New Delhi:
Sudhakar Adapa, Founder and CEO of BIA Brands, explains the difference between e-commerce and quick commerce, and how quick commerce needs to be “not so quick” to be sustainable. Explained. “E-commerce is booming these days, but Quick Commerce and Q-Commerce are probably new versions of e-commerce. ” Adapa said at the NDTV World Summit 2024.
He also said the definition of quick needs to change to make the model sustainable.
“Will quick commerce be sustainable? I would say yes and no. Yes, it will be a different kind of commerce that will survive, but I think the definition of quick will change.Currently, consumers If you say 20 minutes when it should be delivered in 10 minutes, the consumer will say, “I can’t wait another 10 minutes.” I think India is one of the few countries where fast transactions work because it has such a high population density. Not everything can be delivered within 10 minutes, so the definition of prompt changes from 10 minutes to 60 minutes. If this model has to be sustainable, it will result in less nimble commerce,” he said.
Adapa said that in today’s era, social media has become a powerful weapon for brands, saying, “The use of social media is happening in every field. If we as brands have to survive. , social media has become a powerful weapon and advantage.” The proportion of private labels is such that it actually gives smaller brands room to compete with the Unilevers and P&Gs of the world. For example, if you had to start a cosmetics brand 10 years ago, you would need to own and formulate the brand. You have to manage yourself, your manufacturing plant, your quality control department, your research and development, and the entire ecosystem comes at a huge cost, making it impractical for small entrepreneurs to start a company right now. All you have to do is go to a contract manufacturer, make some samples, collect about 1,000 pieces, put them online, and you have a brand. It has become so easy these days. ”
However, he also emphasized that “everything has its advantages and disadvantages.”
“The advantage is that you can start a company without capital. If you have a good product, you can start a company with almost nothing. On the other hand, there is some competition in the market. Differentiation has become very important. “It’s difficult for us, but the good thing is that our customers are getting great products, affordable prices, and enjoying great discounts.” he said.
