Digital Branding Huge for Restaurant Technology Industry That's Projected To Surpass $342 Billion By 2027
FinancialNewsMedia.com News Commentary
PALM BEACH, Fla., March 7, 2023 /PRNewswire/ -- Digital branding is changing how retail businesses operate and how consumers interact with digital worlds, and the primary objective is to create more intelligent, connected and engaging new business. In particular, industry analysts know that restaurant customers can be a fickle bunch. Most, however, seem to be doubling down on technology when it comes to engaging with their favorite brands, which means companies of all sizes are exploring ways to digitize their experiences. Many are also reaping the benefits of automating employee engagement and back-of-house operations. In fact, according to Fast Casual.com and Emergen Research the restaurant technology industry is projected to surpass 342 billion by 2027. The Emergen report said: "The market is primarily driven by the growth of advanced technologies within the food industry. Increasing utilization of advanced technologies in food processing techniques is driving the growth of the food tech industry. Innovations in digital content creation, robotics, processing techniques, and data technology, are creating new growth opportunities in the food industry. Increasing awareness among the health-conscious population is increasing the demand for healthier foods. Rising demand for healthier, cheaper, and safer food products is driving the market for food tech." Active companies in the markets this week include ShiftPixy, Inc. (NASDAQ: PIXY), Darden Restaurants, Inc., (NYSE: DRI), Starbucks Coffee Company (NASDAQ: SBUX), Restaurant Brands International Inc. (NYSE: QSR), Chipotle Mexican Grill, Inc. (NYSE: CMG).
Emergen Research continued: "The growth of the eCommerce channels due to the convenience of favorable discounts and cash-on-delivery is contributing to the growth of the market for food technology. Moreover, the increasing penetration of the internet and smartphones in developing economies is supporting the development of the market during the forecast period. Increasing demand for quick and convenient food and grocery delivery is boosting the growth of the food-tech market. Factors such as demand for more and higher quality products, reduced availability of staff and higher wage costs, and the reducing cost of technology are expected to stimulate the advancements of the market for food technology in the future. Additionally, Digitalization increases predictability and contributes to the streamlined use of production lines, thus improving efficiency and helping in the growth of the market."
ShiftPixy, Inc. (NASDAQ: PIXY) BREAKING NEWS: ShiftPixy Announces Partnership with Allied Sports – Teaming with agency to promote ShiftPixy Labs' Digital Food Brands – ShiftPixy ("ShiftPixy" or "the Company"), a Florida-based national staffing enterprise that is facilitating employment in the rapidly growing Gig Economy with a revolutionary technology platform, today announced it has selected Allied Sports as its agency of record for influencer marketing and brand partnerships aimed at promoting the new Digital Food Brands of ShiftPixy Labs.
To learn more about ShiftPixy Labs, visit labs.shiftpixy.com.
"As ShiftPixy Labs supercharges the digital dining experience, we are looking for strategic partners to help us grow awareness and affinity for our portfolio of online- only restaurants," said Scott Absher, Co-Founder and CEO of ShiftPixy. "The team at Allied Sports brings an impressive track record of identifying and executing successful partnership marketing campaigns which will be instrumental in driving engagement for our tech-first food brands."
Allied Sports is a full-service agency leading modern marketers in the shift from Sponsor to Storyteller™. The agency was launched in 2019 by a leadership team that brings decades of experience helping create, negotiate, and activate some of the most innovative partnerships in sports, entertainment, and lifestyle marketing.
"We are excited to leverage our deep industry relationships and expertise across sports and entertainment as ShiftPixy Labs' portfolio of brands take a bite out of the metaverse," said Caitlin Gonzalez, Senior Vice President of Marketing Solutions at Allied Sports. "By aligning with fan favorite properties and content creators, ShiftPixy Labs can meet their target audiences where they are and deliver an innovative digital dining experience." CONTINUED… Read this and more news for ShiftPixy at: https://www.financialnewsmedia.com/news-pixy/
In other developments in the markets:
Darden Restaurants, Inc., (NYSE:DRI) plans to release its fiscal 2023 third quarter financial results before the market opens on Thursday, March 23, 2023, with a conference call to follow at 8:30 am ET. Rick Cardenas, CEO, and other senior management will discuss third quarter results, and conduct a question and answer session. For those who cannot listen to the live broadcast, a replay will be available shortly after the call.
What: Darden Restaurants, Inc. Fiscal 2023 Third Quarter Earnings Conference Call
When: 8:30 am ET, Thursday, March 23, 2023
Where: https://app.webinar.net/WeAjxo8r9qw
How: Live over the Internet – Simply log on to the web at the address above or, to access via the telephone, please dial 800-225-9448 and provide the conference passcode DARDEN.
Starbucks Coffee Company (NASDAQ: SBUX) and DoorDash, Inc. (NYSE: DASH) announced earlier this year the expansion of their partnership with new delivery service launching today in Northern California, Texas, Georgia, Florida and other select markets. Starbucks delivery via DoorDash will expand to additional markets over the coming months, with full nationwide availability anticipated in all 50 states by March 2023.
This expansion follows on the heels of positive feedback from a successful pilot in Atlanta, Houston, and Sacramento, and additional market expansion in Seattle, Portland, and New York City last year. Through the partnership and as the largest local commerce platform in the country, DoorDash provides a delivery platform to enable increased, convenient access to Starbucks nationwide.
Restaurant Brands International Inc. (NYSE: QSR) recently reported financial results for the full year and fourth quarter ended December 31, 2022. José Cil, Chief Executive Officer of RBI commented, "We rounded out an exciting 2022 with another strong quarter, including nearly 8% consolidated comparable sales and 4% net restaurant growth, reflecting the strength of four iconic, global brands.
Tim Hortons Canada capped off an impressive year with comparable sales of 11% in the fourth quarter, benefiting from strong sales momentum as the team executes against its strategic priorities. At Burger King US, we saw sequential improvement in comparable sales in the first quarter of our Reclaim the Flame plan while driving further underlying improvements in operations across the system. On the Burger King International front, we once again delivered double-digit comparable sales with strong digital capabilities helping drive results.
Chipotle Mexican Grill, Inc. (NYSE: CMG) recently reported financial results for its fourth quarter and fiscal year ended December 31, 2022.
Fourth quarter highlights, year over year were: Total revenue increased 11.2% to $2.2 billion; Comparable restaurant sales increased 5.6%; In-restaurant sales increased 17.5%, while digital sales represented 37.4% of food and beverage revenue; Operating margin was 13.6%, an increase from 8.1%; Restaurant level operating margin was 24.0%, an increase of 380 basis points; Diluted earnings per share was $8.02, compared to $4.69. Adjusted diluted earnings per share, which excludes a $0.27 after-tax impact from expenses related to certain legal proceedings, the 2018 performance share COVID-19 related modification, and corporate restructuring, was $8.29, a 48.6% increase from $5.58; and Opened 100 new restaurants with 90 locations including a Chipotlane
"We delivered strong growth in 2022, expanding average unit volumes and restaurant level margin, while opening the highest number of new restaurants in six years, despite facing a challenging and fluid macro environment," said Brian Niccol, Chairman and CEO, Chipotle. "Our continued focus on recruiting and retaining the best people, delivering Chipotle's operational standards with delicious food prepared fresh daily uniquely positions Chipotle to successfully expand to 7,000 restaurants over the long term."
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