The online food delivery industry has emerged and grown tremendously over the past decade. Users have increasingly come to realize the convenience that online food delivery can provide them, making the food delivery market seemingly limitless. As of January 2020, 60 percent of U.S. consumers order delivery or takeout once a week. But, with all this growth comes high levels of competition. Multiple strong companies are vying for market share, which makes it extremely important to stay in tune with your customers, competitors, market, and industry as a whole.
Competition is High in the Food Delivery Industry
Food delivery has been one of the fastest growing industries in the past decade, due to the introduction of the crowdsourcing business model into this space. As we’ve seen in the rideshare industry, crowdsourcing allows for remarkably rapid growth, unlike any other business model. With a few top contenders fighting to win over the highest market share, the competition is fierce in the food delivery industry.
In order to stay competitive, food delivery companies must stay on top of their competitors, customers, market opportunities, and industry trends. A lack of awareness in any of these areas could cause a company to lose market share to competitors. As a food delivery company, you need to be the first to expand into new markets, provide the best value to your customers, address customer concerns, and keep up with your competitors’ tactics in real-time.
The rest of this article will explain how you can leverage web data to accomplish all of that and more.
Types of Data Available on the Web
Food delivery market data lives in many places on the web, aside from published industry/market statistics. Published statistics are usually somewhat outdated, such as previous years’ data, which doesn’t help inform timely decisions. The best places for food delivery companies to get real-time market data on the web are social media platforms and restaurant directories, such as Google Maps, Apple Maps, Yelp, etc.
Social media platforms offer a holistic view of customers’ opinions in the food delivery market, including their views of your business and brand, opinions of specific restaurants that you deliver from, and restaurants that you don’t deliver from but could be potential leads.
Directories such as Google Maps, Apple Maps, and Yelp offer information on restaurants including locations, reviews (popularity), and food type. This provides insights on the demand and customer satisfaction of your partner restaurants to support your internal customer survey data, as well as provide leads for new restaurants to partner with.
The convenient thing about the online food delivery industry is that your competitors’ businesses are available for you to see on the web at all times. You can pull data from their websites such as prices, locations offered, food types offered, and the overall market mix. This information from your competitors’ sites can help you focus your marketing and promotional efforts to stay competitive.
In addition to data pulled straight from your competitors’ websites, you can also conduct sentiment analysis on social media platforms around your competitors’ brands to assess how consumers feel about their business. This can help you gauge your place in the industry and which strengths you can leverage to improve your market share.
5 Ways Food Delivery Companies Can Leverage Web Data
- Price Monitoring – Monitor your competitors’ prices and even implement an automated dynamic pricing strategy to stay ahead of the competition.
- Competitive Research – Establish automated, daily extractions of data from various food delivery services to better focus marketing and promotional efforts.
- Customer Sentiment – Leverage social media data to gain deeper insights on vendors from customer feedback.
- Identify New Markets – Identify gaps in coverage on locations, vendors, food types, and market mix.
- Lead Generation – Build restaurant lists and find contact information for potential vendors.
Why Food Delivery Companies Should Choose Web Data Integration
Web Data Integration allows companies to leverage all of the web data insights that we’ve discussed. The easy-to-use software handles all the work for you, by identifying the data you need, extracting it from the web, cleansing the data, combining datasets, checking for quality control, and ultimately delivering ready-to-consume reports and data visualizations custom to your business’s specific needs.
This quick and easy solution gives you valuable data insights within hours rather than months and can scale to any level your business requires. Web Data Integration also has custom integrations with other applications so that your data can feed into your existing systems.
The value of Web Data Integration in the Online Food Delivery Industry is clear:
- Increase customer lifetime value by winning new delivery vendors and expanding market reach against competitors.
- Lower customer acquisition costs by accelerating growth in new markets.
- Reduce risks and make informed decisions by using data to spot trends and fine-tune vendor strategies.
- Increase competitive advantage with expanded access to competitor vendor accounts in each market.
Contact a data expert today to learn more about how Web Data Integration can improve your company’s market share in the food delivery industry.