2024 Restaurant & Takeaway Expo Insights: Hot Industry Trends
Joe Taylor, our Principal Consultant and Retail & Hospitality Transformation expert, attended the Restaurant & Takeaway Innovation Expo 2024. In this series, he’s sharing his top insights and hot takes on the industry. In Part One, we’re diving into the latest trends shaking up the restaurant and takeaway sectors.
The ever-evolving Retail and Hospitality sector is facing a pivotal moment, where both opportunities and challenges are driving the need for change. From staffing shortages to the impact on inflation, to the rise of AI and tech investment, organisations are grappling with how to innovate effectively whilst staying true to their brand and customers.
Here are three major statistics from the Expo, reflecting the broader industry trends and underscoring the urgency of managing change in the right way.
1. Recruitment Challenges: 76% of Businesses Struggle to Find (and Retain) the Right Talent
The talent crisis is hitting businesses hard, with 76% of companies reporting difficulties in recruiting the right people. In sectors like Retail and Hospitality – an industry that thrive on customer service—finding the right employees is essential for success. This challenge puts a spotlight on the importance of not just effective recruitment but also the onboarding, training and retention of staff. As technology continues to advance, organisations must integrate these innovations into their workforce strategies to alleviate staffing challenges. Tools such as AI-driven hiring platforms or workforce management systems can streamline processes, reduce (or remove) manual non-customer centric tasks and make more efficient use of labour.
2. Technology Investment: 63% of Businesses Plan to Increase Tech Spending
As the landscape shifts, businesses are increasingly looking toward technology to help solve their most pressing challenges. A significant 63% of organisations are planning to ramp up their tech investment over the next 12 months. This shows a clear recognition that digital tools are no longer optional but essential for staying competitive. However, while technology offers exciting benefits—such as improving efficiency, enhancing customer experiences, and reducing manual tasks—businesses need to ensure they are making the right choices. It’s crucial to assess whether the tech solutions align with their brand, employees, and customer needs. The question businesses need to ask is: Is this the right change for my business?
3. Staffing as a Critical Challenge: 51% of Restaurant Operators Name Staffing Issues
The restaurant sector is especially vulnerable to staffing issues, with 51% of organisations naming it as a top challenge. Further, 35% say that training staff is a significant hurdle. With high turnover and constant changes in customer expectations, managing people and labour efficiently has become a key differentiator. Restaurants are realising that technology, when implemented properly, can help ease the burden. For example, systems like McHire, when implemented effectively, allow managers to focus more on employees and customers by automating administrative tasks. The takeaway is that the right tech solutions can help businesses address staffing challenges, allowing them to invest more in their people.
Hungry for more insights? Get in touch with Joe Taylor today.
