FMCG distribution moat erodes as ONDC, quick commerce flatten route-to-market
SPJIMR analysis: HUL's 9M-outlet, 3,500-distributor edge is being commoditized by ONDC's 370K sellers across 800 cities, quick commerce GMV up 2.8x in two years, and 3PL networks. Reliance Retail and Honasa scale via ecosystem orchestration while HUL, ITC face margin pressure.
SPJIMR analysis argues India's FMCG distribution moat is eroding as ONDC, quick commerce and 3PL turn route-to-market into shared infrastructure. HUL, ITC face margin pressure while Reliance Retail, Honasa scale via ecosystem orchestration and demand-led models.