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Quick Commerce - Eastern Asia

Eastern Asia

The Quick Commerce market in Eastern Asia is projected to reach a revenue of US$90.04bn in 2024.
This is expected to show an annual growth rate (CAGR 2024-2029) of 9.28%, resulting in a projected market volume of US$140.30bn by 2029.
By that year, the number of users in the Quick Commerce market is expected to amount to 485.6m users.
In 2024, the user penetration in the Quick Commerce market is estimated to be 20.5% and is projected to increase to 29.9% by 2029.
The average revenue per user (ARPU) is expected to be US$269.10.
When comparing the Quick Commerce market revenues globally, China is expected to generate the highest revenue, reaching US$80,840.00m in 2024.
Additionally, China is projected to have the highest user penetration rate in the Quick Commerce market, with a rate of 21.4%.
In Eastern Asia, the Quick Commerce market is booming, with China leading the way in terms of innovative delivery methods and expanding network coverage.

Market

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Analyst Opinion

Quick Commerce, also known as Q-commerce, is a rapidly growing market in Eastern Asia. This market refers to the delivery of goods within an hour or less after placing an order through a mobile app. The rise of Q-commerce can be attributed to various factors such as customer preferences, local special circumstances, underlying macroeconomic factors, and trends in the market.

Customer preferences: Customers in Eastern Asia are increasingly turning to Q-commerce due to its convenience and speed. With the rise of e-commerce, customers have become accustomed to receiving their orders quickly, and Q-commerce takes this a step further by delivering orders within an hour. Additionally, the COVID-19 pandemic has accelerated the adoption of Q-commerce as customers prefer contactless delivery options.

Trends in the market: One trend in the Q-commerce market in China is the dominance of super apps such as Meituan and Ele.me. These platforms not only offer Q-commerce services but also provide a range of other services such as food delivery, hotel bookings, and ride-hailing. In Japan, the Q-commerce market is dominated by convenience stores such as 7-Eleven and Lawson, which offer fast delivery of daily necessities. South Korea has seen the emergence of startups such as Coupang and Market Kurly, which use their own logistics networks to offer Q-commerce services.

Local special circumstances: In China, the Q-commerce market has been driven by the large population and high urbanization rate, which has created a demand for fast delivery services. In Japan, the aging population has led to a demand for home delivery services, which has driven the growth of Q-commerce. In South Korea, the highly competitive e-commerce market has led to the emergence of Q-commerce startups that differentiate themselves by offering faster delivery.

Underlying macroeconomic factors: The Q-commerce market in Eastern Asia has been supported by various macroeconomic factors such as high internet penetration rates, a large population, and high levels of urbanization. Additionally, government policies in some countries such as China have supported the growth of the Q-commerce market by investing in logistics infrastructure. The COVID-19 pandemic has also accelerated the adoption of Q-commerce as customers prefer contactless delivery options.In conclusion, the Q-commerce market in Eastern Asia is developing rapidly due to customer preferences, local special circumstances, underlying macroeconomic factors, and trends in the market. As the market continues to grow, we can expect to see further innovation in delivery methods and logistics networks to meet the increasing demand for fast and convenient delivery services.

Methodology

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.