Saurabh Kochhar, Prime supporter and Chief, of Foodpanda: Advancement and Innovation - Support points for Development of Food Tech Industry
Food Tech: Moving towards productivity Food tech fragment has seen a quick development; online stages and blasts in web-based business made everything, and data promptly accessible anyplace and whenever. The pattern of internet shopping that we prior saw for books, design, furniture, and hardware has now found food conveyance and accumulation business. The web-based food tech portion has seen a blast in the most recent couple of years with numerous internet-based players concocting unique and new business thoughts and innovations in food posting, food total as well as food conveyance fragment. While the business has scrutinized the fate of food tech in India and called it an air pocket that is going to explode, I for one feel in any case.
The food tech segment has seen rapid growth; online platforms and a boom in e-commerce made everything, and information, readily available anywhere and anytime. The trend of online shopping that we earlier saw for books, fashion, furniture, and electronics has now caught up with the food delivery and aggregation business. The online food-tech segment has seen a boom in the last few years with many online players coming up with different and fresh business ideas and technologies in food listing, food aggregation as well as food delivery segments. While the industry has questioned the future of food tech in India and called it a bubble that is about to burst, I personally feel otherwise.
According to a Bloomberg report, more than 400 food delivery apps cropped up in India in the past three years, raising approximately 120 billion USD. Many companies simultaneously mushroomed and introduced innovative services and processes to bring restaurant discovery and delivery online. The industry has seen it all; from small and big players competing and eating into each other’s share of the pie, launching new innovative services for consumers to funds drying out, devaluation and companies scaling and shutting down operations.
It is evident that the recent past has been quite challenging for the food tech segment. Going by the statistics of the past 3-4 years and comparing it with the international markets, India definitely is a competitive market for food tech startups and offers a huge opportunity for scaling businesses. Every new age industry/ segment is riddled with a lot of unique operations and goes through four initial phases. Going forward, every industry experiences the mushrooming of many players – small and big, coming up with unique strategies and ideas.
This is an experimenting stage where few are successful and few winds up, and it is after which, there is a shakeout phase; something that we are witnessing now in the food tech industry. Consolidation of businesses is inevitable, and the industry will stabilize in the near future. The industry should soon stabilize and the one, that sustains the ups and downs, will witness spectacular growth and progress. Mantra to Succeed and Sustain: Innovation, Technology, and Automation
The mantra is to be in the race & examine/stabilize operations as well as processes while picking up the right opportunities to grow and achieve profitability. However, while focusing on innovation and new technologies, what is much needed is keeping customer experience at the core. Technology – Developing end-to-end Solutions in Processes and Management for Reliability and Seamless Operations Technological innovation is going to play a key role in the growth of the food sector, therefore multiple tech solutions are introduced for better management of food discovery, order processing, and for making the delivery experience better and seamless.
To be able to bring in profitability, it is important to focus on building scalable revenues and capabilities with a long-term goal and evolve extremely quickly on the technology side to leverage efficiencies internally. Thus, it is important to focus on devising multiple tech solutions for better management of food discovery, order processing, and timely and seamless food delivery. To achieve profitability at the order level, it is important to switch to automated processes to make it a seamless, errorless, and fast process.
The implementation of robotics and automation in the food sector offers great potential for improved safety, quality, and profitability by optimizing process monitoring and control. But with challenge comes opportunities, and thus we must, will look for solutions that will keep the customer experience at the core and continue to innovate further on the technological front to ensure we offer a smooth and seamless ordering experience to customers.
According to a Bloomberg report, more than 400 food delivery apps cropped up in India in the past three years, raising approximately 120 billion USD. Many companies simultaneously mushroomed and introduced innovative services and processes to bring restaurant discovery and delivery online. The industry has seen it all; from small and big players competing and eating into each other’s share of the pie, launching new innovative services for consumers to funds drying out, devaluation and companies scaling and shutting down operations.
This is an experimenting stage where few are successful and few winds up, and it is after which, there is a shakeout phase; something that we are witnessing now in the food tech industry. Consolidation of businesses is inevitable, and the industry will stabilize in the near future. The industry should soon stabilize and the one, that sustains the ups and downs, will witness spectacular growth and progress. Mantra to Succeed and Sustain: Innovation, Technology, and Automation
The mantra is to be in the race & examine/stabilize operations as well as processes while picking up the right opportunities to grow and achieve profitability. However, while focusing on innovation and new technologies, what is much needed is keeping customer experience at the core. Technology – Developing end-to-end Solutions in Processes and Management for Reliability and Seamless Operations Technological innovation is going to play a key role in the growth of the food sector, therefore multiple tech solutions are introduced for better management of food discovery, order processing, and for making the delivery experience better and seamless.
The implementation of robotics and automation in the food sector offers great potential for improved safety, quality, and profitability by optimizing process monitoring and control. But with challenge comes opportunities, and thus we must, will look for solutions that will keep the customer experience at the core and continue to innovate further on the technological front to ensure we offer a smooth and seamless ordering experience to customers.
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