Tech, Innovation and Market Trends in Franchising

Integration of Technology: The franchise landscape is rapidly evolving through technology. To remain competitive, franchise brands must embrace new technological advancements, a great example is The UPS Store, their locations have embraced 3D printing services, offering customers the ability to print prototypes and custom products on-demand. Keep an eye on trends like mobile ordering and payments, automation, and the use of artificial intelligence for predictive analytics. Domino’s has invested heavily in technology for order tracking, mobile ordering, and even autonomous delivery vehicles and drones for pizza delivery.

Fostering Stronger Community Connections: In the post-pandemic era, consumers seek businesses they can connect with on a deeper level. Franchisors that nurture a sense of community among franchisees, employees, and customers will stand out. This can be achieved through increased social media engagement, personalised customer experiences, and charitable initiatives benefiting local communities.

Sustainability Takes Centre Stage: franchise brands that champion sustainability will gain an edge. Subway, for example, has made efforts to promote sustainability by using eco-friendly packaging and sourcing more responsibly. Consumers increasingly prioritize eco-conscious businesses. Many franchises are already adopting eco-friendly practices such as employing biodegradable packaging, harnessing renewable energy sources, and curbing waste. Starbucks has been working on reducing its environmental footprint through various initiatives, such as using renewable energy, promoting sustainable coffee sourcing, and reducing water usage.

Exploration of New Market Opportunities: Innovation and expansion will continue to drive the franchise industry. Expect to see franchise brands branching out into fresh markets, offering novel products or services, and exploring innovative business models. Niche markets such as children’s education, online tutoring, and pet care are predicted to gain popularity.

The Rise of Virtual Reality: Virtual reality has the potential to revolutionise franchising. Brands can utilise VR technology to offer immersive customer experiences, train employees, and allow potential franchisees to virtually explore and engage with the business before investing. CTRL V is a Canadian-based franchise offers VR gaming experiences in which customers can play a variety of VR games and experiences in a dedicated arcade setting.