QSR State of the Industry: Gauge Capital Launches New Podcast
The challenges brought about by the COVID-19 pandemic meant that the quick service restaurant industry needed to evolve in order to survive. To do this, many restaurants leaned into a trend that was already in progress but not fully realized or developed. Brent White, Vice President at Gauge Capital, joined MarketScale to explain how the QSR industry underwent a massive digital transformation, opting for a “more mobile, less fixed format”.
“The savviest quick service restaurants were quick to adopt curbside pickup. Those who lagged have found it difficult to compete with larger chains, and even more difficult to compete with restaurants that had drive-thru and curbside pickup,” said White.
Throughout this time, mobile has been primarily viewed as a tool for ordering, but as White points out, it can also be leveraged for marketing in powerful ways. “According to a recent QSR study,” White said, “75% of customers want offerings sent to them via text messages. On top of that, 98% of text messages are opened within the first three minutes.”
We can expect further innovation in the QSR space as the solutions shift to meet the changing demand of consumers. For more thought leadership in this industry, stay tuned for Gauge Capital’s upcoming QSR podcast hosted by Brent White.
