According to a recent Zion Market Research report, the global QSR market will soar to nearly $691 billion in the next five years, an anticipated CAGR of more than 4.2 percent until 2022. The basic tenets of speed, convenience, and affordability, combined with technology and customer experience is scaling the popularity of the industry and provides an optimistic outlook, but there are many challenges ahead as well. Macroeconomic factors such as rising labor and food costs combined with price discounts are driving prices lower.
In order to right the path, quick serve restaurants need to focus on implementing digital solutions that will help restaurant owners anticipate changes in customer behavior and tackle customer demands. Reimagining the customer journey involves adopting technology that will bolster revenue and customer experience, such as mobile first payment integration, digital drive-thrus, evolved PoS systems, and building a connected restaurant.
Mobile-first strategies that create an engaging and positive customer experience.
Digital Drive Thrus that support multiple upselling and segmentation functions at once.
Data-driven technology to help engage customers in a more relevant manner.
Upgrading technology systems and building a connected restaurant with complete monitoring.
Joseph Lanners, Samsung SDS America at Director, QSR Digital Transformation
Sachin Rao, Sales Director at HARMAN Connected Services
Jason Carrigan, Head of Digital Marketing at Checkers & Rally's
Bradley Cooper, Editor at DigitalSignageToday.com, Networld Media Group