Global Online Grocery Market: Overview
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 – 2020 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:
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.
- 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.
This study by TMR is all-encompassing framework of the dynamics of the market. It mainly comprises critical assessment of consumers' or customers' journeys, current and emerging avenues, and strategic framework to enable CXOs take effective decisions.
Our key underpinning is the 4-Quadrant Framework EIRS that offers detailed visualization of four elements:
- Customer Experience Maps
- Insights and Tools based on data-driven research
- Actionable Results to meet all the business priorities
- Strategic Frameworks to boost the growth journey
The study strives to evaluate the current and future growth prospects, untapped avenues, factors shaping their revenue potential, and demand and consumption patterns in the global market by breaking it into region-wise assessment.
The following regional segments are covered comprehensively:
- North America
- Asia Pacific
- Latin America
- The Middle East and Africa
The EIRS quadrant framework in the report sums up our wide spectrum of data-driven research and advisory for CXOs to help them make better decisions for their businesses and stay as leaders.
Below is a snapshot of these quadrants.
1. Customer Experience Map
The study offers an in-depth assessment of various customers’ journeys pertinent to the market and its segments. It offers various customer impressions about the products and service use. The analysis takes a closer look at their pain points and fears across various customer touchpoints. The consultation and business intelligence solutions will help interested stakeholders, including CXOs, define customer experience maps tailored to their needs. This will help them aim at boosting customer engagement with their brands.
2. Insights and Tools
The various insights in the study are based on elaborate cycles of primary and secondary research the analysts engage with during the course of research. The analysts and expert advisors at TMR adopt industry-wide, quantitative customer insights tools and market projection methodologies to arrive at results, which makes them reliable. The study not just offers estimations and projections, but also an uncluttered evaluation of these figures on the market dynamics. These insights merge data-driven research framework with qualitative consultations for business owners, CXOs, policy makers, and investors. The insights will also help their customers overcome their fears.
3. Actionable Results
The findings presented in this study by TMR are an indispensable guide for meeting all business priorities, including mission-critical ones. The results when implemented have shown tangible benefits to business stakeholders and industry entities to boost their performance. The results are tailored to fit the individual strategic framework. The study also illustrates some of the recent case studies on solving various problems by companies they faced in their consolidation journey.
4. Strategic Frameworks
The study equips businesses and anyone interested in the market to frame broad strategic frameworks. This has become more important than ever, given the current uncertainty due to COVID-19. The study deliberates on consultations to overcome various such past disruptions and foresees new ones to boost the preparedness. The frameworks help businesses plan their strategic alignments for recovery from such disruptive trends. Further, analysts at TMR helps you break down the complex scenario and bring resiliency in uncertain times.
The report sheds light on various aspects and answers pertinent questions on the market. Some of the important ones are:
1. What can be the best investment choices for venturing into new product and service lines?
2. What value propositions should businesses aim at while making new research and development funding?
3. Which regulations will be most helpful for stakeholders to boost their supply chain network?
4. Which regions might see the demand maturing in certain segments in near future?
5. What are the some of the best cost optimization strategies with vendors that some well-entrenched players have gained success with?
6. Which are the key perspectives that the C-suite are leveraging to move businesses to new growth trajectory?
7. Which government regulations might challenge the status of key regional markets?
8. How will the emerging political and economic scenario affect opportunities in key growth areas?
9. What are some of the value-grab opportunities in various segments?
10. What will be the barrier to entry for new players in the market?
Note: Although care has been taken to maintain the highest levels of accuracy in TMR’s reports, recent market/vendor-specific changes may take time to reflect in the analysis.