Quick Commerce, also known as Q-Commerce, is a relatively new concept in Taiwan's retail market. In recent years, the market has witnessed a surge in demand for Q-Commerce services due to the convenience it provides to customers.
Customer preferences: Taiwanese consumers are known for their busy lifestyles, and Q-Commerce services have been able to cater to their needs by providing fast and efficient delivery services. Customers can order products through mobile applications and receive them within a few hours, making it an attractive option for those who don't have the time to visit physical stores. Additionally, Q-Commerce services offer a wide range of products, including groceries, electronics, and beauty products, which further increases their appeal to customers.
Trends in the market: The Q-Commerce market in Taiwan has been growing rapidly in recent years, with several new players entering the market. One of the significant trends in the market is the expansion of Q-Commerce services beyond urban areas. Initially, Q-Commerce services were only available in major cities, but now they have expanded to smaller towns and rural areas. This expansion has been driven by the increasing demand for online shopping, especially during the COVID-19 pandemic, where people have been avoiding physical stores.Another trend in the market is the increasing use of artificial intelligence (AI) and machine learning (ML) to improve the efficiency of Q-Commerce services. Companies are using AI and ML to optimize their delivery routes, predict demand, and personalize their services for customers. This trend is expected to continue as companies look for ways to improve their services and gain a competitive edge in the market.
Local special circumstances: One of the unique aspects of the Q-Commerce market in Taiwan is the dominance of local players. While global players like Amazon and Alibaba have a presence in the market, they face stiff competition from local players like PChome and Shopee. These local players have a better understanding of the local market and have been able to tailor their services to meet the needs of Taiwanese consumers.Another local special circumstance is the prevalence of convenience stores in Taiwan. Convenience stores are ubiquitous in Taiwan, and they have been able to leverage their extensive networks to provide Q-Commerce services. Companies like 7-Eleven and FamilyMart have partnered with Q-Commerce providers to offer delivery services, making it easier for customers to receive their orders.
Underlying macroeconomic factors: Taiwan's economy has been performing well in recent years, with a stable GDP growth rate and low unemployment. This economic stability has provided a conducive environment for the growth of the Q-Commerce market. Additionally, the government's push towards digitalization has encouraged the growth of the e-commerce industry, which has benefitted Q-Commerce services.In conclusion, the Q-Commerce market in Taiwan has been growing rapidly due to the convenience it provides to customers. The market is expected to continue to grow as companies look for ways to improve their services and expand their reach. The dominance of local players and the prevalence of convenience stores have been unique aspects of the market, and the stable macroeconomic environment has provided a conducive environment for growth.
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.
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