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Quick Commerce Market Size, Share & Trends 2024-2033 | Growth & Key Players
Quick Commerce Market Size
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According to The Business Research Company's, The quick commerce market size has grown exponentially in recent years. It will grow from $83.31 billion in 2023 to $104.10 billion in 2024 at a compound annual growth rate (CAGR) of 25.0%. The growth in the historic period can be attributed to urbanization, changing lifestyles, transportation infrastructure, e-commerce growth, and demographic changes.
The quick commerce market size is expected to see exponential growth in the next few years. It will grow to $254.99 billion in 2028 at a compound annual growth rate (CAGR) of 25.1%. The growth in the forecast period can be attributed to sustainability concerns, regulatory landscape, consumer expectations, health and safety concerns, and market consolidation. Major trends in the forecast period include hyper-personalization, the rise of social commerce, augmented reality (AR) shopping, sustainable practices, and voice commerce.
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Market Drivers and Trends:
The expansion of the e-commerce industry and online shopping is expected to propel the growth of the quick commerce market going forward. The e-commerce industry includes the buying and selling of goods and services over the Internet, while online shopping refers to the act of purchasing products or services through websites or mobile applications. The e-commerce industry and online shopping are expanding because of increased internet and mobile device penetration, advancements in technology, improved logistics and delivery services, and the convenience of shopping from home. Quick Commerce offers rapid on-demand delivery of online goods and services to consumers, enhancing convenience and meeting immediate needs. For instance, in May 2021, according to the United States Department of Commerce, a US-based government agency, e-commerce sales in the US reached $215.0 billion in the first quarter of 2021, which is an increase of 7.7% (±0.5%) compared to the fourth quarter of 2020. Therefore, the expansion of the e-commerce industry and online shopping is driving the growth of the quick commerce market.
Major companies operating in the quick commerce market are developing innovative platforms, such as real-time quick commerce advertising solutions, to enhance customer engagement and gain a competitive edge in the market. Real-time quick commerce advertising solutions are self-service platforms enabling FMCG companies to use real-time bidding to promote products on on-demand delivery apps. For instance, in October 2022, Delivery Hero SE, a Germany-based online food ordering company, partnered with CitrusAd, an Australia-based self-serve e-commerce ad-serving platform, to launch new Self-Service Quick Commerce Advertising Solutions. This partnership allows FMCG companies to use advanced AdTech tools to promote their products. Through its on-demand delivery apps, Delivery Hero now offers real-time bidding capabilities, enabling brands to select different buying models, such as cost-per-click, and monitor results in real-time.
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Major Key Players of the Market:
Delivery Hero SE, DoorDash Inc., Gopuff, Maplebear Inc., Swiggy, Grab Holdings Inc., Getir, Shipt Inc., Postmates Inc., Missfresh Inc., Flink SE, ZeptoExpress Sdn Bhd, Lalamove LLC, FreshDirect LLC, Jokr Inc., Dunzo Digital Private Limited, Zapp Ltd., Blink Commerce Private Limited, Gorillas Technologies GmbH, GoJek, Rappi S.A.S, Weezy Technologies Limited
Quick Commerce Market 2024 Key Insights:
• The quick commerce market size is expected to see exponential growth in the next few years. It will grow to $254.99 billion in 2028 at a compound annual growth rate (CAGR) of 25.1%.
• Expansion Of The E-Commerce Industry And Online Shopping Fuels Growth In The Quick Commerce Market
• Self-Service Quick Commerce Advertising Solutions Transforming The Quick Commerce Market
• North America was the largest region in the quick commerce market in 2023
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