Staying up to date on the latest retail tech and thinking through the possibilities and implications for our clients' businesses is one of the more exciting things we get to do. That's why we look forward to reading what's hot, what's not, and what's hype in Forrester's annual "What's Hot And What's Not In Retail Tech For 2020".
Friday, the 13th, is generally considered an unlucky day in the western world. In 2020, it was that and a whole lot more for the restaurant industry. Restaurant sales in the US were already soft in the beginning of March before local, state, and federal authorities moved to close restaurants and other entertainment venues to flatten the spread of the coronavirus. Since then, restaurant sales have been in a freefall in what is likely the biggest demand shock to ever hit the industry.
Q3/Q4 earnings results are in for most of the leading publicly traded restaurant brands in the US. While some brands, such as Starbucks, Dunkin, and Chipotle reported strong sales and earnings growth, others such as McDonald’s, Darden, and Yum (the parent brand of Taco Bell, KFC, Pizza Hut, and WingStreet) missed the mark. What has separated the winners from the losers?
Digital savvy consumers demand personalization across multiple touch points. Companies that fail to engage risk losing consumers or even worse falling behind the competition. Gone are the days of mass marketing, mass messaging, mass distribution of the same message to everyone.