In the ever evolving consumer landscape fueled by taste and preferences, understanding marketplace dynamics is of utmost importance. It is imperative for a brand to constantly stay engaged with its customers. Brands that fail to keep up with consumer behavior patterns lag behind in a short duration of time.
In its attempt to establish a strong bond with consumers, one of the biggest challenges that brands face is to establish and retain loyalty among existing customers. Also, there is a need to rediscover the brand or take notice for the first time through innovation for potential new consumers.
Therefore, innovation takes place keeping all the four aspects in view. A brand can stay fresh and young following the principle of relevance and keeping a close eye on the evolving trends in the domestic and global food market.
A brand needs to be on its toes to spot early opportunities and use agility to ride or lead the trend. It can be observed that the current generation is clearly and discernibly shifting towards healthier food globally and at the same time uncompromisingly demanding the taste and convenience attributes.
Taste is extremely tough to play with. Visual appeal and aroma can be innovated, but taste is the most complex subject and varies geographically, culturally and individually. This is the reason why brands adopt the Signature Product approach. They take it into the market and build variants.
While attempting to innovate, these four aspects could be kept in mind. A food brand’s attributes should engage with consumers in three senses:
- -Appealing to the eye: Colour, texture, shape of the food.
- -Aromatic appeal: the aroma generated by the food item should be pleasing and inviting & difficult to resist.
- -Appealing to the Taste buds: finally, food should be appealing to the taste buds and should build a carving among the costumers, apart from the appeal to the senses , it should be convenient for consumption.
Today, Indians no longer needs a reason or a special occasion to eat out. Indians across metro and non-metro cities eat out simply because they want to experiment, love food, or that’s how they want to spend their free time. In the current scenario, consumers want more options, especially when it comes to fresh and healthy meals. As a result, fast-casual chains are threatening the dominance of traditional fast-food brands and sit-down restaurants.
The QSR trends in India are nowadays developing with the acceptance of shifting cuisine preferences and concept based restaurants. People are also exposed to cuisines across the globe; they are keen to try new cuisines and ready to experiment with food and drinks. So, trends in this industry are likely to change over the years with the preference of organic and healthy cuisines. With a young population, high rate of urbanisation, rising disposable incomes, increased participation of women in the workforce, increased exposure to international cuisine, there is a need for elevated protein consumption, industry sources envision growth within the QSR sector.
With the entry of various national and international QSR chains in India, the industry has significantly widened the chain market due to fast expanding middle class, urbanisation, youth spending, nuclear families and better logistics, the analysis showed. The consumers in this country are increasingly spending large sum, eating out with family and friends on weekends and holidays, churning up a huge appetite for the QSR business.
So, Having many competitors in the market and consumers having access to each one of these makes it a tough ask for all the brands. Brands need to keep innovating their own way, of being competitive in the market and serve the purpose of being the most desired brand for the public to stay relevant and competitive in fast changing markets.
With current trends in QSR industry, technology plays an important role and benefits the brands and its users with features & benefits like online payments mobile ordering, iPad order kiosks.Facebook & twitter ordering, digital menu boards + smartphones Games while-u-wait and online coupons.
Technology in the QSR industry has grown tremendously over last few years. With consumers been more tech savvy, now all brands are moving towards online payments.