What Is The Overview Of The Global Quick Commerce Market?
Quick commerce refers to a segment of the e-commerce industry that focuses on the rapid delivery of goods and services to customers, typically within an hour or even minutes of placing an order. It often involves the use of localized warehouses, advanced logistics, and delivery technologies to ensure speed and efficiency.
Quick Commerce Global Market Report 2024 provides data on the global quick commerce market such as market size, growth forecasts, segments and geographies, competitive landscape including leading competitors’ revenues, profiles and market shares. The Quick Commerce market report identifies opportunities and strategies based on market trends and leading competitors’ approaches.
What Projections Can We Expect For The Size And Growth Rates Of The Global Quick Commerce Market?
The quick commerce market has experienced rapid growth, expanding from $83.31 billion in 2023 to $104.10 billion in 2024, with a compound annual growth rate (CAGR) of 25.0%. This historic growth is attributed to factors such as urbanization, changing lifestyles, improvements in transportation infrastructure, the growth of e-commerce, and demographic changes. The market is expected to continue its exponential growth, reaching $254.99 billion by 2028 at a CAGR of 25.1%. This future expansion is driven by sustainability concerns, evolving regulatory landscapes, shifting consumer expectations, health and safety considerations, and market consolidation. Key trends expected to influence the market include hyper-personalization, the rise of social commerce, augmented reality (AR) shopping, sustainable practices, and voice commerce.
What Are The Core Factors Supporting Growth In The Quick Commerce Market?
The expansion of the e-commerce industry and online shopping is expected to drive the growth of the quick commerce market. E-commerce involves buying and selling goods and services online, while online shopping refers to purchasing through websites or mobile apps. The growth of e-commerce and online shopping is due to increased internet and mobile device penetration, technological advancements, improved logistics and delivery services, and the convenience of home shopping. Quick Commerce focuses on providing rapid, on-demand delivery of goods and services, enhancing convenience for immediate needs. For instance, in May 2021, the United States Department of Commerce reported e-commerce sales in the US reached $215.0 billion in Q1 2021, a 7.7% increase compared to Q4 2020. Thus, the expansion of e-commerce and online shopping is driving the growth of the quick commerce market.
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What Are The Major Segments Within The Global Quick Commerce Market?
The quick commerce market covered in this report is segmented –
1) By Product: Food And Groceries, Stationery, Personal Care Items, Medicines, Small Electronics And Accessories, Clothing, Household Products, Others Products
2) By Technology: Application Based Operation, Website Based Operation, Hybrid Operation
3) By Payment Mode: Cash On Delivery, Online
Which Trends Are Expected To Transform The Quick Commerce Market?
Leading companies in the quick commerce market are creating innovative platforms, such as real-time quick commerce advertising solutions, to boost customer engagement and achieve a competitive advantage. Real-time quick commerce advertising solutions are self-service platforms allowing FMCG companies to utilize real-time bidding for product promotions on on-demand delivery apps. For instance, in October 2022, Delivery Hero SE, an online food ordering company from Germany, collaborated with CitrusAd, an Australian self-serve e-commerce ad-serving platform, to launch Self-Service Quick Commerce Advertising Solutions. This partnership enables FMCG companies to leverage advanced AdTech tools for product promotion through on-demand delivery apps, offering real-time bidding options and various buying models like cost-per-click.
What Is The Fastest Growing Region In The Quick Commerce Market?
North America was the largest region in the quick commerce market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the quick commerce market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
