Establish Your Own Startup By Building An Online Food Ordering Marketplace

What is a marketplace? Marketplace may refer to an open space or square in a place, where people buy or sell things.

The online marketplace is a kind of e-commerce website where many third parties provide information or goods and services. The operator of the website browses the business transactions i.e, the orders. This is the primary type of multichannel e-commerce. According to e-commerce experts, they are also a way to make the production process more efficient.

Initially, online marketplaces were just for companies that sold to other businesses. These were called B2B marketplace. Then, B2C online marketplace came into the scene and expanded rapidly. B2C stands for business-to-consumer. If an individual goes into a shop and buys something, that is a B2C transaction. The shop is the business, and the person is the consumer. Nowadays, B2C marketplaces dominate the online marketplace.

There are certain differences between B2B and B2C online marketplaces –

• In B2B platforms there are more close relationships with the customer, on the other hand B2C platform is based upon mass communication and impersonal relationships.
• B2C platforms have more customers than B2B.
• B2B platforms are less price sensitive, but B2C platforms are highly value sensitive.
• B2B is based upon consultative selling, B2C is based upon convincing the customer approach.

To know more about B2C and B2B online marketplaces, check out this site for foodpanda clone script. You can also An online food ordering marketplace is a B2C online marketplace.

Building An Online Food Ordering Marketplace

Revenue in the Indian online food delivery market is expected to show a CAGR of 95% (2020-2024) with projected market volume of $14,670M by 2024. In this growing marketspace, launching a food delivery platform is good business idea for several reasons –

• Growing urbanisation makes food ordering a necessity.

To state simply, in a busy schedule everyone prefers to order food online, Why? It’s more convenient, saves time, timely deliveries, and offers different payment options. Another great reason is because, amidst the Covid-19, there is an option for no-contact deliveries.

• Restaurants are eager to onboard and reach more customers.

Due to the worldwide pandemic, restaurant businesses faced several difficulties to survive in the marketplace. New platforms not just attract new customers, but give the restaurants great exposure and reach to more customers.

• Customers prefer to order from multiple restaurants from using a single portal.

When customers are ordering food online, they might get confused about the service of a particular restaurant. The delivery marketplace lets the customer see their ratings, service systems, food quality along with verified pictures of multiple restaurants.

• Easy commissions on all services offered by your vendors.

• Easy to reach new markets by onboarding more food delivery businesses.

In a highly competitive market, launching a new online food ordering platform can be pretty tough for entrepreneurs. They can gain their profits from the commissions, subscriptions, advertisements and delivery charges. To grow the business in a busy marketplace, there are several features that you can add to your online food ordering marketplace –

• Multi-vendor online marketplace where customers can order–

1. Different cuisines
2. Drinks and beverages
3. Snacks
4. Lunch – Breakfast Meal Boxes
5. Combo meals

• Onboard and manage restaurant owners from different geo-location on your food delivery portal.
• Manage location wise list of restaurant based substores.
• Fulfill orders using the restaurant based substore.
• Offer different prices to premium and regular customers on the food ordering marketplace.

HOW IT WORKS ?

When you are ordering food from an online platform, there are several steps involved. In the same pattern, when you’re developing the online platform for your business, you have certain entities for the process.

1. ADMIN.

The admin engages with merchants’ restaurants from different geo – locations and puts the list of restaurants on the platform.

2. MERCHANT SITE.

This is the app for restaurants. The restaurants can update their menu, their locations, prices, timings, packaging details etc in the app. They can even shut down their service temporarily if their demand is too high during occasions.

3. CUSTOMER APP.

 Like the merchant site, the customers should be able to handle the app without any hassle. Customers can sign up in the app by their email or their phone numbers. Once registered, customers can browse the restaurants in the app, manage their orders, choose the payment options that’s convenient for them. They can even track their food order, contact the delivery person who is assigned for their order.

4. APP FOR DELIVERY PERSON.  

 The delivery executives have to put necessary information in the app for hassle free usage. They also should have control of every delivery they are performing. They also should have the feature of tracking their earnings.

CONCLUSION

The growth of eCommerce marketplaces shows double growth each year. The merchants can no longer ignore the fact that the internet is one of the biggest revenue options for their business. Interested entrepreneurs can check out this site about the process of building an online food ordering platform.

For the online food platforms, in spite of the many sites already existing, the demand for new platforms is never enough. There are several benefits, when one is launching a new platform –

1. Efficiency
2. Scalable
3. Exposure to more customers
4. Analytics
5. Customer focused.