Now, a local food delivery app acquired by Sea Group in 2017, will be rebranded as ShopeeFood this month. The move is part of Sea Group's efforts to make ShopeeFood a new heavyweight in the competitive food delivery market in Southeast Asia.
|The rebranding aims to integrate Now more into the Shopee ecosystem and enhance brand awareness for the entire ecosystem |
The rebranding follows the recent expansion of ShopeeFood in Indonesia and Malaysia earlier this year.
Now, previously known as DeliveryNow, was founded by Foody in 2021 and is one of the early players in Vietnam’s online food delivery market. Foody developed a website that helps customers find and rate entertainment venues and restaurants in Vietnam. It was later transformed into a food delivery app to keep up with market trends.
As of present, Now is in fierce competition with heavyweight competitors like GrabFood, GoFood, and Beamin. A survey by Q&Me shows that GrabFood and Now are the most popular delivery apps, with Baemin and GoFood following behind. GrabFood and Now are still dominant in the market but Baemin has the best growth for now.
With Sea Group’s backing, ShopeeFood can leverage e-wallet ShopeePay and ecommerce platform Shopee, which has already secured a strong position in Vietnam. In June, the AirPay e-wallet was renamed ShopeePay to increase its brand awareness. ShopeePay is integrated into Shopee to facilitate transactions on the e-commerce platform.
According to data from market research firm Euromonitor, the online food delivery market in Vietnam reached about $38 million in 2020. It is forecast to maintain an average growth rate of 11 per cent in the next five years.