Quick Commerce - Caribbean

Caribbean

Highlights

The Quick Commerce market in the Caribbean is anticipated to achieve a revenue of US$64.73m by 2024.
This market is expected to experience a compound annual growth rate (CAGR 2024-2029) of 7.28%, leading to a projected market volume of US$91.98m by 2029.
Moreover, the number of users in the Quick Commerce market is projected to reach 1.8m users by 2029.
By 2024, the user penetration rate is estimated to be 3.1%, and it is predicted to increase to 4.3% by 2029.
The average revenue per user (ARPU) is expected to be US$51.57.
When compared globally, China is projected to generate the highest revenue in the Quick Commerce market, amounting to US$80.84bn in 2024.
Additionally, China is expected to have the highest user penetration rate in this market, with a projected rate of 21.4%.
In the Caribbean, the quick commerce market is experiencing a surge in demand due to the region's tourism industry and the need for convenient and efficient services for tourists.

Market definitionIn-Scope/Out-of-scopeMarket structureReportsMethodology

Quick Commerce, also known as Q-Commerce, is a rapidly growing market in the Caribbean region. With the rise of e-commerce and the increasing demand for faster and more convenient delivery options, Q-Commerce has become a popular choice for consumers in the region.

Customer preferences: Caribbean consumers are increasingly looking for quick and convenient ways to shop, leading to the growth of Q-Commerce. With the prevalence of smartphones and the internet, consumers are able to easily access online shopping platforms and make purchases with just a few clicks. Q-Commerce offers the added benefit of fast delivery, making it an attractive choice for busy consumers who value their time.

Trends in the market: One trend in the Caribbean Q-Commerce market is the rise of local players. While global companies like Amazon and Alibaba have a presence in the region, local companies are also emerging to meet the demand for Q-Commerce services. These companies are often able to offer more tailored services that cater to the specific needs of Caribbean consumers.Another trend is the expansion of Q-Commerce services beyond traditional retail. In addition to groceries and household items, Q-Commerce is increasingly being used for services such as food delivery, pharmacy services, and even beauty services. This trend is driven by the desire for convenience and the increasing availability of on-demand services in the region.

Local special circumstances: One factor that is unique to the Caribbean Q-Commerce market is the prevalence of small island nations. This presents logistical challenges for Q-Commerce companies, as they must navigate complex supply chains and transportation networks to deliver goods to customers on these islands. However, this challenge also presents an opportunity for local players who are more familiar with the region and can offer more tailored services to customers.

Underlying macroeconomic factors: The growth of Q-Commerce in the Caribbean is also driven by broader macroeconomic trends, such as the increasing digitization of the economy and the rise of e-commerce globally. As more consumers in the region gain access to the internet and smartphones, the potential market for Q-Commerce services continues to expand. Additionally, the COVID-19 pandemic has accelerated the shift towards e-commerce and Q-Commerce, as consumers look for safer and more convenient ways to shop.

Data coverage:

The data encompasses B2C enterprises. Figures are based on Gross Merchandise Value (GMV) and represent what consumers pay for these products and services. The user metrics show the number of customers who have made at least one online purchase within the past 12 months.

Modeling approach / Market size:

Market sizes are determined through a bottom-up approach, building on predefined factors for each market. As a basis for evaluating markets, we use annual financial reports of the market-leading companies, third-party studies and reports, as well as survey results from our primary research (e.g., the Statista Global Consumer Survey). In addition, we use relevant key market indicators and data from country-specific associations, such as GDP, GDP per capita, and internet connection speed. This data helps us estimate the market size for each country individually.

Forecasts:

In our forecasts, we apply diverse forecasting techniques. The selection of forecasting techniques is based on the behavior of the relevant market. For example, the S-curve function and exponential trend smoothing. The main drivers are internet users, urban population, usage of key players, and attitudes toward online services.

Additional notes:

The market is updated twice a year in case market dynamics change. The impact of the COVID-19 pandemic and the Russia-Ukraine war are considered at a country-specific level. GCS data is reweighted for representativeness.