Quick Commerce - Global Trends

The quick commerce industry is expected to grow 10 to 15 times its current size. This means that the industry has enormous potential. These potentials are not limited to one geographical location but have existed globally. Customers globally are preferring Quick Commerce as their mode of delivery, and that is why it has become important for businesses to understand global trends.

Some of the sentiments and expectations of the global quick commerce industry are

• Global revenue growth − The total revenue generated by the Quick Commerce industry globally is expected to account for somewhere close to 113.8 billion US dollars.

• Global growth rate of the Quick Commerce industry − The total revenue of the Quick Commerce industry is expected to grow (compound annual growth rate from 2023 to 2027) by 12.95% globally.

• Market share of the countries in the Quick Commerce industry − The top 5 countries that are going to witness the largest Quick Commerce growth in the coming years or are experiencing it now, in order of their total contribution to Quick Commerce revenue, are −

  • China

  • United States

  • Japan

  • South Korea

  • United Kingdom

• The largest player in the Quick Commerce industry − in global comparison, China is going to be the hub of the Quick Commerce industry. Currently, even China has the highest revenue contribution to the global quick commerce industry, which is somewhere near 601300 million US dollars.

• Penetration rate of the Quick Commerce industry − The penetration rate, or the number of consumers that are getting affiliated with the Quick Commerce industry or the Quick Commerce services, is also going to increase year by year. Currently, the global consumer penetration rate of the Quick Commerce industry is 6.7% by the year 2023, and it is expected to grow or hit the 9.9% global consumer penetration rate by the year 2027.

• Number of users in the Quick Commerce industry − The number of users in the Quick Commerce industry is expected to amount to 789.10 million consumers.

• The ARPU of the Quick Commerce Industry − The average revenue per user (ARPU) generated by the Quick Commerce industry globally amounts to 222.3 US dollars, and it is expected to grow over the years.

• Growing companies in the Quick Commerce Industry − In India, we are now going to have to go to BBnow, which is going to be the Quick Commerce version of Big Basket E-commerce by Tata. BBnow is going to provide customers with choices of more than 3000 products, and the products are going to range from frozen treats and fresh groceries to daily necessities. We have also seen similar developments in other nations, like Nigeria's Jumia Food Mart, Veppy.com, the United Arab Emirates' first Quick Commerce company, and others.

• Hyper-local and the Quick Commerce industry − The Quick Commerce industry is following the hyper-local business working strategy. This was something that was followed years ago, but then we switched to standardized and mass distributions of goods across geographical areas, which in turn shows that as a world we are running in a cycle. What is trendy now is going to become obsolete and trendy again with the passage of time.

To sum up the entire Quick Commerce industry globally, we can see that sentiments are positive and there are large potentials for the market as well as businesses to grow with Quick Commerce. However, there are a lot of things that companies have to take into consideration and also improvise upon. Companies cannot stay stagnant in this volatile, uncertain, complex, and ambiguous (VUCA) world, and deeper in the tutorial we will be covering the same.