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| • | The ‘power of one.’ It’s boom time for India’s digital economy. Expected to reach $800 billion by 2030—up from $90 billion in 2020—the market has given rise to the “SuperApp”: a one-stop digital destination for groceries, ride hailing, banking, and more. Companies compete to win over consumers and to keep them coming back. The power of one is enticing in an era of hyperpersonalization, says a start-up adviser. [Fortune India] | | | | • | Pedal to the metal. Grocery start-ups in India are promising consumers grocery deliveries within ten minutes. Two rival companies—one founded by a pair of 19-year-old college dropouts and valued at $570 million—are packing grocery orders in warehouses and dispatching bicycle riders to make deliveries. Although consumers are eager for the convenience of “quick commerce,” India’s pothole-ridden roads, where animals wander onto highways, can be dangerous. “We get five to six minutes, and I feel tense and fear for my life,” said one delivery worker. [Reuters] | | | | • | New behaviors. India’s grocery retail landscape is changing rapidly. During the COVID-19 pandemic, 93% of consumers in India tried a new shopping method, including curbside pickups and delivery apps, according to a McKinsey survey. Online grocery retailing in India could reach $10 billion to $12 billion by 2025, up from $2 billion to $3 billion in 2020. Despite this fast growth, earning a profit remains challenging for online grocers, given their high operating costs. | | | | • | Eating right. India’s grocery shoppers are focusing more on health and nutrition when they buy groceries. About 70% of the respondents said they would spend more on healthy and nutritious groceries in 2021 than they did in 2020, our survey reveals. Half of these health-focused consumers said they would spend more on organic foods. See our report for more trends in consumer preferences and how brands and retailers in India can respond to ever-intensifying competition. | | | | — Edited by Belinda Yu | | This email contains information about McKinsey’s research, insights, services, or events. By opening our emails or clicking on links, you agree to our use of cookies and web tracking technology. For more information on how we use and protect your information, please review our privacy policy. | | You received this email because you subscribed to the On Point newsletter. | | | | Copyright © 2022 | McKinsey & Company, 3 World Trade Center, 175 Greenwich Street, New York, NY 10007 | | | |
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