Markets are expanding, and we have been hearing about this for ages. But what is really astounding is to see how fast and instant markets of today have become. Just a few days back, it sounded space-age to receive orders and packages within a couple of days. People would be left in awe to hear that someone out there will receive a parcel at their doorstep in just days, and that counted as no wait. But these are all outmoded talks. At present, people expect to live in the days of fast and furious with instant gratification as their mode of life. Millennials, or should we call them, time-scarce millennials want everything, instantaneously, hence this is what gave birth to Q-commerce, the ultimate result of E-commerce.
What is Q- Commerce and how is it any different from E-commerce?
The term Q-commerce or Quick commerce keeps its focus on all online retailers who provide same-day, instant last-mile delivery services. These delivery services range from food and restaurants to online groceries, pharmaceutical needs to all kinds of basic life essentials that one could ask for in their daily life.
Although there are tons of delivery categories, Q-commerce majorly deals in on-demand, swift, and speedy deliveries for all kinds of retail businesses that wish to stay ahead in today’s competitive markets. To make it simple for you to understand, on-demand delivery service is the newer, more advanced version of e-commerce delivery that lets a customer decide where they would like to get the parcel delivered, and when as well. Now this ‘when’ is where the game changes as it allows the consumer to set the delivery time from scheduled to the shortest possible time, making these on-demand services to be the most sought last-mile logistics solution by the consumer.
Where E-commerce, the online selling of goods and services, usually takes a day or two to reach its customer, Quick-Commerce gave product fulfilment a new face, an instant one. To make sure that customers stay satisfied and pleased by enjoying lesser delivery estimated time, Q-Commerce rescued the nearby retailers by becoming their perfect business solution. From skilled delivery drivers who pick and drop groceries to fast restaurant delivery riders who drop hot and fresh meals at your doorstep, Q-commerce is the mounting trend that has just begun to outclass all other kinds of deliveries due to its next level of convenience and satisfaction.
Q-Commerce’s Set of Features
Q-commerce was initially associated with everyday products and essential commodities, but businesses embracing tech advancement are more than happy to expand their E-commerce logistics. Today, countless start-ups and scale-ups are adapting new sales, marketing, and distribution methods to set their services apart from the competitors in the market.
- Shortest possible ETAs
This is the feature that sets Q-commerce apart from the rest delivery networks and categories in the market. Under the Q-commerce business model, delivery time estimates usually fall somewhere below an hour to minutes, making it the first ever business model to promise such lightning-fast deliveries.
Although there are other options like scheduled or express deliveries too which lets the customer set a time of its own, the most wanted Q-commerce feature to date remains its shortest possible time deliveries through its vast network of delivery drivers.
- Location-based services
Since the model promises instant deliveries, the network has to have certain limitations and location-based services is one of them. Not every business can afford to place a delivery network that reaches state-wide deliveries. Here is why it is important to first align the market niche with the financial aspect of the Q-commerce business model to make sure that the promised advantage is accessible and doable for both the consumer as well as the company.
For a perfect solution, it is observed that most retail businesses carry out a cost-effective approach to see if all the delivery costs are met and balanced out by exceeding the number of sales projected.
- Efficient logistic solutions
Instant deliveries require near-to-store warehouses, order processing facilities as well as a superbly efficient delivery and logistics network that can handle countless orders within minutes. From the management and organizing of parcels to the distribution of parcels to the riders, it is essential that order processing is met with simplified and planned stages for successful deliveries to be made.
- A definite product range
Where Q-commerce business models are perfect for quick deliveries, there is confinement that it faces as well. Q-commerce primarily started for day-to-day commodities and essentials, there are some specific business types and product ranges that are the best fit for the model. Ranging from super-marts to pharmacies, pet stores to restaurants, online clothing to cafés, and grocery stores, stated businesses are sure to meet successful deliveries.
But when we talk of tech-based stores or furniture shops, Q-commerce isn’t the solution they would look up to. Keeping in mind the business type and product range to realize the size and weight of the product, it gets easy to determine if it is possible to make successful last-mile deliveries or not.
Why are retailers making hefty investments in the Q-Commerce industry?
Right after the pandemic, the retail business observed an upsurge in online shopping. This shift to E-commerce was an obvious reason for retailers to believe that expanding their business to the Q-commerce model would undeniably help them reap better profits, hence this is when retailers from all business fields and sectors decided to step up the online game and started to switch to Q-commerce models.
Here is why retailers decided to invest greatly in the growing Q-commerce market:
- The graph for online shoppers was seen growing every passing day. With no chances of online customers getting reduced, Q-commerce was a golden opportunity for retailers to expand their business, do better in sales and enjoy heightened profits.
- Since online customers are already familiar with the E-commerce benefits, it was likely that introducing them to an advanced and better version of Q-commerce would require less marketing efforts as the shift was very swift and subtle to make. Most users today are still not acquainted with the birth of Q-commerce yet they have been using Q-commerce apps and websites on a daily basis.
- In the current tech times with millennials ruling the world, instant gratification is the root of success. Q-commerce rapidly bridged the gap that the consumer once observed from the market to the end-consumer, hence making it easier and convenient for users to browse through and choose their pick for instant online deliveries.
- Retail is huge and so is Q-commerce. With ultra-fast delivery networks being placed in every field of retail business, retailers are expected to grow omnichannel revenue streams, hence who wouldn’t want that?
- One of the most prominent Q-commerce outcomes is the personalized experience of every customer by making the most of AI recommendations. From past purchases to most bought items, most viewed to top-rated items, these AI-powered recommendations help make better, aware buying decisions with an aim to create the most satisfying and enriching personalized customer experiences. These customer-centred experiences in turn help elevate business sales that the retail industry would love to enjoy.