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India’s online food delivery mkt poised to grow at CAGR of 7% till ’24
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Saturday, 27 April, 2019, 16 : 00 PM [IST]
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Our Bureau, New Delhi
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India’s online food ordering and delivery market is predicted to grow at a CAGR (compound annual growth rate) of over seven per cent on the back of rising disposable incomes, the increasing penetration of the Internet and the usage of smartphones.
These were among the findings of the report by research-based global management consulting firm TechSci Research, titled India Online Food Ordering and Delivery Market By Operation Type, By Source, By Payment, Competition, Forecast and Opportunities, 2024.
Moreover, restaurants and cafes are showing inclination towards the online sales of their food items, as it significantly reduces the operational overheads.
In terms of payment, India’s online food ordering and delivery market is categorised into mobile wallets, card payments, cash on delivery and net banking. Among these payment modes, cash on delivery dominated the Indian online food ordering and delivery market in 2018.
The growth of the cash on delivery payment category could be attributed to the fact that people, in India, while making online payments, are skeptical of the process and mechanism they have to go through while making a payment online.
However, with increasing security features being provided by various banks while making online transactions is gaining the customer’s trust, which is anticipated to increase the market share of other payment methods.
The card payment category is predicted to grow at a decent pace during the forecast period owing to the increasing preference for plastic money, after the government’s announcement of incentives on the use of debit/credit cards in the country, wherein service charges and surcharge will not be applicable while making payment through debit/credit cards.
Moreover, reward points and grace period are the other factors encouraging the use of card payments in India.
Regionally, India’s online food ordering and delivery market is categorised into North, South, East and West.
Among the regions, the southern part of the country accounted for a significant portion of the Indian market in 2018.
The growth of the southern region is due to the presence of a large number of students and working professionals from other regions of the country.
“India’s online food ordering and delivery market is expected to offer tremendous potential for growth over the course of the next five years,” said Karan Chechi, research director, TechSci Research.
“The growth of the market is majorly due to the discounts, cashbacks, coupons and deals that a user can avail while ordering food online. Moreover, growing investments in online food ordering and delivery market is further positively influencing the growth of the market,” he added.
The report evaluated the future growth potential of India’s online food ordering and delivery market and provides statistics and information on market size, structure and future market growth.
It also intended to provide cutting-edge market intelligence and help decision makers take sound investment decisions.
Besides, the report also identified and analysed the emerging trends along with essential drivers, challenges and opportunities in the Indian online food ordering and delivery market.
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