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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. Rewards for Loyalty.

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Keeping Up with Diners’ Expectations Amid Rising Prices

Modern Restaurant Management

But two non-negotiables have remained strong for diners: convenience and loyalty. The NCR Voyix 2024 Digital Commerce Index revealed nearly half (48 percent) of consumers dine out less than they used to because inflation is top of the menu. In doing so, they improve the customer experience, which, in turn, increases loyalty.

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Restaurant Loyalty Programs to Boost Revenues

Cheetah

Restaurants, retailers and airlines have been using loyalty programs to drive revenue for nearly three centuries. From their humble, though ingenious, beginnings as copper tokens and stamps, through the era of credit card clubs, to today’s mobile apps, loyalty programs have become indispensable marketing tools.

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Long Live Digital Dining: How Consumers’ Appetite for Mobile Apps and Online Ordering Will Continue

Modern Restaurant Management

Mobile orders were expected to drive $38 billion in restaurant revenue in 2020. What’s more, digital consultancy Mobiquity in June 2020 reported a 36 percent year-over-year increase in the number of restaurant mobile app reviewers who said it was their first time using such an app. Evolve to Meet New Customer Expectations.

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What Consumers Want? A B2C Checklist

Modern Restaurant Management

Using technology to facilitate contactless payments, online ordering, and quick table rotation can increase consumers’ satisfaction and loyalty. Also, consider providing curbside, takeout, or delivery services in addition to flexible and quick ordering and delivery alternatives, including online, phone, or in-app ordering.

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Effective Use of Customer Data Can Increase Your Restaurant Sales

Modern Restaurant Management

Some great examples for restaurants are: How often the customer orders. What the customer orders. Which of your locations the customer orders from most. What the customer orders. How the customer prefers to order (for delivery, for pick-up or to dine-in). How many people does the customer orders for at a time.

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2024 Outlook: Restaurant Trends and Challenges, Part Three

Modern Restaurant Management

This capability can prove invaluable for refining pricing strategies, optimising ingredient and waste management, and planning forthcoming shifts, among other benefits. For example, there will be fewer human interactions when ordering takeaways during busy lunch hours, quick customer seating, or bill payments. Nothing is fraud proof.

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