As quick grocery delivery under the 10-15 minutes time period becomes the new growth arena globally, India’s quick commerce market is all set to witness 15 times growth by 2025, reaching a market size of nearly $5.5 billion, a new report showed on Thursday.
The total addressable market for quick commerce in India stands at $45 billion, and urban areas are driving this market on the back of mid-high-income households, according to Bengaluru-based market research firm RedSeer.
“India has laid the foundation for a well-positioned market for quick commerce adoption. The growing online population and an increasing preference for online shopping over brick-and-mortar shopping is enabling this market to grow rapidly,” said Abhishek Gupta, Engagement Manager, RedSeer.
Quick commerce is fundamentally changing consumer purchase behaviour and the grocery retail market on the whole by providing faster delivery options (in as little as 10 minutes) as well as a more convenience-driven shopping experience.
“Quick commerce is satisfying the latent needs of its customers in a way that traditional commerce never could,” the report said.
It gives people exactly what they want, when they want it, without forcing them to wait days or weeks for delivery.
The convenience and speed of quick commerce is a key reason why customers love it and why the segment is only bound to soar upwards, the report added.
Over the last two years, quick commerce has seen a significant uptake in urban areas, with major cities such as Bengaluru, Chennai and New Delhi enjoying most of the offerings.