June 18, 2024
Global Quick E-Commerce Market

Global Quick E-Commerce Market Poised to Accelerate Due to Rising Adoption of Smartphones and Expanding Urbanization

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 a form of e-commerce where customers order goods like groceries, food, medicines, and other daily essential items, which are then delivered within a few hours. Key players in the market like GoPuff, DoorDash, Instacart, Uber, Glovo, Rappi, Gorillas, Getir, Jokr, Zapp, Flink, 1520, Buyk, Deliveroo, Seazon, Yango Deli, Delivery Club, Bolt Food, Swiggy Instamart, and Blinkit aim to deliver products within 30-60 minutes. This market is gaining traction owing to the comfort of shopping from home.

Market Dynamics:
Rising adoption of smartphones globally has propelled the growth of the e-commerce industry. According tostatista.com, the number of smartphone users worldwide is expected to reach 6.388 billion in 2027, up from 5.13 billion in 2020. As quick commerce relies heavily on mobile apps for order placement and delivery, the growth of the smartphone user base acts as a major driver for market growth. Furthermore, expanding urbanization has increased preference for hassle-free online shopping among urban consumers. Rising Middle-class population, increasing disposable incomes, and growth of nuclear families in urban areas have further boosted demand for quick delivery of daily essentials.

Segment Analysis

The global Quick E-Commerce market is dominated by grocery segment. Grocery accounts for more than 40% of the total sales in the quick commerce market. The dominance is owing to consumer preference of ordering grocery and daily essential items via quick commerce platforms due to value of convenience and speed offered. Other popular segments include electronics, toys and baby care products, but their individual market share remains less than 15% each.

PEST Analysis

Political: Favorable regulations around delivery of goods and operations of quick commerce companies ease business environment. Economic: High disposable incomes and preference for convenience drives demand for quick commerce especially in developed markets. Social: Young population readily adopts new technologies and digitalization increases convenience seekers. Technological: Smartphones and internet penetration coupled with technological innovations in delivery and order fulfilment optimize operations of quick commerce players.

Key Takeaways

The global Global Quick E-Commerce Market Growth is expected to witness high growth, exhibiting 34.1% CAGR over the forecast period 2023 – 2030, due to increasing preference for instant gratification and convenience among consumers. The market size is projected to reach US$ 38.89 Bn by 2023.

The North America region dominates the quick commerce market with over 30% market share owing to widespread adoption of online platforms and strong logistics infrastructure. Europe is also a major market for quick commerce driven by demand in Germany, France and UK.

Key players operating in the 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. The players are focusing on expansion, adoption of latest technologies and offering unique customer experiences to strengthen their market position.

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