The food industry today provides a number of jobs across the world; as such their continuous operation is of the highest importance. The question that lingers in the minds of many, is what happens when the simple offering of food as a service does no longer satisfy their customers?
The answer may lie with the newest type of economy, namely the experience economy. The experience economies represent what many consider the natural step forward in the service economy, and as such, they are easily confused. While the service economy relies on offering the service itself, such as the meal preparation and the table service itself, the experience economy deals with all aspect of the experience, from the atmosphere of the venue to the artifacts that can be found there and many others.
What is known as the experience economy focuses on all aspects of the service-scape, for example, if a pastry shop and cafe would focus on a specific theme, say Danish traditional pastries, everything within that venue needs to scream authenticity. The more authentic the feel, the better lasting impression on the consumer is. This type of business model focuses on quality service of course, but at the same time, highlights the importance of creating a memorable moment in the minds of their customer. The experience in question takes place in the mind of the consumer, and as such, it is highly subjective, but nevertheless, if it is a positive one, chances are, that a return visit is possible.
This type of business model can be easily applied to restaurants, and in many cases, they have done so already in order to ensure that they have a future. Of course, there are other future innovations that can be introduced as well, for example, instead of charging for what customers consume, they could charge for the time spent in the venue itself. If the food industry continues to understand the needs of their consumers, its growth is going to take place well into the future.