The e-grocery segment is currently at a stage where the leading companies are trying out different models around grocery delivery: inventory-based and hyperlocal models. Companies that can blend the convenience and swiftness of buying groceries online with the customized, credible, and secure transactional experience of offline shopping will eventually grab a major share in the Indian grocery market.
The emergence of internet connectivity, a plethora of payment options and smart internet-connected devices combined with the need for convenience and best prices has created down a strong foundation for the rise of e-commerce in India. According to a report by payment processing company Worldpay, India is likely to become the second largest e-commerce market in the world with revenue expected to reach around US$64 billion by 2020. E-grocery remains a big segment in the market and as per a report by Franchise India, the online grocery market is expected to be about USD 3 billion by 2018-19.
The e-grocery segment in India is becoming hyper competitive with more than 50 e-grocery companies competing with each other for the customer base. So far, the e-grocery market has reached an annual gross merchandising value (GMV) or sales of USD 600 million in 2016 and USD 960 million in 2017. Annual transactions have increased by around 35% from 35 million in 2016 to 46 million in 2017. This e-grocery segment has been tried out by several players like Big basket, BigBanya, Zopnow, MyGrahak, Aaramshop, Askme, and Jugnoo in India. Each company is trying to offer the best quality products with the fastest delivery time.
This story is from the June 2018 edition of Progressive Grocer.
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This story is from the June 2018 edition of Progressive Grocer.
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