One of the best things about living in Korea is that a wide range of delicious food is
only a phonecall away.
Mobile applications are also jumping into the food delivery market, and business is
booming.
Connie Kim reports.
Food menus meet with Internet technology.
This is the concept a growing number of people are embracing in Korea, including 36-year-old
Lim Hyun-woo.
Returning from work after a long day, Lim opens a food delivery application on his smartphone
and scrolls down to decide what he wants to eat.
"I live alone, so I usually order from food delivery applications.
There is a lot more variety to choose from and I don't have to worry about losing menus."
These types of food delivery application companies have created a profitable business model.
They receive around 13 percent of every order in commission fees from participating restaurants.
It's another way of tapping into the prospering food delivery market that is estimated at
around 9-point-7 billion U.S. dollars and growing at an annual rate of more than 20
percent.
"The payment systems on smartphones have given direct access to hundreds of restaurants helping
the food delivery application market grow at a fast pace."
The love for delivery comes from the national character of Koreans, who prefer things fast,
faster and fastest... which puts a premium on convenience.
The rising demand has made the market a competitive one, with food delivery application companies
battling it out for a bigger piece of the pie.
In two years, experts say around one-third of the total delivery industry will be transferred
to the online and mobile delivery market.
New competitors are now looking to jump in.
One social commerce company has been selling discount coupons of up to 30 percent for shoppers
since February.
Offering more options for a wider array of palates,... in a convenient manner:...
it's a combination that's sure to continue enticing consumers to open their wallets...
and their front doors to food deliverymen.
Connie Kim, Arirang News.