E-grocery market to exceed Rs 1.31 lakh crore by 2024, 60% increase in 2020
The battle for e-commerce in India has intensified after the arrival of Reliance Jiomart. E-grocery is being seen as the biggest market of the future. It is expected that by 2024 it will increase eightfold to over 18 billion dollars (about 1.31 lakh crore rupees).
E-grocery market grew by 60 percent last year
According to a consulting firm, the e-grocery market has grown by 60 percent in 2020 and is expected to grow by 41–49 percent by the first half of 2021. According to another report, demand for food like noodles and cookies, immunity boosters like lemons, hygiene products such as sanitizers increased.
Biscuits and cookies were the largest sub-category in snacks and branded food during the lockdown, with demand increasing the most. Anil Kumar, founder and CEO of Redseer, said, “Traditional brands that have been doing offline business till now have moved faster on online platforms.”
Will reach 26.18 lakh crore of online retail sales by 2024
Satish Meena, senior analyst at global market research firm said, “Grocery is the largest category in the retail market. Online grocery has been boosted by the Covid-19 epidemic. Online retail sales will grow at a CAGR of 30 percent from 2019 to 2024 and 359 billion dollars (about 26.18 lakh crore rupees).
India is seeing an increase in demand for online groceries. Recently, Reliance has acquired the retail business of Future Group. Talking about grocery retail, Reliance Retail’s revenue was Rs 34,600 crore in FY-20 and Future Retail’s revenue was Rs 10,000 crore. Grocery is the category in which the maximum investment will be made.
Jiomart will be connected to WhatsApp in the next 6 months- Mukesh Ambani
Reliance Industries (RIL) chairman Mukesh Ambani said that Jiomart and WhatsApp will work together to create growth opportunities for millions of Indians, small traders and grocery stores. There are more than 15 million monthly WhatsApp business app users in India. There are more than 400 million users in total. Reliance will connect Jiomart with WhatsApp within the next six months.
52% of the people in the lockdown called the e-grocery app useful
Online grocery buying has increased due to lockdown and social distancing. During the lockdown, 80 percent of people chose online grocery for convenience rather than price and selection. According to a survey, 52 percent of grocery shoppers reported the e-commerce grocery app as useful during the lockdown. During the lockdown, 32 percent of online grocery shoppers made purchases every week. While 38 percent said that the fruits and vegetables delivered from the e-commerce grocery app were of poor quality.
