article thumbnail

How F&B Companies Can Mitigate Some of the Industry’s Biggest Risks

Modern Restaurant Management

Already one of the largest sectors of the global economy, the food and beverage industry shows no signs of slowing down. In fact, according to the Business Research Company’s 2023 Food and Beverages Global Market Report, the global industry’s market size grew over 7.3 percent from $6,729.54 billion in 2022 to $7,221.73

article thumbnail

2024 Outlook: Restaurant Trends and Challenges, Part Three

Modern Restaurant Management

Other advancements include: integrating data from various sources, including social media, reviews, and loyalty programs, to gain a holistic view of customer behaviour as well as as well as the implementation of real-time analytics for immediate insights into customer behaviour and preferences. Nothing is fraud proof.

2024 216
Insiders

Sign Up for our Newsletter

This site is protected by reCAPTCHA and the Google Privacy Policy and Terms of Service apply.

Trending Sources

article thumbnail

Beyond the Plate: Evolution and Exploration in the 2024 Restaurant Scene

Modern Restaurant Management

The year 2024 promises a journey of adaptation and fierce competition for the restaurant industry as it manages stronger-than-expected economic data and slowing inflation while dealing with the headwinds of short labor supply, more demanding customers and an uncertain political environment. The key lesson both establishments teach?

2024 189
article thumbnail

The Digital Revolution, Evolving Consumer Expectations and Other Trends

Modern Restaurant Management

Enhanced Customer Engagement – Restaurants intensified their commitment to customer engagement, using strategies including personalization, loyalty programs, and data analytics to customize offerings and experiences. This helped them improve customer relationships, loyalty, satisfaction, and retention.

article thumbnail

How To Do Restaurant Week the Right Way

Modern Restaurant Management

Restaurants continue to face labor and supply chain issues, plus rising food costs. This can be done by calculating your restaurant’s food cost percentage and cost of each dish using reports and data that an integrated point-of-sale can provide. Attract and Retain Guests with a Loyalty Program.

article thumbnail

Amid Influx of New Employees, Restaurants Must Build and Reinforce Brand Excellence

Modern Restaurant Management

Fewer employees have carried the burden of prepping, cooking, and serving food while working to keep guests safe. Unfortunately, many restaurants are using archaic training programs, so update your training to be current, relevant, and tech driven. Ensure safety all along the supply chain. Boost safety and quality protocols.

article thumbnail

Restaurant Marketing Has Evolved: Unlock the Preferences of the Modern Customer

Modern Restaurant Management

2023 brought new challenges to the table for the restaurant industry, from rising food prices due to inflation to continued disruptions in the supply chain. This creates an opportunity for restaurants to bite into market share by enticing a budget-sensitive customer base with incentives like coupons and loyalty programs.

Marketing 198