The augmented reality (AR) market is set to play an increasingly important role in online food delivery, a new report by GlobalData has found.
According to GlobalData, the online food delivery market is set to be worth $1.195 trillion by 2026, offering specialist firms in the sector the opportunity to improve their platforms, with a service complemented by AR.
However, due to the high cost involved in rolling out said services, quick-service restaurant brands are likely to encroach on their territory, according to Jemima Walker, analyst in the thematic team at GlobalData.
An Enabling Technology
“AR is also an enabling technology for the metaverse, so it will be vital for foodservice companies looking to explore this emerging mega-theme," she said.
"It’s not clear whether the metaverse will live up to the hype, but there is a possibility that it could become the next big marketing channel. Many restaurant-service companies are already using the metaverse for marketing purposes. For example, Chipotle has opened a virtual store on Roblox’s gaming platform and McDonald’s set up a Lunar New Year exhibition in the metaverse.”
The AR market was worth $7 billion in 2020, but could generate revenues of as much as $152 billion by 2030, according to GlobalData's recent report, Augmented Reality in Foodservice 2022.
Read More: Thirsty Work? Heineken Launches ‘Virtual Brewery’ In The Metaverse
Keeping An Eye On AR
Although the lack of AR in the online food delivery sub-sector might bring into question whether the cost of the technology is worth it, companies such as Just Eat, HelloFresh, and DoorDash should keep an eye on AR as a potential competitive differentiator in the future, GlobalData said.
“Foodservice companies deploying these solutions will see greater operational efficiency and improved profit margins," Walker added.
"However, while the cost of AR headsets and smart glasses remains high, adoption will be restricted to large quick-service restaurants (QSRs) and foodservice suppliers that have both the financial capabilities and the demand necessary for success.”
Read More: Carrefour Takes A Step Into The Metaverse With 'The Sandbox' Launch
© 2022 European Supermarket Magazine – your source for the latest technology news. Article by Stephen Wynne-Jones. Click subscribe to sign up to ESM: European Supermarket Magazine.
