3 ways QSR brands can leverage technology to stay ahead
When used strategically, technology can be of tremendous help for QSRs.
The COVID-19 pandemic accelerated the QSR industry’s pivot to digital, causing significant changes in customer behaviour and experiences. What used to be an industry that was heavily reliant on high foot traffic in-store had to develop and enhance digital ordering platforms to enable seamless drive-thru, pick-up, and delivery options. In fact, within the last year, the pick-up and delivery segments in Australia have experienced dynamic growth of 17% combined, with 21% deriving from delivery orders alone¹.
Presented with even more options than ever before, customers now have elevated expectations of what seamless and personalised cross-channel experiences should be across different touchpoints. To succeed in this landscape, it is crucial for QSRs to work with partners like Adyen, who not only can help address customers’ ever-evolving payment needs, but also provide best-in-class experiences across multiple channels.
And while it may be easy for QSRs to hop on the latest digital trend that customers are looking for, businesses that understand the strategic use of technology to meet customer demands and expectations will eventually win their customers’ loyalty.
To stay ahead, Adyen lists 3 ways QSR brands can leverage technology:
1. Identify the business goal for using a technology channel or platform
QSR brands should look at technology as an investment that yields amazing customer experiences as ROI. As such, brands should double down only on channels that provide considerable return for the business such as those that foster customer loyalty and uplift revenues.
Focusing on the core outcome will save brands from adding channels merely for the sake of adopting the latest trend. With contactless technologies becoming in-demand now more than ever, Adyen says QR codes and app-driven loyalty are two channels businesses should zero in on.
QR codes have been a major part of every Australian’s daily life for the past 18 months not only for electronic check-ins but also for contactless ordering and payments. Based on Adyen’s platform data, Australia is one of the major locations where most contactless transactions are happening (proportionately to contact), with 91% of POS volume being contactless in the first half of 2021.
Meanwhile, the rise of in-app and other mobile payment options boosted the growth of deal-based occasions across the Australian QSR industry at a rate of 7% in the last 12 months. Moreover, 68% of APAC consumers ordered a snack or meal because of an in-app deal². With this comes a great opportunity to drive loyalty through QSR brands’ apps.
In Australia, 63% of consumers want loyalty programs to be linked automatically to their payment cards³. Hence, QSRs using coupons and deals to build their customer base should also consider investing in a system that gives additional value for both the customers and the businesses, like how Adyen links payment cards to loyalty programs. This means an easy reward-earning system for the customer and a valuable source of data for the businesses.
2. Personalise the customer experience through data
In a 2020 survey, 42% of Australians said they are more likely to choose a brand that uses personalisation technology to enhance shopping experiences⁴.
Hayley Fisher, Country Manager AUNZ, Adyen, says that as QSR brands continue to adopt new innovations to connect with consumers, providing new and existing clients with personalised offers promises better business results.
Restaurant owners can explore intelligent offers, which are rewards and incentives personalised to engineer behavioural change at a one-to-one level. This can only be possible if the business can transform raw customer data into meaningful and actionable insights – something Adyen enables businesses to do.
“Using Adyen’s payment solutions, from POS terminals to online payments, allows businesses to connect all payment data to a single platform where they can harness insights by sifting through the information, identifying appropriate solutions, and delivering personalised cross-channel experiences. This is called unified commerce, an approach to business that lets QSR brands capture richer customer insights and also make reconciliation simpler,” Fisher said.
3. Safeguard the data
Kevin Sanders, Industry Solutions Director for Restaurants at Cheetah Digital, coined the phrase “data paradox”, which means consumers want more personalisation, but demand greater transparency and control over their data.
Privacy is a major concern for 70% of Australians, with nearly nine out of 10 wanting more control and choice over the collection and use of their personal information, according to a study by the Office of the Australian Information Commissioner (OAIC) last September 2020⁵.
Safeguarding data privacy and security must be built on a strong foundation, which is also a form of future-proofing a QSR business. While a breach on the tech partners’ end may not be the fault of a QSR brand, it would still have sweeping reputational impacts on the business. Customers will also likely complain not about the tech partner, but about the QSR brand.
With this, businesses should understand how their partners are managing their data and consider implementing vendor audit processes to ensure data privacy and security.
As a payment provider, Adyen takes data privacy and security very seriously, using the latest technologies like encryption and tokenisation for compliant and safe data handling.
Staying ahead with the right partner
Leveraging technology to stay ahead is a strategic move that requires more precise and prudent consideration specifically in terms of setting business goals, personalising the customer experience, and safeguarding data privacy and security.
QSRs need an experienced payments partner to help drive ROI and expand their customer base through a seamless, rich, and consistent customer experience.
Aside from offering innovative payments solutions, Adyen can also help QSR brands drive loyalty, gather insights, and grow business through its single platform.
Contact the Adyen team to learn more about how QSR brands can leverage Adyen’s technology to stay ahead in the “next normal.”
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Sources:
¹ https://www.adyen.com/landing/online/au/qsr-guide
² https://www.adyen.com/landing/online/au/qsr-guide
³ https://www.adyen.com/landing/online/au/agility-report-2020-au
⁵ https://www.computerweekly.com/news/252489532/Australians-want-more-control-over-privacy
