Sell for More News is a weekly blog series with interesting information from the world of commercial real estate.
Say what you want about their menu…but it’s clear that McDonald’s operates an extremely successful business. They’ve always been an innovator. So it’s wise to pay attention when they fork out $300M for a little known tech startup, their biggest acquisition in 20 years.
McDonald’s bought Dynamic Yield, an Israeli startup that specializes in “decision logic” technology. This tech uses data acquired from previous purchases to recommend additional purchases. (Think: Amazon’s “customers like you also bought” suggestions.)
McDonald’s stated it will use this new technology to provide more personalized customer experiences. For example, the company has tested digital drive-thru screens that show food based on various factors, including time of day, weather, and trending menu items. Additionally, the technology can instantly suggest and display items customers might want, based on their current selections.
Think of the implications of this. If it’s a cold day, the menu could feature a coffee or tea, front and center. During rush hour, when the drive-thru line tends to get out of control, the order screen could feature items that are especially quick to prepare which could help reduce overall wait time.
McDonald’s has invested heavily in technology by bringing stores up to date with self-serve kiosks, building a very popular mobile app, and even partnering with Uber Eats to provide delivery.
McDonald’s overall strategy is to be a tech innovator. Their next goal is to transition from mass marketing to mass personalization.
Here are some concepts McDonald’s CEO has recently mentioned:
- Using license plate recognition to identify a specific customer as he or she approaches and then adjusting the digital menu based on that customer’s purchase history
- Making personalized offers to customers via McDonald’s’ mobile app
- Using predictive analytics to inform kitchen and supply chain decisions
In conclusion, I have the sense that there are plenty of McDonald’s haters out there. But their business deserves nothing but respect. And that fresh quarter pounder is pretty darn good.
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About Beau Beach, CCIM
Beau is a tenacious Commercial Real Estate Broker, author and adoring father of four. His clients appreciate his no-nonsense demeanor and his legendary work ethic.
Beau leads Beachwood which is a commercial real estate broker for sellers in the Nashville, Milwaukee, South Florida and Chicago markets.
He’s the author of the books The 3 Reasons: Why Most Commercial Properties Don’t Sell and True Wealth: What Every Seller Should Know About 1031 Exchanges.
Beau can be reached at 414.324.4938, 615.603.9770, click to schedule a call or Beau@ProwessIRES.com