While many restaurateurs only want to focus on increasing traffic or raising prices, the truth is looking at numbers is the most impactful way to earn higher revenue. But numbers alone mean nothing — and that’s where powerful data analytics come into play.
How do you increase revenue with data analytics?
F&B businesses, whether as small as a mom-n-pop cafe or as large as McDonald’s, always have room to grow thanks to analytics. The iconic golden arches uses data analytics to continuously improve customer and staff experience, such as their Automated Order Taking technology that utilizes customer data and order details to increase order acceptance and accuracy. In doing so, this also serves as a database for future reference, enabling them to analyze patterns in orders such as bestseller items, ideal product combinations, etc. With usage like this, data analytics reduces costly human errors and decreases time taken for tasks, so you and your team can focus on the flavors.
What kind of data is helpful?
- Growth Opportunities
- Make the most of your investments by spotting aggregator-specific data in your analytics. Data like total number of orders and revenue per aggregator and its performance overview within a custom period of time helps you spot which aggregator (delivery app) your customers prefer.
- Customer Demand
- Don’t just take the heat of rush hours. Find summaries of when you’re busiest across different hours of the day, and days of the week. Through data like this, you don’t need to second guess or overprepare just to match consumer demand.
- In some cases, you could even experiment with dynamic pricing — temporarily increase item-specific or menu-wide pricing during busy hours, so that you can take advantage of strong demand and limited capacity.
- Customer Preferences
- Stay in the loop by knowing what’s popular among your customers — whether on an item-level or even ingredient-level! From bestsellers, combos, to items with little to no orders — access data that’s helpful in planning promotions or reinventing, simplifying your menu.
- While some food delivery management softwares offer the data analytics features mentioned, not all do: be aware that perhaps the feature fee is too expensive, not all data is provided, or — when it is — it’s accessible to you for only a limited time or by manual request.
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