contactless restaurant experiences were on the rise increasingly, and not just simply for takeout and delivery orders.
Increasingly, many guests want and prefer Contactless Dine-In. There are a number of different technologies that support this trend— such as Self-Order Kiosks, Pay-at-the-Table technology, Direct Online Ordering, and more. In fact, contactless payments at businesses around the world are expected to triple—from $2 trillion to $6 trillion—by 2024.
But one thing your restaurant will likely need no matter what kind of contactless dine-in experience it offers is a way to create and utilize QR Codes.
A guest’s dining experience starts from the moment they made their choice to queue at restaurants, view menus, make orders and payments, join in an online waiting list, and more, technology such as QR Codes has virtually unlimited applications in modern restaurants.
Why different contactless experiences are rising in popularity would eventually boil down to consumers’ behavior where many would prefer to make their orders while dining in comfortably at their own pace without feeling the pressure of restaurant staffs waiting for them, while having flexibility with various digitalized payment modes (i.e. ibanking, credit points deduction, etc.) based on their preference and more.
Consider LevelFive Solutions today!
At LevelFive Solutions, we can fulfill these restaurant technological trends we have listed above for your restaurant business based on your customized requests with our comprehensive DinePlan Solution Suite to address each core aspect of your restaurant flow and manage your restaurant operational systems overall. To find out more, send us your inquiry at firstname.lastname@example.org, Schedule a Demo with us or drop us a message on our social media handles at LevelFive Solutions today!
Source: Lifestyle Asia Hong KongWhat are some of the factors that affect a restaurant management’s longevity? Business owners would have to consider a few of these in order to maintain or to gradually improve the overall productivity and efficacy of managing and sustaining a restaurant business. Where we are able to retain our customers’ satisfaction, regular support, and patronage within the Food and Beverage (F&B) industry over time.
Source: USA TODAY 10BestWhether if it is from a regional or global perspective, the F&B market is a fast-pacing and ever-growing industry that expands exponentially along with the growth and progress in urban populations and technological developments worldwide. The F&B industry is a broad sector, to begin with, as it consists of the various types of dining services that many restaurant businesses could provide now based on current needs, wants, and trends of the consumers. Also, this ranges from their eating habits to the wide range of considerations that many restaurant businesses would need to take note of while managing their restaurant’s daily operations.
Source: Ortal HeatFret not, here are the Top 5 Factors that we have compiled to enable you and your team to better identify and consider these factors which could affect your restaurant’s management longevity prior to the commencement of your own F&B business or even as a veteran within the F&B sector!
#1: Use of Convenience Foods
Source: Everyday HealthFoods prepared on-site would usually require more time and labour costs than similar menu items that are made with convenience foods, such as pre-portioned meats or desserts. We could reduce labour costs by using convenience foods, but business owners would have to consider two factors such as:
i) Which types of convenience foods would increase your overall ingredients and preparation costs, and ii) Which may also affect the quality of your menu items.The second factor – affecting the quality of the menu items – will not always be that evident. If convenience foods are made with high-quality ingredients at affordable and reasonable pricing, where they are processed or prepared exactly or similarly as recommended by manufacturers, this could help to provide uniform portions of very good quality food items overall.
#2: Menu Items
Source: iMenuPro Help Docs
Did you know the number and complexity of menu items affect the production hours needed overall for your restaurant business?If you have a menu with many items requiring difficult production techniques, you will require more preparation time per item as a whole. And if your menu consists of a limited number of items requiring minimal preparation, you will thus require less time. This is significantly observed when restaurants are catering a wide range of food cuisines under their operations. Hence it is advisable for new and current business owners to be mindful of the specialty and the specializations they could provide to customers to better serve and stand out from other businesses. Focusing and specializing in either one or two cuisines would ensure and enable that a company is able to better manage their overall business operations flow. Without extending and overloading their staff too thinly on various things occurring within its kitchen management simultaneously.
#3: Types of Dining Service
Source: Restro Nearby
Did you know within the F&B establishment scene, there are various types of dining services catered that business owners could consider if they are planning to start up their own?This includes restaurants, cafeterias, cafés, fast-food joints, pubs, delis, food manufacturing operations, catering businesses, food transportation services, and more. Based on the types of service your business is offering, the work for them can range even from packaging to preparing, transporting, and serving food or beverages to others. Hence the types of dining services a business owner is considering to provide are one of the crucial factors to consider prior to starting their own F&B establishment.
i.e. A full dining service restaurant featuring complex dishes with multiple components will require more labor and preparation time than a cafeteria-style or fast-food type of quick dining service restaurant.Also, a restaurant that requires a higher level of skills in terms of preparing more complex and extravagant-looking dishes will require more experienced kitchen staff. This in turn would require a higher range of internal or external manpower and resources costs.
#4: Quantity of Meals and Number of Meal Periods
Source: InsiderNext, the volume of business will affect the amount of manpower required as well. Depending on each restaurant’s overall operational management system, they will have a minimum staffing level without which they cannot operate on. If it serves fewer people than this minimum staffing level it is able to handle on, the labour costs will then be significantly higher. Also, the number of meal periods would then affect the productivity of the restaurant if different menus for each period would require set-up and tear-down time. And different menus catering for different meal periods will usually mean a larger number of menu items being included, so this greatly affects a restaurant’s manpower and other areas of resources.
#5: Use of Technologies for Overall Restaurant Management
Source: LevelFive SolutionsLastly, the use of various types of technological systems relating to the restaurant’s overall operational management could also play a crucial role and have a significant impact on its overall productivity and effectiveness. Establishments that are using outdated or non-upgraded software solutions or systems for their operations would have observed and realized the lag time or technical issues it brought on when their solutions or systems are loading or processing data and information slowly. Repercussions could be much more detrimental than what many business owners might have thought of.
Source: LevelFive Solutions
i.e. The POS (Point-of-Sales) solution system used by business owners for its overall operational management could be the first crucial factor for businesses to consider as it is the first point of contact in providing a seamless service flow for customers.From the moment they’re assisted to be seated followed by them taking or making food orders, to kitchen preparation for receiving each diner’s menu orders, actual food preparation, add-on food orders, and lastly, making payments.
Source: LevelFive Solutions