Fast Casual Executive Summit: Recap
Executives from Chick-fil-A, Chipotle, Pita Pit, Taco Time and a mix of other leading QSR and Fast Casual companies gathered in Seattle last week for the 13th annual Fast Casual Executive Summit. During this time, attendees delved into trends and challenges at the forefront of the industry, discussing how to best navigate the food service landscape.
One area of particular interest was how technology has become a crucial aspect of maintaining brand integrity and company growth. Serving up delicious food is no longer enough to succeed in the restaurant industry—good food is just the cherry on top of a successful business model. In order for QSR and Fast Casual companies to retain customers, they must ensure they are creating a seamless customer journey. From start to finish, the entire order, delivery/pickup and payment process should be easy. If not, customers are quick to jump ship to a competitor.
One thing standing in the way of a smooth customer experience is the risk of digital fraud. Expanding to online and mobile orders is a huge business opportunity that restaurant owners are wise to take advantage of, but these additional points of interaction also means more points of entry for fraud. While customers enjoy the ease of order ahead and mobile apps, the bad guys are all too eager to take advantage of an entire industry that is new to the world of digital interactions with customers. This includes account takeovers, e-gift card fraud, stealing loyalty reward points, promotional and social media scams, among other tactics.
Although in-store fraud mitigation has always been a necessity for the restaurant industry, it is growing beyond traditional loss prevention and P.O.S. protection as scams move from in-store to online. With a digital fraud mitigation software such as Kount, restaurant merchants can maintain a stable and frictionless online customer experience while putting a stop to fraudulent transactions. Not only is fraud prevention essential for enterprise level companies to succeed, it has the power to make or break the user experience. With the QSR and Fast Casual industry becoming more and more saturated with options, utilizing leading technology is no longer a nice to have but rather a baseline of what a restaurant needs in order to compete.
Learn how QSRs are forging a new frontier with launching mobile apps and strategies to minimize fraud losses in our eBook “Quick Service Restaurants Take Mobile App Fraud Off the Menu”.