A dab of good food and a dollop of technology!
Customers are increasingly expecting certain advantages when they shop, travel and handle their finances such as digital access, personalization, loyalty tracking and no touch transactions. In a relatively new trend, customers have similar expectations when they dine as well.
Restaurant tech is defined as set of innovative technologies that improve the restaurant business and the experience for customers. AI, blockchain, drone delivery, and robotics are expected to play a larger role in the food industry. With a 77% smart phone penetration in the GCC, the region is witnessing the emergence of a new section of digital customers which has its repercussions across industries. The food and beverages sector, particularly the restaurant and hotel outlets are in high pressure to stay relevant and be profitable.
The GCC foodservice market was valued at USD 23.2 billion in 2017, and is expected to grow at a CAGR of 8.1% to reach USD 34.3 billion by 2022 (almasahcapital). Major food tech players like Deliveroo, Zomato, UberEats used UAE as a launchpad to reach out to the wider GCC market. Restaurant operators are increasingly adopting technology with a majority believing that restaurant tech is inevitable to stay relevant and gain a competitive edge in the market.
Over the past decade, the manner in which customers get to know of and interact with restaurants have changed drastically. The restaurant market is highly competitive especially in cosmopolitan hubs like Dubai, and the profits are slim. Restaurants that best understand their customers, capitalize on digital technology and analytics, and utilize the opportunity to engage customers in a highly personalized manner, manage to survive and win in the race. Does this translate into increased dining frequency, amount of the bill, and customer loyalty? If done effectively, yes.
Find out more from our latest report: GCC Restaurant Tech
In order to be successful, along with high quality menu, food, value for money and ease of access, restaurants should supplement their services with a good dose of digitization. As customers place increasing emphasis on “experience” and “comfort”, how can technology aid restaurants to revamp? Who are the leading names in the GCC restaurant tech sector and what does the market look like?