How Food Delivery Apps Can Fill Your Appetite and Wallet With IQ Protocol

The coronavirus pandemic has shifted the way we eat. Now, more and more people prefer home delivery services to dining out, speeding up the food app industry. These fast-paced delivery services are currently leading the online marketplace and are continuously acquiring substantial amounts of new users. To remain competitive in this ever-changing market, food delivery businesses must enter the market with higher thrust, focusing on providing more benefits to its users and also to delivery workers.

Moreover, businesses must focus on providing transparent pricing to ensure that their customers are happy. Recently, the food delivery app, Postmates, has received a backlash as some users complained that the actual price of the food delivery is different from what has been shown in the app, causing the users to switch providers.

Competition is becoming fierce as giants such as Grab’s superapp dominate half of the online food deliveries in Southeast Asia. Startups must offer more unique selling propositions and appealing services. On the other hand, delivery workers are constantly seeking better earnings for their labor.

Fortunately, food delivery apps can now remodel or implement novel business plans to ensure that all stakeholders involved — both deliverymen and users — can enjoy cutting-edge benefits beyond the actual food itself by leveraging PARSIQ’s IQ Protocol.

IQ Protocol is a DeFi protocol where service providers can implement subscriptions flexibly and cheaply secured by smart contracts. Here’s how IQ Protocol can empower food delivery businesses:

• Innovative reward system powered by tokens. Instead of providing rewards or points where many users forget to redeem, food delivery apps can offer tokens as rewards. These smart contract tokens can be spent both within and outside of the app, drastically increasing the utility of the reward. They are not just digital points valid only within the app, but can be traded on secondary marketplaces as well. IQ’s brandable reward tokens can be used in many use cases. For example, if a delivery man holds the app token, they can waive deduction fees in their deliveries. For users, they can hold a certain amount of tokens to enjoy free deliveries every time they order.
• Have a more predictable source of revenue by turning their business into a subscription-based business model. IQ Protocol allows companies, such as food delivery apps, to opt for a subscription-based model, offering various types of subscriptions to their users and even deliverymen for a more predictable revenue stream. In the previous example, frequent app users are better off subscribing to free deliveries for a set amount of time when they hold the app token. The app token eventually expires, which then requires the user to continue subscribing. This creates a more predictable revenue stream, similar to many other subscription platforms.
• Enhanced cost-effective security. IQ Protocol’s decentralized software solutions are powered by blockchain technology, offering state of the art IT security for businesses. Since it runs on an immutable distributed ledger, all the transactions on the app will be more secure and transparent, which can minimize data security costs in the long term.

How does IQ Protocol benefit delivery workers? Here are examples:

• Pay less on deductions to earn more. Most delivery apps deduct a certain amount of money from every delivery made by a driver. While the fee isn’t that high per delivery, it can stack up and be a problem if the driver delivers frequently. To combat this problem, food delivery apps can offer the option for drivers to do unlimited deliveries without deductions as long as they hold a certain amount of token. Delivery workers can choose options on how long and how many tokens to hold, based on their expected delivery revenue. This means more flexibility in choosing the optimal earnings for delivery workers.
• Earn passive income with tokens. Deliverymen can now “stake” their tokens in IQ Protocol to earn passive rewards. By staking tokens, they now have the opportunity to earn passive income on top of their delivery income, or even when they’re not working at all. The best part, it’s risk-free. Withdraw your earnings at any time with no strings attached.

Last but not least, end users have significant advantages:

• Options for different payment methods. Food delivery apps can start accepting a wide range of digital payments including crypto on top of their regular payment methods like credit cards. Better yet, the app can choose to accept payment directly in their native token to enhance the utility. With tokens being used as payments, as rewards and ways to incentivise users, a strong circular economy can be built around the token and unify the app’s business economy. This means better overall services for the end user.
• Subscribe to get unlimited deliveries. One of the drawbacks of ordering through food delivery apps is the expensive fee that comes with it. IQ Protocol allows food delivery apps to implement a subscription-based business model enabling users to pay a monthly payment instead of a delivery fee every time they order. This perk expires after the chosen time, so users can keep subscribing to the recurring service and save fees in the long term. The more you order, the more you save and get maximum value.

IQ Protocol can offer many more benefits to food delivery apps, their users, and deliverymen. Food apps have many options on how they want to use this innovative smart-contract protocol. As blockchain technology continues to flourish, we can expect more traditional businesses to embrace this innovation and deliver more satisfaction to customers.