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The quick commerce (q-commerce) market has experienced significant expansion in recent years, driven by various factors and trends that continue to shape its future. As we delve into the latest data and forecasts, it becomes evident that this sector is on a trajectory of remarkable growth.

Current Market Overview

• Growth Trajectory: The quick commerce market size surged from $83.31 billion in 2023 to an anticipated $104.10 billion in 2024. This represents a compound annual growth rate (CAGR) of 25.0%.
• Historic Drivers: Key drivers of this growth include urbanization, evolving lifestyles, advancements in transportation infrastructure, the rise of e-commerce, and demographic shifts.

Future Projections

• Expected Growth: By 2028, the quick commerce market is projected to reach $254.99 billion, maintaining a robust CAGR of 25.1%.
• Forecast Drivers: This future growth is expected to be fueled by sustainability concerns, evolving regulatory landscapes, heightened consumer expectations, health and safety considerations, and market consolidation.

Major Trends Shaping the Market

1. Hyper-Personalization: Tailoring services to individual consumer preferences and behaviors.
2. Rise of Social Commerce: Leveraging social media platforms for direct sales and customer engagement.
3. Augmented Reality (AR) Shopping: Enhancing the online shopping experience with AR technology.
4. Sustainable Practices: Increasing emphasis on environmentally-friendly operations and products.
5. Voice Commerce: Integrating voice-activated technology into shopping experiences.

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E-Commerce Expansion Driving Quick Commerce Growth

• E-Commerce Impact: The growth of the e-commerce sector and online shopping significantly contributes to the expansion of the quick commerce market. The increase in internet and mobile device use, technological advancements, and improved logistics are key factors.
• Convenience Factor: Quick commerce meets immediate consumer needs with rapid on-demand delivery, exemplified by a 7.7% increase in U.S. e-commerce sales in early 2021.

Innovative Advertising Solutions

• Self-Service Platforms: Companies are adopting real-time quick commerce advertising solutions to enhance customer engagement. These platforms allow for real-time bidding and advanced AdTech tools.
• Case Study: Delivery Hero SE’s partnership with CitrusAd in October 2022 exemplifies this trend, offering brands real-time bidding capabilities and diverse buying models through on-demand delivery apps.

Strategic Acquisitions and Global Expansion

• DoorDash and Wolt Acquisition: In June 2022, DoorDash Inc. acquired Wolt Enterprises Oy, broadening its global reach and enhancing its competitive edge. This move leverages Wolt’s established market presence in various countries and expertise in local commerce.

Market Segmentation

1. By Product: Includes food and groceries, stationery, personal care items, medicines, small electronics and accessories, clothing, household products, and others.
2. By Technology: Ranges from application-based operations and website-based operations to hybrid models.
3. By Payment Mode: Covers cash on delivery and online payments.

Regional Insights

• Current Leader: North America was the largest market in 2023.
• Future Growth: The Asia-Pacific region is expected to emerge as the fastest-growing market in the coming years.

In conclusion, the quick commerce market is poised for unprecedented growth, driven by technological advancements, evolving consumer preferences, and strategic innovations. As businesses adapt to these trends, they will continue to shape the future of this dynamic sector.

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The Quick Commerce Global Market Report 2024  provides an overview of the quick commerce market for the time series: historic years (2010 – 2021) and ten years forecast (2023 – 2032). The quick commerce market forecast analyzes quick commerce market size, quick commerce market share, leading competitor and their market positions.

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