The quick commerce market size is expected to reach USD 40.1 billion by 2030, up from USD 3.5 billion in 2023
Highlighting that the quick commerce ecosystem in the country is growing rapidly, a recent study has stated that around USD 1.28 billion of kirana sales is expected to move to quick commerce in 2024. The study revealed that around 46 per cent of quick commerce buyers reduced buying from kirana shops.
As per the study by Datum Intelligence, 67 per cent kirana stores saw a decline in sales after the emergence of quick commerce. The study found that 82 per cent of buyers have moved at least 25 per cent of kirana purchase to quick commerce. Around 76 per cent of buyers will increase buying groceries on quick commerce, with kirana stores registering maximum reduction.
The report titled ‘State of Quick Commerce Market, 2024’ stated that nearly 67 per cent of buyers have an average order value of more than Rs 400 on quick commerce and nearly 53 per cent of buyers place more than five orders monthly on these platforms. Around 5 per cent of respondents stopped buying from kirana shops.
The report revealed that the Indian grocery market by sales is expected to reach USD 818.3 billion by 2028 from USD 570.3 billion in 2023. The grocery market is expected to grow at a compounded annual growth rate of 7.5 per cent between 2024 to 2028, adding around USD 250 billion in sales.
“Rapidly evolving consumer preferences are positioning quick commerce as the primary online retail channel for brands, swiftly replacing traditional ecommerce platforms, kirana stores and modern retail stores. The swift acceptance of quick commerce among consumers demonstrates a clear willingness to pay for the convenience of immediate, on-demand purchases,” stated the report.
As far as the market size forecast is concerned, the report added that the quick commerce market size is expected to reach USD 40 billion by 2030, up from USD 3.5 billion in 2023. As per the report, consumers are prioritising convenience and around 73 per cent online adults are likely to pay extra for 10-minute grocery delivery in 2024, up from 47 per cent in 2021.
