July 16, 2024
Global Quick E-Commerce Market

Rising Digital Adoption Accelerates Growth of Global Quick E-Commerce Market

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 enables customers to order groceries and everyday essentials through mobile applications for delivery within 60 minutes. Increased digital connectivity and busy lifestyles have boosted demand for quick delivery of products through online platforms.

Market Dynamics:
The quick commerce market is driven by growing preference for instant grocery deliveries among digital-savvy urban populations. Busy schedules leave little time for shopping trips, driving demand for convenient on-demand deliveries. Additionally, high competition among quick commerce players has led to extremely fast delivery promises within 10-30 minutes, further stimulating market growth. Investments in warehouses and last-mile delivery fleets allow players to optimize operations and meet delivery time targets, captivating more customers.

Market Trends:
The global quick e-commerce market is witnessing rising adoption of 10-minute delivery services. Firms are expanding in new regions or launching ultrafast delivery services to cater to the increasing demand for instant gratification. For instance, Jokr launched services in New York which guarantees delivery within 10 minutes. Gorillas also launched 10-minute delivery in several European cities. 1520 and GoPuff have expanded their 10 minutes service globally. This instant delivery model is becoming popular as it allows consumers to order products of their daily needs like grocery, over-the-counter drugs within few minutes.

SWOT Analysis:
Strengths: Large customer base, strong brand recognition, and economies of scale for major players.
Weaknesses: High fulfilment and last-mile delivery costs, dependence on gig workers/ part-time staff.
Opportunities: Untapped regional markets, expanding product categories beyond essentials, partnerships with retailers.
Threats: Competition from other on-demand services, regulations around gig work, sustainability issues relating to ultra-fast deliveries.

Key Takeaways

Market Size:

The Global Quick E-Commerce Market Growth is expected to witness high growth, exhibiting CAGR of 34.1% over the forecast period, due to increasing adoption of instant delivery models among customers looking for instant gratification.

Regional Analysis: North America dominated the global market in 2023 and is expected to maintain its lead over the forecast period. However, Asia Pacific is anticipated to be the fastest-growing regional quick commerce market owing to the rising young population and expanding middle class in nations such as China and India that are increasingly adopting online shopping.

Key Players: Key players operating in the quick e-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. Players are strategizing expansions, launching new fulfillment centers, collaborating with merchants to consolidate market presence.

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