When it comes to the restaurant industry, data plays a pivotal role in customer acquisition, operational efficiency, and new market penetration. With a number of key metrics to track, understanding the ins and outs of restaurant industry data can have a significant impact on any organization’s success. But what are the types of restaurant industry data available and how can it be used? This guide to restaurant industry data will outline the major trends, technologies, and metrics that can be used in understanding and analyzing the US restaurant industry.
The restaurant industry in the US has seen tremendous growth over the years. According to a 2020 report published by the National Restaurant Association, restaurant revenue in 2020 is estimated to hit a record-breaking $864 billion, up from a 2018 figure of $825 billion. The same report predicts that the number of restaurant locations will grow to 1,094,000 in 2020 – a 1.6% increase since 2018. Not surprisingly, the restaurant industry had to pivot, innovate, and re-strategize throughout 2020 to navigate new regulations, customer expectations, and technology to drive growth.
The development of real-time industry data can help organizations maximize opportunities by providing actionable insights in order to make data-led decisions. An all-in-one data solution provides access to a variety of restaurant industry resources and unified analytics across the US.
Data Sets
When it comes to exploring the restaurant industry, there are a wide range of data sets that are available. A restaurant industry data set contains information on multiple areas, including restaurant location data, menu items, consumer insights, pricing, promotions, staffing, competitive analysis, platform features, customer behavior, and more.
Location intelligence is key in the restaurant industry, allowing organizations to identify the best locations for new franchise locations and to understand customer’s behaviors and preferences. Additionally, menu items and pricing can be analyzed to determine pricing elasticity, menus, and total expenditure. Consumer insights can also be used to identify customer preferences, and promote further engagement and loyalty. Analyzing restaurant tech coverage can also assist in understanding what kind of technology users need for their restaurants and how best to reach them.
Data Analysis
Data analysis is a critical process in the restaurant industry. By leveraging industry data, organizations can make decisions based on hard facts and analytics instead of gut-feel. Insights can be derived through analyzing various data points and indicators in order to draw meaningful conclusions.
In the restaurant industry, some of the key metrics include store traffic, turnover rate, orders per hour, average customer spend, cost of goods, average gross profit margin, and sales conversion rate. Each of these metrics is incredibly important for understanding performance, progress, and potential of the restaurant industry. Restaurants can use data analysis to identify market trends and customer preferences, optimize pricing and promotions, increase store efficiency, forecast customer demand, and drive better marketing decisions.
Data Platforms
Data platforms have become increasingly popular as organizations strive to better understand their market and customers. Data platforms are designed to aggregate, manage, and analyze large amounts of data all in one place. They are used to provide foodservice market insights, streamline operations, and develop strategies for restaurant success.
The Brizo Foodservice Market Intelligence Platform provides powerful data to food industry professionals. It offers a wide range of essential insights that cover the full foodservice value chain. It features an easy-to-use interface and comprehensive capabilities that enable restaurants, food distributors, and CPG companies to make quick, informed decisions. With the platform, restaurant owners can easily access location data, menus, customer supported insights, pricing and promotions, competitive analysis, platform features, and customer behavior.
Last reflections
The restaurant industry is constantly evolving, and making decisions based on reliable data is increasingly important in order to stay competitive and maximize operational efficiency. By leveraging data sets, market analysis, and data platforms, foodservice and manufacturing industries have the unique opportunity to increase customer acquisition and expand market presence.
