The food and beverage sector has always been fast-paced, but the changes that have occurred in the last few years were not anticipated. The COVID-19 pandemic has flipped the restaurant industry on its head, with pictures of crowded dine-in establishments and long lines becoming a thing of the past. The advent of online food delivery is ushering in a new era in the F&B sector.
Malaysia's online meal delivery sector was reportedly avalued at 192 million USD, with 6.2 million customers. The market is predicted to increase at a rate of over 18% each year from. It's no surprise that meal delivery services such as FoodPanda, GrabFood, Beep, and a rising amount of startups are vying for a piece of this burgeoning market, which is expected to reach 370 million US dollrs by 2024.
With the introduction of mobile technology came mobile delivery apps, which existed prior to the pandemic. However, the potential of e-commerce in the F&B industry has been largely unexplored. This was due in part to most business owners already being satisfied with how things were going to even invest in this potential revenue stream, and in part to other firms lacking the technological and financial capabilities to launch and maintain these applications.
Online delivery services are still a new and constantly emerging business that has the potential to become an industry in and of itself. Most eateries are already developing their own applications and establishing their own delivery services. Others, on the other hand, believe that current third-party platforms and apps are less expensive.
Consumer preferences are evolving, contributing to the expansion of online ordering and meal delivery. People are now accustomed to doing everything online, including ordering food, because of the growth of the digital economy.
The usage of mobile apps to place online meal orders is gradually becoming the standard among restaurant customers. Given that client retention is the single most critical component in a food industry over the years, restaurants and other enterprises are responding to shifting consumer preferences in order to remain in business. This leads to more developments and adaptations in Malaysia, which presents various opportunities for the F&B and technology sectors.
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