Fine Dining Restaurants on A Decline After QSRS Stepped In, What Is Its Future

 

Fine dining restaurants, which are not limited to just food and wine but also to delivering a luxury experience to the diners. These restaurants have always been the backbone of the Food and Beverage industry, as it is impossible to think of a five star hotel without any fine dining restaurant in it. These restaurants are not only a major source of their revenue but also the pride of 5 star hotels by the fact that not everyone can afford to dine in a fine dining restaurant. As fine dining restaurants work on a large scale, spoilage, over stocking, and improper inventory drives up their food costs. However, TechRyde Stock Management solution could help them soar up their profits by reducing food wastage and spoilages.

With the times and trends changing in the Food and Beverage industry, the emergence of QSRs (Quick Service Restaurants) gave the mass an affordable and easy option to feast by mobile food ordering system. While the fine dining restaurants never invested much on marketing research, QSRs on the other hand studied the market and campaigned through all possible mediums and provided time bound home deliveries.

 

According to The Washington Post, the market for casual restaurants has grown up to 550% since 1999, as this was the only segment of the industry that continued to grow during the recession. This makes it pretty justifiable why someone feeling hungry would rather just make a call and receive his food within 30 minutes than take an appointment, book table and dress up according to the dress code, to have his meal.

However, after the Corona virus outbreak, fine dining restaurants had ultimately fallen and began shutting down. On the other hand, QSRs studied the evolving customer behaviour and molded themselves according to the customer changing needs. Chains like Starbucks and

Dunkin generated 20% more revenue than previous year as they began home deliveries. For Starbucks, their delivery usage tripled in Q3 and they have begun rolling out curbside pickup. According to a report in the Financial Times, in April, US fine dining restaurant transactions went down 82% than previous year. 

Amidst this pandemic, fine dining restaurants in order to revive are finally getting flexible and making different approaches like using point of sale integration or mobile food ordering system, which they probably never thought they would. Olive Qutub in Delhi came up with selling DIY (Do It Yourself) kits where customers could make restaurant style food at home. The Inn at Virginia, which has opened at 50% sitting capacity, has put little mannequins at its empty tables to make the space look more inviting. Surprisingly, Noma in Copenhagen, which required reservations months ahead, has come up with a burger and wine bar.

It makes it quite clear that the fine dining restaurants are not only beginning to deliver food but also trying new ideas to retain the customers they lost due to pandemic. In the big picture, with the trends changing in the Food and Beverage sector, it could be a long run for fine dining restaurants to lead in the market back again. Technologies like TechRyde solutions could possibly be a game changer for fine dining restaurants to be back in business by providing them with advanced tools like:

•  Enabling mobile ordering

•  Self Payments

•  Stock Inventory Management