The latest company to have joined the quick commerce market is e-commerce brand Nykaa. The company, which was eyeing the quick commerce market for a long time, will be focused on 10-minute delivery service in Mumbai’s Borivali.
Other companies that are focusing on joining the quick commerce race include Myntra and Licious
The latest company to have joined the quick commerce market is e-commerce brand Nykaa. The company, which was eyeing the quick commerce market for a long time, will be focused on 10-minute delivery service in Mumbai’s Borivali.
This is as per an Economic Times report. This comes at a time when the company has already increased its focus on same-day and next-day delivery. As per the company, around 60 per cent of their orders are being delivered within the next day in around 110 cities, according to media reports.
In a letter to shareholders during the company’s annual general meeting, Falguni Nayar, chairperson, MD, and CEO of Nykaa, highlighted that the company has been growing their warehouse network over the last three years to strive for speed and efficiency. Nayar said, “We are working towards making further strides towards delivery timelines by leveraging our supply chain network and technology to drive customer delight.”
Other companies that are focusing on joining the quick commerce race include Myntra and Licious. E-commerce platform Myntra is focusing on a four-hour delivery system in four cities, as per TechCrunch. The cities include Bengaluru and New Delhi. Additionally, by the end of this year, the company plans to expand to several other Indian cities with this four-hour delivery system.
To add to it, D2C brand Licious is also reportedly planning to focus on a 15-minute delivery system in Gurgaon. However, as of now, the brand has promised a half-hour delivery time.
The move by the companies to join the quick commerce race has been coming at a time when there is an increase in sales due to the festive rush. As per e-commerce enablement Saas platform Unicommerce, “E-Commerce order volumes grew by 20% during the first four days of the festive season sale in 2024 (26th-29th Sept 2024) when compared to the first four days of the festive season sales last year (7th-10th Oct 2023).” Additionally, quick commerce sales are projected to generate $1 billion in GMV as per a research note by BofA Global Research. Meanwhile, the quick commerce market is expanding rapidly in India.
As per Redseer Strategy Consultants, the market size of the quick commerce space is $2.8 billion now. “Q-commerce platforms have harped on this trend and relentlessly executed instant product deliveries (8-20 minute timeframe), striking a certain chord with their target users: the GenZs and millennials residing in metros,” adds the report. Additionally, big conglomerates such as Reliance Retail are also focusing on joining the quick commerce race.