Quick commerce Market Size is predicted to witness a 12.9% CAGR during the forecast period for 2023-2031.
Q-commerce, short for Quick Commerce, denotes a swiftly expanding phenomenon in the e-commerce sector distinguished by the prompt and effective transportation of products to customers. Q-commerce is centred around delivering products with exceptional speed, typically within a few hours or even minutes of a customer's order placement. This concept is specifically engineered to cater to the growing need for immediate satisfaction and ease in online retail.
The expansion of the e-commerce sector and the widespread use of mobile applications and technology platforms are anticipated to propel the market. As e-commerce continues flourishing, many individuals are shifting to online shopping for various products, including groceries, daily essentials, electronic devices, and apparel. This surge in online shopping has generated a higher need for efficient and rapid delivery options. Furthermore, e-commerce platforms have instilled an expectation of convenience and swiftness in consumers' shopping experiences. Consequently, customers are increasingly seeking quicker delivery alternatives, prompting e-commerce companies to offer same-day or on-demand delivery services.
The increasing demand for same-day delivery services and technological advancements, such as mobile applications, GPS tracking, and route optimization, primarily drive the market's growth. In our fast-paced lives, consumers seek convenience in their shopping experiences. Moreover, same-day delivery services cater to this need, enabling customers to receive their essentials without physically visiting brick-and-mortar stores or planning their purchases well in advance. Furthermore, companies in the retail and logistics sectors offer same-day delivery as a competitive advantage.
Competitive Landscape
Some Major Key Players In The Quick Commerce Market:
- Glovo
- Getir
- Rappi
- Wolt
- JOKR
- Gopuff,
- Zomato
- Swiggy,
- Rohlik,
- Ocado Zoom
- Gorillas
- Others
Market Segmentation:
The quick commerce market is segmented on the basis of category and delivery time frame. Based on category, the quick commerce market is segmented as food delivery, grocery, courier, gifts & flowers, pharmacy, and others. By delivery time frame, the market is segmented into instant delivery, same-day delivery, and scheduled delivery.
Based On The Delivery Time Frame, The Same-Day Delivery Segment Is A Major Contributor In The Quick Commerce Market.
The same-day delivery category is expected to hold a major share of the global quick commerce market in 2022. Customers are placing growing importance on rapid delivery, and same-day delivery effectively caters to their desire for convenience and swiftness. This inclination for instant satisfaction plays a pivotal role in propelling the expansion of the same-day delivery sector. Furthermore, in the age of smartphones and on-demand services, consumers have grown accustomed to their needs being addressed promptly. Same-day delivery aligns well with this culture of rapid gratification and is an appealing option for a wide range of products.
The Grocery Segment Witnessed Growth At A Rapid Rate.
The grocery segment is projected to grow at a rapid rate in the global quick commerce market. Purchasing groceries online empowers customers to make convenient home-based purchases and receive swift deliveries, resulting in time savings and enhanced convenience. This aligns perfectly with the fundamental value proposition of quick commerce (q-commerce). Moreover, online grocery orders can encompass various products, including packaged foods, household essentials, and fresh produce. Thanks to the diverse array of items accessible, shoppers can source all their requirements from a single platform, thereby boosting order values and profitability for q-commerce enterprises.
In The Region, The North American Quick Commerce Market Holds A Significant Revenue Share.
The North American quick commerce market is expected to register a tremendous market share in terms of revenue in the near future. In North America, customers are experiencing greater ease in accessing Q-commerce platforms and making orders, thanks to the growing prevalence of smartphones and mobile applications. These user-friendly applications provide a smooth and convenient shopping experience. In addition, Asia Pacific is estimated to grow at a rapid rate in the global quick commerce market. In the Asia Pacific region, food delivery services have successfully attracted a substantial customer following. As these platforms extend their offerings beyond restaurant meals, they tap into a well-established user base already familiar with online ordering and swift deliveries. This broadens the potential customer base for Q-commerce services.
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.
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 |
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Forecast Year |
2023-2031 |
|
Report Coverage |
The forecast of revenue, the position of the company, the competitive market structure, growth prospects, and trends |
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Segments Covered |
By Category, Delivery Timeframe |
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Regional Scope |
North America; Europe; Asia Pacific; Latin America; Middle East & Africa |
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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. |
|
Pricing And Available Payment Methods |
Explore pricing alternatives that are customized to your particular study requirements. |
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