|
|
|
You can get e-magazine links on WhatsApp. Click here
|
|
|
|
|
|
Food-tech set to revolutionise future of retail - Vision 2030
|
|
Tuesday, 03 January, 2023, 12 : 00 PM [IST]
|
|
Vijay Kumar
|
New technologies have changed the world and the rules of the game in many industries. Today, technology is the most sought-after ingredient in our diet, as reflected in the world agri food industry's increased investment in innovation projects, including those related to food-tech. One of the fastest-growing industries in India, food-tech involves companies and projects that utilise technologies, such as the Internet of Things (IoT), big data, artificial intelligence (AI), among others, to transform the food industry into one that is more modern, sustainable and efficient at all stages of its development, including its distribution and consumption.With healthier and more sustainable food habits, the sector aims to adapt to the changing times and meet the demands of the ever more demanding consumers.
Today, the food industry is an investor's delight. With the emergence of new technologies and mobile app-based services, direct to consumer companies, quick serve restaurants, and cloud kitchens enable us to consume with immediate satisfaction.
Food habits are being redefined with this high-growth segment that explores ways to enhance efficiency and improve sustainability in producing, designing, selecting, delivering, and enjoying food.
Food-tech is also getting leveraged to set new standards in food quality control, service offerings and choice for urban millennials, thereby redefining the dining experience. Almost a non-existing sector in the past, the Indian food-tech sector today has revolutionised the way Indians eat. As Indian food-tech companies use technology for the core of their operations, they are constantly working to enhance the sector's efficiency and sustainability.
In the post-Covid age, it would not be an exaggeration to say that technology has brought about a revolution in the food sector in terms of health and hygiene. With its presence in more than 500 cities in the country and growing consumer confidence in this sector, there are new opportunities for players to ‘win with the customers’ in an evolving market.
Today's food industry is no longer restricted to conventional methods of serving customers. Food transparency and a safer environment for food production, manufacturing, packaging and disposal, healthier meal options, and a spoilt for choice attitude are among the newer demands. Additionally, it is important to not overlook the fact that climate change and an increasing awareness of environmental concerns are driving forces behind these inventions in the food-tech industry. There is a shift among companies and customers towards reducing carbon footprints, as well as well-balanced menus. Brands today cannot afford to ignore the technological boost as they are aiding businesses to improve efficiency, cut down on spending, and boost customer experience.
A growing demand for sustainable food has led the food industry to leverage advanced food technology solutions. The food industry is increasingly facing challenges due to global demand, which can be addressed by information technology. Over the last few years, new technologies and mobile-based services have transformed how companies operate in the food industry. Today, everyone uses their smartphones to explore and order food. Customers who are looking to have their meals at smart food courts can easily browse through menus from the comfort of their homes or without even going to the counter at the food court. Today, customers are provided with a tech-centric culinary ecosystem where they can interact with menus, dashboard, delivery, and dining services. Customers can also place their orders directly through the app through the click of a button.
In addition, customers also receive food recommendations after placing an order, which is done through the implementation of AI-enabled chatbots which provide recommendations based on eating habits and customer behaviours. AI-powered solutions also help restaurants predict food trends and preferences, enabling them to understand the items that sell faster than others. In order to keep a well-stocked kitchen, restaurants must track demand and order supplies accordingly. Businesses can gauge sales with AI to order the right amount of products. As a result, they can save money and time.
Trends within the food retail industry such as online ordering, meal kits, mobile payment, personal shopping, curbside pickup, and home delivery are all driving conversations about how the industry can provide optimum service with expedited times and minimal effort to customers. The advent of innovative technology is also helping retailers to interact with their vendors, improving the in-store experience for customers to keep them coming back.
With the rapid rise of blockchain technology, some retailers are already tracking and tracing products from their sources. This also helps establish a sense of transparency between customers and brands, and enables customers to gain complete knowledge about what they are consuming, through the help of technology. As a result of this end-to-end traceability, the relationship between food producers and consumers is strengthened, and the credibility of the brand is improved, while monitoring solutions become more cost-effective.
Many smart food court retailers have been implementing newer tech innovations to streamline their day to day processes and enhance their offerings. Vendors are now utilising new and improved point of sale systems to provide real-time information to their staff and customers. These systems also allow service providers to track their inventory and keep fresh products on the shelf with the aid of this evolving technology, not to mention address recalls as quickly as possible. By using predictive analytics and machine learning technologies, the future of food-tech is clearly going to be more intelligent and personalised.
According to a report by ResearchAndMarkets, the Indian food-tech sector will grow by CAGR ~39% between 2021 and 2025 to reach Rs 1868.19 billion. The digital revolution continues to boom - and soon, all quick-service restaurants will allow customers to order using their phones and laptops. Technology-led innovations will continue to influence people to spend and invest in new food experiences.
With seemingly endless technological advancements, one can only assume what the food industry will look like in the next few years. As robots are already being used in the food industry, they will also be used in food production in the near future where a threat to customer safety can be minimised to the absolute minimum. By integrating technology into food services, customers can customise their food based on their preferences and calorie needs. Within the next 10 years, food- tech will significantly change the retail landscape, making it a completely technology-driven industry.
(The author is co-founder & CEO, Isthara)
|
|
|
|
|
|
|
|
|
|