‘Big Data Benefits’ Creates Opportunities for the Food and Beverage Industry
The food and beverage industry is one of the most crucial segments of the industrial world. The demand for food never recedes, but the availability of substitutes is abundant, making the market highly on the go. Big data, along with remarkable technological advancements, is breaking ground in the global food industry. Furthermore, decreasing customer loyalty and increasing competition have made it necessary to fulfill specific demands to survive the competition. With the integration of big data, it has been estimated that the profit margin of the industry has improved by almost 60%.
Coming to the big question, how is Big Data beneficial in the food and beverage industry?
Big data refers to the collection of large volumes of structured or unstructured data from various public or personal platforms. This data assists in procuring the purchase patterns, interests, and other essential information about the buyer and target potential customers.
Here’s what our industry expert’s analysis concluded:
Harness towards the Changing Trends: One of the significant challenges faced by the food and beverage companies is to cater to the customers’ ever-changing needs. With the help of big data, companies can get meaningful insights on the changing market trends, thus creating a customer-centric approach and ensuring better satisfaction. The development of IOT, smartphones and other technological aspects have enabled the customers to share their data on multiple platforms, which, in turn, led to the generation of enormous data.
Assessment of Priority Parameters: The end-users of this industry are highly sensitive to the taste and quality parameters. The changes, if found, can repel them to use the product. In this case, big data can help stay updated on the quality and find an immediate solution to overcome the problem as and when it arises. Moreover, the development of multiple technologies enabled customers to communicate their issues in real time; thus, companies can immediately rectify the problem at the preliminary stage.
Sentimental Stunts: Big data analytics enables companies to test new products, their effects, and the price factors before introducing them in the market. This is generally done with the help of the data based on the purchase history, likes, dislikes, and reactions of the potential customers to similar products. Furthermore, it helps to collect the personal data of the customer, thus providing ease of delivery.
Apps and Experiences: With the development of technology, food can be ordered online and delivered at the doorsteps. These apps also provide a lot of offers and discounts by collecting information and sharing it with the companies. This helps take the necessary actions to reduce the shortcoming and improve customer satisfaction by providing additional benefits to its loyal customers.
On-Time Delivery: Big data helps to collect real time data from sources like traffic, temperature, weather, routes, etc., which will not only help to provide quick and efficient delivery but also estimate the effect of the above parameters on the food. Thus, the above factor will also benefit by reducing the possibilities of food damage due to the prolonged delivery period. Therefore, this analysis ensures that no resources are being wasted on under-quality products, but only delivery products with top-notch quality.
Improves Customer Service: The rising competition in the market has further intensified to optimize the customer service sector of the industry. This competitiveness has led to several consumer touchpoints such as social media, outlets, websites, mobile apps, review sites, etc. These mediums are collectively responsible for impacting the consumer experience and its level of satisfaction. Big data in food and beverage industry helps to analyze customer inputs from their experience, which is gathered from these mediums to conclude meaningful insights.
For instance, McDonald’s aims to provide a better drive-thru experience to its customers based on design, types of customers, and information on the menu. It undertakes collective analytics of all three parameters to provide better service.
Again, will big data succeed in revolutionizing the food and beverage industry?
It already has, in several ways, by helping the operating companies to plan and execute a better approach to attract audiences across the globe. Furthermore, the big giants like Domino’s, Taco Bell and many more are providing their own delivery options to the customers; whereas, door-to-door providers like Zomato are optimizing the data to reach distant areas with efficiency. Suppliers are using big data to create a transparent, optimum, and quality-driven approach with minimizing losses. Thus, the role of big data in the food and beverage industry is rapidly expanding, with a remarkable scope for innovations.