Christy Publications Hyperlocal Services Market | Page 2

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. Large discounts on first purchase and competitive product offering costs are expected to present potential growth landscape The hyper local services market is characterized by the presence of large number of local players venturing for better business growth prospects. Moreover, some competitors have entered into significant private ventures offering capital investments to the start-ups for enhancing their presence through marketing and promotional activities for acquiring large consumer base. This has led to increased competition among the global and local players in the industry, in turn leading to frequent major discounts and competitive pricing strategies for consumer retention. Large savings on purchases and increased consumer convenience owing to easy accessibility to resources is expected to present solid growth prospects for hyperlocal services market. 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. Expansion of product offerings to rural and remote locations is expected present consistent challenge over the forecast period Catering to customers with best product quality with access to marginal profits is major challenge hindering the market growth. Increasing consumer base and business activity may also lead decline of the product quality that can result in loss of consumer retention. Industry is characterized with large number of global and local choices available in the industry, causing increased consumer volatility. Moreover, customer catering potential of these hyperlocal service market is limited to urban regions only. These factors are expected to consistently challenge the business growth of the players.