Why Competitive Intelligence is a top priority for Restaurant Aggregators now?
Blog: MattsenKumar Blog
As new internet platforms rush to grab markets and customers across the Americas, Asia, Europe, and the Middle East, the industry of delivering restaurant meals to the home is experiencing fast change. Even though these new Internet platforms are garnering significant investment and high valuations, there is a lack of genuine knowledge about market dynamics, growth potential, and user behavior.
Around the world, food delivery is worth €83 billion, representing 1% of the absolute food market and 4% of food sold in cafés, restaurants, and fast-food establishments. In many countries, it has effectively arrived at development, with a yearly development pace of just 3.5 percent anticipated for the following five years. As per a Google and Boston Consulting Group report, the online food requesting market in India alone is relied upon to develop at an accumulated yearly development pace of 25-30% to $7.5-8 billion by 2022, up from $4 billion (BCG).
The biggest players in the market like Zomato and Swiggy, which have experienced an enormous hike in business growth after the COVID-19 pandemic, have been able to attract big investments. But, one thing that has always been the concern for every other company in this industry is the uncertainty in market dynamics and rapid changes in everyday trends. So, for every company, to tackle the challenges in the changing competitive scenario, it is essential that they understand the trends and market dynamics as well as react to them in a way to get an advantage over their competitors. Therefore, in this blog, we’ll explore the importance of Competitive Intelligence for restaurant aggregators, why is it a must for them, and how it helps them in dealing with all the market challenges.
What is Competitive Intelligence?
Competitive intelligence, also known as corporate intelligence, refers to a company’s ability to gather, analyze, and utilize data on competitors, customers, and other market elements to acquire a competitive advantage. Competitive intelligence collects relevant data from a variety of published and unpublished sources in a timely and ethical manner. In an ideal world, a company would use competitive intelligence to develop a clear enough picture of the market to foresee and respond to issues and difficulties before they occur.
Competitive Intelligence helping Restaurant Aggregators
The Restaurant Aggregators’ industry, which is highly consumer-centric, frequently experiences dramatic shifts, and industry players struggle to keep up with these changes. Furthermore, as one of the most competitive industries in the world, companies in this market frequently struggle with the need to differentiate their offerings, improve customer satisfaction, and stay one step ahead of competitors. As a result, industry leaders make use of competitive intelligence software. These tools allow firms to make data-driven decisions, gain a full understanding of their customer’s demands, and plan for current and future trends while keeping tabs on competitors’ activities and plans.
While competitive intelligence insights have a variety of operational, economic, and functional benefits in the food and beverage business, determining the most important benefits is critical to successfully implementing these solutions. So, here is how Competitive Intelligence helps restaurant aggregators:
Providing predictions and preparation strategies comparative to their competitors
Companies can get an exceptional strategic advantage by identifying, assessing, and comprehending competitors’ projects. To thrive in a competitive market, you must produce new products and stay on top of your game. Businesses can receive in-depth, data-driven insights regarding new offerings entering the market, strategize to differentiate their offerings and limit the likelihood of launching clashing or severely competitive offerings by utilizing competitive intelligence tools.
Staying at pace with changing industry dynamics
Trends, challenges, growth drivers, and risks abound in a fast-paced, consumer-centric industry. Businesses who want to stay ahead of the curve and their competitors must keep track of these diverse market trends. Competitive intelligence includes information on end-user requests, competitor offerings, and major industry changes. These insights also help with future trend forecasting, capitalizing on emerging growth drivers, and avoiding potential market risks.
Enhanced decision making and speed-to-market
The fewer the risks of clashing market competition, the sooner a company releases a new item. A new offering involves significant expenditure in research, development, testing, and launch, and the process can often fail if competitors’ offerings enter the market first. Competitive intelligence tools assist firms in profiling their business, identifying vulnerabilities or gaps, and strategizing to offset the issues they present, allowing for better-informed decision-making and increased ROI.
Why is Competitive Intelligence a must?
The Restaurant aggregation industry has faced a lot of changing industry dynamics that resulted in Competitive Intelligence becoming a must-have tool for them. As CI helps the companies in easily assessing their competitors and identifying their strengths and weaknesses, it also helps them in anticipating their future decisions and understand their customer base to stay ahead of the market.
For starters, CI eliminates all of your business’s guessing. You won’t have to make educated guesses about your competition or the state of the business because you’ll have correct data. You’ll have all you need to guide your firm through any impending changes you’ll need to make to keep ahead of industry trends if you have up-to-date information at your fingertips. CI also enhances the ROI of your decision-making, allowing you to address any gaps in your business. CI can assist you to improve your time to market, market entrance, and market defense for new products and services, ensuring a successful product launch.
CI can also assist you in improving your marketing efforts and making smarter business decisions. Having succinct, reliable data offers you all the tools you need to make data-driven decisions that will help your company prosper for years to come.
In an ever-changing market, being able to anticipate your competitors’ actions can provide you a competitive advantage and even allow you to beat them to the punch if they’re preparing something new that will set them apart.
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