The global quick e-commerce (quick commerce) market has witnessed a massive shift towards on-demand delivery models with products and services reaching customers within an hour. Quick commerce aims at fulfilling customer orders received through mobile apps within a few minutes to a maximum of two hours. Items such as groceries, medicines, consumer goods, and food are delivered through a network of dark stores located close to potential demand centers. The use of autonomous vehicles, micro-fulfillment centers, and predictive analytics helps optimize delivery routes and ensure timely order fulfillments. The Global quick e-commerce (quick commerce) Market is estimated to be valued at US$ 44.81 Bn in 2024 and is expected to exhibit a CAGR of 9.3% over the forecast period 2024 to 2030.
Key Takeaways:
Key players operating in the global quick e-commerce (quick commerce) are Shire Plc., CSL Limited, Octapharma AG, LFB S.A., Biotest AG, Grifols, S.A., SK Plasma Co., Ltd., Baxter International Inc., Green Cross Corporation, and Fusion Health Care Pvt. Ltd., among others. The shift towards quick commerce from traditional delivery models offers opportunities for retailers and brands to scale their operations and provide a superior customer experience. Major e-commerce players are expanding their quick commerce presence globally, especially in developing countries, to capitalize on the expected high growth in the sector.
Key opportunities in the Global Quick Commerce Market Share include expanding product catalogs to include daily essentials along with quick-delivery exclusive products. Collaborations between retailers, restaurant aggregators and logistics players help pool resources for an efficient supply chain. Increased adoption of quick commerce in Tier II & III cities and rural areas presents substantial growth prospects.
The global expansion of the quick commerce market is driven by large retailers foraying into international markets and strategic partnerships between regional players. Countries across Asia Pacific, Latin America, and Middle East & Africa demonstrate high growth potential for quick commerce as internet and smartphone penetration increases.
Market drivers:
Rising consumer demand for instant gratification and same-day delivery are the major drivers for quick commerce adoption. The need for convenience and ability to order products on-demand for immediate consumption has increased multifold. Quick commerce fulfills this need efficiently by leveraging dense networks of micro and dark stores. The ease of ordering and speed of delivery helps retain customers and attract new users who prefer instant access over a wider product selection.
PEST Analysis
Political: The quick e-commerce market is subjected to various government regulations regarding safety, security and consumer data protection. Strict policies can act as a restraint to the growth and expansion of the market players.
Economic: Factors such as growing disposable income, rise in internet and smartphone penetration are fueling the growth of the quick e-commerce market. On the other hand, inflation and economic uncertainties can negatively impact the market.
Social: Changing consumer preferences towards on-demand delivery services are driving the demand for quick commerce. Younger generations are most active adopters of e-commerce platforms which offers wide array of products through quick delivery.
Technological: Advances in last-mile delivery technologies such as drones, autonomous vehicles are enabling players to provide ultra-fast deliveries within few minutes. Digital payment options and intuitive mobile apps with personalized experiences are enhancing the consumer engagement.
The geographical regions where the global quick e-commerce market is concentrated in terms of value are North America and Europe. Developed economies in these regions have high internet penetration, accessibility to smartphones and active adoption of online shopping. Large customer base of young & working professionals prefer on-demand delivery offered through quick commerce platforms.
The fastest growing region for the global quick e-commerce market is expected to be Asia Pacific led by countries like China and India. Urbanization, rising youth population and growing middle class with increasing disposable incomes in emerging countries of Asia are driving the market growth. Favorable government initiatives to promote digital economy along with presence of global as well as local quick commerce players will boost the regional market during forecast period.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it