Consumer expectations are changing rapidly nowadays. Technology has made it possible for all of us to browse the whole market in palm-size digital boxes. But now as the number of competitors is increasing in the domain of e-commerce, the industry is on the cusp of a huge overhaul.
Now customers won’t need to wait for more than a few minutes to get their orders delivered at their doorsteps. In this new Quick E-Commerce or Q-Commerce business, many players are trying to come up with innovative ways to woo customers. Now after Dunzo, Swiggy Instamart, even Ola, the nation’s favorite ride aggregator is entering this new lucrative segment.
OLA enters Quick Service Delivery business with ‘Ola Store’
After making huge strides with the launch of E-Scooters, Ride-hailing platform Ola has started piloting a quick delivery service for items like grocery, personal care, and pet care products in Bengaluru.
Ola is starting a pilot of its ‘Ola Store’ in Bengaluru. It has started its operations in a few key localities in Bengaluru and is planning to expand across major cities in India in the coming months. The company is aiming to the sub-15 minute delivery timeline with its new venture.
As of now, the service is available within the Ola app and is being rolled out to select consumers in Bengaluru.
Customers will be able to choose among 2,000 items
As of now, customers will be able to order from an assortment of nearly 2,000 items across multiple categories including groceries, beverages, home and personal care as well pet care products. These orders will be fulfilled from strategically placed dark stores in key parts of the city. The quick commerce sector in India is expected to grow to USD 5 billion by 2025 from the current USD 0.3 billion.
Ola also has food delivery and financial services offerings. In addition to that It recently launched a vehicle commerce platform, Ola Cars, to enable consumers to purchase vehicles.
On a standalone basis (ride-hailing business), the company has reported its first operating profit of ?89.82 crores with revenues at ?689.61 crores for 2020-21.
According to reports, Ola is reportedly looking at raising USD 1-1.5 billion ( ?7,324-10,985 crore) via an initial public offering and is expected to file the DRHP (draft red herring prospectus) in the December quarter.
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