Nov 15, 2024 01:03 PM IST
Swiggy Instamart’s CEO highlighted a notable change in consumer preferences, with demand for household essentials increasing in quick commerce.
The last couple of years have seen the rise of quick commerce platforms across Indian cities, with consumers getting hooked to the concept of getting their delivery within minutes. Swiggy Instamart, one of India’s leading quick commerce platform, has witnessed a significant shift in user behavior, with customers now seeking a wider range of products, including household essentials like bedsheets, CEO Sriharsha Majety revealed.
Speaking at CNBC-TV18’s Global Leadership Summit, Majety highlighted the rapid evolution of quick commerce, which has been blurring the lines between e-commerce and instant delivery services.
“In the initial days, customers searched for batteries, but now they’re looking for bedsheets,” Majety said. “Users want more selection, and the platform is adapting to meet their demands.”
“You would wonder why people want bedsheets in 10 minutes but they want it. They wanted a bedsheet and if it could be available in 1o minutes then they want it,” he added.
Rise of quick commerce
The growth of quick commerce platforms like Swiggy Instamart and Zomato’s Blinkit has raised the stakes for traditional e-commerce players, who are now exploring ways to introduce faster, on-demand delivery options. The quick commerce market size is expected to reach $40 billion by 2030, a jump from $6.1 billion in 2024, according to the report by Datum Intelligence.
The study said that around 75 per cent of online grocery buyers have increased their unplanned purchases in the past six months, with a majority of them spending over ₹400 per order. With an average order value significantly higher than traditional stores, consumers are increasingly opting for the convenience and speed offered by these platforms.
But Swiggy Instamart CEO said that it is not feasible to deliver all products within 10 minutes, and they will have to draw a line.
“Rapid delivery, in its current form, will not be able to ‘deliver the whole world’ in 10 minutes,” Majety said.
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