PNN
Mumbai (Maharashtra) [India], March 13: As per the latest ICRA report, India's domestic quick-service restaurant (QSR) industry is expected to grow by 20-25 per cent in 2024. Jumboking's Dheeraj Gupta echoes the growth sentiment and believes that the decade upto 2030 itself will see the coming of age of Indian brands. As India is heading towards becoming one of the three largest economies in the world, the time has come for Indian brands, which understand India better, to claim their place in the sun.
Jumboking's loyalty program, which saw over 1 million follow ups in less than 8 months of rolling out, has been a massive success. With 170 stores across India, cities such as Mumbai, Delhi and Hyderabad have been very successful markets for Jumboking. The brand is not only consolidating these markets, but also looking at new markets.
Getting closer to your customer
Jumboking is a significant player in On-The-Go snacking business and its customer interactions happen physically at the point of purchase.
Despite this, Dheeraj Gupta, founder of Jumboking believes, "I see the urgency for restaurant brands and their customers to get to know each other better. We are working to launch the Jumboking app in the next fiscal year. The functionality of the app is not geared towards placing orders and delivering food. It is to keep track of loyalty points and stay connected with the brand via constant feedback. We are still brainstorming the exact features of this app. The combination of physical and digital interactions will give us a good sense of who our customers are and enable us to service them better."
It is believed that in developed markets, 75 per cent of consumers belong to at least one loyalty program. Starbucks is an excellent example of a powerful loyalty program. Similarly, Jumboking aims to leverage the success of the loyalty program- JK Burger Rewards- to forge relationships in new markets like Bangalore and Pune.
Another imperative that QSRs invest in is 'retail intelligence'. One aspect of this is what companies like McDonald's do, for eg; scanning a license plate in the drive-thru to know the customer profile. The goal is to mirror the ability of corporations like Amazon to deeply know its consumers and adjust interactions with them accordingly.
Jumboking treats this a little differently. "Our intelligence comes from our loyalty program and the competition mapping we do while preparing to enter new markets. Our vendors give us excellent insights in new markets and thereafter, on the profiling side, we use classical lookalike marketing to identify our end customer," adds Gupta.
Jumboking aims to grow at 42 per cent CAGR over the next 2 yrs, doubling in turnover by Mar 2026.
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