Beyond 2022: Leading QSRs and their customers share 4 ingredients for success
QSR operators do not have to look high and low for the secret sauce to unlock long-term success in this rapidly changing business environment. They have a clear and present opportunity to dramatically increase customer loyalty, expand market share, and drive revenue growth with four key ingredients.
Earlier this year, leading payments platform Adyen surveyed 1,000 food and beverage businesses from 23 markets, along with 40,000 customers from 26 countries. This research, published in their “Australian Food and Beverage Report 2022”, identified four key ingredients for success beyond 2022: digital transformation, unified commerce, digitised experiences, and real-time payments data.
Let's look at the findings and their implications for QSR operators.
Digital transformation is essential for sustainable growth
This is perhaps a no-brainer, but the research shows that digital transformation is no longer optional. 1 in 7 Australian F&B businesses have connected payment systems to other parts of their organisation. This has enabled them to reap the rewards of increased efficiency, improved customer experience, and cost savings in the form of simplified back-end processes.
The research further shows that 87% of businesses plan to invest further in digital transformation in 2022. This means that QSRs need to act fast to keep up with the competition and stay ahead of the curve. In fact, Adyen research shows that those businesses who proactively digitise operations experience 9% more growth than those that don't.
Unified commerce is essential for competitive advantage
With digital transformation comes the opportunity to unlock unified commerce. This means having a single, integrated platform to manage payments regardless of channel - either online or in-person. Having this kind of unified view of operations allows QSRs to gain valuable insights into customer behaviour and transactions, making it easier for them to optimise their operations and provide customers with better, more seamless experiences.
According to Adyen research, 42% of Australian F&B businesses have increased sales due to unified commerce, 41% said it improved customer experience, and 30% said that loyalty has grown among customers. This is a clear indication that QSRs who implement unified commerce are well-positioned to gain competitive advantage in today's market.
Digitised experiences: the key to customer loyalty
In relation to customer loyalty, the research shows that 29% of Australian consumers would be more likely to return to restaurants that use technology to create faster and more convenient experiences. Digital payments, loyalty programs, and rewards are just some of the ways QSRs can tap into customer sentiment.
Technology has become a critical part of the customer experience, and QSRs should seize this opportunity to create unique experiences that customers cannot get anywhere else. For example, QSRs can use technology to offer tailored deals and discounts, or use gamification elements to engage customers in fun activities.
Real-time payments data to understand customer behaviour
Finally, not only can real-time payments be convenient for customers, but they can also be a powerful tool for QSRs to gain valuable insights. 34% of Australian F&B businesses use payments data to understand user behaviour and improve customer experience. Australian customers, meanwhile, will be willing to share their data if there’s something in it for them, such as a discount or special offer.
By leveraging data from payment transactions, QSRs can gain a better understanding of their customers and identify customer trends that can help them to make more informed decisions about marketing and product offerings. This data can also be used to inform operations, such as better forecasting and inventory management.
The success of QSRs today requires a combination of technology-led solutions and customer insight. By leveraging digital transformation, unified commerce, and real-time payment data, QSRs can create differentiated experiences that will attract and retain customers. As such, it’s important for QSRs to invest in digital solutions to ensure their success for the future.
The research is clear: digitisation and unified commerce are key for competitive advantage in the F&B sector. By leveraging data from payments, QSRs can gain valuable insights into customer behaviour and uncover opportunities for optimising operations and creating unique experiences that customers won’t find elsewhere.
To read the full report, click here.