11 Jul 2019 | Blog
A new concept has emerged in the Australian food industry to make ordering and payment more convenient for customers, and accessing customers easier for businesses. But while digital Marketplaces are here and continuing to emerge, the concept of a marketplace is not yet fully understood and so the industry has been slow to embrace them. But despite being a foreign concept, marketplaces are undeniably the future of ordering food and drink, and it is time businesses get on board so they can take full advantage of the benefits.
In recent years, the industry has seen a trend towards mobile ordering and payment and over time, using mobile technology to order food, shop for groceries and other essentials will become the norm. And while there are several digital ordering strategies out there that businesses already use, many of them come with their limitations. Some businesses have gone down the path of creating their own branded loyalty apps to accept mobile payments. But the problem with this is that they haven’t fully considered the mindset and behaviour of their customers. People nowadays are much more choiceful about what apps they download. If it is not something they can use regularly, they may decide not to download it, or they may delete it after a period of time. So a branded loyalty app won’t get used by a broad audience – it really only caters to loyal brand advocates. Not only that, the cost to build and maintain an app is usually very expensive.
So why is a digital marketplace the right approach for owners to integrate into their business strategy? Well, the market statistics clearly indicate that customers are moving towards using third-party aggregators to order and pay for their food. Tabletime is one mobile ordering platform that not only offers business owners the benefits of a marketplace, it is also free to get on-board.
Here are some factors that make the TableTime marketplace a clear choice for your business:
Consumer convenience
Digital ordering exists—it is undeniable that consumers are going digital and it is essential that business owners adopt a strategy to keep up with the trend.
Australia alone has seen substantial growth in these digital solutions for food ordering and payment. According to a June 2019 report from The NPD Group (formerly the NPD Research Inc. and National Purchase Diary Panel Inc.) presented at the quick service restaurant industry’s QSR Media conference, ordering through third-party aggregators is in growth by 77%. And while larger food chains spend more on creating branded loyalty apps, we can’t ignore the statistic on what customers actually want! What provides customer convenience is a marketplace that can be used broadly and frequently.
Affordable digital strategy
So while there is no hiding from the stats that customers are demanding the convenience of a marketplace, the benefit for a business is that it is a much more affordable digital solution. The great thing about a marketplace like TableTime is that it is not only affordable, it is free. And it is a perfect solution for businesses who can’t afford to fork out 35% on food delivery platforms or spend a significant amount of money on their own mobile payments or ordering app. It is time businesses focus on what they do best which is brilliant food and service, and lean on the technology companies to support them with an affordable digital solution.
The double-sided platform pull
The beauty of a marketplace platform is, as it grows in participants, everybody wins. The more patrons that are on-board, the more attractive it is for venues to sign up as there is access to more customers. Similarly, the more venues that are selling on the marketplace, the more attractive it becomes to a patron who wants to search for and buy food. So, as the platform grows, the more value it creates for everyone. Thus it is a win-win situation for both sides of the platform.
The food industry in Australia, in general, is very stagnant and has not seen much growth for quite some time now. But an affordable digital ordering solution like the TableTime marketplace might just help take the industry to new heights.
TableTime is an affordable mobile payments platform where your business has the potential to grow in the digital space. More importantly, you and your customers benefit from it by experiencing affordability and convenience.
So go on then, what are you waiting for? Join the TableTime marketplace today. Visit TableTime at https://tabletime.com.au for more information.
