Modern times and digitalization have indeed changed the structure of the consumer journey; they demand speed now. From online shopping deliveries to takeaway food, the customer wants their purchase in their hands as soon as possible.
Hence, the arrival of quick commerce (q commerce) should not be a surprise. Let us understand what quick commerce is and what it brings to the table!
The Rapidly Evolving World Of eCommerce
Traditionally, four points ignite the need for convenience and speed- busy lifestyle, urbanization, smaller households, and ageing populations. But after Covid-19, these demands have been significantly heightened, especially in the realm of commerce and delivery.
With an increase in remote working, consumers are opting less to visit physical stores, making commerce delivery more in demand than ever before.
Brands that have adopted q-commerce have seen the most significant benefits from this shift in consumer behaviour. And the success is not going to stop in the near future either.
What Is Quick Commerce?
Well, the name itself suggests that it is all about speed; quick commerce is indeed the next big thing in the evolution of e-commerce. Quick commerce basically means that the consumers can expect delivery within an hour of placing an order.
It might look like a very short period, but Q-commerce is all about small orders rather than weekly grocery shopping. For example, Blinkit or Instamart helps purchase any ingredient that the consumer needs to make a recipe or product that they ran out of.
To get the orders delivered as soon as possible, the retailers usually rely on a delivery team on two wheels or ordering systems in local warehouses. And let's be honest, q-commerce is not something new, the takeaway food system has been here for many years. With the reduction of delivery times by ecommerce brands, it was only a matter of time before the consumers expected the products to arrive fast.
What Are The Advantages Of Quick Commerce?
Let us now delve into the benefits of quick commerce and what this ultra-fast service brings to the table. We have listed the top 3 advantages of q-commerce:
1. A Competitive USP
With quick commerce, businesses are able to provide value propositions, making them stand out from their competitors. Customers who want fast delivery are often in to try out new products or shop from unfamiliar stores. The convenience that comes along with q-commerce allows online retailers to compete effectively with global giants such as Amazon.
2. Maximizing Profit Potential
If you know how to take advantage of quick commerce, it holds a lot of potential profit. According to a study conducted by Deloitte, at the time of the pandemic almost 50% of shoppers paid extra money to get what they require conveniently. Retailers can also use this opportunity to get better sales as q-commerce is associated with a smaller selection of products. We should also keep in mind that q-commerce often appeals to wealthier demographics. For example, business leaders and time-strapped professionals who value convenience more than some offers.
3. Upgrading Customer Experience
As the expectations of customers are growing, quick commerce allows retailers to not only meet them but also surpass these demands, leading to stronger brand loyalty. Quick commerce tackles the customer pain points. For example, it can help rescue a party host who has run out of food or help someone unable to visit a store for some essential product. There are numerous circumstances where the convenience of quick commerce can reduce stress and avert any disaster leading to more customer satisfaction.
Easy Ways to Implement Quick Commerce
Brands that specifically target professionals and older people must opt for quick commerce. But with time, the customers will demand the availability of super-fast delivery so it is indeed a great start to implement them.
Given below are the easy ways to implement quick commerce:
Set up local hubs
The first thing to do is be located near your customers, if you want to deliver the product in less than an hour. Hence, why quick commerce heavily relies on local warehouses which can help serve people close by. Heavy traffic is less likely to affect the time it takes for two-wheeled delivery. Additionally, they are not required to locate parking spots. As an alternative, companies can use outside services or local partners. For instance, supermarkets can now use the services of UberEats and Deliveroo.
Select Your Q-commerce stock carefully
Quick commerce generally works excellently for some niche products. On-demand delivery is excellent for drinks, foods, or cosmetics that consumers use daily. Apart from that, medicines and gifts are also great options for quick commerce delivery. Businesses that have quick commerce services mostly fill up their local warehouses with their most commonly purchased products- that are popular among millennials or Gen Z.
Choose the right software for success
Having a real-time inventory management platform is crucial to the success of q-commerce. This will guarantee the accuracy of your online stock information while also facilitating speed and efficiency.
It also prevents stock-outs, which are not suitable for deadstock and sales, which could really run up storage costs in high-priced urban warehouses.
Why Quick Commerce Is Becoming the New Normal
The COVID-19 pandemic dramatically upended shopping habits. Some customers have gone back to shopping in-store, but for convenience, others still choose to shop online.
Although the usage of fast commerce has increased, it was already becoming more popular before the outbreak. These recently developed behaviours are here to stay. Digital natives will continue to expect fast satisfaction when they shop online.
Additionally, an increasing number of eCommerce firms will begin to offer delivery in minutes now that the technology is accessible.
Quick Commerce And Its New Offerings
A growing range of products will be in demand as quick commerce services increase. Grocery delivery is currently the focus of many rapid commerce services, but this is likely to spread to other FMCG goods and beyond. Medicine, health, and beauty are essential fields that are already developing. Books, entertainment, office supplies, and luxury goods are included in this as well.
Challenges In the Quick Commerce Industry
Nevertheless, the quick commerce sector is also confronted with serious issues that will cause its rapid expansion to slow.
As investors shift their focus to other areas after the pandemic, this is actually already taking place. As a result of declining capital expenditure, big companies are currently reducing their workforces.
Final Thoughts
At LN Webworks, we understand that quick commerce is the digital transformation for businesses to thrive. Our web development team is here to help you integrate seamless, quick commerce solutions. Whether it's creating real-time inventory management or optimizing delivery systems- our expert team is committed to offering solutions that enhance businesses.
Contact us today and let us navigate this dynamic shift, making sure your business stays on top of the curve.
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LN Webworks
Your Drupal Solution PartnerLN Webworks have championed open-source technologies for nearly a decade, bringing advanced engineering capabilities and agile practices to some of the biggest names across media, entertainment, education, travel, hospitality, telecommunications and other industries.
