February 21, 2024
Quick E-Commerce (Quick Commerce) Market

Growing Trend of Quick Deliveries Provides Huge Opportunity for Global Quick E-Commerce Market

The Global Quick E-Commerce (Quick Commerce) Market is estimated to be valued at US$ 38.89 Bn or 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.

The Quick E-Commerce (Quick Commerce) Market is characterized by delivery of groceries and everyday essentials to customers within a timeframe of 1 hour or less. It offers a convenient way for customers to meet their last-minute needs without having to step out. Dark stores or micro-fulfilment centers located close to residential areas facilitate quick order processing and deliveries.

Market Overview:

Quick commerce includes delivery of groceries like bread, milk, eggs, beverages etc. along with daily essentials like toiletries, medicines, baby products etc. It leverages technology extensively for inventory management, order picking, delivery route optimization to enable super-fast deliveries. Apps and websites play an important role in order placement, payment collection and tracking order status. Quick commerce targets high-frequency replenishment needs of urban consumers who are seeking instant gratification with their purchases.

Market Dynamics:

Rising adoption of mobile commerce across the world represents a major driver for the quick commerce market. Smartphone penetration has reached over 60% of global population making m-commerce a preferred shopping channel. Also, busy lifestyles and time constraints have increased demand for instant deliveries. Younger demographics especially are adopting a habit of ordering-in or doordash for quick meals as well as daily essentials instead of spending time visiting stores. Convenience and instant access are emerging as strong value propositions. Quick delivery players are setting up strategically located dark stores at dense neighborhoods for stocking fast-moving items to reduce average delivery time below 15-20 minutes. This helps address the need for urgency and immediacy of today’s customers.

Segment Analysis

The global quick e-commerce market is dominated by the grocery segment. It accounts for over 40% of the total market share owing to the widespread demand for daily essentials like groceries, fruits & vegetables, personal care items, etc. which are delivered within an hour via quick commerce platforms. This segment has grown exponentially during the pandemic as people preferred contactless home delivery of daily essentials over visiting brick-and-mortar stores.

PEST Analysis

Political: The market is positively impacted by supportive government policies and regulations for the growing e-commerce sector across major global markets. However, stringent data privacy laws pose some challenges.
Economic: Rising disposable incomes, fast-paced urban lifestyles, and growing preference for contactless delivery are driving the quick commerce market globally. However, inflation can negatively impact consumer demand.
Social: Changes in customer purchase behaviors and demand for instant gratification and convenience have boosted the adoption of quick commerce platforms. Moreover, trends like social commerce also support the market growth.
Technological: Advanced technologies like AI, machine learning, IoT, and analytics enable efficient quick delivery within tight timelines. Adoption of new technologies like drones and autonomous vehicles can further accelerate deliveries.

Key Takeaways

The GLOBAL Quick E-Commerce (Quick Commerce) Market SIZE is expected to witness high growth, exhibiting 34% CAGR over the forecast period 2023 to 2030, due to increasing consumer demand for instant gratification and convenience. The market size is projected to grow from US$ 38.89 Bn in 2023 to US$ 231.64 Bn by 2030.

Regional analysis: Asia Pacific is expected to dominate the global quick commerce market through the forecast period. This can be attributed to high smartphone and internet penetration, favorable demographics, and widespread adoption of e-commerce platforms in major APAC economies like India and China. Countries like India are witnessing numerous startups in this space to cater to the rising consumer demand for instant deliveries.

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. Among these, GoPuff, DoorDash and Instacart are the major players owing to their strong product portfolio and widespread global presence. However, European players like Gorillas and Getir as well as Indian startups are fast emerging and gaining market share.

*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it