Slow down of quick commerce

Hello,

To begin with, a 7-minute recap of 2022, brilliantly put together by Vox.

In other news, love is conquering bookshelves, with Colleen Hoover ruling the roost. Sales of print copies of romance novels in the US surged 51% this year, as Americans sought escapism and feel-good stories, reported Bloomberg.

And for all the boomers saying social media is keeping younger people away from books, TikTok made this happen.

Meanwhile, Uttar Pradesh became the most visited state in 2022, revealed Oyo’s annual Travelopedia report, while June 4 was the most booked day of the year. 

Lastly, in things you probably didn’t need to know, here’s how old the water we drink is. 

But then again, knowledge is power, they say. 

In today’s newsletter, we will talk about 

• Quick commerce’s slower future
• The WAE ahead: Going green
• Making real estate investing smarter 

Here’s your trivia for today: Which is the only planet to spin clockwise in the Solar System?

Ecommerce

Quick commerce’s future in 2023

Blinkit and Zepto promise 10-minute deliveries, but do they hit the goal? As the realities of quick commerce begin to set in, the average delivery time for quick commerce has moved to 20-30 minutes, with startups incentivising users to opt for delivery in 60-90 minutes. 

However, hyperlocal sector is only set to grow—deliveries within a fixed radius in typically 30-40 minutes. 

Not-so-quick commerce:

• Investment in the quick commerce sector shrunk from $1.53 billion in 2021 to $1.14 billion, according to data by research firm Tracxn.
• The sector is already moving towards consolidation, as witnessed by Zomato’s acquisition of quick commerce player Blinkit.
• Hyperlocal delivery segment is likely to grow. The segment is driven by multiple factors, including quick commerce, omnichannel strategy adopted by retail brands, the push from D2C brands, and the launch of the government's open network for ecommerce, Open Network For Digital Commerce (ONDC). 

Sustainability 

The WAE ahead: Going green

Founded by Anupam V Joshi, Water Air Energy (WAE) Limited has a slew of water purifying solutions for corporates ranging from drinking water stations to water coolers and chillers. The company entered the segment in 2008, at a time when most other players were looking at households with little focus on corporates and offices, giving WAE the first-mover advantage. 

The watershed moment:

• WAE received the CII-ITC Sustainability Award in 2019—an award granted by the CII-ITC Centre of Excellence for Sustainable Development. 
• The cost of installation of its products varies from Rs 50,000 to Rs 2.5 lakh depending on the type of raw water at the site, plumbing, and other technical requirements. 
• The Indian water purifier market is expected to exhibit a compounded annual growth rate (CAGR) of 10.27% during 2022-2027.

Proptech

Making real estate investing smarter

Proptech company Realiste, which has its roots in Moscow, is betting on the Middle East market to accelerate its growth. The platform uses artificial intelligence (AI) to simplify investing in real estate by doing away with the jargon used in the market for first-time investors.

Its future plans include expanding operations to 30 more cities and achieving achieve a valuation of $300 million to $400 million.

Building blocks:

• In 2018, Alex Igumnov-Galtsev founded Realiste in Moscow with his friend, Anton Baronov.
• The startup has established operations in Dubai, Riyadh, Moscow, London, and New York.
• Its platform runs on a freemium model. There are two subscriptions on offer for those looking to invest in real estate professionally—Magic Pro and Magic VIP.

News & updates

• Thank you, next: Twitter rival Mastodon has rejected more than five investment offers from Silicon Valley venture capital firms in recent months, as its founder pledged to protect the fast-growing social media platform’s non-profit status.
• Crypto crisis: FTX customers filed a class action lawsuit against the failed crypto exchange and its former top executives including Sam Bankman-Fried on Tuesday, seeking a declaration that the company's holdings of digital assets belong to customers.
• Higher fares: As travel springs back and even China dismantles the last remaining Covid curbs, one stark truth is beginning to emerge—the world is running desperately short of planes. Jefferies LLC estimates there’s an order backlog of 12,720 aircraft currently.

Which is the only planet to spin clockwise in the Solar System?

Answer: Venus.

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