1. The industry is at Growth Stage in the year FY’23, as major players entered the market in 2020-2022 setting up the quick commerce industry in India
Quick commerce is all about fast delivery, aiming to deliver products within a time span of less than 75 minutes. Smartphone Users & working professionals who are convenience seekers and tend to do unplanned purchases, are the major target audience for Quick Commerce market Quick Delivery: Compared to a conventional retail outlet and other e-commerce companies, q-commerce companies are able to get goods to customers in a fraction of the time. Quick Commerce is categorized as a unique business model where there is a very narrow delivery window. With the help of the dark Store delivery Model, the delivery cycle has been replaced from a 1-2 day delivery window to an under 75 minute’s time frame.
2. Companies with Large Product Assortment & Fastest Delivery are identified as clear leaders
Most of the quick commerce companies are burning cash right now due to extensive advertising and discounts being offered to onboard the customers. Quick commerce industry relies on local warehouses known as dark stores in immediate proximity to the locations they deliver. The companies have to bear the cost of setting up these dark stores and maintaining them. Over the period of time, the companies have to make sure that the model turns profitable by managing effective supply chain.
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3. Voice-Assisted Shopping and Ultra-Fast Deliveries are the Few Recent Trends and Developments in India Quick Commerce Market
The ultra-fast delivery is being fulfilled with automation technology. Automation speeds up the process and also designate tasks to the right delivery partner/resource without errors. Amazon Prime Air uses delivery drones to autonomously fly packages to customers within 30 minutes of ordering. The service was tested in UK in 2017. Operations were expected to begin in selected cities in UK & US in late 2019.
Some e-commerce businesses already recognize EVs as a cost improvement measure, in addition to improving customer satisfaction and meeting regulatory compliance and ensuring sustainable progress. Flipkart, Myntra, IKEA and Zomato have committed to 100% EV transition by 2030 and Amazon has committed to inducting 10,000 EVs by 2030. Flipkart, which started its EV journey in 2017, has already deployed 2,000 EVs over 18 states and union territories and will induct 25,000 EVs by 2030.
Major retailers such as Walmart and Amazon have been extending into voice assisted online shopping, through Amazon Alexa and Google Assistant smart home speakers. Smart home speakers have been gaining traction in India.
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