China’s online food delivery market is estimated to hit 204.56 billion yuan ($30.7 billion) this year, marking a 23.1% annual growth rate, said the latest report by iiMedia Research Group.
China’s online food delivery market has grown rapidly since 2011, and is now one of the largest online-to-offline (O2O) commerce trends, together with online car-hailing services.
iiMedia said the market in China will see more than 300 million users in this year, a 17.6% year-on-year growth.
Analysts believe that online food ordering platforms will keep improving service quality and explore the demands of their existing customers in a bid to increase customer loyalty.
The report said that food delivery has become the third major style of dining, following cooking at home and dining out. Over 30% of the interviewees said they prefer to order food online on weekends even if they have time to cook. Forty percent said they use the service at least three times a week.
The report predicted that people who buy afternoon tea, late night snacks, and other high-priced non-dinner items will become an important sector due to their comparatively strong purchasing power.
(The article is also published on the People’s Daily Online)