This is a user generated content for MyStory, a YourStory initiative to enable its community to contribute and have their voices heard. The views and writings here reflect that of the author and not of YourStory.
Online food ordering marketplace-A successful business formula
Launch your own online restaurant ordering business
Friday November 02, 2018 , 3 min Read
This is a user generated content for MyStory, a YourStory initiative to enable its community to contribute and have their voices heard. The views and writings here reflect that of the author and not of YourStory.
Online food ordering and delivery marketplace has been a promising business venture to start. The success of first generation online food ordering start ups such as Foodpanda, Zomato, Swiggy, Eat24, JustEat are evident for it. Amidst other online business ideas sprouting all over web, Food ordering marketplace is best option for startup entrepreneurs.We share the business model of online food ordering marketplace to explore the potential in making it big in online business venture for entrepreneurs.
How it works?
Online food ordering and delivery marketplace works based on “Business model” that drives revenue for business owner through commission. It’s a centralized hub where all restaurants and other food outlets of target market listed for customers to order from
Customers can explore the portal for cuisines and listed restaurants
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Why online food ordering marketplace is best option
People’s life is getting busier with every moment and especially in metropolitan surrounding areas. To keep up with hectic schedule they look for reliable solutions for day to day tasks.They need online food ordering service when they don’t have time to cook at home or go to restaurants.Question may raise why third party aggregator and not restaurant own ordering and delivery service.It’s easier for customers to visit a single marketplace website instead of visiting website (Installing apps) of every single restaurant chain in the area. To get in perspective, imagine downloading apps of different retailers on your phone instead of just one single Amazon app.With online marketplace customers have more options and it becomes easy to explore all the restaurants and cuisines available in the area.Price comparison, reviews and ratings are other major attraction to choose third party online food ordering and delivery aggregators. This quality assurance strives to retain your potential customer retention and engagement.
Potential market-Online food ordering marketplace
Food ordering and delivery service is limited to urban areas where high population and demand for food ordering software. But with increasing rate of internet usage and smart phone adoption semi urban and rural areas become potential market segments
Emerging business markets like India, China, Latin America, and South East Asia of tier 1 and 3 cities offer these new business opportunities.
Start up to stand against big players in market
Foodpanda marketplace is already boosting its presence in cities of Europe, Middle East, and South East Asia. Grub hub also has solid presence in US & UK markets. Targeting hyper local segments with food ordering and delivery business venture is best option for start ups.Being local, you will have the advantage of understanding customers needs and perspective apart from business perspective. Once your start up goes will with local audience, your business expansion becomes rather matter of time.