From JioMart To Big Basket: Who's Winning The Discount Battle For E-Groceries? Jefferies Reveals

Quick commerce platforms are offering deeper discounts as competition heats up in the e-grocery space, according to a mystery shopping survey by Jefferies. The brokerage compared prices across various players in Bengaluru and found discounting had risen across platforms, driven by intense rivalry and shifting customer traffic.

JioMart offered the highest discount of 22%, narrowly beating DMart Ready at 21%. Swiggy Instamart's Maxosaver and Zepto's Super Saver both offered 20%. Instamart and Flipkart were also among the lowest-cost options in certain categories.

Jefferies' sample basket, with over 35 products and a printed MRP of Rs 11,900, showed the highest discounting in the personal care category at nearly 35%. Packaged foods (19%) and basic staples (18%) followed, while dairy saw the least discounts at just 5%, largely due to lower margins.

Interestingly, JioMart's lead came from deeper cuts in personal care, while DMart Ready remained the most consistent across product types. Maxosaver closely rivalled DMart Ready on most items, while Flipkart Minutes and Instamart were found cheapest in quick commerce offerings excluding saver options. Jefferies found discounts ranged from 16% to 22% across players.

The study, which also compared results from previous rounds, showed discounting levels rising steadily across platforms. This, Jefferies said, indicates stronger momentum in e-grocery penetration.

Based on SensorTower app data, monthly active users for BigBasket, JioMart, and DMart Ready have risen from Sept. to Oct. 2024. Blinkit and JioMart showed strong monthly app download growth, while Zepto and BigBasket saw a slowdown. Despite the jump in downloads, JioMart still trails incumbents in monthly user data.

Discounting remains largely platform and category specific, noted the brokerage. Packaged food discounts increased, while basic staples fell. BB Now has become more aggressive post-Feb. 2025, added Jefferies. JioMart leads overall basket pricing; Blinkit and Zepto lag slightly on offers.