Technology now has a crucial role to play in growing the QSR space across the country and globe.
QSRs have successfully managed to emerge as a strong force in the restaurant industry, which is growing faster than the full-service restaurants across the globe. Fast food has always been a zone of attraction for both consumers and business investors, which makes it a lucrative segment for investment.
Since the segment has everybody’s heart tucked with one string, establishing a QSR business could well be the right decision as an entrepreneur. Brands like KFC, Pizza Hut, Burger King, Subway, and others already exist in the QSR format, managing to fulfill their customers’ demands through delicious food, which is also quick.
QSR could be a one-stop destination for budding entrepreneurs that are stepping in this industry for the first time. Remember that food is one of the basic requirements of humans where you could make huge profits if you invest smartly.
A new investor could start his/her own QSR firm with an average investment around INR 25-30 lakhs and later could head towards the franchising way after attaining success. Witnessing how the industry is currently operating, your new QSR firm could bring an approximate ROI of around 20-25%, which is a nice deal to crack.
Further, being tech-savvy is in demand and you could adopt this trend for increasing your firm’s sale through quality and tech-equipped fast food facilities like enhanced services, tech-driven food ordering, and lightning speed food delivery.
Technology: Contributing to the QSR Space
Technology now has a crucial role to play in growing the QSR space across the globe; India is no exception. The modern-day QSR owners are looking for new and innovative ways to attract customers, eventually leading them to new-age technologies that could meet common demands such as speed, convenience, and value.
Moreover, generation Z and the millennial are now craving and demanding for technology-centric experiences while dining. Both groups expect technology to be a part of their dining experience, even if it is something as basic as free wifi.
The basic function of technology in QSR is to improve the customer experience along with increasing operational efficiency. These technologies could be considered as more evolutionary rather than revolutionary.
Mentioned below are some tech-trends that could impact the Indian QSR industry in late 2019.
Voice-enabled ordering is all set to be the next big thing in the QSR industry. Though the concept is still at a nascent stage, it has been in practice for long in different countries like the United States.
Smart devices like Amazon Echo and Google Home are already revamping the way people used to interact with technology, allowing the users to complete a task by telling the device.
Voice-enabled ordering is still in its infancy, but it offers myriad advantages to customers focused more on relaxing than cooking.
Robotics and Artificial Intelligence
Robotics is a prime component of the era of automation in different industries. And looking at its benefits, it won’t be shocking to hear that QSR brands will be embracing this technology very soon. It might sound difficult, but robots are eventually the future of different business industries, including the QSRs.
Despite being very limited in scope, robots designed for restaurants do exist. Chatbot Sally, the Salad Robot, is getting popular worldwide. It is a robotic vending machine that makes customised salads.
Another technology which has already impacted the QSR segment worldwide is the kiosks. As per the latest research conducted on the QSR diner, 47 per cent of them preferred to opt for a self-service technology such as a kiosk for customising their orders. This is why many QSR brands are now investing in introducing their kiosk model, improving the customer experience along with streamlining their employee task.
The kiosk is ultimately the new-age technology that can help firms manage their workforce by reassigning employees to more value-added tasks like ensuring happy customers and improving their experience.
Through kiosk technology, employees can shift their role—and their mindset—from order fulfillment to one focused solely on customer satisfaction.
QSR’s Business Model
Minimum Investment: INR 30-50 lakhs
Area Required: 300-2000 sq. ft
ROI: 29% annually
Note that the above statistics could vary depending upon different QSR brands and their offerings.