In 2020, India’s restaurant industry stared at significant losses resulting from nationwide lockdowns imposed to contain multiple waves of the COVID-19 pandemic. Having a market value of around Rs. 4 trillion as of FY2020, the industry was then crippled as dining-out culture took a bad hit from lockdown regimes.
As per Statista, the consumer sentiment index dipped from 106 in February 2020 to 44 in May 2020, which meant Indians ordered less food online. From food supply interruptions to changing consumer behavior, restaurants went into hibernation, leaving the restaurant aggregators wounded severely in terms of business.
As Indians started adopting the new normal, the food delivery market picked up the pace again while eating out was restricted. Consumers started ordering from family-run dhabas to highway-side restaurants or roadside eateries again, making their cold, unused clay ovens burn with a smile.
Particularly in the state of Kerala which witnessed an unprecedented rise in Coronavirus cases, Eatiko Solutions, popularly known as Eatiko, began to rise. Let’s find out how.
From no-more-orders to many-more-orders: Eatiko story
Eatiko is a trusted food delivery service provider in Kerala that allows people to order food from 500+ restaurants from different cities. In a highly competitive environment, Eatiko has become one of the most preferred food delivery apps in Kerala after completing more than 300k+ deliveries in just one year.
Eatiko, which had once started with the aim to deliver food from the best restaurants to doorsteps, is paving the way towards a bigger brand presence with its service quality. With 500+ restaurants onboarded, 30k+ items on the menu, and over 100k+ satisfied customers, Eatiko’s story is an inspiration for many startups entering into a competitive industry led by a few giants.
What separates them from the rest is the utmost focus of their delivery agents to deliver food on time, especially for late-night deliveries. While the growth is on their plate, they wanted something more.
Standing out against competition meant doing things differently for Eatiko
While Eatiko’s consumer base and listed restaurants grew continuously, they wanted to do things differently to add more value. Delivery period and payment success rate are the two spheres they planned to shine and excel in.
They wanted the end customers to enjoy a glitch-free payment experience with minimum payment failures. They needed an online payment solution provider that can help achieve this goal and overcome the related challenges.
How Paytm Payment Gateway has helped Eatiko surf the high tides of COVID and competition
To resolve various issues related to online payments, Eatiko armored its shield against competition with Paytm Payment Gateway. They have integrated other payment gateways into their mobile application but could not feel satisfied with the settlement time.
With many other payment solutions, the settlement of payments into their linked bank account happened after three to seven working days. Besides this, payment failures because of technical reasons was another significant concern.
Integrating Paytm Payment Gateway then became the most significant business decision they made to follow the line of growth at Eatiko. As a result, the volume of online transactions started growing manifold, way beyond the cash-centric offline business model they followed.
They also benefited from T+1 settlements and even same day settlement facilities offered by Paytm Payment Gateway.
Previously, online payments constituted only around 10% of the total orders they received on Eatiko. Things then changed for the better, making this number rise to 35% approximately along with a reduced rate of technical failures.
The reason, as the Eatiko founders believe, is the recognition of Paytm as a trusted payment brand that revolutionized the digital payments space in India even before the UPI launch.
Currently, the Eatiko team proudly shares the payment statistics that talk about receiving Rs. 4 Million per month via Paytm Payment Gateway.
Talking about the benefits of switching to Paytm Payment Gateway, Eatiko CEO said:
“We feel pride in making the decision to integrate Paytm Payment Gateway in our app. It has helped us target more buyers who are willing to pay online than in cash. The settlement time of getting the payments into our bank account is so short, T+1 as they say. We receive payments and tips in a snap which helps us improve the delivery cycle. No more waiting needed for our agents to receive cash on delivery. Particularly in the current pandemic situation, we did need a comprehensive payment solution like this which also provides detailed payment reports in its dashboard.”
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