Verizon, Cisco, and Incisiv collaborated on a research study to explore the digital evolution of the dining industry. The study analyzed the impact of digital adoption on customer expectations, restaurant operations, associate effectiveness, and core infrastructure and connectivity. The survey was conducted in December 2022 - January 2023 across the quick-service and full-service dining segments.
The report highlights that improving efficiency is the core driver of technology investment in 2023. However, budgets and resources are the top impediments to technology investments, and labor shortages and productivity continue to be a challenge. The research provides valuable insights into the technology investment plans of the dining industry and highlights the importance of upgrading store infrastructure to keep up with the digital revolution.
As consumers continue to reshape their expectations,
enterprises must contend with a uniquely challenging landscape.
The consumer technology landscape is forever changing.
From Pinterest to TikTok, WeChat to Instagram, new experiences can rapidly gain consumer adoption and relevance.
From augmented reality to voice, smartwatches to chatbots, consumers are constantly embracing new interaction paradigms.
Commoditized convenience is eroding loyalty and margin.
Consumers expect convenience. If you can't deliver it, they'll go elsewhere - e.g. next day shipping becoming the new standard.
Walmart will reportedly lose USD 1 billion on eCommerce revenue of USD 21 billion this year as it faces challenges in its bid to complete against Amazon – from trouble integrating its DNVB acquisitions to impact on margin from its next-day delivery operations.
Consumers value experiences that are curated to fit their lives better.
They want to engage, be served, and transact at their time, their pace, their place. They have little patience, infinite choice and the freedom to swipe left at the slightest hint of friction.