Jersey City, NJ, Dec. 04, 2023 (GLOBE NEWSWIRE) -- InsightAce Analytic Pvt. Ltd. announces the release of a market assessment report on the "Global Quick commerce Market - (By Category (Food Delivery, Grocery, Courier, Gifts & Flowers, Pharmacy, Others), By Delivery Timeframe (Instant Delivery, Same-day Delivery, Scheduled Delivery)), Trends, Industry Competition Analysis, Revenue and Forecast To 2031."
According to the latest research by InsightAce Analytic, the Global Quick commerce Market is expected to expand with a CAGR of 12.9% during the forecast period of 2023-2031.
The concept behind "quick commerce" aims to establish an ultra-fast delivery business model with an efficient logistics system and strategically located distribution centres close to residential neighbourhoods, thus ensuring rapid doorstep delivery in 10 to 30 minutes. The rising expansion of the market can be linked to the increasing need for swift delivery of vital goods like everyday household items. The rising interest in delivering food, groceries, and household necessities, alongside an increasing per capita income, substantial industrialization, and swift urban development, is propelling the market's growth.
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The change in behaviour among the younger population segment is due to several factors, including pricing, the availability of diverse product ranges and brands, and enhanced convenience. Furthermore, the increasing internet accessibility in developing nations, along with the entry of e-commerce companies into the market, is generating additional avenues for market growth. The embrace of quick commerce is opening up fresh avenues for major market players to extend their services beyond food delivery and venture into delivering items such as electronics, pet care products, flowers, books, stationery, and cosmetics.
Recent Developments:
- In June 2022, Shift collaborated with Wolt to facilitate deliveries within a time frame of less than 30 minutes. The relationship represented the convergence of two global pioneers in delivery technology. Through collaboration, Wolt and nShift facilitated expedited deliveries for local shops, allowing them to effectively compete with international corporations within a timeframe of under 30 minutes.
- In Sept 2021, Glovo acquired two companies in order to enhance its 'q-commerce' sector. This Spanish corporation acquired Lola Market, a domestic grocery delivery company, as well as Mercadão, a Portuguese counterpart. The specific details of the acquisitions were not made public.
List of Prominent Players in the Quick Commerce Market:
- Glovo
- Getir
- Rappi
- Wolt
- JOKR
- Gopuff,
- Zomato
- Swiggy,
- Rohlik,
- Ocado Zoom
- Others
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Quick Commerce Market Report Scope:
| Report Attribute | Specifications |
| Growth Rate CAGR | CAGR of 12.9% from 2023 to 2031 |
| Quantitative Units | Representation of revenue in US$ Million and CAGR from 2023 to 2031 |
| Historic Year | 2019 to 2022 |
| Forecast Year | 2023-2031 |
| Report Coverage | The forecast of revenue, the position of the company, the competitive market structure, growth prospects, and trends |
| Segments Covered | By Category, Delivery Timeframe |
| Regional Scope | North America; Europe; Asia Pacific; Latin America; Middle East & Africa |
| Country Scope | U.S.; Canada; U.K.; Germany; China; India; Japan; Brazil; Mexico; France; Italy; Spain; South East Asia; South Korea |
| Competitive Landscape | Glovo, Getir, Rappi, Wolt, JOKR, Gopuff, Zomato, Swiggy, Rohlik, Gorillas, Ocado Zoom and others |
| Customization Scope | Free customization report with the procurement of the report and modifications to the regional and segment scope. Particular Geographic competitive landscape. |
Market Dynamics:
Drivers:
The adoption of 5G and 4G technology for payment transactions is projected to positively influence market growth due to its ability to provide users with a seamless experience. Moreover, a rising trend of smartphone usage in developing nations is expanding consumers' access to online shopping. Consequently, the increasing use of consumer devices is expected to fuel market expansion. Additionally, the growing presence of medium- and small-scale enterprises is set to boost the demand for rapid commerce further over the forecast period.
Challenges:
Maintaining efficient operations, especially in densely populated urban areas, can take time and effort. Meeting delivery timeframes while dealing with high order volumes is a constant challenge. Rising Meeting and exceeding customer expectations regarding delivery speed, accuracy, and product quality can be demanding, and rising customer expectations are continually changing the landscape. One significant factor impeding the growth of the quick e-commerce market is the substantial expense associated with hub operations, including the upkeep of dark stores and last-mile delivery fleets.
Regional Trends:
The North American quick commerce market is expected to register a major market share. In North America, quick commerce is gaining popularity among consumers due to its rapid delivery of everyday essentials, personal care items, electronics, and pet care products. This convenience allows consumers to order a wide range of products at their convenience. Quick commerce companies tend to focus on densely populated cities and regions, which contributes to the expansion of the market. Besides, the Asia Pacific region had a substantial share of the market. The APAC region is undergoing a significant market expansion, with countries like India, China, Japan, Indonesia, Singapore, and Thailand witnessing the emergence of quick commerce startups. This growth can be attributed to their unique selling point of speedy delivery and a wide range of product offerings.
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Segmentation of Quick Commerce Market-
By Category
- Food Delivery
- Grocery
- Courier
- Gifts & Flowers
- Pharmacy
- Others
By Delivery Timeframe
- Instant Delivery
- Same-day Delivery
- Scheduled Delivery
By Region-
North America-
- The US
- Canada
- Mexico
Europe-
- Germany
- The UK
- France
- Italy
- Spain
- Rest of Europe
Asia-Pacific-
- China
- Japan
- India
- South Korea
- South East Asia
- Rest of Asia Pacific
Latin America-
- Brazil
- Argentina
- Rest of Latin America
Middle East & Africa-
- GCC Countries
- South Africa
- Rest of Middle East and Africa
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