Armenia, a small country in the South Caucasus region, has been experiencing a surge in the Quick Commerce market in recent years.
Customer preferences: Armenian customers have shown a growing preference for convenience and speed in their shopping experience. With the rise of Quick Commerce, customers can now order products and have them delivered to their doorstep within hours, if not minutes. This has become particularly important during the COVID-19 pandemic when customers are looking for contactless delivery options.
Trends in the market: The Quick Commerce market in Armenia has been growing rapidly, with several local and international players entering the market. The competition has led to an increase in the variety of products available for delivery, from groceries to electronics. Additionally, many Quick Commerce companies have started offering subscription-based services, which provide customers with discounts and free deliveries for a monthly fee.
Local special circumstances: Armenia's small size and dense population make it an ideal market for Quick Commerce companies. The country's capital, Yerevan, is home to over a million people, and many of them live in high-rise buildings, making it difficult for traditional delivery services to reach them. Quick Commerce companies have been able to fill this gap by offering fast and reliable delivery services.
Underlying macroeconomic factors: Armenia's economy has been growing steadily in recent years, with a focus on technology and innovation. This has created a favorable environment for Quick Commerce companies to enter the market and thrive. Additionally, Armenia's location at the crossroads of Europe and Asia has made it an attractive market for international Quick Commerce companies looking to expand their operations. The government has also been supportive of the industry, providing incentives for startups and small businesses to grow and innovate.
Data coverage:
The data encompasses B2C enterprises. Figures are based on Gross Merchandise Value (GMV) and represent what consumers pay for these products and services. The user metrics show the number of customers who have made at least one online purchase within the past 12 months.Modeling approach / Market size:
Market sizes are determined through a bottom-up approach, building on predefined factors for each market. As a basis for evaluating markets, we use annual financial reports of the market-leading companies, third-party studies and reports, as well as survey results from our primary research (e.g., the Statista Global Consumer Survey). In addition, we use relevant key market indicators and data from country-specific associations, such as GDP, GDP per capita, and internet connection speed. This data helps us estimate the market size for each country individually.Forecasts:
In our forecasts, we apply diverse forecasting techniques. The selection of forecasting techniques is based on the behavior of the relevant market. For example, the S-curve function and exponential trend smoothing. The main drivers are internet users, urban population, usage of key players, and attitudes toward online services.Additional notes:
The market is updated twice a year in case market dynamics change. The impact of the COVID-19 pandemic and the Russia-Ukraine war are considered at a country-specific level. GCS data is reweighted for representativeness.
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