Online Hyperlocal Services Market Illuminated By New Report

This report provides in-depth analysis of online hyperlocal services, market size (US$ Million), and Cumulative Annual Growth Rate (CAGR %) for the forecast period (2017– 2025), considering 2016 as the base year

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Companies covered as a part of this study include Delivery Hero AG, Instacart, Uber Technologies, Rocket Internet SE, Ibibogroup (redBus, goibibo, and ryde), Airtasker, ANI Technologies, AskForTask, Laurel & Wolf, PriceGrabber.com, Swiggy, and Taskbob

Global Online Hyperlocal Services Market - Insights

Online hyperlocal services refer to online business models that cater to consumers in specifically defined geographic locations that are under the reach of their regional service providers’ presence. These business models portfolio include restaurant food deliveries, superstores & hypermarkets grocery deliveries, logistic services, and home utility services such as laundry, plumbing, carpentry, electrical repairing, and personal tutors. Growth of this industry is predominantly reliant on websites and application platforms, in addition to availability of GPS technologies.

Market Dynamics

According to Internet World Stats (IWS) update in June 2017, internet penetration rate was pegged at 51.7% by percentage of global population, which witnessed an increase of 976.4% in the period of 2000 to 2017. According to Zenith’s Mobile Advertising Forecasts in 2017, global smartphone penetration reached 63% in 2017 is expected to reach 66% in 2018 in the 52 key economies across the globe. High proliferation of mobile and internet enabled smart devices, growing internet penetration, and shifting inclination of consumers from physical stores and services to on-demand services is expected to be the major factor leveraging the global online hyperlocal services market growth. However, intense competition among the players, primarily owing to large number of new entrants and highly fragmented industry space has in turn led to significantly low profit margins. For instance, cab aggregator industry space in India is affiliated by the presence of players that include Ola, Uber, Meru, EasyCab, Tab Cab, mGaadi, Scoot, GO4Cabs, Jugnoo, and mGaadi. These factors are expected to hinder the market growth over the forecast period.

Increasing competition among key players to enhance their consumer base has led to significant investments in promotional campaigns and marketing strategies, and this is anticipated to fuel growth of the market

Significant discounts on signing in on a multiple platforms and continuous changes in product pricing to attract large consumer base are among the key strategies for the new market entrants in this industry space. This in turn has led to increased competition among the global and local industry participants, compelling the participants to introduce frequent discounts and competitive product pricing for better consumer retention. Affordable costs and efficient delivery of services are expected to be among the major factors that are expected to propel the global online hyperlocal services market growth over the forecast period.

Detailed Segmentation:

Global Online Hyperlocal Services Market, By End Use:
◦ Individual Users
◦ Commercial Users

Global Online Hyperlocal Services Market, By Service:
◦ Food Ordering
◦ Grocery Ordering
◦ Home Utility Service
◦ Logistics Service Providers
◦ Others

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This release was published on openPR.