The quick commerce industry in India is rapidly growing, with the food takeaway segment expected to see a compound annual growth rate (CAGR) of over 7.7% between 2023 and 2028, according to a recent report. This growth is driven by urban populations increasingly seeking fast delivery services for daily essentials, as highlighted by GlobalData, a leading data and analytics company.
The rise of quick commerce is reshaping the retail landscape, as consumers demand instant access to groceries, household items, and ready-to-eat meals. The Covid-19 pandemic played a significant role in this shift, with many consumers prioritizing safer and more convenient shopping methods. Quick commerce platforms, offering rapid delivery services, have become the go-to solution for these needs.
One notable example is Blinkit, owned by Zomato, which launched its Bistro app to deliver food in just 10 minutes. This move comes as a response to competitors like Swiggy’s Bolt and Zepto Cafe in the fast-growing quick commerce market. In fact, Zomato reported a 55% year-on-year growth in gross order value (GOV) in Q3 2024, demonstrating the booming demand for such services.
The demand for quick commerce solutions is driven by younger generations, particularly working couples and mothers, who are attracted to the convenience of these services due to their busy lifestyles. In urban India, the labor force participation rate has increased from 47.6% in 2017-18 to 52% in 2023-24, highlighting the growing need for time-saving services.
As demand for quick commerce services continues to rise, it is clear that these platforms are catering to the fast-paced, convenience-driven lives of Indian consumers.
