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Customer Experience in the Restaurant Industry: Reflections and Predictions through an AI Lens

Modern Restaurant Management

In 2024, food prices have been high and consumer spending has been stretched thin, making it even more difficult for restaurants to attract new customers. Restaurants succeed or fail based on loyalty, which is a direct result of customer experience.

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Building the Value Equation as We Approach the Price Ceiling 

Modern Restaurant Management

Striking a balance between value and price. Is it possible to strike a balance between value and price to satisfy both parties? To answer that question, Revenue Management Solutions (RMS) examined two factors: the impact of price increases on QSR sales performance and consumers’ perception of value. Is it possible?

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Why Restaurants Pay Ultimate Price in Online Delivery Marketplace

Modern Restaurant Management

When the data sits with a marketplace, they could then start sending a restaurant’s customers coupons to different restaurants…the competition. There is a high price to pay for it. In that scenario, restaurant A’s customer data essentially then helps power their direct competitor. Data is everything.

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Menu Prices Are Rising, But Loyalty Programs Can Help Restaurants Stay Ahead

Modern Restaurant Management

In October, the USDA reported year-to-date averages, noting that food-at-home (grocery store) prices have increased 2.5 percent and food-away-from-home (restaurant) prices have increased 3.6 percent, and food-away-from-home prices are expected to increase between 3 and 4 percent. If current projections from the U.S.

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The Effects of Inflation on Restaurants and How to Combat Decreased Demand

Modern Restaurant Management

Substantial price hikes on restaurant menus are causing consumers to choose other options aside from eating or taking out, and a ‘tipping point’ is on the horizon where inflation will depress overall demand. Based on data from Technomic, there’s a 12 percent higher average visit spend when loyal guests use coupons.

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Elevate Your Restaurant Brand: Convert Value into Loyalty

Modern Restaurant Management

Value pricing will eventually become a less effective tactic for restaurant brands with the market becoming oversaturated with discounted options. To do so, they must evaluate how value can be derived outside of price point. Operators must consider how they can strategically ease customers back into full price menus.

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Marketplace Collection Laws Present Unique Challenges for the Restaurant Industry

Modern Restaurant Management

The distinction of which party is the “seller” can be particularly important when determining the appropriate taxable price of the food sold, and whether the taxable price includes other charges or discounts. For a retailer’s discount or coupon, the tax base is generally the discounted price.