How smart data boost your profits Tuesday 23 March 2021
Ok, let’s face it: the foodservice industry currently isn’t posting great numbers. Many European countries are preparing for the next lockdown or are right in the middle of one, and profits are affected. Numbers never lie: 30% of foodservice businesses aren’t expected to make it. How this will play out in the end will depend on the availability of a vaccine, lockdown restrictions, government measures and economic recovery. It’s a bitter pill to swallow, so looking for opportunities to get back on your feet quickly is key! It’s time to talk data.
As Consumer & Customer Insights Manager at Lamb Weston/Meijer, Tessa is always on the hunt for relevant trends that affect the foodservice industry: a great way to stay ahead of the game and help customers’ businesses grow and flourish.
The current situation
The market segments that are struggling most are Casual Dining, Catering and Coffee Shops, as well as on-the-go outlets at train stations and airports. More positive numbers can be found at the (bigger) QSR restaurants, especially those that offer home delivery or takeaway and/or have a drive through. There is no fixed reason why this segment is doing reasonably well. On the one hand, these restaurants serve affordable food to consumers who are more costconscious due to (financial) insecurity. On the other hand, consumers are looking for safe and reassuring options. The bigger QSR chains are well known and very transparent about their logistics and preparation processes, while operating in a ‘sterile’ environment.
Get your piece of data
Enough about the current situation, let’s take a look at the future. One of the biggest opportunities available right now is collecting relevant data to implement into your day-to-day business. Across the world, there are various companies that monitor what’s going on in the international Foodservice industry, such as GlobalData, Datassential, and Euromonitor. Of course, there are also national players that do the same for a particular country and consultancy businesses that focus on specific segments. All these businesses and agencies also share some of their data and insights publicly, which can give you clear insights about the performance of specific market segments (are they growing, stable, or stagnating?). This information can be very interesting for anyone looking to set up a new concept or see how their restaurant is doing in relation to their competitors. For example: if the numbers show that coffee shops are having a hard time, why would your (new) coffee shop be successful against all odds?
Want to read more of this article?
Download our latest edition of Eat This! "Celebrating entrepreneurial spirit in times of need" for free.