The food and beverage industry has to face major upheavals due to the pandemic. They have to deal with new complexities in the supply chain, figure out ways to navigate new limitations imposed by the government, and most importantly, change in consumer behavior and preferences.
Since physical distancing kept us from dining in restaurants, online ordering becomes the new norm. As a result, there has been an unprecedented increase in delivery service usage as they become an important conduit between restaurants, grocery stores, and customers.
Another trend that emerged during the pandemic is cloud and ghost kitchens, where food production and delivery services are done entirely online without any physical store needed.
According to Bain & Company and Facebook, this habit will continue post-pandemic, as more people become used to the convenience of shopping for daily items online. Cloud kitchens are also predicted to persist after the pandemic because it offer F&B retailers lower overhead costs.
This is why it’s important for F&B retailers to take note of this “new normal” and think of how they can capitalize on this opportunity to stay ahead of their competitors.
The Increasing Importance of Data In The F&B Industry
Since the F&B industry is increasingly going digital, data collection and analysis have become more important.
Understanding data allows both online food providers and dine-in restaurants to identify specific patterns that will give them valuable insights into consumer behavior, such as peak periods, best-selling products, product pairings, and so on.
This will allow them to tailor their marketing strategy accordingly and optimize their inventory management to minimize wastage — which is key to ensuring that they can maximize profits. Aside from that, data can also help F&B retailers provide a hassle-free ordering process and seamless experience for customers, increasing customer loyalty and satisfaction in the process.
A local chain restaurant in Malaysia has leveraged SYCARDA, a powerful data analytics tool, and successfully boosted its revenue by 8%.
Since SYCARDA is a plug-and-play architecture that sits on top of the retailer’s existing POS infrastructure, they can install it across multiple outlets without disrupting their operations at all.
Using the comprehensive data collected by SYCARDA, they can analyze the store’s peak hours, average wallet spend, and the most popular product pairings. Supported by these insights, they can come up with a bundled meal promotion that brings in more customers during their off-peak hours — increasing their revenue.
We’ve helped more than 800 outlets across various industries embrace digitalization and data to boost their revenue, don’t you think it’s time for you to do the same for your company?
Reach out to us to learn more about SYCARDA!
FAQ
How can data analytics benefit F&B retailers in the post-pandemic world?
Data analytics empowers F&B retailers to understand customer behaviour, identify peak periods and best-selling products, optimize inventory management, and provide a seamless customer experience. These insights can drive sales and increase profitability in the “new normal.”
How has SYCARDA helped F&B retailers boost revenue?
SYCARDA’s powerful data analytics tool provides comprehensive data analysis, enabling F&B retailers to identify peak hours, average wallet spend, and popular product pairings. With these insights, retailers can tailor marketing strategies and promotions to drive more customers during off-peak hours, increasing revenue.
Is SYCARDA suitable for both online food providers and dine-in restaurants?
Yes, SYCARDA is designed to benefit both online food providers and dine-in restaurants. It can be easily integrated into existing POS infrastructure across multiple outlets without disruptions. Its data analytics capabilities help optimize business operations and drive success in the post-pandemic world. Reach out to us to learn more about SYCARDA’s benefits for your specific business.