Hyperlocal Services Market
Hyperlocal Services Market To Increase at Steady Growth Rate
Hyperlocal services are availed by consumers located within a well-defined geographic locations( within the presence of service providers). Hyperlocal services include online delivery of cooked food from restaurants, hotels and other food outlets, online delivery of grocery, online logistics services, and online home services such as plumbing, carpentry, laundry, electronic repairing, and requests for tutors.
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.
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