The Indian e-commerce market witnessed a 18-20 per cent value growth in the first half of this year, as per data from 1Lattice and Datum Intelligence, with grocery sales rising by over 38 per cent
Quick Commerce space in India might no longer be limited to just delivering groceries. As per a report by the Economic Times, the government is planning to use data from platforms like Zepto, Blinkit, Instamart and BigBasket to look at shifts in consumption patterns and economic activity.
This initiative is part of a broader effort to revise the base year for national accounts and other official statistics, according to sources cited in the report. Quick commerce platforms now represent an estimated 5-6 per cent of total household grocery spending in the country. While these estimates might vary, "we will have to figure out ways to get data from such platforms. We will ask for it but it has to be anonymised," the source said.
Currently, the base year for most of the macroeconomic data is 2011-12. The Ministry of Statistics and Programme Implementation might propose 2022-23 or 2023-24 as the new base year for the Advisory Committee on National Accounts Statistics, which is responsible for overseeing the revision of the base year for national accounts.
How Fast is Quick Commerce Growing?
The Indian e-commerce market witnessed an 18-20 per cent value growth in the first half of this year, as per data from 1Lattice and Datum Intelligence, with grocery sales rising by over 38 per cent. This massive surge in the number of grocery sales is primarily fueled by a significant increase in quick commerce.
Quick commerce has witnessed a rapid expansion in the country, especially post-pandemic. Many FMCG companies have already identified it as their fastest-growing sales channel. For new brands entering in the market, these platforms have proved to be even more useful.
According to estimates cited in the report, quick commerce makes up around 40 per cent of the country's online grocery sales. Between 2021 and 2023, the sector grew by 230 per cent, largely driven by top players Blinkit, Instamart and Zepto.