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In all, we expect 2024 to be a better year for business than 2023 as the Federal Reserve executes the soft landing it has been seeking since this tightening cycle began. This means lower interest rates for businesses financing inventory and investing in expansion.
Inventory management is a critical aspect of running a successful restaurant or bar business, but strategies are constantly evolving. Throw into the mix rising wages, skyrocketing foodprices, staffing shortages, inflation and a difficult economy and the hospitality industry is no doubt set for a difficult year.
Nearly all restaurateurs (98 percent) believe AI will solve some of their staffing challenges, particularly around food prep and delivery management (42 percent), voice ordering technology (41 percent), predictive ordering and inventory management (39 percent), and food prep robots (38 percent). percent in 2023.
Chick-fil-A drops two percent to an ACSI score of 83 but still leads among individual fast food chains for the tenth consecutive year. million in revenue in 2023 (more than double that of McDonald’s while being open one day less per week). The ACSI Restaurant and Food Delivery Study 2024 is based on 14,604 completed surveys.
Grocery and convenience stores must strike the right balance between price and quality to meet consumer expectations in the age of “value shopping.” New technologies and automated solutions are helping retailers optimize efficiencies in addition to better forecasting and managing inventory. It’s a win-win.
You can use AI to automate and manage your inventory or energy spending. Experiential Dining and Memorable Experiences 2023 was filled with themed café openings and sophisticated night-out stories on social media. Such methods went viral in 2023 when some London restaurants, like Tastefilm, started pairing movies and dining.
2023 brought new challenges to the table for the restaurant industry, from rising foodprices due to inflation to continued disruptions in the supply chain. A Restaurant Pulse Check by Vericast found that nearly half of consumers plan to spend less on dining out in 2023. billion consumers with restaurants every year.
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