Consumers’ Preference For Faster Delivery Give Rise To Quick Commerce Platforms

ENA Sectors 2024-09-25 17:27:21 New Delhi, Sep 25 (KNN) A recent study by market research firm NIQ reveals a significant shift in online shopping behaviours driven by the rise of quick commerce (Q-comm) platforms. The Shoppers Trend 2024 report indicates that 31 per cent of buyers now rely on fast delivery options for their grocery needs. Notably, 39 per cent of consumers utilise Q-comm services for top-up purchases, highlighting its growing importance in the retail landscape. Mitesh Dabrai, Executive Director of Consumer and Marketing Insights at NIQ India, emphasises the evolving nature of consumers today, stating, Shoppers are more discerning, price-conscious, and channel-agnostic than ever before. The doubling of quick commerce usage signals an urgent need for fast-moving consumer goods (FMCG) brands to prioritise convenience and speed while addressing value perceptions. This surge in quick commerce usage is corroborated by FMCG companies, which have recognised it as a vital growth engine in recent quarters. Suresh Narayanan, Chairman and Managing Director of Nestle India, pointed out that quick commerce constitutes 2.1 per cent of overall e-commerce sales and is the fastest-growing segment, outpacing traditional players. Similarly, during an annual general meeting in August, Ankush Jain, CFO of Dabur, noted that quick commerce has nearly doubled in growth, contributing to 25-30 per cent of the companys e-commerce revenue. The NIQ study involved interviews with over 4,500 consumers across major Indian cities, including Delhi, Mumbai, Bengaluru, and Chennai, targeting individuals aged 18-65 who shop for groceries at hypermarkets, supermarkets, and online stores. Among the most popular categories, 42 per cent of shoppers reported using quick commerce for ready-to-eat meals, while 45 per cent opted for salty snacks. Furthermore, the trend indicates that online platforms are not only being used for fill-in shopping but also for monthly grocery purchases. The report highlights that 60 per cent of shoppers in India are turning to e-commerce for essential staples, showcasing the channel's critical role in the shopping journey. The frequency of shopping has also risen across various channels. A striking 32 per cent of Indian shoppers are now visiting grocery stores weekly for their main shopping, up from just 12 per cent in 2023. Meanwhile, 24 per cent of shoppers are engaging in top-up shopping weekly, compared to 18 per cent last year. Dabrai notes a growing interest in premium private labels, with 67 per cent of shoppers actively seeking these options, indicating an opportunity for brands to enhance their offerings. FMCG leaders need to lean into innovation and multi-channel strategies to stay competitive and meet the evolving expectations of todays shopper, he concludes. In summary, the rapid rise of quick commerce is reshaping consumer shopping behaviours in India, compelling FMCG brands to adapt and innovate to meet the needs of a more demanding and diverse consumer base. (KNN Bureau) 39402 https://knnindia.co.in/news/newsdetails/sectors/consumers-preference-for-faster-delivery-give-rise-to-quick-commerce-platforms 2024-09-25 17:27:21 knnindia.co.in Consumers’ Preference For Faster Delivery Give Rise To Quick Commerce Platforms