Customers residing in a well-defined geographic area use hyperlocal services (within the presence of service providers). Online grocery delivery, online logistics services, and online home services like plumbing, carpentry, laundry, electronic repairing, and tutor requests are just a few examples of the hyperlocal services available. Cooked food can also be ordered online for delivery from restaurants, hotels, and other food establishments.
The global hyperlocal services market is currently evolving. Emerging economies are expanding rapidly, while industrialised ones are showing symptoms of value acceleration. The growth of Internet connections and the increased use of smartphones in emerging nations, as well as improved search choices, application support, and payment gateways, are driving the demand for hyperlocal services in these places.
Consumers now obtain significant savings on their initial purchases as a result of the severe competition between local and international businesses, which is boosting the global market for hyperlocal services. Substantial private venture capital investments have increased expenditure on marketing and promotional activities with the aim of recruiting customers, which would facilitate customer loyalty and, as a result, customer retention. These investments were made in the early start-ups of this industry.
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Market Overview:
For integrating convenience goods and services like grocery, tailoring, or fitness services as well as other on-demand services, internet-based hyperlocal service businesses like GrubHub, Just-Eat, and Delivery Hero have recently outperformed other businesses in attracting investment from venture capital and private equity firms. Due to proposed value propositions of online business models that have been successful in improving User experience (UX) and User interface (UI) and reducing consumer pain points brought on by traditional business models in this industry, the market has seen an increase in investors’ interest in the hyperlocal e-commerce segment.
Growing interest of industry giants such as Amazon Inc. and Google Inc. in the online hyperlocal and home services market is expected to further intensify the competition which in turn would propel the possibility of market consolidation in the near future.
Market Dynamics:
With demographic diversity, vast consumer base, and growing digitization, emerging economies are showing promising growth opportunities for e-commerce players. Amongst the various industry verticals that are pushing for the supreme position in the growing e-commerce segment, online hyperlocal services providers have emerged as one of the strongest contenders for success.
Major factors driving the hyperlocal services market is the shopping nuances of the consumers. While market witnesses growth in the number of online consumers, majority of the consumers in the emerging regions are mainly driven by ‘touch and feel factor’ (in case of grocery) and trust offered by products/services from their neighborhood shop. Hyperlocal service providers are offering both the benefits to consumers by providing convenience of online shopping and, trust and faith of local retail shops. Additionally, due to better customer reach and potential opportunity in untapped market, online hyperlocal service providers are ramping up their operations in order increase its customer base and create more employment opportunities for the local workforce.
Product and service delivery assurance is a vital component of the hyperlocal services business model. Delivery networks, due to their dedicated focus on high quality services, are critical to the success of a hyperlocal services market. Thus, it has promoted the importance of logistics services and in turn provided potential growth opportunities to a number of startups to bridge the market gap in transportation and logistics assignment.
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Market Segmentation:
Hyperlocal Services market is mainly classified on the basis of components, types, and geography.
On the basis of components, hyperlocal services market can be segmented into food ordering, grocery ordering, home utility services marketplaces, and logistics service providers.
Grocery and food delivery start-ups such as Foodpanda (Foodpanda Group), Instacart, Olo, Delivery Hero, HelloFresh (HelloFresh Group), Grofers (Locodel Solutions Pvt. Ltd), Swiggy (Bundl Technologies Pvt. Ltd), TinyOwl (TinyOwl Technology Pvt. Ltd) and PepperTap (Nuvo Logistics Pvt. Ltd) connect customers with restaurants and supermarkets through mobile apps and deliver products on-demand, either through their own logistic network or through restaurants’ logistic network.
Logistics start-ups such as BOXC, Shipster, Swapbox Inc., Roadrunnr (Carthero Technologies Private Limited), Grab (Grab a Grub Services Pvt. Ltd), Shadowfax (Shadowfax Technologies Pvt. Ltd), and Delhivery (SSN Logistics Pvt. Ltd) provide a delivery fleet for e-commerce firms, restaurants, and other companies.
On the basis of geographies, global market of hyperlocal services is segmented into 7 key regions:
- North America
- Latin America
- Western Europe
- Eastern Europe
- Asia Pacific Excluding Japan
- Japan
- Middle East & Africa
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Key Market Players
The leading players in the global space includes Foodpanda Group, Delivery Hero and Just-Eat. Other prominent players of this industry are GrubHub, Grofers (Locodel Solutions Pvt. Ltd), Swiggy (Bundl Technologies Pvt. Ltd), TinyOwl (TinyOwl Technology Pvt. Ltd), Takeaway.com, Delivery Club and Yemeksepeti / Foodonclick.
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