The rise of new technology tools during the pandemic is making adoption by the front line much easier, and that’s accelerating the organizational adaptation needed to produce results. Investors have been pouring their hard-earned money into quick commerce (Q-Commerce) for analytics where startups & small businesses promise speedy delivery of commerce at their fingertips in near-real-time.
With digital transformation & technology ruling the business landscape, modern customer behavior revolves around speedy product/ service delivery. In this regard, the newest players in the Quick-Commerce industry tend to dominate doorstep delivery for customers who enjoy the comfort & convenience of last-mile delivery - a strategy that ensures easy access to valuable data insights about customer shopping behaviours.
Consumer packaged goods (CPG) brands that have expanded their business by adding their own direct-to-consumer (D2C) services may gain a competitive advantage from exploring the Q-Commerce world for data analytics to attract new customers and meet the ever-changing demands of existing customers.
What is Q Commerce or Quick Commerce?
Quick commerce, the next age of e-Commerce, is about speed. As the name suggests, Q-Commerce means on-demand delivery in the quickest time possible. It generally means that customers can expect instant delivery of goods whenever and wherever customers need them.
The next step in the growth & evolution of eCommerce, Q-Commerce caters to the impulse purchases of customers who need products urgently. It ensures cutting delivery time and enabling last-mile delivery without delay.
Retailers in the Q-Commerce market have raised their stakes higher, promising delivery times as fast as ten minutes. Fulfilling such speedy delivery promises often requires having more manpower (mostly delivery people) and warehouses functioning within shorter-distance delivery areas.
But that hasn't been a barrier in operating instant delivery start-ups from raising money from investors during their significant rapid growth & expansion in major markets globally. Large retailers, CPG brands, and tech leaders may also be seeking to acquire such services to beat the odds.
The real question is: How are quick commerce companies achieving an unmatched level of efficiency and speed? Let’s dive into data insights from Q-Commerce:
Data Insights from Q-Commerce
Whatever the immediate revenue generation or lack thereof, speedy delivery start-ups rely on growing heaps of first-customer data about what today’s customers want and when they want it. An instant delivery start-up or small business can use data analytics to know the timing when customers living at specific addresses choose to add an item(s) to their online shopping cart. This is because customers have a specific & urgent need for a product and they need those products instantly.
Such first-party customer data from the Q-Commerce market can serve various purposes:
- Delivers individual-level feedback on customer shopping behavior to help users personalize in-app recommendations to engage existing customers and attract new ones.
- Empower predictive analytics about quantity, item type, and timing of future customer purchases to optimize inventory management, plan the delivery schedule accordingly, and inform employee scaling decisions in an efficient manner.
- Create CPG data insights about specific brands to assist the CPG industry in making future product changes or optimizing social media marketing campaigns.
- Deploy data analytics practices to reveal trends in customer shopping behavior to help third-party make meaningful marketing & business decisions.
CPG brands mostly rely on surveys and customer service interactions to gain access to first-party customer data insights even if the pandemic has accelerated direct selling to customers online.
What does the future of Q-Commerce look like?
The rapid evolution of Q-Commerce determines one of the crucial steps in e-commerce that has accompanied a radical customer shift demand toward online shopping during the global health crisis. In the midst of changes and uncertainty, speedy delivery services are likely to be in a better position to capture the influx of first-time (online shopping) customers looking out for speedy delivery at their doorstep.
With advanced technological developments such as machine learning and drone delivery, the future of Q-Commerce looks more promising. Because of drones and other modern tools, larger distances can be covered in the least possible time. Also, there will be higher reliability of delivery times in a cost-effective way. Many industry leaders are already working to introduce such cutting-edge innovations and ensure customer satisfaction.
By tapping into big data and analytics from the Q-Commerce market, businesses can change the entire landscape of commercial consumerism. The availability of data insights can help business users make the most of the opportunity to provide the ultimate customer experience.
For all the right reasons, it is fair to conclude that data analytics for Q-commerce adds a new value proposition to businesses and is the right choice for those who want to achieve the full potential of each business unit and ensure business continuity in any future crisis.
If you are not sure where to start or how to harness the power of Q-Commerce to fuel business growth, Polestar’s data analytics expert team will be glad to help, just let us know.