How F&B Retailers Can Use Data to Drive Sales in a Post-Pandemic World
Snippet: From online delivery to cloud kitchens, the F&B industry is increasingly going digital. To capitalize on this “new normal”, F&B retailers need to use data to drive sales.
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 services usage as they become an important conduit between restaurants, grocery stores, and customers.
Another trend that emerges 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 offers 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 becomes 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 boost their 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 spends, and the most popular product pairings. Supported by these insights, they are able to come up with a bundled meal promotion that brings in more customers during their off-peak hours — resulting in an increase in 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!