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 worldwide hyperlocal services sector is currently undergoing change. While the industrialised economies are exhibiting signs of value acceleration, emerging economies are seeing tremendous growth. The market for hyperlocal services in these areas is being driven by the expansion of Internet connections and the rising use of smartphones in emerging regions, as well as by enhanced search options, application support, and payment gateways.
Due to the fierce competition between local and international firms, consumers now receive substantial discounts on their initial purchases, which is propelling the worldwide market for hyperlocal services. Significant private venture capital investments in the early start-ups of this industry have increased spending on marketing and promotional activities with the goal of attracting customers, which would facilitate customer loyalty and, as a result, customer retention.
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Market Overview:
In recent times, internet based hyperlocal service business such as GrubHub, Just-Eat and Delivery Hero, have outperformed other firms in attracting investment from venture capital and private equity investments firms for integrating convenience goods and services such as grocery, tailoring or fitness services and other on-demand services. The market has witnessed increased interest of investors in the hyperlocal e-commerce segment primarily due to proposed value propositions of online business model which have been able to improve User experience (UX) and User interface (UI) and reduce consumer pain points caused from traditional business models in this sector.
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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