A declaration has been confirmed by the famous fast food platform, McDonald’s about the agreement of acquiring the personalization company, Dynamic Yield. According to the press release, the deal has been confirmed with $300m, which is the highest buying in the past 20 years by the fast food chains.
Aim And Objective Behind The Deal
McDonald’s has decided to create an extra personalized impact on the customers and by using Dynamic Yield’s technology they can do it and even include the new outdoor automated drive-thru menu that can be fitted to customers even during unfavorable conditions of weather, or during night time, or during the extra traffic conditions inside the restaurants and in the trending menu items.
It will show you some extra items, related to the item you have already chosen and allows you to go through some additional recommendations.
In an earlier statement, McDonald’s said that it has already tested this technology in 2018 in several locations of U.S. restaurants and now they are planning to officially launch it across the U.S. in 2019 after which they will inflate it across their international markets.
The self-order counter, the McDonald’s mobile app, and the entire digital customer experience will all integrate Dynamic Yield technology.
In a statement, Steve Easterbrook, CEO and President of McDonald’s, noted that technology is a key component of their Velocity Growth Plans, which are focused on enhancing and
He also added that, with this acquisition of Dynamic Yield, they are on their way to expanding 2 things, that is-
- Their ability to increase the role played by technology and data in their future.
- The speed, through which they will be able to implement as soon as possible, their vision of making an extra personalized experience for their buyers.
This plan of Mr. Easterbrook was first announced in 2017 March and focuses on the McDonald’s app technology and its experience of future shops.
In 2018, it adds some extra technological advancements by-
- deploying self-ordering kiosks at almost seventeen thousand(17,000) restaurants,
- applying digital menu boards to twenty-one thousand (21,000) restaurants as suggested by the company’s annual reports.
- Also, a total of $6 billion have also been used by it in renovating the digitally equipped stores.
To get help with digital integration by acquiring a technology company is the brand new masterplan by any fast food segment. It is claimed by McDonald’s that it is one of the very first among all the other fast food segments to bring technology into the point of sale within its business
Dynamic Yield works with brands in the travel, e-commerce, media, and financial industries to produce what has been dubbed a customised online experience à la Amazon.
Like a standalone company, Dynamic Yield will continue to operate, serving the existing and their clients in the future, said by McDonald’s. They further added that it will continue its funding in the core individualizing technology.
According to news, Dynamic Yield raised $83.3M as a total from investors like Bessemer Venture Partner, Innovation Endeavors, and some strategic backers like Baidu, Naver, Deutsche Telekom, and the New York Times.
Dynamic Yield’s Co-founder and CEO, Laid Agmon said, that they have established this company 7 years ago in 2011 and the hypothesis is, to make the customer-centric brand’s personalization, a core activity.
He also added that their company is extremely delighted to join an iconic international brand like McDonald’s and are excited to get a chance to innovate in a way that has a real-time effect on people’s daily life.
Summary
Dynamic Yield, a personalization technology, will undoubtedly improve the strategic growth of the fast food platform at McDonald’s.
After acquiring Dynamic Yield for $300 million, McDonald’s became the first ever fast food company to make such a huge investment in its technological growth.
The strategy is very clear, they want to implement digital techniques to increase their company’s growth and welfare worldwide as per McDonald’s dynamic 300m mastercardchin wall.
The idea of a drive-thru with some additional benefits like a digital board with electronic visibility of the menu and tailoring the conditions like weather and time will be easily handled by the use of Dynamic Yield’s technology.
FAQs
To create an extra personalized impact on customers by adding a drive-thru etc.
It is a platform that seamlessly combines with your existing technology stacks.
The founder of McDonald’s is Ray Kroc.
Liad Agmon.
addition of kiosks, putting a digitalized menu board, McDonald’s mobile app, etc.
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