The concept of ordering restaurant cooked food right from the confines of your home is picking up at a rapid pace. New regions are being conquered by these so-called “food delivery apps”, with a diverse customer base ranging from Asia to America. The current World Wide market for food delivery stands at $83 billion or roughly 1% of the total food market which is shocking considering the popularity of these food delivery apps these days. Interestingly the market has matured in most of the countries leaving more opportunities for new players to explore untested regions. This article will shed some clarity on the various opportunities and the market trends influencing the present food and hotel industry.
- Food order frequency rates are bound to increase gradually
Not a surprising trend, however, it has been estimated that more consumers are bound to order food through online mediums. A recent survey in the UK has revealed that more than half of the adult population in Britain have ordered food online in the last six months, with more than one in five Brits getting a weekly food delivery and two out of five Brits getting one monthly food delivery. These figures prove that food ordering has become an easier process these days and the growth of the business is bound to increase eventually.
- Rise of variants banking on the same business model
New trends always cause a ripple effect on the market. We are already witnessing the gradual increase in Ubereats like clone apps in the market and they seem to be thriving without any hurdles. Despite following the same business model, the excessive demand of the consumer-driven market is propelling the online food delivery business.
- New technological innovations will continue to drive this market
Technology will remain the driving force behind this industry as modern user’s expectations continue to grow as the market gets more competitive. Companies are aware that constant innovation is the only way to sustain in this contentious market. Take Domino’s branded robot named “Dom” for instance which has transformed the brand of Dominos into a technology-oriented firm. With the advent of drone technologies, companies are turning to automation and AI to streamline their business process.
The format of home delivery has gained a lot of popularity over the past few years, this along with technological advancements promises to provide ample opportunities for online food delivery business. If you are looking forward to starting your own venture, fret not as there are many clone scripts and Ubereats like app on the market today, with similar functionalities. Happy Hunting!