How QSRs can compensate for inflation through technologyAuthor: MOBI
How QSRs can compensate for inflation through technology
If there’s a trending topic at the moment that’s affecting everyone, it’s inflation. The dreaded fallout from the pandemic is finally upon us, and it’s setting record highs around the world. In the food world, a recent article from fortune.com quoted “in May, the Labor Department reported that grocery store prices rose 11.9% over the past year, and at restaurants and fast-food locations outside the home, prices were up 7.4% over the same period. That amounts to the largest increase in overall food prices for Americans since 1981.”
Yikes. Although some elements of inflation are beyond the control of big food brands, some elements contributing to rising menu prices have to do with the ongoing labour shortage, rising wages and reliance on aggregators. We’ve pulled together the top ways restaurant technology can help combat rising costs and reduce pressure on the bottom line.
Skip the Queue
Utilising QR code technology is a simple solution that helps manage a staffing shortage, or offsets the need to reduce staff due to the increase in wages. Skip the Queue is the perfect solution for self-service, which doesn’t require any extra costs associated with hardware. Guests simply scan the QR code in your restaurant, order, and retrieve their food for dine-in or take-out once their order number is called.
Not only can Skip the Queue reduce your costs, other benefits include a higher AOV and higher guest satisfaction as they control their own dining experience.
Digital ordering helps you engage with your guests directly through. Through a website or app, designed to meet the needs of your business, you get to provide a seamless guest experience whilst also creating increased opportunities for profits by removing reliance on third party aggregators.
Not only that, it allows you to own the guest experience, build up your access to customer data and it helps to create a more intimate relationship with your guests.
Analytics & Upsell
Many brands are combating inflation by coupling more menu items into combo formats. If this was a tactic you were hoping to try, you’d want to be sure you had data to back up how to build out the most enticing customer combos. For example, using MOBI Analytics, you can see which items are most frequently purchased together, and create promotional combos using this data insight.
Another effective way to increase your AOV while still giving the customer a choice is through upsell. MOBI’s upsell solutions can recommend items to customers based on what’s already in their cart.
Discover how technology can help your brand
It costs nothing to have a conversation with an expert to audit your current brand and discuss the pain points you’re finding hardest to navigate with the rise of inflation. If you’re interested in seeing how MOBI can support your brand through your next period of growth, talk to an expert today.
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