Restaurant Business Cooking Up Unpredictable Profits
In the early 18th century or even before came in the concept of “Restaurant” in countries like the US, China and the Greek culture. This was initially the concept of small areas which prepared and served recipes that were ordered by the consumers. Food and drinks are to be consumed within the surrounding that is the premises of the establishment. The service is provided in bargain of money before or after the consumption. With the time passage, there have been massive innovations that have gradually changed the face of the restaurant industry. The take-away facility and the cook on the table system are couple of present attractive methods of pulling in customers towards the industry.
Today the industry has grown vast in its size as there are countless participants in it and most of them are doing well as the demand is on a rise constantly. Although, the growth in the business there is a tough time for the hotels catering as the competition is jumping up many a times and thus the business is getting bottlenecked. Travel and tourism industry is a great subsidiary to the restaurant business as it helps the later to keep up the grip. There is a never ending scope of innovation which is taking place in the industry and this in turn is proving beneficial for the clients at large along with some handsome returns on investment for the restaurants.
2014 and beyond, seems to be a time for innovation and gains for restaurants:
Technology as we know is playing a big part in everything that is done today. It has made life easy for us as things are much simpler and less time killing, the restaurant industry is no exception to this trend. Initially it started with the telephone ordering today the online ordering pattern has caught pace. Renowned branded restaurant introduced these methods of taking orders for the convenience of customers. One of the reputed pizza brand – Pizza Hut has recorded 30% of their total sales to have come from various digital mediums. Moreover, 15% of these have cultivated from the mobile ordering mode. This gives us a brief about the successful impact of technology in the restaurant ordering process. Moreover, hotels and brand chains are taking down orders using tablets based menus giving the process a complete techie approach.
Concepts like Free for Kids, Happy Hours and Special Offers for special occasions have been a grand success giving fantastic returns. This technique is in fact a copied one from the travel industry where such off seasonal discounts would be offered to travelers for reaping business during non-holiday periods. Such variables in pricing has been a massive hit especially in the Bar segment that offer a direct 50-60% offs on original rates for particular days or a limited period of hours on a daily basis.
Special Dishes for Special times:
The restaurant industry trends to be super active for almost all twelve months of a year. Especially in developed or developing economies they are ought to do well as the demand curve is going upwards on a daily basis. Once in lifetime occasions such as marriage or kids first birthday is surely a time to celebrate. Thus, the industry caters attractive deals for these potential occasions that take place all time of the annual. Hence, on the dot service and application of proper marketing techniques in order to convey what’s on offer assures an active nature of business.
Increased value of employees:
With the growing economies, increased ratios of disposable incomes, the spending capacity of the crowds is logically going to rise. Thus, there are immense business opportunities for the eatery industry in years to come. The well being of the workers in the industry is a must as there is a growing need of employees in the sector. There is a healthy earnings ratio of the employees in the industry and this is further estimated to grow up in big numbers. For instance, California’s minimum wage pattern for the industry is set to witness an impressive gain of $9 per hour from the previous $1 per hour by the end of 2014. This rate is ought to go up by many a times by the end of 2016 when the industry will be one in top 5 fastest growing sectors.
Summing it up on a global basis, the trends for the industry particularly the branded restaurants are posing bright in times to come.