Business Analysis and Go to

Market Strategy of Zomato

Prateik Mohapatra
Seminar Paper 1
Roll No: 20-S-075
Abstract

This paper is about Zomato, an Indian online restaurant finding and food delivery service. Despite
the fact that it began in 2008 and had an early mover advantage in the Indian food tech market, it
had to contend with stiff competition from Swiggy and Foodpanda. Every firm tried its level best
to increase their market share either by giving deep discounts or providing varied offers. In the
year 2018, Zomato and Swiggy were named Unicorns. Both were successful in obtaining money
from a variety of venture capitalists and private equity firms, among other sources. All of these
businesses made every effort to increase their customer base. In 2017, Zomato introduced Zomato
Treats, a subscription-based service, and Zomato Gold, a premium membership programme. It
remained to be seen how Zomato will deal with the danger posed by Swiggy, a well-funded
competitor, and other companies in order to maintain its market leadership.

Introduction

By 2026, the Indian online food delivery market will have grown from US$ 4.66 billion in 2020
to US$ 21.41 billion. The industry growth is highly fluctuating and is dependent on investments.
It is expected to witness a robust growth in the coming few years.

The online food delivery industry is one of the fastest-growing segments in the Indian e-commerce
industry. Bengaluru is the largest regional market in the Indian online food delivery industry. The
city accounts for almost 30% of the industry. It is followed by Delhi- NCR, Mumbai, and
Hyderabad. Mobile applications were the leading way to access the online food delivery platforms
in 2020, while online prepaid methods accounted for nearly 80% of the payments. In India,
platform-to-customer delivery reigns supreme, with food brought by the platform's own delivery
executives, resulting in a more dependable and accountable service. Almost three-quarters of the
market is made up of platform-to-consumer delivery.
The industry is dominated by Swiggy and Zomato. The online food delivery industry in India is
undergoing a change. This market has shown great promise in recent years and has attracted
significant investment. Zomato was valued at US$ 5.4 billion with the fresh investment of US$
250 million, up from US$ 3.9 billion in December last year. In India, the two heavyweights of the
food delivery sector control approximately 65 percent of the market. The expansion of the two
corporations' own delivery fleets has substantially benefited their growth. As of October 2018,
Zomato's fleet had grown to 74,000 delivery agents, with Zomato's logistics staff fulfilling roughly
86 percent of orders, up from 26 percent in January 2018. As of October 2018, Swiggy had over
90,000 delivery agents. Both enterprises are expanding into smaller towns and cities, with one or
two new markets added every one or two days.

About The Company

Deepinder Goyal, a post-graduate from IIT Delhi, founded Zomato and it was initially known
as Foodiebay.com. Foodiebay began in July 2008 as a restaurant search engine that provided in-
depth information as well as independent reviews and ratings for over 1,200 eateries in the Delhi
NCR region. By the end of 2008, the database had grown to 2,000 eateries. Within the following
six months, it will expand to Kolkata, Mumbai, Bangalore, and Pune. That's when Info Edge
(India), the Naukri.com group's parent firm, invested 4.7 crore (US$1 million) in the company.
Foodiebay.com was renamed Zomato.com in November 2010. The brand name was modified to
avoid a potential problem with eBay because the previous brand name, Foodiebay, featured the
word "ebay." To set themselves apart from the competition, Zomato focused on adding
approximately 18,000 new restaurants. They also adorned several unique characteristics, such as
pointing to certain foods or opening hours.” Zomato paid $52 million for urbanspoon, a leading
restaurant service providing portal, in order to expand their business in the United States, Canada,
and Australia, leveraging local insights and experience and seeing the future goal and objective,
in order to become the largest resource in the food supply market.

Business Model

Zomato's business approach is distinct from those of other food delivery services. Zomato was the
first to market, which has both advantages and disadvantages. Because the market was wholly
new, the company faced a significant difficulty in developing a viable business plan.
Value Proposition

To keep its business running, the company must produce value for its customers. Customers have
benefited from the Zomato business model in a variety of ways. Its main goal has been to provide
clients with something unique and different that they can't find anywhere else. Zomato is a fantastic
tool for diners to rate and evaluate a variety of eateries in their neighbourhood. At the same time,
it enables restaurant owners to set themselves out in the marketplace, even if they own multiple
restaurants.

Zomato uses cutting-edge technology to bridge the gap between customers and eateries. Zomato
has been able to shorten its delivery time because to technological advancements. Customers can
have their food delivered to their door in a timely manner. Zomato offers a comprehensive pricing
model for food delivery services, including information on the total cost, duration, and other
aspects of the delivery order. Zomato also offers a membership and loyalty programme to help
customers become more committed. Zomato Gold membership for example, ensures that clients
get more value for their money.

Revenue Model

Restaurant Listings / Advertising

Zomato was originally only a listing platform and a restaurant directory. Restaurants that joined
the platform were able to earn advertising money as a result of this. Zomato is now charging
restaurants commissions to be featured prominently on the feed, after the rollout of food delivery
and restaurant bookings. Restaurants can pay to have their events or special deals advertised
alongside their main banner, increasing visibility and conversions among Zomato users.

Food Delivery

Zomato charges eateries a commission based on the number of orders they receive. Restaurants
pay a commission for each delivery, which is subsequently split between the delivery partner and
the corporation, while users pay a delivery fee. Restaurant commissions differ depending on
whether Zomato completes the delivery or the restaurant utilises its own riders. Due to fierce
competition and the requirement for steep discounts, this is claimed to generate only a small
portion of the company's total revenue.

Subscription Programmes

Zomato opened up a consistent stream of revenue through Zomato Gold for consumers and users,
as well as subscription alternatives for eateries. Restaurants pay a monthly charge to be part of
Zomato's bouquet of deals, while users pay a subscription fee to enter the Zomato Gold loyalty
programme, which provides unique discounts. Restaurants additionally pay Zomato a monthly
charge for features like live tracking, tamper-proof packaging with the Zomato logo, and more.
Live Events

Zomato also joined the branded live events market with Zomaland. Zomato charges a fee to enter
Zomaland, where users can see live musical performances and other events in addition to eating.
In 2018, it hosted an entertainment carnival in Delhi, Pune, and Bengaluru, with over 100,000
people attending, according to Zomato.

White Label Access

Zomato also offers services such as Zomato Whitelabel, which allows restaurants to customise
their own food delivery app. It also offers cloud kitchens and restaurants consulting services.
Zomato works with a limited group of restaurant owners to identify prospective expansion sites
for a modest fixed fee, but with additional options for the user. It provides the essential licences
and operating capabilities to these restaurant partners.

Zomato Kitchens

Zomato partners with entrepreneurs to build up and manage Zomato Kitchens under various labels
in order to provide kitchen infrastructure services to select restaurant operators. With an
investment of INR 35 lakh or more, entrepreneurs can fund eateries in the proper area. With 180+
affiliate kitchens now up and running, Zomato claims to deliver monthly profits of INR 2 lakh to
INR 4 lakh to investors.

Zomato Consultancy

Zomato, as you may know, offers a powerful analytical tool and a large database. Through its
database, Zomato is aware of local cuisine preferences and what they are ordering. Zomato
provides statistics to newcomers to the industry and charges a flat fee for consulting services.
Restaurants can use Zomato to learn about their customers' preferences, wants, and desires, and
Zomato has the necessary consumer data. In exchange for consulting the eateries, Zomato charges
a fee.

Zomato has worked to lessen its dependency on cash-burning models as it has grown in size and
scope, and has simplified to enter enablement and other user-generated revenue sources. The
majority of Zomato's cash loss comes from retaining users vs Swiggy. Zomato, on the other hand,
may soon be able to profit from other aspects of its business strategy, despite being in the crosshairs
for heavy discounting methods.

Channels

Zomato's platform is available through a variety of channels:

• Zomato Official Website

• Application (smartphone or tablet)

• Food Porn (Zomato has also created a site specifically for the food porn industry, providing an
exclusive photo of exotic foods from around the world)

Because the number of mobile users is continually increasing. The majority of users choose to use
mobile phones since they make it easier for them to communicate with businesses. Apps are being
used by businesses to streamline procedures and provide greater accessibility to their consumers.

Customer Relations

• Convenient Self-Servicing: Zomato gives its clients the power to make the best decision
by giving them all of the alternatives and information they need to make an informed
decision.

• Up-to-date Ratings and Reviews: Users appreciate Zomato's honesty in their ratings and
reviews, which provide users with accurate information about restaurant quality and
service.

• Customer Engagement Activities: Zomato engages customers by offering vouchers and

tickets, for example.

• Active Communication Channel and Customer Support: Zomato maintains good

communication with its consumers and has a solid customer support service platform with
an obligatory rating mechanism..
Consumer Perception of Zomato

The aforementioned data indicate that Zomato users are satisfied with the services provided.
Zomato is achieving its goal of ensuring that none of its users go hungry. It directs customers to
restaurants where they can eat.
This suggests that there is still a lot of room for customer involvement in value addition and co-
creation. Managers usually communicate with the audience in order to gain feedback on how to
improve their restaurant.
The responses above plainly show that, while a huge number of people believe the reviews on
Zomato to be accurate, many others have doubts about their veracity. As a result, it is something
that needs to be addressed.
This is a direct way to get customers involved. The general population is both a provider and a
consumer of information. A large percentage of customers do not feel compelled to leave a
review; this can be addressed by offering them some sort of incentive or acknowledgement.
Usage of Zomato for various purposes is clearly highlighted in the above graph. People use it
mainly to find a good place to eat and celebrate.

This reflects the customer satisfaction of Zomato is at a good overall satisfaction level.
Marketing Strategy

Segmentation

Zomato's demographic segmentation approach focuses on those aged 18 to 35. People who want
to go out to eat and do some research on the places they want to go to. Zomato has identified a
wider target niche among college students and working professionals who want to eat out while
simultaneously having meals delivered to their door.
Zomato has also ventured into the experiential events market, launching Zealand, a multi-city food
and entertainment carnival. Zomato thinks that there is a need to create an experience around food,
and it has played a vital role in achieving that goal. It plans to introduce new food-related goods
and business lines in the dine-in and delivery segments.

Target

Zomato's major target market is young adults between the ages of 18 and 35 who frequently want
to eat out with their friends and colleagues. It is aimed at clients who frequently use ratings and
reviews to determine whether or not a location is good. It is for those consumers who want to have
a wonderful time with their friends and know that the venue will be worth the money. It also caters
to the foodie who enjoys trying new foods and sharing them with others. These individuals also
want to know where they can get the best meals in town and go to those establishments. All
restaurant reviewers on the internet and smartphone users looking for food delivery are the
consumption targets.

Positioning

Zomato has positioned itself as a platform that connects restaurants, suppliers, customers, food
providers, and logistical partners. It aspires to build a world where comprehensive food
consumption and taste patterns are shared intelligently with suppliers all around the world.

When it comes to dining out, an Indian youth's go-to app is Zomato. Checking reviews and
recommendations before visiting a restaurant has become a requirement, and Zomato is positioned
as the app to use when looking for authentic ratings. With the introduction of Zomato Gold, the
company has made dining out more affordable for its users.

Promotion Strategy

Zomato is one of the few companies that has had success in the content market and promotes its
products through visuals. Zomato invests much in social media optimization and search engine
optimization to keep their material fresh. Zomato's Zomaland festival proved to be a successful
marketing tactic for the company, as it was able to transform food into a carnival complete with
music, dance, and stand-up comedy. To encourage users to use the site, Zomato employs a variety
of techniques such as discounts and promo codes.

Overall Brand Social Media Strategy

Zomato aspires to be the go-to spot for foodies. In fact, it had rebranded to the Food Network. Its
own Food Network is powered by three main platforms: Facebook, Twitter, and Pinterest. Their
social media content approach is centred on food and restaurants. Zomato engages with the
audience by posting on trendy topics. The brand understands the audience's nature. Hence, it
promotes content which makes users share it, comment on it and view it again and again. It utilises
trendy topics and posts simple images in order to interact with viewers online.

Facebook

Zomato has a strong Facebook community, and Zomato shines here. The page is highly interactive
and is very regular in its posts. It even answers to people’s queries and posts highly engaging
content. Zomato has learned the trick of the trade when it comes to engaging with its audience
particularly the millennials and the GenZs.
Twitter

Zomato really excels on Twitter. Twitter is largely utilised as a medium for interaction, and the
brand does a fantastic job of participating in dialogue with its users. Because Twitter enables for
real-time communication, it is frequently used to reply to requests for recommendations. They also
host contests on Twitter from time to time, with Foodie Friday being one of the most popular. The
Yummy Yatra took place lately and was almost fully covered live on Twitter. Twitter is more
about conversation and interaction than it is about updates. In comparison, Facebook is a bit more
static and serves as a venue for Zomato updates.
Blogs and Pinterest

The Zomato blog serves as the company's mouth piece, providing regular updates on the brand
and its efforts. Even if the entries are well-written, there is no consistency here. The content
provided on their Pinterest channel is a visual feast and a genuine foodie's delight. It should make
a concerted effort to promote it.
PESTEL Analysis

Political

Any company intending to enter the international market faces significant political concerns. A
host country's political actions are likely to have an impact on organisational productivity and
profitability. Extreme political actions can have serious consequences. The country's Prime
Minister Narendra Modi's digital India initiative is more likely to assist the corporation to gain
more internet penetration in India, which everyone can readily access from any corner of the
market. Using the Digital India Campaign, Zomato may take advantage of this chance to cover
many restaurants across India. Because it welcomes foreign direct investment, the Indian
government places a greater emphasis on the ease of conducting business in the country. Zomato
could benefit from such investments in this area. The government places a premium on young skill
development since they will eventually be able to assist a large number of people with their skills
and knowledge. To enter and establish itself in the market, Zomato wants qualified personnel. In
this situation, Zomato may be able to hire talented workers under the Pradhan Mantri Kaushal
Vikas Yojana programme, which helps young people enhance their talents.

Economic

Between 2011 and 2014, Zomato had a massive 1399 percent increase in revenue. This is due to
its outstanding achievements in 22 nations, which have resulted in effective contributions to the
economy of those countries. It is currently present in 24 countries and over 10,000 cities. In
addition, the company has started using cashless transactions, which has opened up the possibility
of strategic alliances with fintech companies. As of now, the company employs over 5000 people
and has worked to alleviate the country's unemployment woes. Lastly, the company attracts several
investments as well as funding from the government and foreign investment, all of which are good
for the country’s economy.

Social

Zomato has become the country's favourite online restaurant discovery tool during the previous
six years. It has, however, had an impact on the way people choose their favourite restaurants.
Zomato benefits from the shifting lifestyle patterns and income levels of the Indian working
population. This is due to the fact that many young people and new age working couples enjoy
eating out, with this category drawing approximately 30% of the population in 2012. As a result,
user involvement on the company's website is crucial for client participation.
User Engagement is Zomato's most important social component. Customer participation is ensured
via the use of reviews and ratings on the website. People have taken to the concept of incentive-
based rating, which has made them more socially active and responsible. Zomato's customer
service is likewise outstanding. Zomato's devoted consumers are ensured by prompt and polite
responses. Customer service is a vital element of any service organisation, and Zomato has clearly
outperformed other Indian companies in this area.

Technological

The most significant feature of Zomato is its brilliantly designed UI (User Interface), which is both
attractive and simple to navigate, distinguishing it from other Indian digital start-ups. The website
opens quite quickly, and the mobile app is similarly quick. The main issue is that the menus require
high quality or they get too congested to read.

Also well-made is the restaurant finding module. It has also been integrated with the app, which
is a plus because it will be necessary to locate the restaurant while on the go. The restaurant
information is well-thought-out and well-organized, ensuring that you acquire the information you
need quickly.

The quantity of vote alternatives gives the rating a lot of context. With the personalize option, there
is also a focus on personalization, so you can play around with the UI however you want. The
website is SEO (Search Engine Optimization) friendly, meaning it will appear in search results.
Because it is marketing its own restaurant locator and booking tool, Zomato will face a significant
fight from Google. If Zomato wants to stay in the market, they'll have to keep evolving, innovating,
and adding value.

Zomato's business concept is around information gatekeeping, which means that when you phone
a restaurant, the number is hidden and you are routed through Zomato. To utilise the service, you
must first log in. The reason for this is that Zomato needs to compete with firms like Google for
funding, and in order to do so, it needs more registered users. Even if they miss a tiny proportion
of users who are concerned about their privacy because of the gatekeeping feature, they will
undoubtedly collect a large amount of data from those that register.
Environmental

Achieving business sustainability is dependent on how the company addresses the ecological
requirements. While e-commerce and food delivery companies are fast adopting drones, Zomato
has figured out a method to solve delivery problems while simultaneously conserving the
environment. To avoid short-term issues, the meal delivery app has moved to bicycles.
The company is expanding its last-mile delivery fleet with mechanical and electric bikes.
According to a press release from Zomato, those who use e-cycles will make short distance
deliveries of 2.5 kilometers on average.
According to the company, 50,000 Zomato bicycles are already on the road in 12 Indian cities,
with a majority of the fleet pushing the pedal in Delhi NCR.
Zomato has teamed with bike-sharing apps Mobycy and Yulu, as well as Zoomcar's PEDL, to
bring electric bicycles to over 150 Indian cities.
It is not only beneficial to avoid traffic congestion and parking problems, but it is also beneficial
to the environment.

Legal

The company is required to comply by the Indian law to with all regulations that control technology
firms in the country. Zomato also needs to keep in mind to only cater to restaurants that comply
with all the food safety standards as well. This ensures that it is used effectively without being
subjected to abuse.
Porter’s Five Forces Analysis

Threat from Substitutes (Moderate-High)

Zomato believes that focusing on restaurant discovery and facilitating a full dining experience
provides them a competitive advantage. Zomato is driven to consistently develop our product
inside the space with a little margin of error, according to Deepinder Goyal, the company's founder.
Zomato recognises that it is a winner-take-all situation and is concentrating its efforts on
dominating the competitors in its niche.
Google Maps: The most recent version of Google Maps for PCs now contains restaurant listings
in the area. It also makes restaurant searches easier by displaying images, reviews, ratings, and
even the floor on where the company is located. Zomato has an advantage over Maps because
Maps hasn't started listing menus yet for all restaurants.
Local Competition:

FoodPanda earned a competitive advantage by starting its online ordering service before Zomato,
causing Zomato to lose market share.
Swiggy has been a major competitor for Zomato in online food delivery industry. However,
Swiggy restricts itself to online food ordering business, but post covid Swiggy has diversified into
several other services such as grocery shopping, alcohol delivery in certain states etc. whereas
zomato apart from these has diversified itself in other food related segments which act as
complimentary to its online food ordering business.

JustDial has a large number of restaurant listings, but it falls short of Zomato because it lacks a
similar amount of reviews, photos, and user participation. Zomato also offers a specialised and
differentiated service in the minds of consumers, making it a logical choice.
Global Competition

Yelp-While Yelp publishes crowd-sourced reviews, arranges social events, and gives basic
information about companies, Zomato provides information (pictures, menus, and geographic
coordinates) and allows users to develop their own network of foodies for personalised
suggestions. The other side of the Zomato coin: The total number of unique monthly visitors to
Yelp is 139 million, which is four times the current traffic of 35 million on Zomato. Approximately
terms of revenue, Zomato brought in $6 million in 2014, compared to $232 million for Yelp.
TimeOut was founded in 1968 and has since grown to become a global authority on entertainment
and events. It has a high market share, reaching 39 million people, but is better renowned for giving
information on events and activities than restaurant listings and ratings. Because the majority of
users look at ratings rather than reviews, it's critical to keep the website's ratings fair.

Industry Rivalry
Burrp! – Burrp! is a competitor to Zomato. But due to its expansion from restaurant listing to other
divisions such as events and retail outlets, the company’s focus has been distributed whereas
Zomato has stuck to its core functions.
TinyOwl – TinyOwl is an emerging start-up with business model of food ordering through App on
smart phones. It is currently present in Bangalore, Mumbai, Gurgaon, Hyderabad and Pune.
Yumist – Yumist is a new player in this market started by Ex-CMO of Zomato which is targeting
customers who want low priced daily meals market. Although it has received the investments
worth US$ 1 million, but these investments are till now not significant to compete with Zomato.

Other New Start-ups – There are other new start-ups which are nascent in stage but growing. Some
of them are FRSH, Eatlo, Holachef, SpoonJoy, Delivery Chef etc.

Industry Rivalry in Major International Markets

Yelp – Yelp is the biggest competitor to Zomato in US. It is present in 31 countries. To counter
Yelp, Zomato acquired UrbanSpoon in US but still there is major gap to reach no.1 in US market.
HungerGo – HungerGo is major player in Singapore where Zomato doesn’t want to enter due to
tough competition poised by HungerGo.
Yadig & Timeout – Yadig and TimeOut are other major players in UAE but Zomato is market
leader in UAE with 65% market share.
Barriers to Entry(High)

Because there are already large participants in the sector, the entry barriers are extremely high.
Zomato is a well-known and market-leading company. Other firms, such as Swiggy, TinyOwl, and
Burrp, already have a sizable market share.

Bargaining power of buyers (High)

Because there are so many competing applications on the market, customers may easily switch to
other apps like food panda, Burrp! Tinyowl, and just eat. People may switch to other apps with
greater features as features improve and enhancements such as meal ordering become available.
Constraints connected to distribution are avoided because it is an easy-to-use internet platform.
This eliminates a possible negotiation point for purchasers.

Bargaining power of suppliers (Moderate)

Zomato has become well-known as a result of advertisements in the print media, on the Play Store,
and in restaurants. Furthermore, reviewers are reliant on them because they currently lack the
ability to verify the legitimacy of reviews. All of these become Zomato's suppliers. As a result, the
threats they confront are as follows:

• What if a restaurant doesn't want to be included on Zomato? What if they switch to a

different app?
• Since the reviews are subject to the perspective of the patron, it may be a biassed one -
moreover, spam may defeat the purpose - Ratings may get subjective. They have a content
team, but it needs to expand.
• Incentives for reviewers are essential – if competitors provide them, reviewers may switch
to other applications – they should ensure that reviewers stay put.
• Zomato does not have a system of rewarding the reviewers who spend a lot of time writing
reviews - which may put them off from writing

More - Mobile providers that make deals with Zomato to keep a pre-installed app may end up
being Zomato's suppliers. They may demand a higher fee if they want Zomato pre-installed on
their phones.

Threat of new entrants (Low)

Strong Brand Name

In order to survive in the industry, you must have a brand name. In recent years, Zomato has
become extremely successful. In order to compete effectively, any new competitors will need to
focus heavily on their brand value. As a result, this threat is small for Zomato; yet, they must
continue to innovate in many verticals to maintain their competitive advantage.
Advanced technologies

Zomato has made significant progress in this area as well. The app and website are aesthetically
pleasing, as indicated earlier in the technological study, and the entire experience is enriching! As
a result, new entrants will need to rethink their entire approach in terms of application and
technology improvements. Zomato benefits from technological advancements.
Industry affects economies of Scale

Large-scale economies of scale benefit large producers by lowering the cost of the next unit of
output. As a result, it is easier and more cost-effective for Zomato to expand at a faster rate.
Because they would have fewer economies of scale, any new entry will have to invest heavily to
compete with Zomato. However, if the new entrant can raise enough funds, they can compete with
Zomato on the ground level, despite the fact that economies of scale favour Zomato.

Conclusion and Way Ahead

Zomato is one of India's early food company pioneers. It has managed to stay at the top of the
market thanks to its distinctive and long-term business plan. Affordability, accessibility, and
variety have earned people's trust over the years of service. Zomato must also continue to innovate.
New features, such as virtual restaurant tours, should be included. If a famous band is performing
at a café or pub, live video footage from that location can be included. The brand should capitalize
on its most well-known characteristics. It must verify that the reviews' authenticity is preserved.
Paid reviews should be discouraged because they dilute the brand's image. Zomato is constantly
innovating and looking for new ways to serve its clients. Its revenue model is one-of-a-kind and
innovative, which is something that every company aspires to achieve.
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