Food For Thought
A relatively new and emerging trend is the advent of food ordering applications. This technology is truly fascinating and has dramatically changed the traditional means of ordering food. Rather than just walking into a store and placing an order, food can now be ordered with the click of a button.This phenomenon is revolutionizing the restaurant industry, as now the average diner is beginning to depend on technology for one of their most basic human needs - eating.
Feedback is a Canadian born startup based in Toronto that has figured out how to use this new behaviour to create a win-win-win solution for the diner, restaurant owner and the community! Using customer data, Feedback plans to apply dynamic pricing to the restaurant industry. Much like the hotel and flight industries already do. This means that Feedback will lower menu prices to match supply with demand throughout the day, helping restaurants manage inventory and reduce waste, and allowing customers to enjoy food for less.
As the head of business development for Feedback, one of the most difficult things I face in my day-today work is trying to convince restaurant owners that our product truly benefits every party involved. Not only does it bring restaurants additional diners during their slow hours, but it enables restaurants to tap into a completely new customer segment. In addition, it gives diners a way to buy their favourite food at a discount, and the best part of all is that it provides an avenue to reduce waste and help out people in need!
Being one of the earliest employees of Feedback has truly been rewarding. At the same time, there have been challenges along the way. Restaurant owners have had success doing the same thing for so many years. With the rise of technology, many of them are required to change the way in which they have done business in the past. The difficulty isn't selling Feedback’s product. Rather, the difficulty lies in changing the mindset of a restaurant owner who has operated without the interference of technology for years. Herbert George Wells an English writer once said “adapt or perish, now as ever, is nature's inexorable imperative.” Being able to adapt to a new environment is essential for one’s survival. Feedback is a unique platform that differs from other food ordering applications is ultimately here to stay. If restaurants want to succeed in the 21st century, they must embrace the rise of technological advances.
Feedback has been growing at an astonishing rate with over 120 restaurants since going live just 4 months ago. I have no doubt that this year will be even better than the last!