In today's competitive business market, technology plays a vital role, especially in reshaping their operation. Most business sectors are choosing to invest in one or another technology to keep their business operational.
It is found that around 12 million dollars were invested in the food delivery business in 2012, while 46 million and 600 million in 2013 and 2014, respectively. It's predicted that the market reached around 1 billion in 2015. The growth is continuing, and so is generated data; hence businesses need to use big data analytics to manage all data efficiently.
Undoubtedly the food and delivery market is whopping; it is predicted to reach $70 billion, from which around $9billion (13% of market share) is generated online. It's found that 9 out of 10 food lovers prefer ordering online; they prefer to use phone calls and takeaway delivery options to pick up their deliveries. (Source)
Every food delivery chain, grocery brands, cafeteria, and restaurant, whether they operate offline or online, has to deal with a fair amount of data in the form of customer orders, reviews, location tracking, updated menu management, etc. The data generated relates the restaurant brands with revenue points, product inventory level, waiting time, etc.
With the growing mobile trend, food ordering brands combine unstructured data with sales data to plan a fantastic strategy for their business. Big data analytics can help delivery brands build their brand image and increase sales by offering customers the best service on their demand.
What is Big Data?Big data can simply be defined as a combination of processes and tools that help you manage a large volume of data in less time. It allows brands to collect data that has been generated when their customers interact with their brand or each other online. It makes it easier to analyze data with advanced analytics, helping brands predict customers' preferences and shopping behavior, offering high value and personalized experiences to them on their demand.
With big data analytics, it becomes easier for brands to structure their product line and modify their marketing strategy accordingly. Modern technology helps you to target core group; all business sectors have hitched to big data as it provides them with numerous advantages, including:
- Reduce cost;
- Quick and effective decision making;
- Introduce a new product or service after complete analysis.
Check How Big Data Analytics is Shaping Delivery Business StrategiesMost delivery brands are taking the support of new technology to manage and record data. They know well that it helps them to enhance their efficiency and dining experience to a great extent. They are using different digital tools, mobile apps, and much more to offer customers a convenient dining experience. For delivery brands, it begins from the moment customers order to place a review.
Big data technology and modern devices help brands provide more convenience; besides this, it also helps them provide personalization and customization by filtering data through customer history. Big data tools and apps offer comfort to food ordering brands to create customer purchasing profiles and present them with a personalized ordering and delivery experience. Dig deep to know how big data helps you improve your delivery business operations and provide a personalized experience to end-users.
Customer SatisfactionHeskett says, "Unhappy customers are more likely to speak negatively about the brand." He added, "brands who want to drive more loyal customers need to focus on satisfying their requirements." "They can opt for different and effective ways that help them to win their trust and keep them coming back to their brand."
And when it comes to offering a satisfying customer experience, then big data plays a vital role. It helps you understand your customer purchasing behavior and offer them a personalized service experience on-demand. But the survey shows that only 44% of business leaders focus on maintaining customer satisfaction. They need to understand that 90% of dissatisfied clients avoid ordering from brands that fail to meet their needs.
Knowing the Ideal CustomerSales strategy mainly depends on customer demographics and sales performance as well. With big data analytics, it's possible to have valuable insight into existing customers; you can use various social platforms to have insight into the customers' purchase decisions and much more.
Enhanced Interaction and Personalisation
Data analytics is a primary key to identify effective ways and trends to engage with customers. "Look at different ways to interact with the customer as it helps you to receive personalized data based on customer preferences," said Aphrodite Brinsmead. He added that It becomes easier for delivery brands to predict data related to customers' needs by having information related to the customer journey." Aphrodite Brinsmead also added, "brands can easily decrease the operational cost by maintaining discipline."
Monitoring Brand ReputationIt has become easier for brands to check status and standing in today's competitive market using big data analytics. You can consider testimonials and reviews as an ideal choice, helping them to maintain their brand reputation. Additionally, big data analytics makes it easier for you to check customer opinions and other details.
Competitor AnalysisStephen Harris says, "delivery brands can use some advanced tools to collect data; it makes it easier for you to capture competitors' data and make better decisions ensuring success." He added, "having deep insight into competitors' strategy can help you make a better decision; it helps you gain an edge over the market with ease."
Market research plays a vital role in every process, whether it's starting a business or redefining operational strategy. If you're thinking of investing in an online ordering and delivery system for restaurants, then the initial step you can consider is market research. It helps you find which features to integrate, design layout, what allows you to make solutions more engaging, etc.
Mike Lukianoff stated, "big data helps to identify different pain points in last-mile deliveries such as interaction communication, delivery fall due to various status, etc." It is a common issue that individuals can face due to a lack of data availability; hence big data help resolve various real-time problems.
Costs and Resources OptimizationDelivery brands are subject to external issues that pretend their operational cost. The cost depends on damaged cost, ingredients cost, delivery cost, etc. Delivery brands require the right tools, helping them to examine the status of the market. Big data helps delivery brands to make a perfect decision based on recent data.
It becomes vital for businesses to invest in technology to provide them with a sense and clarity about business operations. Delivery brands now don't have to rely on different tools for receiving information. Big data analytics can help them to have insight into customers' needs and plan strategy accordingly.
Big data has become one of the vital parts, helping delivery brands build sustainable operations; it improves customer experience and efficiency. Investment in modern technology is essential, allowing brands to leverage capabilities and visibility. It results in gaining significant returns in no time.