A competitive market features fierce competition among its competitors where “Innovation” and “ingenuity” are things needed for a firm to lead the fierce competition. With such a vibrant fast food market the world over, fast-food companies have learnt that innovation, which falls in line with the current needs and trends among people, would surely boost their sales and, hence their revenues would shoot up. This is evident from the recent case of the growing trend among fast-food companies to provide “Free Wi-Fi” zones to its customers.
By providing free Wi-Fi, the companies are trying to lure more and more customers. Some years back, it was the same McDonald’s (NYSE:MCD) which charged its customers to use the Internet in some of its stores which it now gives for free. At that time nobody might have thought that, in times to come the company would provide the same service for no charges at all. That hour has arrived now as the company provides free Wi-Fi to its customers and is thinking of new ways to lure customers.
But wait! It is not just the McDonald that offers free Wi-Fi, instead almost all the major fast-food companies including Burger King Worldwide (NYSE:BKW), McDonald’s (NYSE:MCD) and Starbucks (NASDAQ:SBUX) are following the same trend. With more and more people using the Internet via Laptops, Smartphones and Tablets, a free Wi-Fi zone becomes a major “incentive” for people to choose a food outlet.
Thus, all major companies (as aforementioned) have introduced this “facility” for their consumers. But (more good surprises for fast-food consumers) there are companies which have tried to go to the next level in facilitating their customers. McDonald’s (NYSE:MCD) in addition to operating free Wi-Fi zones in most of its global store system has also integrated Apple Pay across 14000 of its U.S. restaurants. And add to that McDonald’s (NYSE:MCD) has been the only one to introduce this facility in the drive-throughs (McDonald’s seems to know the importance of easing the job for a customer).
Domino’s Pizza (NYSE:DPZ) and Papa John’s (NASDAQ:PZZA) are the two pizza companies which have acted to the need of the hour as well. The two pizza delivery giants have, using technology for their advantage, disrupted the entire Pizza industry. People can book orders and ask them to deliver entirely through their mobile devices. All this has resulted in a surge in their sales. In the larger spectrum, all this is leading us towards a single point.
Creative introduction of technological ideas into businesses to facilitate the customers can lure them in great numbers. May be the fast-food companies can make a similar breakthrough which can facilitate the customer and encourage the purchasing pattern. Such a breakthrough will increase the sales and hence the revenues. Now, customers want more than just the best products, they want cost-free services as well. The companies have no other option other than yielding to their expectations and fulfilling them, in fact, this seems the only way to “top” the market.