What is the Importance of Data is in making a Successful Food Delivery Business

The world is quickly changing and with that consumers’ habits and preferences are also changing. Therefore, every industry is working hard to support its services and offerings for staying aligned with ever-changing customers’ demands. In today’s food delivery business, the conventional dining experience is replaced by dining in. As per an Upserve survey, the industry of online food delivery is worth $103 billion:

Because of the current Coronavirus pandemic, the majority of businesses, small or big, in this food industry, are experiencing an impending downscaling if not the complete shutdown. So, the industry of online food delivery is going upwards. Witnessing much more sales compared to last year. Leaving all of them climbing for extra resources, both digital and human. These growing online food orders produce a huge amount of data on customer demography, spending habits, food choices, etc.

Let’s go through some interesting data on the expansion of the food delivery industry:

This growing data has a huge potential of unlocking more opportunities if attached.

That’s how data can assist you in outshining from the rest of them.

Analyzing Customers’ Sentiments   

Social media has submerged everybody across different age groups. More than 1.7 MB of data is getting produced by users on social media. Everybody is uploading videos or sharing photos of their preferred restaurant, therefore it becomes important to get deep insights into your consumers’ sentiments. Therefore, by leveraging the benefits of social media, it’s easy to understand your targeted audience, competitors, as well as market on the whole.

Monitoring Unpredictable Prices

Because of enormous competition, accepting any pricing model, which can correspond to the changing market prices is extremely challenging. This can ultimately throw out a business from the race. With the benefits of web data, it’s easy to monitor competitor’s prices as well as implement auto dynamic prices to be a dark horse in the game.

Doing Competitive Analysis

The industry of online food delivery has a reasonable landscape. By being well-aware of the competitor’s moves, you could put yourself in the position of leading the market. You can efficiently create promotions, offers, value propositions, and wonderful deals striking a chord with the targeted audience easily.

Identifying New Markets

A food business can increase its perspectives on the market reach. The food business players, particularly high-end restaurants progressed from the restaurant markets to home delivery. All these restaurants have partnered with the brands like Foodora and Deliveroo, which operate worldwide. You could easily upgrade through searching new locations, market mix, and food types.

Some data points, which can be gathered as well as analyzed by today’s food delivery business include:

These details help food delivery businesses to measure the competition and monitor customers’ emotions using social media, as well as immediately respond to complaints and personalized food offers. This also offers those insights about what customers need from their services: what type of food they would order, how often, and when.

Businesses around the world are vanishing out because of quality data lacking. Web data incorporation concentrates on acquiring as well as managing data. Foodspark can transform the way you deal with the data. Our auto AI-powered tool can give insights within a few hours!

Contact Foodspark to discuss more your food data scraping requirements of the food delivery business or ask for a free quote!