E-commerce has been doing greater rounds for the past few years and it has widened its reach since the start of the pandemic. With the introduction of Q-Commerce (Quick Commerce), it has taken up the legacy to move forward. Q-Commerce is nothing but the faster version of E-commerce, which delivers supplies or essentials to the customers at a much better time, for instance “within an hour”.
As per one report, “Q-commerce is estimated at USD 0.3 billion in CY2021 and is expected to grow 10-15x in the next 5 years, to become $5 billion by 2025.”
It can be said that this market is seeing high demand and going forward, Q-commerce will become one of the major e-commerce models to cater to the growing needs of the consumers.
Nowadays, there are a lot of orders placed and people expect them to be delivered immediately, as delays could make them change their minds leading to order cancellation. This is where Q-Commerce comes into the picture, where the ordered essentials are supplied within 30 minutes to an hour, resulting in credibility and greater customer experience.
Some of the major Q-commerce players in the market are:
- Amazon Instamart
How does Q-commerce work?
More or less like an E-commerce business, Q-commerce follows the same module but focuses on delivering essentials at much faster times. In the E-commerce model, there would be a warehouse setup and things would be made available to the people by storing and delivering them from those warehouses.
In the Q-commerce model, most ordered items are noted and stored in the micro-warehouses, which allows the employees of the companies or delivery personnel to deliver them in a stipulated time, for instance within 2 hours. The Q-commerce business also behaves like an ‘on-demand’ delivery module, where placed orders of groceries or essentials reach customers in a matter of few minutes, after order placements.
Benefits of Q-commerce business:
Let’s discuss the prominent benefits of Q-commerce businesses:
Faster delivery times
Q-commerce ensures faster delivery of the groceries or essentials quicker or within minutes.
Best customer experience
Customer satisfaction is the ultimate goal and if the products are reached within minutes, it brings greater joy to the customers, increasing the credibility of the organization.
Increased business stakeholders
Since the Q-commerce business includes a kind of hyper-local business model, specific shops would be chosen for storing the supplies in line with the demand and delivered to the prospects at a much better time. This makes a great ROI for the shops.
Scalable & credible
There could be a need to include further advancements in the business. Q-commerce provides extra reliability and comfort, where more items could be added to the warehouses on-demand, without any disruptions and earning reputations among the customers.
E-commerce has laid the foundation for Q-commerce business, which could easily be said to be the ‘need of the hour’. The Q-commerce applications should be robust to meet the customers’ needs and requirements. The software must be capable enough to handle the entire process, right from order placements to the products’ delivery at the doorsteps ensuring safe reaching thereby creating credibility and having greater attrition values.
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