New Delhi: In the next three years, India’s quick commerce market, quite popular as quick grocery delivery under the 10-15 minutes time period, is all set to see 15 times growth by 2025 by reaching a market size of about $5.5 billion, according to a report published by the IANS.
RedSeer, the Bengaluru-based market research firm, in its report said that 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.
Abhishek Gupta, engagement manager of RedSeer, said, “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 bricks and mortar shopping is enabling this market to grow rapidly.”
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.
According to the report, quick commerce is satisfying the latent needs of its customers in a way that traditional commerce never could. It gives customers exactly what they want, when they want it, without forcing them to wait days or weeks for delivery.
Over the past 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.
The report mentioned that 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.