CHERRY HILL, NJ – The pandemic has permanently altered the consumer-restaurant relationship with operators investing in technology and real estate to align with changing consumer preferences, according to the 2021 Restaurant Franchise Pulse survey conducted by TD Bank , the most convenient bank in America.
At the start of the pandemic, 72% of operators invested in delivery and mobile / online orders to increase revenue during mandatory home stay orders according to TD’s 2020 survey, and it seems that the popularity of ‘these offers have come to stay.
The investment in delivery and mobile orders pays off
According to this year’s survey, the initial investment of restaurant operators in delivery and mobile orders has paid off.
• 71% trust delivery for 11% or more of sales
• 33% are confident in delivery for more than 20% of sales
• 65% trust mobile orders for 11% or more of sales
• 25% trust mobile orders for more than 20% of sales
To keep up with changing consumer preferences, operators noted that their main areas of investment in 2022 include mobile orders (54%); delivery services (47%); technology such as the new digital POS signage or other in-store technology (45%); and alternative forms of payment (37%).
“Consumers have become accustomed to the speed and convenience of mobile ordering and delivery, which in turn has changed the landscape of the restaurant franchise,” said Mark Wasilefsky, head of the franchise financing group. TD Bank restaurants. “Even when there is no longer the active threat of the pandemic, consumers will continue to use these means. Mobile orders and delivery have become a part of everyday life and it’s no longer pleasant to have them. , it is expected, and operators must continue to improve these offers to keep up with competitors. “
Changes in restaurant real estate to align with consumer preferences
In addition to boosting their technology investments, operators are also modifying the locations of their physical restaurants to cater for delivery. While only 15% plan to reduce the number or size of their franchise locations, operators are making other adjustments to their properties.
• 55% plan to add more space for collection
• 45% plan to offer additional car locations
• 43% plan to add an outdoor dining area
“What we are seeing is that the pandemic has permanently altered consumer expectations and behaviors to the point that operators are comfortable enough to make long-term capital investments,” Wasilefsky added.
Operator optimism and investment fuels future credit needs
Despite the challenges facing the restaurant industry since the beginning of the pandemic, operators have learned to pivot and, as a result, 81% of respondents are optimistic about the future. More than half even feel very optimistic and 47% believe their income will increase significantly. This optimism and the planned investment of the operators give rise to a strong need for credit. In fact, 61% of respondents plan to apply for a loan or line of credit over the next year.
Survey methodology
This study was conducted among a representative group of 251 restaurant franchise owners and operators in the United States from November 10 to 22, 2021. The survey was organized by global research firm ENGINE INSIGHTS.
About TD Bank, the most convenient bank in America
TD Bank, the most convenient bank in America, is one of the 10 largest banks in the United States, offering more than 9.7 million customers a full range of commercial, small business, and commercial banking products and services. in more than 1,100 convenient locations in the Northeast, Mid-Atlantic, Metro DC, the Carolinas and Florida. In addition, TD Bank and its subsidiaries offer personalized private banking and wealth management services through TD Wealth, and commercial vehicle and dealer financing services through TD Auto Finance. TD Bank is headquartered in Cherry Hill, NJ. For more information, visit www.td.com/us. Find TD Bank on Facebook at www.facebook.com/TDBank and on Twitter at www.twitter.com/TDBank_US and www.twitter.com/TDNews_US.
TD Bank, the most convenient bank in America, is a member of TD Bank Group and a subsidiary of The Toronto-Dominion Bank in Toronto, Canada, one of the top 10 financial services companies in North America. The Toronto-Dominion Bank is listed on the New York and Toronto Stock Exchanges under the symbol “TD”. For more information, visit www.td.com/us.
from
https://vegetablesnow.com/the-survey-found-permanently-altered-consumer-restaurant-relationships/
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