60% of restaurant companies value offering metaverse experiences to their customers

Adyen presents the latest conclusions from its 2023 Retail Report on the challenges and trends facing the restaurant industry. Among the most relevant data is that 60% of companies in the industry are considering the possibility of offering experiences in the metaverse to their customers, thus giving consumers new ways to order and interact with brands and offer them new experiences. innovative ways to advertise and make yourself known.

This study shows how the online presence of food and beverage brands has multiplied in recent years. The digitalization of the company has opened up a new source of income for the entire catering industry. Almost half of food and beverage companies sell through a website, and 88% say it has helped increase their income. In turn, practically 9 out of 10 companies in the industry (88%) believe that their application is the main driver of increasing sales. 36% of consumers surveyed place particular importance on restaurants or food and beverage establishments having an attractive app when ordering.

Higher cost of living and more conscious consumers

The rise in the cost of living is reflected in the findings of the latest report Adyenas customers are now much more aware of the impact on their savings. 20% are particularly concerned about shipping costswhile 33% make the effort to look for deals online (compared to 37% who search directly in physical establishments).

In return for 38% of consumers appreciate that in-store technology makes the payment experience more fluid and flexibleThis is confirmed when you consider that 41% already use automatic checkouts when making purchases. All of this shows how important efficiency is in the restaurant industry, especially in quick-service restaurants and during peak periods such as breakfast and lunch.

Given the uncertain economic outlook and a more aware and cautious consumer, it is still important for companies to break traditional sales cycles, thanks to days like Black Friday, Prime Day or CyberMonday.” It says Juan José Llorente, country manager of Adyen in Spain and Portugal “This is something 51% of restaurant companies are already doing. More importantly, 59% of companies worldwide say they will maintain flexible discount periods even after inflation falls, which could help increase customer loyalty,” explains Juan José Llorente.

Loyalty within the industry, a work in progress

According to the 2023 Retail Report, there is still a long way to go for restaurants to pay more attention to loyalty. 45% confirm that they have seen a decline in customer loyalty during inflation and 50% said it is too difficult to maintain customer loyalty in the current environment.

Adyen Through its research, it shows how important loyalty processes and monitoring customer purchasing habits are when it comes to personalizing their experience. 62% of consumers would be more loyal to a brand that linked a loyalty program to their payment cards. This allows the company to offer discounts tailored to preferences, something almost 7 in 10 users (68%) already want.

Restaurant companies, for their part, are already in the process of offering benefits and improvements to their consumers. 26% of companies in the industry already link online and offline transactions to their loyalty strategy. However, 36% believe they do not have the necessary technology or systems in place to sustain such a plan. This could result in missed opportunities to build strong relationships and trust with those who could contribute to a solid and predictable income. Only 24% of catering companies have tools to collect and analyze data to help identify areas for improvement.

Unified Commerce to increase sales

Consumer trust has reached a point where every detail during the purchasing process is of utmost importance. Currently in Spain, More than half of consumers (58%) who are unable to pay for a product or service as desired will abandon a store or the online checkout process.

For this reason, 43% of companies are currently investing in a unified commerce strategy. In the case of restaurants, this means ordering via a pickup app, ordering via a QR code and adding a drink to your meal right at the counter, or having the freedom to start an order online and finish it in restaurants or cafes , a flexibility desired by 61% of consumers. With regard to the overall results, the following applies: Adyen found that after implementation, 54% of foodservice-focused businesses claimed to have improved their sales, 40% saw increased average spend, and 39% saw an increase in their conversion rates.

However, the benefits go beyond increasing income. With Unified Commerce, 40% of companies benefit from better inventory management and 46% of them know their customers better and have more detailed information about them. 23% are able to connect online and offline data thanks to unified commerce, enabling 49% of companies to offer better omnichannel experiences.

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