The global quick e-commerce market has witnessed substantial growth over the past few years owing to the growing preference for fast delivery of products among consumers. Quick commerce involves delivering groceries and daily essential items to customers within a fraction of an hour from placing the order online. Rising urbanization and increasingly busy lifestyles have continued to drive demand for quick and hassle-free online shopping. An ever growing young population and improved internet penetration are also contributing to the growth of the quick e-commerce model globally.
The Global quick e-commerce (quick commerce) market is estimated to be valued at US$ 44.81 billion in 2024 and is expected to exhibit a CAGR of 9.3% over the forecast period 2024 to 2031.
Key Takeaways
Key players operating in the Global Quick Commerce Market Growth 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. These major players are focusing on adopting growth strategies such as collaborations, mergers & acquisitions, geographical expansions to garner more market shares.
The key opportunities in the global quick e-commerce market include growing penetration of smartphones and ease of online ordering. Emergence of startups focusing on hyperlocal deliveries is further enhancing customer experience.
The global expansion of the quick e-commerce market is driven by growing foreign direct investments from key technology players. Quick commerce platforms are expanding operations to new geographies characterized by growing urbanization such as Asia Pacific and Middle East regions.
Market drivers
Rising urbanization is one of the key drivers of the global quick e-commerce market. The increasing population residing in urban areas prefer online shopping owing to their busy lifestyles and lack of time for shopping. Growing preference for fast, reliable and hassle-free delivery of products is further expected to drive the quick commerce model.
PEST Analysis
Political: The growing acceptance of digital commerce and lesser stringent regulations are supporting the growth of the global quick e-commerce market. However, data privacy laws and regulations can impact the market.
Economic: The market is witnessing growth due to rising disposable incomes, improved internet penetration, and higher adoption of smartphone usage globally. Availability of diverse products at affordable prices is augmenting the demand.
Social: Changing customer preferences towards instant gratification and seamless shopping experience are fueling the adoption of quick commerce solutions. Customers especially in densely populated cities prefer instant delivery over waiting for several hours.
Technological: Investments in advanced technologies including AI, ML and automation are enabling companies to optimize delivery operations and provide enhanced customer experience through features like real-time tracking and personalized recommendations. Blockchain can be explored to build trust in the supply chain.
In terms of value, the quick e-commerce market in Asia Pacific region is concentrated majorly, led by countries like China, India and Japan. In these densely populated countries with rising middle class, quick commerce is solving the issue of accessibility and availability of products.
The quick e-commerce market is witnessing fastest growth in North America region. Evolving customer demands and expanding brick-and-mortar stores of companies delivering groceries, food and other daily essentials within an hour in major cities are supporting the market growth. Established logistics and road infrastructure also enables fast delivery of products.
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