In the second part of this two-part global briefing, Euromonitor International highlights two more distinct trends from 2015 in new concepts. While foodservice operators are adopting healthier fare to cater to changing consumer preferences, as explored in the first part, they are also leveraging modern technology to enhance the dining experience, and are finding room for expansion through alternative formats that best suit the needs of local consumers.
Technology is modernising foodservice and enabling operators to engage consumers in new and exciting ways. In more than just HDTA channels, foodservice operators are leveraging tech-enabled services to enhance convenience and improve in-store services for consumers, all to better compete for market share when competing on menu offerings alone is seemingly not enough. Modern foodservice operators are expected to provide technology that caters to the preferences that matter most to modern consumers, such as convenience, digital platform functionality, enhanced customisation, and engagement through rewards and loyalty programmes. Furthermore, as tech-orientated services improve in developed markets, they are then better enabled in emerging markets where channels that favour convenience are key to growth.
As the world’s largest foodservice chains have continued to expand to more corners of the world, the realisation that consumers in different markets have different needs and preferences is forcing global operators to adapt. Traditional formats that worked so well in domestic markets do not always make sense, as is, elsewhere. Markets with the most growth potential are invariably in emerging economies in which consumers have different priorities, spending abilities, and foodservice preferences, and often, markets with the most potential for growth are also the most challenging for new entrants. As a result, the largest chains have adopted smaller formats with greater appeal to potential franchisees willing to expand their concept, and providing cheaper, more on-the-go offerings that make more sense for local consumers. This not only applies to global operators -local operators in 2015 have had to learn to adapt to challenging market conditions as well.
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