The Rise of the Gig Economy in Food Tech
The world is changing as we know it
As technology evolves, especially with the increase in use of AI and machine learning, restaurants, high streets, factories and many industries we know today are changing. Some call it the 4th industrial revolution, whilst others call it natural progression. One thing certain is that jobs we know today, are going to be very different “tomorrow”.
So far in 2020 already, we have an additional factor to consider. The unprecedented Covid-19 outbreak along with its economic impact. What jobs will there be post this? What industries will be hit hardest? What will people do to earn a living? These are all valid questions. Based on trends of employment. It’s fair to say that we will be living in a very different world in the next 12 months to what we’ve been accustomed to in the last 10 years.
The rise of the Gig economy
People trading between one another in a self-employed capacity is nothing new. In fact, that’s how many large businesses started. However, the way this is done is evolving. There are platforms, marketplaces, where users can interact and transact. The “gig economy”, is expected to grow exponentially in the next ten years (Ben Walker, Forbes). This includes selling of online courses, home services, a trade skill and food in particular.
Taking lessons from history on where there may be most potential, one of the greatest economic learnings is that when there are challenging times in the economy, people reduce their spend on the luxury items and instead spend on necessities, including food, shelter and clothing.
The next big thing
The 2008 economic crisis led to the birth of several new tech unicorns including Uber. This impending recession will also see the rise and growth of companies which will have innovation and solutions at it’s forefront.
Whilst this may be the case across multiple industries, there will be focused apps in certain categories.
Chef 33, is an app which has launched a marketplace dedicated to home chefs and cloud kitchens. This is to enable those who are FSA regulated to be able to earn a living from their home. The app has a feature called “Waste Not Want Not”, to minimize food wastage through food giveaway.
The road ahead
The common word used to describe what may happen for the rest of 2020 is it’s “uncertain”. Given the uncertainty the global economy is experiencing, the companies that will succeed are those who can innovate, be lean and adapt to a changing marketplace.
With limitations on the movement of people in self isolation, the demand for a solution to connect buyers with healthy home-made foods and bakery is on the rise (Google trends).
Whilst we are mindful of the impact this period will have on many livelihoods, we are equally excited to see how the concept and launch of Chef 33 can really support those who can cook to trade on a platform dedicated to Home Chefs.