An online food delivery system has made it easier for restaurants to reach a broader audience as most of them have smartphones in their hands. The emergence of food delivery apps is a boon for food lovers who can try various cuisines from different restaurants. It is an integrated platform that connects restaurants, delivery partners, and customers. As the demand for such apps is surging with time, many entrepreneurs are starting to invest in the food delivery business. If you have an idea of starting a food delivery business, choose the Wolt Clone app. By doing this, you can generate greater revenue with less investment. Continue reading to know more about the Wolt Clone app, along with the marketing/monetization strategies.
Wolt – A Glance At A European Food Delivery Platform
Wolt is a Europe-based food ordering & delivery service app which is available on both iOS and Android. Wolt was founded by Miki Kuusi (a former CEO of Slush) and 5 others in 2014. In 2016, it partnered with Starship Technologies and experimented with self-driving robots for food deliveries. It secured $856 million in Series E round funding from big investors, including Tiger Capital, Goldman Sachs, and many others. Wolt’s estimated revenue per year is nearly about $182.7 million.
Till the first quarter of 2021, it operates in 23 countries and 180+ cities. At the end of the second quarter of 2021, it had more than 45,000 merchant partners, 90,000 courier partners, and 12 million customers. Since the launch, Wolt has expanded its reach in various countries, as listed below.
2014 – Helsinki
2016 – Sweden and Estonia
2017 – Denmark, Latvia, and Lithuania
2018 – Croatia, Czech Republic, Norway, Hungary, Georgia, Israel, and Poland
2019 – Serbia, Greece, Azerbaijan, Slovenia, Slovakia, and Kazakhstan
2020 – Japan, Malta, Cyprus, and Germany
The Efficient Working/Business Model Of The Wolt Clone App
A food delivery platform like Wolt follows the Sharing Economy business model. It simply means peer to peer exchange process, which was widely adopted by many big companies like Airbnb, Uber, and so on. The Wolt Clone connects the customers to the nearby restaurants. Once the customers finish the registration process, there will be various restaurants listed in the app. They can order the food items of their choice from nearby or local restaurants. Then, they have to choose the payment mode upon arising an order request. After that, a particular restaurant will confirm the order request and process the orders. They have the option to either get the ordered food items to be delivered to their home by the courier partner or pick up the order from the restaurant directly by themselves. If the customers opt for home delivery, the courier partner/delivery person will collect the order from a certain restaurant and deliver it to the customer on time. Once the order is received, customers can provide feedback to the service.
Consider Wolt’s Business Strategy During The Food Delivery App Development
Wolt primarily focuses on providing safe and secure digital payment options for customers. As this app connects the customers with local restaurants, there is a wide range of options for the customers to choose from. Upon placing their order, most prefer to opt for digital payment. So, reliability in the payment process is necessary. This will help to retain the existing customers. Despite this, you have to make sure that the app’s interface is user-friendly. Most importantly, Wolt focuses on launching/expanding its operations across various cities with less competition. Probably, this made the customers choose Wolt instead of opting for other food delivery service apps. Compared to other countries in Europe, there was not much competition in Finland. It is the place where Wolt was first launched. Now, it has expanded its service in most of the countries in Europe and has not expanded itself in the United States and Asia.
A Wolt Clone App Is Infused With These Enthralling Features
Restaurant suggestions – Typically, the app displays an entire list of registered restaurants in the app. Apart from this, the app shows the nearest restaurants as a suggestion.
Order tracking – As soon as the customers’ order is confirmed, they can keep an eye on the order status in real-time. Despite this, they can track the delivery person’s location.
Secure payment methods – Integrating multiple payment options makes the customers choose their preferred mode of payment. Make sure the payment gateway incorporated makes the process simpler and secure for the customers to opt for while placing their order.
Feedback – After receiving the order in the customers’ hands, they can give feedback regarding the service. Upon analyzing the feedback, you can improve the service.
Delivery person profile – Once the delivery person registers with the app, they can create and customize their profile. Basic profile information consists of name, contact number, and years of experience.
Optimized route – Once the delivery person accepts a request, the app will display the shortest route devoid of traffic. So, the delivery person will reach the destination on time.
Earnings – After every food delivery the delivery person completes, they will receive a fee. They can check their earnings reports daily, weekly, or monthly.
Product management – This feature is available in the restaurant app in which the vendor/restaurant owner can manage the food items listed in the app.
Customer management – It is the Admin panel feature that enables you to manage the data which was provided by the customers.
Fleet management – You have the authority to manage the fleet as you can check the delivery person’s location.
Analytics – Using the analytics report, you can check the overall app’s performance. Besides this, you can get to know the users’ preferences. Analyzing this will help you grow your business.
How Does A Food Delivery App Like Wolt Generate Revenue?
It looks like a commission-based model is the only revenue stream to earn from the online food delivery business. In fact, it’s not true. There are different ways in which an app can be monetized based on the business model. Let’s have a look at the possible sources of revenue from a food delivery app that you could consider for your business.
Some restaurants have their delivery person for deliveries. In such a case, they will take care of the deliveries and fees for that. If not, you can charge the customers a certain amount of fee as a delivery fee which will be based on the distance and quantity of the order placed. For instance, Wolt charges about 1.9 euro for 1km. For every additional 500m, you can charge an extra amount of 0.5 euro.
You can set the varying price during peak hours. That is, you can charge an extra fee from the customers during lunch or dinner time. This is one of the great ways to gain more revenue. But, make sure that you won’t charge more. Because, there is a chance that your target customers may prefer your competitor’s app if their service price is low.
It is a common and effective way to monetize a food delivery app. As restaurants can collaborate with food delivery apps, you can charge them a predefined commission rate. It may depend on the order size. During the pandemic, restaurants were empty as people preferred to stay home. Considering this situation, Wolt does not charge a commission fee on takeaway orders. This was in effect for only 60 days to help restaurants in Finland.
You can charge the partnered restaurants that want to be featured in the app. As the featured restaurants are listed at the top slot, there is a high chance that the customers make orders from those restaurants. Even though this is a good source of income, featuring the trustable restaurants that offer quality food paves the way for a positive response from the customers.
Grow The Asset Of Brand Equity Through Vehicle Branding
Vehicle branding is one of the simplest & cost-effective marketing strategies that you could consider for your food delivery business to reach a wider audience. Undoubtedly, compared to the other marketing strategies, vehicle branding is the most efficient one.
Wolt uses this marketing strategy to create brand awareness among the target customers. The blue color is associated with reliability and responsibility, which also stands for trust. Wolt uses this distinctive blue color for delivery cars that helped a lot in creating public awareness about their brand.
How Much Will It Cost To Build A Reliable Wolt Clone App?
The Wolt Clone app development largely relies on the features and functionality you need to integrate depending on your business model. It is not a constant element as it varies according to the individual business requirements. The following factors will contribute to the app development cost significantly.
- The platform you choose for app launch
- App developers’ experience or geolocation
- Feature-set integration
- Technology stack
- Third-party service integration
- UI/UX design of the app
- App complexity & size
Reach us and get a free quote to know the exact pricing details for developing your food delivery app.
In a Nutshell
Well, launching a food delivery app like Wolt is a profitable niche. Ultimately, satisfying the customers’ demands and expectations is the root cause for a business to succeed. Therefore, try to consider the recent market trends when you plan to launch the Wolt Clone app.