Heading into the Roaring Twenties, it would be wonderful if we could look into a crystal ball and see the year ahead. Of course, that’s not possible in a literal sense, but we can make educated guesses. That’s what we’ve done in our 2020 predictions report, a short summary of one chapter: data and personalisation, is below.
Data and personalisation
Knowledge is power, and knowledge is sourced from primary information…from data. If a business operator mines their company data, they gain the power to make decisions that direct them towards achieving their goals
The most successful companies in the world are inevitably the ones that make the most of this knowledge. In March 2019, McDonald’s announced its $300 million-dollar acquisition of Dynamic Yield, a startup focused on creating data and personal preferences-based algorithms that drive purchasing decisions. McDonald’s is now using Dynamic Yield’s technology to personalise recommendations for customers at its drive-thrus across the US based on data like weather, the time of day and popular menu items.
Such personalised services will become more important from 2020. Much has already been made of Millennials’ love of personalised service, while menu innovation and pricing are important to younger Gen Z consumers. Food companies will have to quickly develop individual strategies to reach specific subgroups of each generation. As well as a more bespoke service and offering, data will help build consistent experiences across all locations within a chain.
According to the National Restaurant Association, “Data is king. Restaurants will see new opportunities to apply data analytics to predict and capitalise on consumer demand and optimise supply economics.”
It is critical that restaurants retain access to their customer data in 2020 and don’t surrender it to third parties. Many restaurant operators still use third parties like Just Eat or Deliveroo, but there is a growing recognition of the limitations of these platforms. This year we’ll see more investment from operators in their own data and in technologies that will help them mine it. We may also see more of a move away from third party platforms, or at least an increasingly hybrid approach of using a third party to attract customers and then migrating them onto a proprietary app or online ordering service.
At Preoday we look forward to working with our partners to play a key role in 2020’s trend of data and personalisation. Download our report, to see our predictions in full.
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