Rapid-Blooming of QSR in India
Do you ever wonder why quick service restaurants(QSR) are becoming so frequently popular among the Indians now? Dramatic change can be seen in consumer behavior and preferences in the hospitality industry, over the years. Today’s diners or food lovers are extremely discerning with their choices for places where to order or eat due to easy availability of information and economic uncertainty.
In today’s life, Indians now no longer need any special occasion go out for dining. People just simply go out and explore with different food items, love for food, experiment with their taste buds and spend some free time.
Especially the younger crowd shows their interest inclining towards the QSR segment, low price food, and easy-to-go menu and dining option.
The estimation has done that by 2025, close to 530 million people will reside in urban areas which will greatly offer the mind-blowing opportunities towards QSR chains. Following below are cherry on the pie at the growth of the QSRs:
Dynamic Environment and Other Factors: The likeness in the terms ambiance, hygiene, time to service and easy accessibility across food outlet chains has generated strong interest in the mind of the consumers, leading to increases in overall footfalls. Hence, most of the chains are modifying their booming offerings in terms of flavors, pricing, and services, to get a competitive edge and cater to the changing palates and taste buds of the Indian consumers.
Changing Preferences of Consumers: Did you know, the QSR format took off in India about 20 years ago. Either through company-owned stores or the franchise model or the amalgamation of both, many global brands followed the suit. However, Indian QSRs have an edge in the home market, which are playing a major role in helping Indians to warm up the western cuisines. Receiving an immense in this segment, the domestic brands are also looking on for funding from private equity players to establish a stronghold.
Digital Transformation: In the form of aggregators and app-based restaurants, the new digital wave has seen a surge in the food delivery apps and which are now playing a vital role in giving a helping hand in the QSR segment grow. The ease in ordering food and streaming restaurants online has led to companies popping out with mobile apps. There are numerous of players are present virtually and offer a top quality customer service now. The advent of food trucks will be an upcoming trend in the coming time and some can be seen now also. This segment is also spurring by the companies with the new online payment options in the form of a mobile wallet.
Forthcoming of QSR: In spite of the Indian Government rules and regulations and the constant swirling in the FSSAI plans, the online food start-ups will continue to develop progressively. The QSR segment that has seen unprecedented growth in the recent past, is pulling up the socks for the long haul and will just greater and better in the years coming by and therefore, one can definitely say it loudly and clearly for the rising segment of QSR chains.