Mumbai: As a result of the increasing prevalence of instant commerce in the country, retail grocery stores are expected to attract a business of about $1.28 billion this year.
In a survey conducted by a private firm, 46 percent of retail buyers said that they prefer to shop through Quick Commerce rather than grocery stores.
Sales of grocery items through instant commerce platforms were up 21 percent, indicating that grocery stores are shifting their business to new age platforms.
A survey of more than 300 grocery store owners in ten cities found that rapidly growing instant commerce is eroding traditional retail. Instant commerce trade is expected to reach $40 billion by 2030.
Instant commerce like Blinkit, Zepto, JioMart are known to deliver products within minutes and are rapidly growing as leading online retail channels. After the advent of Quick Commerce, 67 percent of grocery stores reported a decline in sales.
Instant commerce is becoming the preferred choice among today’s consumers due to its low costs and fast delivery.
Meanwhile, during the festive season from September 15 to October 31 of the current year, an increase of 12 percent has been seen in sales through the e-commerce sector. According to a research firm report, the value of business during the Dussehra-Diwali festivals was around $14 billion. This increase has been seen especially in small cities.
