Redseer's Big Data analysis on consumer behavior said that the surge in food delivery orders was a nationwide phenomenon, with metros, tier-1 cities, and other Indian cities showing nearly similar growth in order volumes on this day.
Throughout New Year's Eve 2023, consumers consistently placed high volumes of orders, with the peak occurring during dinner and late-night orders. During these peak periods, the gross merchant value (GMV) delivered was reported to be 2.5–3 times that of other days in the year.
Redseer's analysis also indicated that on New Year's Eve 2023, customers not only ordered more in terms of volume but also spent more per order. The average order value was reportedly up to 30 percent higher than on other days of the year.
"Spike days, such as major sporting events like the IPL and Cricket World Cups, festivals like Diwali, and occasions like New Year's Eve, are crucial for online food delivery services. These days, we witness increased order volumes and higher spending by customers, contributing significantly to the sector's performance," said Abhijit Routray, Associate Partner at Redseer.
"It was heartening to see the jubilation in the ecosystem on NYE23 with a record number of orders being delivered. More importantly, the fact that the momentum was seen across India and across city tiers was a testament to the size of the opportunity in India," Routray added.
According to the report, there are up to 20 days in a year where online food delivery platforms witness significant jumps in order volumes. But the most significant of those spike days is on December 31, or New Year's Eve (NYE), which witnesses by far the largest spike in orders on any given day of the year, it said.
(With PTI inputs)
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