With the expansion of convenience and choice, Online food delivery is allowing consumers to place online food orders form a wide variety of restaurants using their smartphones.
Delivering food from restaurants to home format is changing rapidly as new online platforms have entered into the market and capturing the consumers from around the world. These online platforms required substantial investment and provide high returns. The valuation of the online food industry is already playing into Billions. According to Mckinsey, a study based on six months which covers 16 countries across the world. Providing an insight into the change in the food delivery market.
Today’s Market Shape
Today, Food delivery market is standing at the €83 billion worldwide, out of which 1 per cent of the total food market and 4 per cent of food sold via various fast-food chains and restaurants. It has already shaped up in most of the countries with the annual growth of 3.5 per cent and considering for the future as well. Means, the future of online food services is really into the growth path.
Till now, the most popular form of online food delivery is the typical model, where the customer places the order online with the Chinese restaurant and the pizza parlour. Though there are many restaurants who are also working on the online format in the urban areas. Once the order is placed, the consumer just waits and the respective restaurant prepares the food and delivers at the address mentioned in the order within the time limit. This typical format consists 90% of the market share where the orders are placed using the phone.
The rise of technology is not only helping online food delivery sector to grow, but it is also helping various other sectors and allowing consumers to do shopping and order food online using a single click.