The foodtech market in India is projected to grow at a CAGR of over 12% during 2016 -2021. With increasing private equity and venture capital funding, the foodtech companies are focusing towards expanding their business in Tier II & III cities across India. With growing competition, online food ordering companies are focusing on providing faster delivery in major metro cities to increase their customer base.
Spearheading the technology and digital thrust of the Restaurant sphere at the Indian Restaurant Congress, Anand Thakur, Chief Digital Officer, Jubilant FoodWorks Ltd shares the technological dominance that has changed the delivery and dining experience altogether.
The Win Win Situation
With technology overpowering the Restaurant Business, there have been partnerships created that benefiting both the diners and the partners. When asked about the same, Anand said,” Technology is big and it has been coming off age for the past years.”
As far as food tech is concerned, Anand continued,” This is the era where things will change with concepts like social media, digital marketing and democratising delivery in the Restaurant space with technology touching all the multiple aspects of the Restaurant Business like customer acquisition, delivery and dining.”
“It is important to have a strategy in place to ensure that you are on that bandwagon and do not miss out on this wave of technology”, added Anand.
Think Big: Delivery or Dining?
The dining experience changed with technology capturing the restaurant space. Few months ago, technology for restaurants was perceived to be something where you order and the food gets delivered at your doorstep.
Anand opines,” Without any doubt, dining makes the restaurant business more feasible. It is important that the Restaurant Business in general, cracks the right balance between dining and takeaway.”
Still Lagging Behind
It is no more an unknown fact that the concept of 30 min delivery as promised by Dominos is not that fulfilling anymore. When asked about the same, Anand said,” Apart from the product itself, delivery is our forte. There has been a huge and tremendous growth in the recent past and with technology growing faster, there have been certain issues where Dominos as a brand has not been able to fulfill the 30 minutre delivery promise. Given all the delivery businesses in the country, we are still the fastest and the best. Our intent for the future is to make sure that the phrase of 30 min quick delivery is fulfilled.”
Multiple aspects of food business which starts from customer acquisition, to the experience within the restaurant that includes not just the lighting or ambience but also food and with technology in hand, it is facilitating the whole experience.
Food For Thought
Indian Restaurant Congress 2018 brings together the biggest minds of the industry, sharing plethora of knowledge and ideas with each other.
“I am here to share my understanding of food and tech put together. Gaining knowledge from top players in the business of how they see technology and delivery with measures taken to fulfill the much awaited gap in the market”, said Anand, CDO, JubilantFoodworks Ltd.