Hyperlocal services refers to online business models that provide various products and facilities that rely on the platform of smartphones with GPS technology. The offerings include food delivery from restaurants, grocery from superstores or hypermarkets, logistic services, and home utility services such as electrical repairing, plumbing, carpentry, laundry, and personal tutors.
Industry is characterized by the presence of large number of players acquiring small hyperlocal services market shares. This is expected to continue over the forecast period, however, few industry participants have gained competitive edge over other participants. These participants include GrubHub, Just-Eat, Swiggy, Delivery Hero, Foodpanda group, BOXC, Shipster, and HelloFresh Group.
Increased adoption of smartphones featuring internet connectivity is the prominent factor driving the industry growth:
According to GSM Association Intelligence report in October 2016, around 44% of the total smartphone users, had subscribed to internet connectivity which is projected to account for around 60% by 2020. Moreover, hyperlocal services market participants are increasingly enhancing search options and application support for better consumer experience. Proliferation of improved and secured mobile payment gateways such as, Android Pay, Apple Pay, PayPal, etc. has led to significant increase in consumer confidence for the application of mobile platform for transactions. These factors are expected to provide strong industry growth prospects through the forecast period.
Grocery and food delivery segment dominated the global hyperlocal services market share
Grocery and food delivery segment participants perform the aggregation of local restaurants and superstores through smartphone applications and provide products on demand. This helps participants gain the trust of the local shops through online shopping. Moreover, owing to presence of large untapped potential consumer base and almost everyday requirements of foods and groceries will drive growth of these market segments.
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