As the international food delivery industry is worth an estimated $94.38 million, delivery companies are taking digital innovations to another level to remain competitive. Now, Latin America’s biggest food delivery service is making a multimillion-dollar investment in artificial intelligence to enhance their offering!
iFood is set to invest $20 million into an AI “academy”, which will bring research into machine learning, deep learning, behavioral science, and logistics efficiency! In addition, they plan on enhancing the intelligence aimed at supporting decision making that it provides to restaurants that currently use the service.
Improved AI and solid data go hand in hand in making more informed consumer-focused decisions. iFood is currently using AI and related technologies such as machine learning to drive growth, but their latest investment will further grow and share the knowledge with local universities to accelerate the development of local research around machine learning and deep learning.
The team at iFood has announced that they have an astounding 17.4 million monthly orders, which is a 130% increase from the previous year. And they have managed to capture 86% of the market share in Brazil!
Today, iFood operates in over 480 Brazilian cities with more than 50,000 restaurants, and 120,000 delivery drivers! By the end of this year, the iFood staff would grow to 100 employees who will be specialized in machine learning, deep learning, behavioral science and logistics.