The
U.S. quick service restaurant (QSR) ecosystem market is highly
fragmented, with the top four companies accounting for less than 20%
of the market in 2012, states a new report by Transparency Market
Research. These are Samsung Electronics Co. Ltd., Panasonic
Corporation, LG Display Co. Ltd., and NEC Display Solutions Ltd.
A
TMR analyst says, “A focus on developing innovative display devices
for business expansion is the key growth model that top companies in
the U.S. quick service restaurant ecosystem are adopting.”
Panasonic Corporation, for instance, has focused on introducing
innovative devices to help its customers expand their business. In
January 2014, the company introduced curved display and ultra high HD
display to take their customer’s business to a new level.
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Business
growth by means of new product development is another key growth
model that key vendors in this market are focused on. This involves
the utilization of hi-tech features to extend an immersive and
impactful in-store experience for customers. Key vendors in the U.S.
QSR ecosystem market are also focused on portfolio expansion in a bid
to provide differential offerings to customers.
Big
Data Analysis Aid Comprehend Customer Purchasing Behavior for Quick
Service Restaurants to Rectify Service Loopholes
“An
increasing shift towards data-centric business models that helps
optimize business processes is the foremost factor driving the U.S.
QSR ecosystem market,” points out a TMR analyst. This involves
monetization of data captured by wired or wireless point of sale
(POS) systems and kiosks systems. The use of such business models
facilitates restaurants to track purchased and canceled items at
point of sales. For example, McDonalds is continuously carrying out
big data analysis to address flaws in the drive-thru experience.
The
increasing need to provide an altogether new experience for customers
is also boosting the growth of the U.S.
QSR ecosystem market. This is because the increasing number
of quick service restaurants has heightened competition, thus has put
digital technology at the center stage to deliver a highly satisfying
experience for customers.
Use
of Digital Technologies Lacks Human Element for Two-way Communication
– A Key Restraint
“Increased
automation using technology lacks human interpretation skills, which
is challenging the growth of the U.S quick service restaurant
ecosystem market,” says a TMR analyst. This is because self-service
machines require customers to type the query, which increases the
chances of mistakes, thus receiving zero or too many results in
response. Moreover, personalized services can go a long way in
building customer relationships. The use of digitization lacks this.
The
high price factor of QSR ecosystem devices is also challenging their
adoption, especially among small-scale restaurants. For instance, the
usage of digital signage systems involves a high cost of installation
and maintenance as compared to black menu boards.
The
U.S. quick service restaurant ecosystem market is expected to be
worth US$7.32 bn by 2019. The hardware component segment was the
largest with 79.2% of the market in 2012. Within hardware, kiosks
that are equipped with cloud technologies will display the highest
growth rate in the coming years. Point of sale hardware equipped with
innovative features such as inventory management and cloud-based
reporting will also contribute substantial revenues to the U.S. quick
service restaurant ecosystem market.
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