In a fast-moving world, consumers are looking at having products and services in hand as quickly as possible. The grocery e-ommerce space has effectively reduced the duration of delivery to as less as 10 minutes.
Swiggy, Dunzo, and Zepto are some names that the average layman is familiar with in this category. Quick commerce, based on consulting firm RedSeer's report, is the fastest of ecommerce spaces. Now, consumers have access to what they want, exactly when they want it.
India's adoption of quick commerce has been rapid to the point that it is eyeing a $5.5 billion target market. By 2025, it would have grown by a whopping 15x.
Abhishek Gupta, Engagement Manager at RedSeer, said, “India has laid the foundation for a well-positioned market for quick commerce adoption. A large pie is at stake. The growing online population and an increasing preference for online shopping over brick-and-mortar shopping is enabling this market to grow rapidly.”
The Total Addressable Market for this is poised at $45 billion, and a large part of this can be attributed to mid-high income households from Tier 1 and metro cities. Regions that have seen rapid urbanisation, such as Bangalore, New Delhi, and Chennai, are the primary consumers of quick commerce services.
Sheer speed and rapidness is what makes quick commerce stand out from the more traditional means of commerce. Players in the market are beginning to see how lucrative the segment is, which has led to new entrants into the category, each offering quicker services that the last. Most of these players are leveraging on a convenience-first goal, and are driving their services accordingly.
RedSeer's report highlights that quick commerce is also far more likely to be recommended by a consumer. This means that word-of-mouth becomes an important aspect to consider in the segment.
Digital penetration in India has fueled this growth further, and it is expected to top even China in terms of quick commerce adoption.
Edited by Teja Lele Desai