Resource Business

The hospitality and tourism industry got hit the hardest by COIVD-19 and it’s still in the path of recovery. Experts expect that it won’t recover completely until 2024. In Saudi Arabia, since the lockdown measures were loosened and the number of people vaccinated increased, life came back to restaurants, events, and sports venues. Hence the country is back on track to achieve its 2030 vision. Saudi's Vision 2030 looks to diversify Saudi Arabia's economy away from oil and focusing more on other sectors including increasing direct foreign investment, tourism, and the number of locals in the workforce.

In a culture where sharing food is one of the ways to build a social and emotional connection, opening a new restaurant seems like an appealing business idea with guaranteed return on investment. Full of optimism, many entrepreneurs ended up overstating their chances of success, disregarding the fact that 90% of new restaurants fail in their first year. Nevertheless, you should not be discouraged or give up on your dreams. This list of the ten things you should consider before you open a restaurant will pivot the way for you, and make this bumpy road easier to navigate.

Coffee is the most consumed beverage world-wide, with over 2 billion cups consumed per day; the coffee industry is only expected to rise (source). In the Middle East, Saudi Arabia is considered the fastest growing coffee market; with a 9.6% annual growth rate (source). Experts project that the compound annual growth rate of the coffee market in Saudi Arabia would reach 6.2% during 2021-2027 (source). This expected growth is largely linked to the change in consumer preferences, fast-paced lifestyle, and the growth of the working-class population (source). Many new trends emerged in the past few years, like specialty coffee and boho style cafes. A Lot of these trends have emerged from the west before finding its place in the local market. This article examines future trends that would become prominent in the coming years, for visioners to seize these opportunities.

Certainly if you are a restaurant business owner, you have invested time, money and dedication into setting up your dream restaurant or a cafe. Keeping customers happy and giving them a nice first-time experience should be the goal of every restaurant business owner as this is what makes you retain your customers. Customer retention is significant for business because customer loyalty helps run the business regularly and even let you attract new customers through recommendations. According to a study, even a 5% increase in customer retention means increased profit by 25% to 95%. As a restaurant business owner, you can attain customer retention with few tips.

In 2023, especially after the pandemic, online sales for consumer packaged goods (CPG) will be growing at a very fast pace. Consumer packaged goods, that are particularly food, beverages, cleaning, cosmetics and reading material generally available at every grocery store. Amazon and other online forums are the giants of online ecommerce businesses across the players. Although every country has their one niche ecommerce businesses, throughout the world, brands like Amazon have gained popularity on the basis of their online shopping service. Like any business, the key to online shopping is also to reach the requirements of the consumers. investments determine optimal marketing, sales and distribution strategies.

We all know that marketing is not a one-size-fits-all strategy. It has to be customized for each and every target audience. But what does that mean for B2B marketers?

As a food product business owner, one needs to give consumers products and recipes in a way that depicts business’s earnestness and dedication. Gen Z is obsessed with watching food videos on Instagram reels, which is why food enthusiasts have become better photographers and videographers alongside just being good chefs. Compared to the let’s say makeup or clothing industry where a lot of time is spent on the models, food styling has also become a thing today. Your food has to be as glamorous as all the other products in the market if you want your business to grow good.

Online customer reviews are one of the most important factors for a restaurant to succeed in their business. The importance of online reviews is that they are unbiased and they are not influenced by any form of advertising. They have been proven to be more reliable than other forms of marketing, such as TV ads, radio commercials and billboards. The main reason why online reviews are so significant is because they can be accessed by anyone at any time, from anywhere in the world. They also provide valuable feedback and insights about a restaurant’s performance which can help them improve their service or product quality over time.

Coffee and board games have been around since the 1800s, but in recent years, there has been a surge of interest in these two activities. Many people are turning to coffee shops and board game stores for entertainment. This is because many people believe that coffee and board games allow for more social interaction than other forms of entertainment. Coffee shops can be a place for friends to meet up or strangers to talk about their day with each other. Board game stores are often filled with people playing games together or talking about what they like to play.