The market for online groceries is expected to rise by a staggering 23% year between 2020 and 2030. In its most recent research, FMI analyses the market’s potential for global expansion as well as the viability of investments in significant market areas.
Online food shopping has grown in popularity among millennials, but the COVID-19 epidemic propelled this cutting-edge trend into the mainstream. In addition to millennials, who make up more than 32% of the world’s population, online grocers have seen significant growth from new client archetypes. These clientele included senior citizens and residents of small towns. Online grocers improved their offerings and grew their product portfolios and inventories as a result of the success they were seeing from such a varied range of client archetypes.
Online grocery shopping has grown as a result of rising consumer expenditure, increased employment rates, and general economic expansion. A number of firms have claimed a spike in Multifood sales as a direct result of initiatives taken to strengthen their online presence and portfolio.
Online shopping saw a new dawn after the COVID-19 outbreak.
The breakout of COVID-19 has ushered in a new era of internet purchasing. Numerous changes in consumer behaviour were brought about by the virus’s unprecedented spread. Online grocery shopping is at least one spending trend that is certain to endure even after the coronavirus is gone.
Food is in high demand in the US, China, and India. Brick and mortar stores continue to differentiate themselves from online retailers with their emphasis on instant gratification. However, the odds are now in favour of online grocery.
