Hyperlocal Services Market
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.
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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.
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