The new 85-page Bernstein research on Quick Commerce, Food Delivery and Going Out is one of the best/most comprehensive analyses of these spaces I’ve seen. If you don't have time for the full report, I’ve distilled some high-level insights below.
Note: This is a sector-level analysis of market opportunities and structural evolution, NOT an evaluation of two listed companies in this space, which was the primary focus of their research.
TL:DR: The market is maturing faster than most realize. Food Delivery's channel-shift is structurally complete. Quick Commerce is in discovery mode with brutal unit economics but massive TAM. The core thesis posits that the platforms are best positioned to evolve into "Lifestyle Concierges for the Top 5%" of the Indian population, who are willing to pay for convenience and quality.
The strategic imperative is to consolidate transaction frequency across multiple use-cases, including FD, QC, dining out, and events, to capture a significant share of this demographic's estimated ~$80B relevant wallet by FY30.
It’s impossible to condense the amazing research into a one-pager, so I highly recommend reading the full thing. It goes deep into bottom-up market-sizing, target demographic breakdown, cost structures, sector evolutions, sustainability drivers, unit economics, expansion optionalities and second-order thinking on risks like GLP-1 genericization impact.