1. News
November 5, 2021

Buyk expands grocery service to three New York City boroughs

The company plans to enter all five of New York City’s boroughs this year, followed by other US metropolitan areas.

US-based rapid delivery start-up Buyk is continuing its expansion in New York City by launching its grocery service in Brooklyn, Queens and the Bronx.

Free Report
img

What’s the forecast for the food and grocery industry?

The food and grocery sector thrived during the pandemic, largely due to the shutdown of the food service industry and the sector’s subsequent necessity, panic-induced bulk purchasing, and spending more time at home. The market has grown as a result of inflation. Consumer unwillingness to go out and socialize, and the reopening of several hospitality facilities, helped maintain the demand for groceries, particularly online, in 2021. As consumer behavior changes, we consume more food and drink at home, and inflation increases basket sizes. GlobalData predicts that the sector will continue to hold a higher share than had been predicted prior to the pandemic. This is true despite the fact that the food and grocery sector's share of overall retail will decline from its peak in 2020. This report will discuss market forecasts and key themes in the global food & grocery industry in 2022 and beyond. It covers:
  • Market drivers and inhibitors
  • Five-year forecasts and the impact of COVID-19
  • The performance of the online channel versus offline
  • Major trends in the market including rapid delivery, ambient retailing, supply chain disruption, and inflation
Assess developments within this sector to help your business thrive in 2022 and beyond.
by GlobalData
Enter your details here to receive your free Report.

Introduced in Manhattan in September, the company delivers grocery items and other household essentials within 15 minutes.

Buyk combines its patented technological stack with a network of strategically located dark stores to make its delivery service faster.

Customers can order products from international brands and local favourites through the Buyk app.

The expansion brings the company’s number of dark stores to 20, including the six dark stores that it operates in Manhattan.

Buyk co-founder Slava Bocharov said: “We all know how New Yorkers value their time – it is the single most precious commodity in this fast-paced metropolis.

“So it is essential that we expand our service to people across the city as quickly as possible, letting all New Yorkers experience the convenience of our 15 minutes delivery.”

As part of its expansion plan for this year, Buyk initially plans to enter New York City’s five boroughs, later expanding to the US’ other major metropolitan areas.

Bocharov added: “In just two months, Buyk has seen growth that has taken other players in the sector around a year to achieve.

“However, this is just the beginning of our journey towards making Buyk the go-to name in grocery.

“We see huge potential for future growth in the ultrafast sector, as online channels continue to represent just a small share of the total grocery market, and Buyk intends to lead the way in this transition from offline to online.”

Ahead of its Manhattan launch in September, Buyk raised $46m in a funding round led by CM Ventures, Fort Ross, Citius and other investors.

The company is led by Bocharov and co-founder Rodion Shishkov, who previously co-founded and ran European grocery delivery service Samokat.

Free Report
img

What’s the forecast for the food and grocery industry?

The food and grocery sector thrived during the pandemic, largely due to the shutdown of the food service industry and the sector’s subsequent necessity, panic-induced bulk purchasing, and spending more time at home. The market has grown as a result of inflation. Consumer unwillingness to go out and socialize, and the reopening of several hospitality facilities, helped maintain the demand for groceries, particularly online, in 2021. As consumer behavior changes, we consume more food and drink at home, and inflation increases basket sizes. GlobalData predicts that the sector will continue to hold a higher share than had been predicted prior to the pandemic. This is true despite the fact that the food and grocery sector's share of overall retail will decline from its peak in 2020. This report will discuss market forecasts and key themes in the global food & grocery industry in 2022 and beyond. It covers:
  • Market drivers and inhibitors
  • Five-year forecasts and the impact of COVID-19
  • The performance of the online channel versus offline
  • Major trends in the market including rapid delivery, ambient retailing, supply chain disruption, and inflation
Assess developments within this sector to help your business thrive in 2022 and beyond.
by GlobalData
Enter your details here to receive your free Report.