New Delhi, Dec 20 (IANS) Amid the surge in quick commerce industry, the food collection take-away segment in India is projected to register a compound annual growth rate (CAGR) of over 7.7 per cent during 2023–28, a report showed on Friday.
The rapid rise of quick commerce in India is reshaping the retail landscape, with urban populations progressively seeking fast delivery services for daily necessities, according to says GlobalData, a leading data and analytics company.
As consumers increasingly rely on instant access and time-saving services, the number of quick commerce options has proliferated, driving their swift expansion in the country.
“The Covid-19 pandemic has played a crucial role in driving the shift to quick commerce, as consumers prioritised safer and more convenient shopping methods. Quick commerce platforms are addressing this need by offering rapid delivery services that allow consumers to order groceries, household items, and ready-to-eat meals with ease,” said Shravani Mali, consumer analyst at GlobalData.
For instance, the quick-commerce service provider Blinkit, owned by Zomato, launched Bistro app to deliver food in 10 minutes to compete with the already existing quick food delivery apps such as Swiggy’s Bolt and Zepto Cafe to grab the opportunity in the quick commerce industry.
“The rapid rise in popularity of quick commerce in recent years has created lucrative opportunities for key players in the market. In Q3 2024, Zomato, an Indian food delivery company, recorded a 55 per cent year-on-year (YoY) growth in gross order value (GOV),” said Mali.
According to Francis Gabriel Godad, business development manager, India at GlobalData, in terms of key generation groups that are driving demand, younger generations are likely to gravitate towards online platforms.
Consumers, particularly working couples and mothers, are gravitating towards quick commerce solutions due to their hectic lifestyles.
According to the statistics reported by the Ministry of Statistics and Programme Implementation, in urban India, the labour force participation rate increased from 47.6 per cent in 2017-18 to 52.0 per cent in 2023-24.
“Hence, the rising adoption of time-saving services is a prominent factor that is stimulating the demand for quick commerce services,” said Mali.
—IANS
na/
Disclaimer
The information contained in this website is for general information purposes only. The information is provided by TodayIndia.news and while we endeavour to keep the information up to date and correct, we make no representations or warranties of any kind, express or implied, about the completeness, accuracy, reliability, suitability or availability with respect to the website or the information, products, services, or related graphics contained on the website for any purpose. Any reliance you place on such information is therefore strictly at your own risk.
In no event will we be liable for any loss or damage including without limitation, indirect or consequential loss or damage, or any loss or damage whatsoever arising from loss of data or profits arising out of, or in connection with, the use of this website.
Through this website you are able to link to other websites which are not under the control of TodayIndia.news We have no control over the nature, content and availability of those sites. The inclusion of any links does not necessarily imply a recommendation or endorse the views expressed within them.
Every effort is made to keep the website up and running smoothly. However, TodayIndia.news takes no responsibility for, and will not be liable for, the website being temporarily unavailable due to technical issues beyond our control.
For any legal details or query please visit original source link given with news or click on Go to Source.
Our translation service aims to offer the most accurate translation possible and we rarely experience any issues with news post. However, as the translation is carried out by third part tool there is a possibility for error to cause the occasional inaccuracy. We therefore require you to accept this disclaimer before confirming any translation news with us.
If you are not willing to accept this disclaimer then we recommend reading news post in its original language.
