Food Delivery Industry Set to Grow by "104.45 Billion From 2019-2023"
5 key statistics revealing why your restaurant should offer delivery ASAP
Why is Delivery Becoming a Necessity for Restaurants?
The global restaurant industry has taken a battering in recent months because of the Coronavirus outbreak. "Due to measures of social distancing and general caution in public places, consumers have been dining out less and less." Statistics even show that the "year-over-year decline of seated diners in restaurants worldwide was nearly a staggering 100 percent on May 10, 2020."
Put simply, the lack of customers visiting restaurants means that traditional brick and mortar shops with no online avenue to sell to customers have been hit the hardest. People still have a desire to eat good quality restaurant food, but now it just becomes far more imperative for them to receive their food in a way that's safe, quick and convenient. That's where delivery comes in. If your restaurant business is still looking into offering delivery, check with your POS system provider. Modern POS systems often offer delivery-based feature-sets built right into the POS software.
"Market Growth Rate CAGR of over 15%"
It is predicted that delivery will see incredible growth during the Coronavirus period and beyond, as well. Now that so many more businesses and customers are getting accustomed to viewing delivery as a necessary dining option, more and more people will opt for this convenience in the future. This spike in demand will cause market expansion for food delivery and could hit a compound annual growth rate of over 15% according to statistical estimates.
"Incremental growth of 104.45 billion from 2019-2023"
"Year-over-year Growth Estimated at 12.09%"
With a 12 percent growth rate predicted on a year-over-year basis, the investment of incorporating food delivery into your restaurant's business model is likely to pay for itself, quickly. Rapid growth is indicative of an industry that has great demand. Not tapping into such a high rate of potential growth and demand could leave the door wide open for your competitors who will be able to offer what customers need. Running a physical business and an online storefront that offers delivery is a safe way to diversify operations and reach more people.