New York, NY, Jan. 08, 2024 (GLOBE NEWSWIRE) -- Polaris Market Research has published a recent study report titled "Quick Commerce Market Share, Size, Trends, Industry Analysis Report, By Product Category (Clothing, Stationary), By Payment Mode (Cash on Delivery, Online), By Technology, By Region, And Segment Forecasts, 2024 - 2032" in its research database.
As per the [115+ Pages] recent analysis by Polaris Market Research, the global quick commerce market size and share was valued at USD 4.02 billion in 2023 and is predicted to reach USD 11.67 billion by 2032. Also, the study states that the market reveals a robust 12.6% Compound Annual Growth Rate (CAGR) over the predicted timeframe, 2023-2032.
What is Quick Commerce? How Big is Quick Commerce Market Size & Share?
- Report Overview
Quick commerce, sometimes referred to as ‘on-demand delivery’, is a type of e-commerce where there’s a very narrow window between the order placed and delivery. As the name implies, quick commerce involves a swift and rapid order fulfillment process. The basic premise of quick commerce revolves around employing a highly efficient delivery model. It uses well-organized logistics and strategically located dark stores in residential premises to provide incredibly fast doorstep deliveries.
Quick commerce caters to micro to smaller quantities of a wide range of products, including food, groceries, stationeries, cosmetics, and more. Based on the technology, quick commerce platforms can broadly be classified into three categories. These are application-based, website-based based, and hybrid e-commerce platforms. The rising smartphone usage in developing nations is expanding customers’ access to online shopping and driving the quick commerce market demand.
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What are the Key Findings of the Report?
- The growing adoption of 5G and 4G technology is anticipated to positively influence market growth by offering a seamless experience to users.
- Mobile and e-commerce growth is projected to fuel the industry demand in the upcoming years.
- The quick commerce market segmentation is primarily based on product category, payment mode, technology, and region.
- Asia Pacific is anticipated to grow at a substantial pace over the forecast period.
Who are the Players in Quick Commerce?
- Swiggy
- Dunzo
- Blink Commerce Private Limited
- Supermarket Grocery Supplies Pvt Ltd (Big Basket)
- KiranaKart Technologies Private Limited (Zepto)
- Getir
- Flink
- Yemece.
- Quickcommerce Ltd. (Zapp)
- Delivery Hero
- Gopuff.
- Maplebear Inc. (Instacart)
- Zapp
- Foodpanda
- Rappi
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Quick Commerce Market: Market Dynamics
- Which Factors are Driving the Market Growth?
Quick commerce is gaining rapid traction among individuals between the age group of 20 to 35 in regions such as Asia and Western Europe. This can be attributed to several factors, including convenience, competitive pricing, and diverse product options. In addition, the rising internet penetration in developing countries, coupled with the entry of quick commerce market key players, is creating new opportunities for market growth.
Besides, the rising adoption of e-commerce is opening new opportunities for key vendors, allowing them to diversify their services beyond electronics, stationery, and cosmetics. The expansion of product offerings is allowing quick commerce is catering to a larger consumer base, offering essential exposure to business.
- What are the Latest Market Trends and Opportunities?
Analytics play an important role in ensuring quick commerce customers get access to efficient services and a seamless experience. With rising competition, quick commerce companies face challenges in optimizing their product selection. Using data analytics, quick commerce firms can easily identify products that are popular in specific stores. Also, it helps enterprises recognize shifts in consumer behavior concerning short-term and long-term demand across various stores.
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Overview of Top Segments
- Food and Groceries Segment Witnessed the Largest Share
By product category, the food and groceries segment accounted for the largest quick commerce market share. A number of e-commerce companies have experienced a notable rise in orders for food products, such as snacks, beverages, and ready-to-eat meals. This, in turn, has resulted in various supermarkets and grocery store owners diversifying their offerings and including a wide selection of imported food and grocery items to cater to the needs of the growing consumer base.
The personal care items segment is projected to grow at a rapid pace. With the rising prominence of quick commerce services for food and groceries, industry players have identified the need to diversify their offerings by incorporating personal care and other related products. Several brands are using quick commerce platforms as a way to promote their best-selling products. These brands use strategies such as creating dedicated brand pages and introducing new items.
- Cash on Delivery Segment Accounted for the Largest Share
The cash on delivery segment garnered the largest share of the market. Having the cash-on-delivery option encourages purchases and ensures customer satisfaction. Besides, it’s a more convenient and secure option for the delivery staff, enhancing overall safety and job satisfaction. All of these factors contribute significantly to the quick commerce market growth.
The online segment is projected to exhibit a robust growth rate over the forecast period. Online payment options like credit cards, debit cards, net banking, UPI, and digital wallets are essential for a streamlined consumer experience. Market players in quick commerce endeavor to provide these payment options, thereby fueling the growth of the segment. In addition, the availability of discounts and other incentives on making online transactions enhances the overall appeal of these payment options and encourages their use among consumers.
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Regional Overview
North America: North America accounted for the largest market share. This can primarily be attributed to the ability of quick commerce services to swiftly deliver several goods such as consumables, electronics, and personal care items. The swift delivery of products provides consumers with the convenience of ordering the things they need at any time. Besides, the growing emphasis on offering enhanced customer experience by providing services such as timely deliveries and real-time order tracking fuels the market expansion in the region.
Asia Pacific: The quick commerce market in the Asia Pacific region is projected to grow at a rapid pace. The market is growing at a rapid rate in APAC, with startups such as Astro and Dropezy securing substantial funding to expand their market operations. With a major portion of the population in APAC being working class, quick commerce eliminates the need to visit physical stores and order groceries for the entire week or a day. Furthermore, quick commerce has gained traction in metro cities and is also making its way to tier 2 and tier 3 cities in countries like India.
Browse the Detail Report “Quick Commerce Market Share, Size, Trends, Industry Analysis Report, By Product Category (Clothing, Stationary), By Payment Mode (Cash on Delivery, Online), By Technology, By Region, And Segment Forecasts, 2024 - 2032” with in-depth TOC at: https://www.polarismarketresearch.com/industry-analysis/quick-commerce-market
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Recent Developments
- In October 2023, Carrefour Polska announced its plans to expand its collaboration with Glovo in Poland. With the new collaboration, the company will now offer its services across 69 new locations, including Zgorzelec, Tomaszów, Pszczyna, and Mazowiecki.
The Report Answers Questions Such As
1. How big is quick commerce market size and share?
Ans: The global market for quick commerce was valued at USD 4.02 billion in 2023 and is expected to reach USD 11.67 billion By 2032, growing at a CAGR of 12.6% during the forecast period.
2. Which is the key segment in the market for quick commerce?
Ans: Cash on delivery segment accounted for the largest market share owing to its potential to encourage purchases and ensure customer satisfaction.
3. Which region is expected to witness the fastest growth in the industry?
Ans: Asia Pacific is expected to have the fastest growth owing to a significant portion of the population being working class in the region.
4. Who are the top players in the quick commerce market?
Ans: The global players include Swiggy, Dunzo, Getir, Flink, Zapp, Delivery Hero, and Rappi.
Polaris Market Research has segmented the quick commerce market report based on product category, payment mode, technology, and region:
By Product Category Outlook
- Food & Groceries
- Stationary
- Personal Care Items
- Medicines
- Small Electronics & Accessories
- Clothing
- Household Products
- Others (Pets, alcohol, gifts & flowers)
By Payment Mode Outlook
- Cash on Delivery
- Online
By Technology Outlook
- Application Based Operation
- Website Based Operation
- Hybrid Operation
By Region Outlook
- North America (U.S., Canada)
- Europe (France, Germany, UK, Italy, Netherlands, Spain, Russia)
- Asia Pacific (Japan, China, India, Malaysia, Indonesia. South Korea)
- Latin America (Brazil, Mexico, Argentina)
- Middle East & Africa (Saudi Arabia, UAE, Israel, South Africa)
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