Understanding the challenges of restaurants
The restaurant industry is one of the most staid and stagnant in retail, with little appetite for change. Think about it: historically, restaurants have had a tough time competing with other forms of entertainment such as TV and movies, or even just socializing with friends. Why would you go out when you could stay at home, order in from Seamless or Just Eat, and watch Netflix?
Traditional brick-and-mortar retail is struggling mightily to reinvent itself as consumers shift their spending habits online. Meanwhile, the restaurant industry has remained largely unchanged since its inception – there's not much innovation that can occur once a business model becomes so ingrained in society.
But times are changing. In recent years, data has become democratized – accessible to anyone with an internet connection and a computer – allowing companies to make better decisions than ever before based on evidence rather than...