The Global Quick E-Commerce (Quick Commerce) market is estimated to be valued at US$ 38.89 Bn or Mn in 2023 and is expected to exhibit a CAGR of 34.% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview: Quick commerce refers to delivery of groceries and everyday essential items within a timeframe of 10-30 minutes. The emergence of startups offering quick delivery has enabled rapid growth of online grocery shopping. Quick commerce startups maintain warehouses in key population areas and use innovative logistics to ensure fast fulfillment of orders. They offer users a full supermarket experience on online platforms with options to choose from fresh foods, snacks, beverages and other daily essentials. This has made quick commerce an attractive proposition for time-pressed customers. Market Dynamics: The Global Quick E-Commerce (Quick Commerce) market is witnessing high growth owing to rapid growth of online grocery delivery services. The Covid-19 pandemic has accelerated demand for contactless delivery of groceries and essential items. This has boosted investments and expansion of quick commerce startups globally. Additionally, increasing urbanization coupled with busy lifestyles has fueled demand for convenience offered by quick delivery platforms. Large e-commerce players are also entering this space via partnerships and acquisitions, enhancing service coverage and availability of quick delivery services. However, high fulfilling costs and thin margins pose challenges for profitability of quick commerce startups. Most companies are currently in investment phase with focus on customer acquisition and expanding warehouse networks to tap into the long term potential of this emerging sector. SWOT Analysis Strength: The Global Quick E-Commerce (Quick Commerce) Market has significant strengths. It provides convenience to customers by promising delivery of products within 10-30 minutes. This near-instant gratification attracts many users. Quick commerce platforms leverage complex technology and algorithms to optimize delivery routes and ensure on-time delivery. Established players in the market have built robust supply chains and inventory management systems to ensure wide product availability. Weakness: High operating costs associated with maintaining extensive fleets of delivery personnel and warehouses close to customers act as a weakness for the Global Quick E-Commerce Market. Additionally, quick commerce players face challenges in achieving and maintaining profitability due to low-ticket sizes of quick delivery orders and constraints related to optimizing delivery fleet utilization. Opportunity: The Global Quick E-Commerce Market has substantial opportunities for growth. Expanding partnerships between quick commerce players and retail stores/brands can help expand product catalogs and beneficially impact customer experience. Moreover, initiatives towards hyper-localization of warehouses and fulfillment centers can help reach newer customer catchment areas. Threats: Increased competitive pressure from other quick commerce companies, as well as consolidation within the industry may pose threats. Furthermore, stringent and evolving regulations around labor practices for gig workers can have cost implications. Key Takeaways: The Global Quick E-Commerce (Quick Commerce) Market Size is expected to witness high growth, exhibiting CAGR of 34% over the forecast period, due to increasing preference for instant gratification among consumers. The demand for quick delivery of items ranging from groceries to medicines from doorsteps within 15-30 minutes have surged in the post-pandemic era. Regional analysis: Europe currently dominates the global quick commerce market, driven by high smartphone and internet penetration and presence of major international quick commerce players like Gorillas and Flink in the region. However, the Asia Pacific region is expected to witness the highest growth rate during the forecast period supported by rising internet and smartphone usage in developing Asian countries like India and Indonesia, where key players like Blinkit, Swiggy Instamart and Jokr have expanded their operations. Key players: Key players operating in the global Quick E-Commerce (Quick Commerce) market are GoPuff, DoorDash, Instacart, Uber, Glovo, Rappi, Gorillas, Getir, Jokr, Zapp, Flink, 1520, Buyk, Deliveroo, Seazon, Yango Deli, Delivery Club, Bolt Food, Swiggy Instamart, Blinkit. Get more insights on this topic: https://www.rapidwebwire.com/quick-e-commerce-quick-commerce-market-size-demand/
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