Hyperlocal Services Market Value Chain and Forecast 2016-2026
The global hyperlocal service industry is currently in a state of transition. Emerging economies are witnessing rapid growth, while the developed economies are showing signs of value acceleration. The growth in the penetration of Internet connections and increasing adoption of smartphones across the emerging regions, in conjunction with better search options application support and improved payment gateways is driving the market for the hyperlocal services in these regions. Additionally, players who started earlier are holding up well against the new smaller and local entrants in the market. This has led to intense competitions among local and global players, resulting in heavy discount coupons for consumers on their first purchase which is in turn is driving the hyperlocal services market globally. Significant private venture capital investments to the early start-ups in this business has led to increased expenditure on marketing and promotional activities with an aim of acquiring customers, which would facilitate customer’s loyalty and in turn customer retention.
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.
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.
Request Free Report Sample@ http://www.futuremarketinsights.com/reports/sample/rep-gb-1456
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.
The growth of the hyperlocal services market is primarily restrained due to the challenges associated with the expansion of these service in the micro interior regions. Building trust among the customers with respect to grocery delivery segment is one of the major challenge for the players active in the market. Additionally, regulated MRP (maximum retail price) which limits margins, poor quality of systems and data in the target retail stores, and technophobic delivery staff are few other challenges faced by the industry. In addition to this, customer retention is one of the major problems faced by leading players in this industry. The company strategizing their business model centering cost efficient logistics service is expected to obtain competitive edge against its competitors.
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.
Request For TOC@ http://www.futuremarketinsights.com/toc/rep-gb-1456
Home utility services start-ups such as Porch, Housekeep, Zimmber (Rejuvenate Solutions Pvt. Ltd), near.in (One97 Communications Ltd), Taskbob (Crenovative Ideas Pvt. Ltd), LocalOye (Imma Web Pvt. Ltd), Urbanclap (Urbanclap Technologies Pvt Ltd.) and Doormint (Blackcotton Solutions Pvt. Ltd) provide routine home services such as electricians, paintersand plumbers, wedding photographers, fitness instructors and tutors on-demand.
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:
Asia Pacific Excluding Japan
Middle East & Africa
Presently, North America and Western Europe leads the market in terms of demand and adoption of hyperlocal services. However, growing internet infrastructure and increasing smartphone penetration in the countries such as China, India, and South Korea are expected to bring the traction in the adoption of hyperlocal services in these regions.
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.
Future Market Insights (FMI) is a leading market intelligence and consulting firm. We deliver syndicated research reports, custom research reports and consulting services, which are personalized in nature. FMI delivers a complete packaged solution, which combines current market intelligence, statistical anecdotes, technology inputs, valuable growth insights, an aerial view of the competitive framework, and future market trends.
616 Corporate Way, Suite 2-9018,
Valley Cottage, NY 10989,
This release was published on openPR.
Permanent link to this press release:
Please set a link in the press area of your homepage to this press release on openPR. openPR disclaims liability for any content contained in this release.
You can edit or delete your press release Hyperlocal Services Market Value Chain and Forecast 2016-2026 here
News-ID: 359915 • Views: 514
More Releases from Future Market Insights
Vegan Marshmallows Market Size-Share with Top Companies, Regional Growth Rate, T …
The vegan food industry has witnessed spectacular gains in the past few years, owing to increasing realization amongst consumers about the perceived ill-effects on human health as a result of excessive animal based food products. The popularity of plant-based confectionery is an interesting trend in this regard. Bouyed by these factors, Future Market Insights (FMI), in its recently published study, opines that global vegan marshmallows market will grow at over
Vegan Protein Bars Market to Undertake Strapping Growth by the End 2028
According to a new study by Future Market Insights (FMI), the vegan protein bars market will surge at 12% CAGR between 2020 and 2028. Rising focus on health and wellness, soaring environmental concerns, and increasing awareness regarding animal cruelty have been fuelling the demand for vegan products worldwide. This is in turn is driving the vegan protein bars market, finds FMI. Vegan protein bars are nutritional bars created through plant based
Eggshell Membrane Powder Market To Raise Expressively With 10.5% CAGR By 2032
Newly released data from Eggshell Membrane Powder Market analysis by Future Market Analysis shows that the global eggshell market captured a market size of USD 125 Million in the year 2021 and is expected to grow at a CAGR of 10.5% by 2032. The Eggshell Membrane Powder Market is also expected to capture a market size of USD 200 Million during the forecasted period 2022-2032. The use of eggshell membrane as
Meat Substitutes Market To Forsee Commendable Growth of USD 9.7 Bn By 2032 | FMI
The meat substitutes market is anticipated to be worth USD 5.6 Bn in 2022. As per Future Market Insights (FMI), the overall market value is expected to reach a valuation of USD 9.7 Bn by 2032, rising at a CAGR of 5.6% for 2022-32. People's growing health consciousness is a significant growth driver in the market, driving up demand for vegetarian foods. In addition, rising environmental awareness about the environmental impact