Multiple players can co-exist in Quick Commerce India’s retail market: Report
The retail market in India is a thriving industry that has seen significant growth over the years. According to a recent report, the retail market in India stood at Rs 76 trillion to 78 trillion in 2023 and is expected to reach Rs 116 trillion to 124 trillion by 2028. Amidst this growth, Quick Commerce has emerged as a key player, with its contribution expected to increase substantially in the coming years.
In 2023, Quick Commerce accounted for 0.3 per cent of the retail market, amounting to Rs 224 billion. However, projections indicate that by 2028, Quick Commerce’s share is set to rise to 2-3 per cent, translating to a value of Rs 2320 billion to Rs 4240 billion. This impressive growth trajectory signifies Quick Commerce’s expanding presence and influence within the Indian retail landscape.
One of the key drivers behind Quick Commerce’s projected growth is its ability to meet the evolving demands and preferences of consumers in the digital age. Quick Commerce leverages technology and data analytics to offer seamless and convenient shopping experiences, allowing customers to browse, purchase, and receive products with unprecedented speed and efficiency. This focus on customer-centricity has resonated with a wide audience, propelling Quick Commerce to the forefront of the retail market.
Despite Quick Commerce’s rapid ascent, the report suggests that there is ample room for multiple players to co-exist within the Quick Commerce segment of India’s retail market. The projected growth rate of Quick Commerce, estimated at a compound annual growth rate (CAGR) of 60-80 per cent, indicates a flourishing market that can support the presence of several competitors. This healthy competition fosters innovation, drives service quality, and ultimately benefits consumers by offering a diverse range of options to choose from.
Moreover, the co-existence of multiple players within the Quick Commerce segment can lead to collaborative opportunities and strategic partnerships that further enhance the overall retail ecosystem. By leveraging each other’s strengths and capabilities, companies operating in Quick Commerce can create synergies that drive mutual growth and expansion, ultimately shaping a dynamic and resilient market landscape.
As Quick Commerce continues to gain momentum and assert its presence in India’s retail market, the report’s findings underscore the potential for diverse players to thrive in this evolving sector. By embracing innovation, prioritizing customer satisfaction, and fostering collaboration, companies can carve out their niche within Quick Commerce and contribute to the sector’s overall growth and development.
In conclusion, the report’s insights highlight the promising outlook for Quick Commerce in India’s retail market and emphasize the co-existence of multiple players as a viable and advantageous scenario. As the industry continues to expand and evolve, there is ample opportunity for companies to establish their presence, drive innovation, and cater to the diverse needs of Indian consumers within the Quick Commerce segment.
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