Zomato’s newly launched (early July) loyalty reward points program Piggybank, which allows users to earn points for ordering food via the platform, has crossed 200,000 member sign-ups within 48 hours of its launch, the company said in a statement.
One reason for sharp growth could be the fact that Zomato instantly adds 100 points/ Z coins (1 Z coin = Re 1) as soon you sign up, also it offers 100 Z points extra to users for each referral/invite code used.
How Piggybank works: Every time users order food online on Zomato, 10% of their order value gets credited back as Z Coins into Piggybank. Using these points, users can pay 10% of the value of the next order. Currently, users avail it on invite-only, and referral basis, but it will be a paid subscription program at Rs 299 per year after two months. This is when referrals will not be needed and users will be able to buy the programme.
The restaurant listing and food delivery platform also said that it peaked at 600,000 food orders during Football World Cup final this month. It also said that monthly delivery order run rate touched 13 million orders in the month of July, this is compared to 5.5 million in March 2018.
Zomato’s food delivery highlights
Zomato launched its online ordering and food delivery services in May 2015, and now it gets nearly 30% of its revenue from this business. The new loyalty programme will enable Zomato to gain an extra edge against food delivery company Swiggy, which recently raised Series G funding of $210 million led by existing investor Naspers and new investor DST Global, along with others to ramp up its supply chain network, to expand to new markets, technology and branding. Started in 2014, Swiggy lists about 35,000 restaurants, and have a delivery fleet of 40,000 partners across 15 cities. According to this ET report, Swiggy does about 11 million food delivery orders a month.