The global online grocery market size is expected to reach USD 1.1 trillion by 2027, expanding at a CAGR of 24.8% from 2020 to 2027, according to a study conducted by Grand View Research, Inc. Increasing number of smartphones, their use, and rising number of smartphone users are anticipated to boost the market growth over the forecast period. Along with these factors, recent pandemic of corona virus is another major contributor of rising number of online grocery shoppers across the globe.
Increasing adoption of online shopping is expected to fuel the market growth during the forecast period. Shopping convenience and better discounts are the primary reasons that have led people to shift from traditional shopping to online shopping. Developing countries have witnessed a notable rise in the number of online shoppers in recent years. According to the India Brand Equity Foundation (IBEF), the number of online shoppers in India was around 120 million in 2018 and is estimated to reach 220 million by 2025. This growing trend and surge in the number of shoppers have developed a huge potential for the market growth.
Security concerns among customers and lack of physical evidence are the major factors that impede the market growth. However, the adoption of Internet of things (IoT) is expected to open new avenues for the online grocery market over the forecast period. IoT helps e-commerce organizations maintain inventory by using IoT enabled devices within the network. IoT provides real-time data and helps retailers analyze the demand for several products in different regions.
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