Online grocery experienced COVID-19 induced tailwinds and the space may witness high growth, according to a report, ‘Online grocery: What brands need to know’, released on Friday.
Driven by the rise in organic adoption during the pandemic, e-grocery has seen a surge in recent months with the gross merchandise value rising about 70% in June compared with January, as per the study jointly conducted by Redseer Consulting and BigBasket, the online grocer.
Online grocery was a $1.9 billion market in 2019, and could likely be the next battleground for growth, expanding to $18 billion-plus by 2024, the study said. It added that e-grocery had been surging and would remain steady for the rest of 2020, to reach more than $3 billion. Hari Menon, co-founder and CEO, BigBasket, said, “The industry saw a 70%+ average recurring revenue jump in the last quarter across categories”.