Do you remember the last time you dined in a fine restaurant, and had a great time? Well, chances are, this has not happened in the near past. The restaurant industry was hit pretty badly after the pandemic, due to restrictions.
Now, as things start to re-open, the restaurants also face a daunting challenge. They now have to win back customers and bring them back inside restaurants. Similarly, the costing side is also a huge challenge for restaurants, as it impacts their competitiveness.
Just to put things into perspective, the restaurant industry in the United States alone accounts for nearly sixteen million jobs. This makes up nearly ten percent of the total US workforce. If this industry fails, the jobs market will face further pressures.
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So, the way out of this situation for restaurants across the globe is their ability and willingness to adopt modern technologies like Cloud Computing, Artificial Intelligence (AI) and Machine Learning (ML).
The foremost step in this direction will be establishing remote operations, as most restaurants are still closed for dine-in. By leveraging digital technologies, restaurants can enhance their digital footprint in the marketplace.
Integrating with Cloud Based Food Ordering Apps
For every restaurant owner, designing an in-house food ordering application, and then marketing it to the masses is a very costly option. Instead, small to mid sized restaurants have a better chance by becoming part of a larger, online food ordering app or platform.
It is estimated that by the year 2023, the total size of the online food ordering industry will reach a whopping US $220 Billion. So, instead of leaving such a huge market open for just fast food brands, restaurant owners must also try to tap into this immense potential.
Most online food ordering applications and platforms are powered by the Cloud. With its instant scalability and flexibility, these online food ordering platforms have the ability to seamlessly entertain customer orders, even during the peak hours of the day.
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Procurement Side Savings
Another area where restaurants can really make themselves more competitive is procurement costs. A single small to mid sized restaurant may not have the same bargaining power, as that of a huge brand in the food industry.
So, technology solves this issue by enabling multiple restaurant owners to form a group, before they order their food supplies. With this move, even the small to mid sized restaurant owners can enjoy massive savings on bulk orders, as a group.
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Remote and Cost Efficient Kitchens
The bulk of expenses incurred by restaurant owners are related to their dine-in operations. This is because each restaurant owner has to deliver a bare minimum, and unique aura to dine-in customers. After the pandemic, this trend is rapidly changing.
So, the costs that restaurant owners save by not having dine-in operations, can be channelized towards establishing smaller, remote kitchens at multiple locations. This in turn results in a much better market coverage in terms of both area and customers.
Tech Driven New Opportunities
Online, and technology driven restaurant applications can use digital technologies like Artificial Intelligence (AI) and Machine Learning (ML) to identify new market opportunities within certain neighborhoods and localities.
Such business opportunities arise when a person is ordering a specific type of food, but it is not offered by any restaurant in the immediate vicinity. Now, this presents a business opportunity for someone who offers the type of cuisine, but at some other location.
Conclusion
The restaurant industry has a lot of catching up to do, even as we come through from a devastating global pandemic. Modern digital technologies like the Cloud, AI and ML will make this transition much smoother and cost efficient.
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