An Authored article by Debaditya Chaudhury, Managing Director- Chowman, Oudh 1590 & Chapter 2
The Indian online food delivery market is one of the fastest growing in the world. And the reason for its quick proliferation is commensurable to the exceeding rate of people eating from outside. Current research shows that Indians tend spend more on dining out than any other country in the world! Over 70% of all restaurant visits occur at casual dining establishments such as cafes, fast-food chains and pubs.
The Growth of the Indian Online Food Delivery Market-
The growth of the Indian online food delivery market can be attributed to several factors:
- Technology Advancements: It has made possible for businesses to deliver food at a lower cost and with greater efficiency than ever before. For example, GPS tracking systems allow drivers to know exactly where they are going and how long it will take them to get there; further allowing them to avoid traffic jams or other delays that could cause them to arrive late at their destination.
- Increased Internet Access: This has made it easier for people from all walks of life- -not just those who live in big cities–to order food online from restaurants near or far away from home. This has led many consumers who would otherwise never have considered ordering takeout online to do so habitually because they find it convenient and affordable compared to buying expensive meals out at restaurants every day. The growing popularity of mobile apps like Swig and Zomato has further made it easier for people to order food from their phones or computers without having to leave their homes or offices thereby catering to the ease and comfort of the food consumers in India.
The Impact of Online Food Delivery on the Indian Economy-
Online food delivery is a booming industry that has been growing at an exponential rate. It’s estimated that there are currently over 10,000 online food delivery companies in India alone! Naturally, the impact of this on the Indian economy has been huge. This is because more people are employed in manufacturing and packaging materials (packaging material suppliers), logistics services (logistics providers), sales & marketing teams etc., which means more money flowing into the economy through taxes as well as additional spending power for consumers who now have access to affordable meals delivered right to their doorsteps! Online food ordering also increases GDP since it allows restaurants with limited physical space such as cafes and bakeries expand their business without having to build additional stores around town; this means more money coming into these businesses through orders placed by customers who otherwise wouldn’t have been able increase sales volume due limited space available within their premises.
The Future of Online Food Delivery in India Taking Over the Global Market-
There’s a budding prediction based on the recent online food ordering report that India’s food delivery will be surpassing in the global market by the next 5 years. This is driven by factors such as rising disposable income, increasing urbanization and changing lifestyle preferences.
The Indian online food delivery market has been witnessing tremendous growth over the past decade due to its huge potential for innovation and development in terms of technology adoption, customer engagement strategies, partnerships with brands etc., which makes it one of the most competitive markets globally today. There are many opportunities for companies looking forward into this sector such as creating new apps like Swiggy’s app which enables users order directly from restaurants without having any knowledge about them beforehand etc. Current research affirms that the Indian online food delivery market is expected to grow at a CAGR of over 33% by 2028.
