by The global Quick E-Commerce (Quick Commerce) Market is estimated to be valued at US$ 38.89 Bn in 2023 and is expected to exhibit a CAGR of 34.1% over the forecast period 2023 – 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Quick commerce refers to delivering groceries and daily essentials within a few minutes from ordering via a mobile app. It aims to deliver goods in as little as 10-30 minutes by using a network of dark stores located close to customers. Some key advantages of quick commerce include tremendous convenience for customers by fulfilling their needs within minutes, reduction of wastage for retailers by intelligent procurement and optimizing inventory, and creating numerous jobs for delivery partners. The growing need for instant gratification among consumers and their busy lifestyles have fueled the demand for quick commerce.
Market key trends:
One of the major trends in the quick commerce market is the rise of ultrafast grocery delivery startups. Several startups have emerged which can deliver groceries within 10-20 minutes, challenging the traditional 30-minute grocery delivery model. For instance, Getir delivers groceries within 10 minutes in select cities, while Gopuff and Jokr promise delivery under 30 minutes. These startups have transformed the grocery shopping experience by enabling customers to get items like milk, bread, eggs etc. within minutes. Their ultrafast delivery model has helped them expand operations rapidly across key cities.
Porter’s Analysis
Threat of new entrants: The threat of new entrants is moderate due to high capital requirement for logistics and warehousing infrastructure. However, new players are entering the market by offering niche hyperlocal delivery services.
Bargaining power of buyers: The bargaining power of buyers is high due to availability of multiple quick commerce players and ease of switching between platforms. Buyers can choose from a wide range of products at competitive prices.
Bargaining power of suppliers: The bargaining power of suppliers is moderate as quick commerce platforms depend on a large number of local merchants and suppliers for relevant assortment and timely deliveries.
Threat of new substitutes: The threat of new substitutes is low as quick commerce offers convenience of delivery within minutes, substitutes like traditional e-commerce or offline stores cannot deliver such experience.
Competitive rivalry: intense with presence of global and local players focusing on geographic expansion, technological innovation and customer acquisition through discounts.
Key Takeaways
The Global Quick E-Commerce Market Growth is expected to witness high growth, exhibiting CAGR of 34.1% over the forecast period 2023 – 2030, due to increasing preference for instant deliveries among consumers. The market was valued at US$ 38.89 Bn in 2023.
Regional analysis: North America dominated the quick commerce market in 2023 supported by significant investments by players like GoPuff, DoorDash and Instacart in the region. However, Asia Pacific is expected to witness the fastest CAGR during the forecast period, led by China, India and Indonesia. Abundant opportunities exist in APAC due to high smartphone and internet penetration, rapidly evolving logistics, and increasing young population keen on convenience.
Key players: Key players operating in the 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. GoPuff is one of the leading players focused on North America while Turkish firms like Getir and Glovo have established strong presence across European cities.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
