Sunday, May 28, 2023
For online food aggregator platforms to be successful in India there has to be an algorithm to interpret customer feedback, monitor trends and make predictions, minimising risk and allowing for experimentation. By adopting technology, you’re embracing the idea of being able to try things and gather data. Customer autonomy and choice is paramount in today’s food tech scene.
Food tech is here to stay. The double digit growth year on year is a testament to that. But due to overlapping of similar models, it will boil down to the survival of only the profitable. At present the cash strapped players have decided to outdo competition by offering heavy discounts. But pricing by itself may not be a deciding factor. It will play a crucial role, especially for those who tend to use these platforms more often than others, but in the long run it is not a sustainable business model. It’s the customer experience that will be the concluding parameter – right from simplicity of placing an order to a quick turnaround time and the quality of the food. Brands that get these basics right creatively will emerge winners. For the industry, a customisable model, maintaining popularity among consumers who enjoy creating their own choices and combinations will be a key task. Thanks to production technology and customer feedback algorithms, firms can remain responsive to customer demands.
On the lines of e-commerce and hyperlocal sectors, food-tech will witness several prominent angels and VCs funding on prioritized scale and growth over basic business fundamentals. This euphoria from investors will largely be driven by fear of missing out. Overcrowding in the sector and squeeze in capital due to the lack of funding is going to lead to consolidation. Surviving players will focus on carving a brand with a loyal customer base while remaining profitable. Packaging, logistics, delivery and taste are going to be the factors that will allow brands build a distinct proposition. In the long run, to attain a competitive advantage, a strong supply chain and the use of analytics to understand and predict consumer behavior in high intensity zones will be key.
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