Today, the restaurant business is witnessing impressive growth, and it applies to the fast food industry as well. According to a recent report, the fast food industry has registered a turnover rate of 150%, which is perhaps the highest since data recording started in 1995. For many companies in this market, the aim to offer quick, affordable easy alternatives to home-cooked food for working professionals, bachelors, and families is one of the main objectives to expand their market share.
At SpendEdge. we meticulously study the latest market trends and challenges, and their subsequent impact on the fast food industry to give companies an edge when it comes to planning their market strategies.
Fluid pricing to land soon
Tracking consumer data is a common practice of many food companies. This data is used to make changes in the base fair prices of discount coupons, holiday offers, and in-app menus available for the customers. Restaurants in the fast food business are soon going to adopt this dynamic method of pricing. The tracked data would provide information on consumer’s preferences and companies in the fast food industry to provide a discount on the overstocked items, adjust prices as per the location, and charge high during peak hours
Automation into the play
2018 is going to be marked as the year when technology will bring significant changes to the fast food industry. 3 C’s – Convenience, Comfort, Customization are the three demands of customers. This can be best served when automation comes into play. The need for technology in the fast food industry is also felt due to labor restrictions. Many fast food chains are now using artificial intelligence and chatbots along with chat screens and kiosks to receive orders from social media platforms.
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Speed is the king
Today, there is a high need for speed as people are getting very busy. People are short of time and this is escalating the demand for takeaways and food deliveries. For the fast food industry’s growth to shoot up, restaurants should come up with some new ways to accommodate new takeaway deliveries and pick up areas.
A new menu card entry: ‘Gut Friendly Delicacy’
Paleo, raw vegan, vegan, etc. are diets that have already entered various menu cards but there is one more that is yet to arrive and that is “The Gut Friendly Diet”. There are many restaurants in the U.S who have already added gut-friendly delicacies to their menus. Such food items are prepared by adding various fermented foods like beets, kimchi, and sauerkraut to the food to give it a bold and strong, color and flavor.
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Minimizing carb intake
With the increasing health craze among the consumers, it becomes a big challenge for companies in the fast food industry to come out ways to minimize carb content in packaged foods and beverages. Meeting expectations such as low carb content, quick food preparation time, and using healthier food ingredients is one of the biggest challenges facing fast food companies this year.
There are a lot of remunerative opportunities for companies in the fast food industry. This has increased the number of new market players and most brands are now just trying to overshadow their competitors by adopting various marketing strategies. In addition, this thriving competition is resulting in the discovery of new techniques to make products superior and unique.
The step towards a healthier lifestyle
A healthy lifestyle is the need and demand of the hour. It is also one of the biggest threats which the fast food industry is going to face this year. There is a common belief that fast foods have a lot of side effects and therefore people generally take such foods rarely or occasionally. As a result, companies in the fast food industry have been compelled to come up with ways to re-create their products and restrategize their marketing plans to let their customers know that their food products are healthy.