Online grocery shopping grew with growing popularity for online shopping trend. Shifts in internet usage from being a mass communication system to allowing interaction with the end user has brought e-commerce to the forefront. This rise is further promoted by an increasing awareness among people about technological innovations, increase in penetration of smart phones and in internet penetration. The recent COVID-19 pandemic has led to demands for efficient online and no contact delivery systems for groceries.
As per Transparency Market Research, the global online grocery market is set to witness sturdy growth over the assessment period of its upcoming report on the market – 2024 to 2030. This will push market valuation towards a higher peg and generate new growth avenues for market players over this period.
Global Online Grocery Market: Notable Developments
Global online grocery market players are projected to increase market outreach by entering into partnerships with produce facilities, increasing online presence and coming up with logistical innovations. Some notable developments in this market that happened in the recent past include:
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Walmart Stores acquired Flipkart, a major online retailer in India in 2018, to increase sales and outreach into this demand intensive region. And, then in the same year, it made a technological trade with Microsoft Corporation to enhance customer experience online.
The Online Grocery market is fragmented owing to the presence of a large number of service providers. Few prominent players into online grocery provision are:
- AmazonFresh, LLC
- Koninklijke Ahold Delhaize N.V.
- Fresh Direct, LLC.
- mySupermarket Limited
- NetGrocer.com, Inc.
- Wal-Mart Stores, Inc.
- Safeway, Inc.
- ShopFoodEx
- Schwan Food Company
- My Brands Inc.
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Global Online Grocery Market: Key Trends and Drivers
- The Online Grocery market is driven by the steady rise of e-commerce witnessed globally over the recent years. A 19% growth over the last three years firmly establishes that consumers are adopting online shopping into their lives, since it gives the convenience of easy selection and reduced logistical considerations. Another boost to the growth of this market comes from the adoption of e-payment methods, which increase efficiency and eliminate physical contact between retailers and buyers. Additionally, grocery producers are now able to reach the end consumer easily. This reduces time of sales as well as middle men costs involved. This is beneficial both for the consumer and the producer.
- The COVID-19 pandemic has given a major push to the online groceries market, given increasing demand for minimal physical contact and a sense of safety it provides consumers using such platforms. Many online retailers have cashed in on this trend by adopting higher safety measures and communicating them to their consumers, making significant profits. This trend is expected to continue into the future as people become habituated to the logistical ease of online retailing, contributing to notable demand for the product, creating a positive outlook.
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Global Online Grocery Market: Regional Analysis
North America is the global leader in the online grocery market owing to existing infrastructure for e-commerce and higher acceptance of technology among people. The Asia Pacific region (APAC) is expected to register the fastest growth in this market in the coming years owing to increased digitization of the economy by governments of major countries in this region and growing online retail store acceptance among people, particularly in the current ‘no contact’ and ‘social distancing’ times.
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