UK Quick E-Commerce Market is Estimated To Witness High Growth Owing To Rapid Adoption of Convenience Shopping

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UK Quick E-Commerce Market is Estimated To Witness High Growth Owing To Rapid Adoption of Convenience Shopping
UK Quick E-Commerce Market

The UK Quick E-Commerce Market is estimated to be valued at US$ 6.21 billion in 2023 and is expected to exhibit a CAGR of 19.4% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.

Market Overview:
Quick e-commerce, also known as quick commerce, refers to delivery of groceries and everyday essentials within a few minutes or hours through mobile apps. Quick commerce players store groceries and everyday essentials in micro-warehouses located close to residential areas for rapid delivery. Key advantages of quick commerce include convenience of shopping, rapid delivery, and availability of all essential items under one platform. The growing need for quick and hassle-free shopping especially among busy urban populations is driving the growth of the UK quick e-commerce market.

Market key trends:
One of the major trends fueling the growth of the UK quick e-commerce market is rapid adoption of convenience shopping. Busy lifestyles and hectic schedules have increased demand for quick and convenient shopping options without wasting time visiting stores. Quick commerce platforms with delivery slots as quick as 10-30 minutes are fulfilling the need for convenience among UK consumers. Their ability to deliver all essential items within minutes is seeing increasing popularity. This has encouraged many online grocery retailers and food delivery platforms to launch their own quick commerce verticals as well.

Porter’s Analysis
Threat of new entrants: Low capital requirements and low switching costs makes it easy for new players to enter the market. However, established players have created strong brand awareness which pose challenge for new entrants.

Bargaining power of buyers: Buyers in UK quick commerce market have high bargaining power due to availability of numerous alternatives. Buyers can switch easily between different players depending on offers and discounts.

Bargaining power of suppliers: Suppliers have moderate bargaining power due to availability of substitutes. However, establishing supply chain infrastructure pose initial challenge for new players.

Threat of new substitutes: Increase in online grocery delivery services pose potential threat. However, speed and convenience offered differentiate quick commerce from other alternatives.

Competitive rivalry: Intense due to presence of numerous regional and global players competing on the basis of offerings, price and delivery time.

SWOT Analysis
Strength: Extensive selection of products and hyperlocal delivery model within 15-30 minutes attract more customers. Quicker deliveries enable players to charge premium prices. Weakness: High operational costs due to complex infrastructure and delivery fleet. Maintaining quality of fresh produce during short delivery window is challenging.

Opportunity: Growing preference for on-demand delivery especially during pandemic will drive further growth. Expanding into new categories like pharmaceuticals and electronics presents new avenues.

Threats: Potential regulation around labor practices and delivery methods can increase compliance cost. Rising inflation may impact consumer spending ability.

Key Takeaways
The UK Quick E-Commerce Market Demand is expected to witness a robust CAGR of 19.4% over the period of 2023-2030, driven by increasing preference for instant deliveries. The market is projected to reach a value of US$ 6.21 billion by 2023 from US$ 3.21 billion in 2021.

Regional analysis
UK dominates the quick commerce market in Europe currently. Major demand comes from top cities including London, Manchester and Birmingham due to high smartphone and internet penetration. Germany and France are other high potential markets gaining traction.

Key players
Key players operating in the UK quick commerce market are Buyk, Cajoo, Everli, Fancy, Weezy, Zoom2U, Deliveroo, Just Eat, Uber Eats, Getir, Gorillas, Flink, Zapp, Jiffy, Weezy, Dija, DoorDash, Stuart, Gopuff, Jokr. Players compete through product pricing, delivery time optimization and service quality to gain higher market share.

Read more @ https://www.insightprobing.com/the-booming-uk-quick-e-commerce-market-promises-unprecedented-growth-opportunities/

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