Think of any restaurant that just opened a few months ago in a fancy shopping complex. Imagine a scenario in which you walked inside the place and found yourself blown away by it. What exactly struck you first? The answer may be simple: – everything.
Where unorganized eateries offer delicious taste and value for money, organized players are bringing a revolution to the tilt. They are making a statement with their fashionably varied menu options, outlandish decor which consumers invariably are impressed by and a large focus on technological adaption to attract more consumers who feel inclined to be far more present online and handle the digital influence with ease.
The Restaurant Space: A Lot is Happening
Restaurants in India are filling up with experiential and spontaneous diners who are awestruck by the difference in experience and quality, in comparison to the unorganized market. Local eateries have their charm and unique selling points, and no one can compete with the authenticity and value for money that is on offer in those spots.
But the young consumer of today has grown up in the digital era and knows what is happening around the world, around the best and the hottest destinations. This informed consumer wants to experience more than just local food and feels that major cities in India should also become the next New York or Paris. With the increased spending capacity of the older generation and the newer generation too, the hospitality industry has a lot of expectations to fulfil.
The choices that restaurants will have to make now must be in favour of the younger folks’ thought processes and demands. In a nutshell, consumers that like being given limitless options for pleasure and recreation. As new players, you may label the generation of today to be very impulsive, and pampered. You may think that the generation can ‘never be pleased’ – but think again. This is a generation that is happy to buy from you and help you grow your business because it can. With social media at their fingertips, the most crucial and comprehensive resource for knowing what is trending in the world, they know exactly what to expect from a place they put their money on and they want restaurants to live up to that ideal. Above all, they want to spend money.
The better-informed players in the market who are disrupting the dine-in landscape are doing so simply by allowing the market forces to be dictated by the tectonic shift in consumer patterns. While they have witnessed the market being driven by loyal consumers who would often dine out once in a while on a special occasion but always loved the sound of eating chole bhature at a local eatery, the new market is becoming a bigger playground of sorts for new connections to form.
The New Market: What Works Well
Some new preferences for the hospitality sector include – the demand for superior quality and better hygiene standards, the demand for more variety and of course, lively ambience and top-notch crowd. A local eatery may not be capable enough to provide all of this today. They have smaller teams with low hygiene practices in place and their supply isn’t that big daily unless you count a few selected places that are renowned for their unlimited variety and large fan following. Most of the unorganized sector still suffers from not having adequate information about the consumers, what they want and how to analyze the information. The local eateries are still not using much technology to understand how to use the data to make informed decisions about making more sales. But, there is a lot of potential to utilise third-party platforms such as Google Reviews or Zomato to learn more.
Tech Utilization: Enhancing Data Insights in the Food & Beverage Business
On the flip side, the organized players are using the insights gained from feedback on third-party platforms to improve the experience that is on offer to the consumer. In turn, this can result in a better reputation and robust earnings. The ease of service is also becoming very important to the consumer, as more and more people want to avail the takeaway or delivery option. Hence, those restaurants that can fulfil this demand are seeing better returns too.
The onset of a new era in hospitality does not mean that the old will vanish away. The market will enjoy growth, but the fact remains that there are also restauranteurs with big pockets who are putting their focus on the newer and younger segments, and it is going to be quite something to watch the interaction between these players and the consumers to generate business.
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