Future Market Insights (FMI) predicts an impressive 23% CAGR for the Global Online Grocery Market Size. According to their latest report, the market is expected to reach a staggering US$ 2778.4 billion by 2032, soaring from its previous value of US$ 350.55 billion in 2022. FMI's analysis examines the potential for market expansion worldwide and explores the feasibility of investments in key segments.
Although online grocery shopping was initially popular among the younger generation, the outbreak of the COVID-19 pandemic propelled this novel form of shopping into the mainstream. Apart from millennials, who account for more than 32% of the global population, online grocers also experienced substantial traction from new customer archetypes.
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These customer groups included geriatric and suburban consumers. The diverse customer base prompted online grocers to enhance their offerings and expand their product portfolios and inventories.
The surge in online grocery shopping can be attributed to increasing consumer spending, an improved employment rate, and overall economic growth. Many brands have reported significant sales growth, primarily due to their strategies to bolster their online presence and expand their product range.
COVID-19 Outbreak Ushered a New Dawn for Online Shopping
The COVID-19 outbreak has marked the dawn of a new era for online shopping, reshaping consumer behavior in unprecedented ways. One particular shift in spending patterns is expected to endure long after the pandemic subsides: the increased adoption of online grocery shopping.
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Countries like the U.S., China, and India have witnessed a surge in demand for groceries through online platforms. Traditionally, brick and mortar stores boasted instant gratification as their unique selling proposition (USP), giving them an advantage over online shopping. However, the tables have turned, and online grocery shopping has emerged as the preferred choice.
The implementation of stay-at-home orders impacted over 300 million Americans, leading to permanent changes in their retail habits. As a result of the COVID-19 pandemic, daily ecommerce sales nearly doubled between March and April, highlighting the rapid growth and acceptance of online grocery shopping. This trend is likely to persist even beyond the pandemic era, as consumers have become more accustomed to the convenience and safety of purchasing groceries online.
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Grim sales outlook following the COVID-19 outbreak and onslaught brought about by ecommerce behemoths have compelled even the most formidable brands to rethink their strategies.
Target and Walmart are two retailers holding themselves up against the perils brought about by the pandemic. Both had realized that online grocery was the key to avoid further wounds by Amazon.com a long ago. Accordingly, they invested in improving their online presence.
This robust uptake of online grocery shopping among consumers is not a phrase rather experts believe this could might as well be a reflection of permanent change in consumer behavior.
Who is winning?
Some of the key players operating in the online grocery market are Amazon.com Inc., Walmart Inc., The Kroger Co., Peapod LLC, Fresh Direct LLC, Target Corporation, Publix Super Markets Inc., Best Buy Co. Inc., Instacart, Costco Wholesale Corporation, Safeway Inc., Carrefour S.A., Tesco PLC, Edeka Group, Aldi, Alibaba Group, JD.Com, Honestbee, Grofers India Pvt. Ltd., Avenue Supermarts Ltd. and among others.
Several online grocery/ e-retailer companies are entering into strategic partnerships with prominent retailers to cater to the growing demand for groceries and other essential items.
- Walmart Inc. has entered into a strategic partnerships with four third-party delivery providers which are Point Pickup, Skipcart, AxleHire, and Roadie to help the company provide on-time delivery to its customers
- In India Domino’s Pizza, Uber, Rapido, Swiggy, Zomato, and other have ventured into grocery delivery in collaboration with online grocers such as BigBasket and Grofers and retail chains such as Big Bazaar and Spencer
