The way the world eats has completely changed from sitting in a restaurant or cafe to ordering food over some swipes on the phone. The global market for food delivery systems has crossed 150 billion dollars. When we talk about our own country the market reached the value of 4.35 billion US dollars and is expected to see growth at the rate of 30.1% compounded annually during 2021- 26.
We can clearly understand the growth factor from the above and the following numbers. The average revenue per user in the online food delivery segment is projected to amount to 41.77 dollars in 2021 and the rise in the number of users is expected to be 492.9 million by the end of 2025.
Rise of food takeaway services
The user-friendly application has put the market in top gear. While considering the tech factor which soon gets added up by the Covid-19 Pandemic. The combination of both the former and the latter became the lifeline of the food industry. The big players in the Indian market are Zomato, Swiggy, and Uber Eats. For restaurants, it has never been easier to sell their food.
Well, if the process is to be described, it is as follows-
Step 1- You use any food delivery application on your phone,
Step 2- Choose the restaurant of your choice,
Step 3- Select your craving and place an order.
The data speaks for itself. The industry is growing exponentially and new startups are coming up in the industry with some variation in theme. So, now that the picture is quite clear it’s only a matter of time before whoever comes in with a little more innovative idea will wipe the floor.
Benefits of Online food delivery
There are numerous benefits of online food delivery that one has to think about from where to start. One can get hassle-free food on their door too within time constraints. Now, one can relax in a true sense on their weekends. In addition, the exciting deals that food delivery services provide can lure anyone towards it.
During Covid -19 Pandemic getting and living up to hygiene standards is in everyone’s habit. With such restrictions getting your food delivered at your doorstep that too with all sanitization factors taken care of. So, one can enjoy their meal in a true manner.
The Market
Two of the major disappointed sections of our society regarding food consumption in limited time are college students and corporate workers. We have often seen various vendors and food shops in cafeterias in the workplace where an individual has to wander from one place to another in order to get a complete meal. Wait, What? Your break is over and you are just in the process of consolidating your food items? Now, no more!!! We at Snatched, have brought an entirely new concept of Food takeaways.
One might wonder what food takeaways are. Well, the entire purpose of making you guys understand food delivery architecture is that I can boil it down to food takeaways.
The way people stand in long queues at multiple points in a cafeteria, well now with the help of Snatched you can add items to your cart from multiple outlets, and while we consolidate your entire order from various places, you just have to come and pick it up and enjoy your meal in your own cafeteria or food court while watching others in the queue.
At Snatched, making customers happy is a never-ending process. We provide you with the Rebie option where you can make streaks with outlets. Let’s say, in a span of 30 days, having a streak of 5 with a minimum order of Rs 100 plus an order with a vendor, and Bingo!!! You rewarded yourself with a coupon of up to Rs 150.
Also Read: DECENTRALAND, MANA AND VIRTUAL REALITY
Increasing demand for Online food delivery system
As we have seen the growth rate of the industry, the reason is very obvious and that is the increase in demand. The market is, in fact, expected to grow by $44.23 billion by 2024, progressing at a CAGR of 7% during the period of 2020-2024, while the revenue from the online food delivery industry is expected to show an annual growth rate (CAGR 2020-2024) of 9.5%, resulting in a market volume of US$13,233 million by 2024.
The question is why do customers love food delivery or takeaways? The answer is pretty simple: It allows users to order food from a desired restaurant or location, or in fact consolidate their food items for takeaways.
The huge impact of the market can also be seen by its increased demand in tier-⅔ cities with an increase of 50%.
Covid- 19 again has once again played an important role. People from meteors accustomed to food takeaways and delivery who migrated back to their homes are considered one of the top reasons for the spike that has been seen in lower-tier cities.
Another reason which is considered very vital is the increase in the number of restaurants offering food takeaways in order to keep the restrictions of social distancing imposed.
Also, big names of the market are assuring that these habits of people are here to stay and the mentioned industry is going to see a huge surge in the market.
Snatched – Intro
McDonald’s, the fastest fast-food network in the USA, in its initial days, beat its competitors out by introducing a simple concept of food takeaways. What miracle food takeaways did for McDonald’s? Well, it saved a big chunk of its customer’s time. Obviously, the business model differs from ours but the purpose remains the same i.e., to save time. Mind you, it’s these small proportions of time saved that helped America become a developed nation so what could be more valuable in a developing nation like India which is growing at a tremendous pace than time?
Developing a habit of saving a little amount of time can eventually save a lot. So, we thought why not contribute a little to your day-to-day life? Now, let the thought run wild in your mind and imagine yourself as a college student where you have back-to-back lectures and in between a 45 minutes break. Now you have two options, either get into endless queues in front of multiple vendors while assembling your meal and boom, your break’s over. Now you somehow finish your meal for the mere reason of staying alive and doing your work or You Snatched!!!!!!
At Snatched all you have to do is select your food items from multiple sources from your cafeteria, put them in your cart, and order. Meanwhile, if you do this before your break, we will get to work so that you can simply collect all your food items from us at your respective cafeteria.
Competitive Advantage
The competitive advantage Snatched has is that it’s a growing business with a small efficient team which allows it to provide quality and faster services than its competitors. The very basic level of understanding is smaller the size, the better the quality. This is something Snatched is looking to maintain even as the company grows in size. The quicker responses we have got from our customers and analysis of our quick growth is because we delivered the promised services intact.
Snatched’s major challenge is going to be continuing the practice that we are carrying out now. To stand up to the former our team is working tirelessly, be it either scope of our technical improvements or brainstorming ideas on how to make the process more convenient for customers.
One more and the best competitive advantage that Snatched has is we always believe in the scope of improvement. This is something that companies tend to focus on less when active but we people at Snatched have done the homework from others’ mistakes. We are confident in our abilities and that we provide the best service but never rule out the room for no betterment.
We strongly believe that these qualities will lead us towards dominating the market.
Future
Snatched is a food takeaway service provider and after such tremendous results are eying towards delivery services. This wouldn’t be possible without the belief we have in our policies. We are even more confident in our policies and abilities resulting in going to the market where there are more than a few giants that are well established. We will understand what it means to set foot in the mentioned arena but we are going to deliver our best and stick to our principles and hopefully, we will emerge leaders in that market too.
How Snatched will be the next business tycoon
Apart from the vision on which we function we are also a result-oriented and fact-based group with some great analytical folks. On the basis of this, we can surely assure you that Snatched is going to be the next business tycoon. As of now Snatched is mainly functional in places like Bangalore and Mumbai. It was easier to implement our ideas and set our customer base in such places as it is more technology-accessible and tech-friendly people. We see great potential in UP and Delhi NCR where there are plenty of colleges and Universities. We understand the challenges of entering there but with the data we have and folks who can analyze it and come up with great improvisations in our functioning methods for the mentioned region, we are sure to overcome all the barriers and come up as the first food takeaway service provider there also.
Team Snatched
- Founder – Satyam Singh
- Co-Founder – Rohit Tiwari
- Co-Founder – Abhinav Yadav
- Technical head – Shashank Prajapati
