The Ever-changing Q-Commerce Landscape
Prior to the Covid-19 pandemic a study by PwC highlighted that most consumers around the world valued efficiency and convenience more than anything else. In the US 80% said they're the key ingredients of a positive customer experience.
Traditionally four things drive the need for speed and convenience; they are busy lifestyles, smaller households, urbanization and aging populations.
But the pandemic accentuated these needs even further particularly in terms of commerce delivery. Today the prevalence of remote working means consumers are less likely to drop into a store. So convenient commerce delivery is more sought-after than ever.
What is Q-Commerce?
Quick commerce is the next step in the evolution of eCommerce and as the name suggests it's all about speed. Quick commerce generally means consumers can expect delivery within one hour of placing an order.
When you think about it quick commerce is nothing new. It has been used in the takeaway food industry for many years. With eCommerce brands consistently cutting delivery times it was just a matter of time before consumers could get other products delivered to their doorstep without delay.
A prominent example of Q-Commerce is Amazon Prime services where deliveries can be ensured within the same day of order placing.
One study from Deloitte suggests that during the pandemic 50% of shoppers spent extra money to conveniently get what they needed. They paid extra for on-demand fulfillment as well as buy online pickup instore (BOPIS) options.
Benefits of Quick Commerce
While quick commerce brings the benefit of ultra-fast service to customers there are plenty of perks for brands who take advantage of it too.
1. A Competitive USP: Q-commerce provides businesses with a new value proposition which can really set them apart from competitors. Customers in need of immediate delivery may be willing to try new products and order from new stores.
2. Potential of Greater Margins: Q-commerce is associated with a smaller selection of products retailers who can also use this opportunity to drive sales for their most profitable lines. It's also worth noting that convenience often appeals to wealthier demographics. For example time-strapped professionals and business leaders who tend to value convenience more than discounts.
3. Providing Ultimate Customer Experience: As consumer expectations grow quick commerce can help online retailers meet and exceed them. This in turn will foster brand loyalty. There are many situations where the convenience of q-commerce can reduce stress and maybe even avert disaster. How could customers be anything but satisfied?
How WebAR can play a role in Q-Commerce evolution?
From electronics to several different types of household items which are typically on demand for retail sellers, adding virtual try-on can be a killer approach. While customers need such items in a hurried manner, can avoid having trust issues while buying online. A virtual try-on with WebAR can solve two folds problem.
Customers can safely avoid visiting stores for something which is needed urgently. On the other hand, a virtual try-on ensures the product quality in a much better way than 2D image showcasing.
Q-Commerce market is evolving fast in FMCG domain. The early movers with differentiating factor like 3D product view with AR can cast a long lasting brand impression to its target audience.
In fact Spanish quick commerce service Glovo has already expanded its service offering by fulfilling orders for furniture, medicine and technology in under an hour. It can pretty much deliver anything from the largest shopping mall in your city to your door in just minutes.
Final Thoughts
Quick commerce is a relatively new term and to date it is an opportunity that has largely remained untapped in eCommerce. But as consumers demand more convenient options quick commerce will only grow in popularity.
While it can be difficult to know if it's right for your business testing it out won't require too much investment. You can introduce it to one region at a time ironing out kinks in the system assessing the results and adapting your strategy to suit the local area.