In 2019 it was estimated that the food & restaurant sector in Europe would have grown grow by 30% over the next 10 years (source: Global Food Service Forum, July 2019) from € 600 billion in sales to € 780 billion. The pandemic then forced all operators in the sector to revise their estimates for the future and their business model.
Today, restaurants are at the center of a process of social and technological evolution, with a sharp increase in costs: delivery fees are over 30% and the food cost has increased by 65% since 2020.
The numbers of market show a sector which is widely fragmented and defined by a high impact of costs on total production value. New social, economical and technological trends are already in place and represent immense opportunities of growth and still obstacles for operations.
Product innovation and service flexibility are essential to build customer loyalty and increasing profitability. This is a sector that cannot afford to further affect the average bill.
Conscious use of big data is the key.
"How restaurants and food service companies can boost their revenues and occupancy, with the effective use of data analytics"
written by Andrea Torassa and Emilio Zunino of Maiora Solutions, in collaboration with the European Pricing Platform (EPP)
PRODUCT
Changes in customer preferences, consumption opportunities and reference market, present opportunities for increasing sales and average bill, through menu differentiation.
PRICE
Each dish presents variations in demand, based on week day, time of the day, customer segment and also in relation to the other dishes price. A dynamic price backed by data stimulates demand and increases margins.
LOCATION
Each restaurant of the same chain presents specific opportunities, based on the target market. Menus, prices and offers differentiated by point of sale allow you to improve the performance of the entire chain.
SPACE
Restrictions imposed by Covid-19 require an optimization of kitchen capacity, to be split between seat-in and delivery. This may vary according to the time of day and days of the week.
