Question

Let's discuss consumer trends in the restaurant industry. Consumer trends are changing rapidly and it is getting harder for restaurants to survive from competitive environment. What are consumer trends of the restaurant industry in your opinion? You can discuss cuisines, specific type of operation, advanced technology, etc. What kind of pricing strategies are used in practice? How can we ensure the success of restaurants?

Answer 1

Consumer trends for restaurant industry in my opinion are that regular consumers are seeking more innovative and diverse experiences at the restaurant. The consumers are more aware and like to experiment with their foods. Health and quality are important factors for restaurants to serve healthy food. Consumers appreciate live experiences of food making that they can enjoy and satisfy themselves with the whole experience. Online ordering is another trend that is growing with food ordering spanning across various customer segments from students to office goers and families at home who look for discounts on online ordering or take membership and subscription to avail benefits of such services. Innovation in cuisine, use of technology in better preparation of food and communication with customers, marketing and promotion with organising events specific to different events offering fusion foods, healthy foods and customer engagement are some recent trends.

Pricing strategies used by restaurants are they consider cost plus margin pricing, food costs pricing based on actual food costs and target margins, food pricing in restaurants is also done based on competition and market trends. Restaurant pricing includes customisation options by consumers that are based on customer choices and portion pricing is done in case of special and exotic foods as demanded by customers.

The restaurant can ensure their success if they are able to offer a unique and distinguished products and services . They can charge a premium for their services. Cost and quality help the restaurants to wither competition in a market. Restaurants need to adapt to changing times and offer value to the customers in the ways expected by them engaging customers with their feedback and customer service. Restaurants should innovate and excite customers with new experiences and include transparency in their operations like food preparation, the goals and objectives of their services, following of quality standards and attempts for serving the customers with the best value and services.