CHICAGO, IL, UNITED STATES, July 16, 2018 /EINPresswire.com/ — The restaurant industry is experiencing one of the biggest shifts in consumer behavior since the drive-through, and foodservice operators must adapt, rethink and retool their off-premise business strategy.
In a new study published by CHD Expert in conjunction with Off-Premise Insights entitled "2018 Takeout, Delivery and Catering 5-Year Outlook for North America," the research team found that total off-premise restaurant sales will surpass $300 billion by 2023. Emerging trends identified by the study include:
• A shift from traditional advance order restaurant catering programs to on-demand fulfillment.
• Implementation of flexible pricing models through delivery platforms, particularly as more consumers are anticipated to be receptive to the new peak pricing paradigm.
• Increased importance of being tech-forward for restaurants in all segments.
"The market has responded positively to new delivery platforms in the last three years," noted CHD Expert North America CEO Darren Tristano, “and the opportunities moving forward are even more robust."
While direct and third-party delivery are expected to be the biggest drivers of this growth, CHD Expert anticipates that both catering and traditional restaurant takeout sales will also see notable growth in the next few years. It's critical for operators competing using any or all of these platforms to cater to customer needs. Three in five consumers indicated that food quality was most important to them for off-premise occasions followed by affordability, order accuracy, on time and speed of delivery. All of these areas also represent critical challenges that off-premise platforms pose to operators.
"Many restaurant concepts are evaluating their current footprint in an effort to accommodate increased off-premise orders," commented Gina Gapp, lead researcher for the study, citing that "restaurants are questioning the best approaches to achieve operational efficiency and taking a new look at everything from dynamic pricing to expansion of on-demand catering programs."
The research found that nearly half of consumers have still yet to try "next generation" off-premise platforms like third-party delivery, indicating that a long runway exists to fuel the future growth of the market.
• Forty-one percent of consumers say they have not used third-party aggregators or delivery services, suggesting there is ample opportunity to expand penetration and drive growth through new customer acquisition.
• Six in 10 (59%) consumers say they search for third party delivery using only one app, indicating the importance of visibility to restaurants in terms of being in the consideration set.
• Half of the consumers (49%) say they place catering occasions on impulse. While advance ordering is a hallmark of catering orders historically, the movement towards rapid fulfillment catering will lead to the emergence of a larger “on-demand” market for immediate fulfillment of catering orders.
CHD Expert developed the "2018 Takeout, Delivery and Catering 5-Year Outlook for North America" study in partnership with Off-premise Insights and provides the size of the market along with a 5-year forecast, consumer attitudes, and behavioral data as well as insights and implications for the restaurant industry.
For more information, contact Darren Tristano at email@example.com, Gina Gapp at firstname.lastname@example.org or Erle Dardick at email@example.com on the study.
About CHD Expert
For over 20 years, CHD Expert has collected, analyzed, and managed foodservice and hospitality data to help businesses win in this fragmented and fast-moving industry. While our industry is referenced by many names (Foodservice, on-trade/on-premise, HORECA, Out of Home or Away from Home Consumption) CHD Expert is second to none in understanding where you can eat, drink, or sleep, away from home. Our comprehensive and segmented data allows us to adapt our local and global insights to our clients’ objectives. From ideas to execution, we deliver actionable solutions that drive business growth in the food and hospitality industries.
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Source: EIN Presswire