The digital age has finally come to a stage where it can assist the buyer with everything. The on-demand economy has strengthened itself with the rise in hyperlocal startups.
If you are an entrepreneur and have not begun thinking about getting into the industry, read the following FAQs and the affordable Hyperlocal business ideas along the way!
What is a Hyperlocal business?
A Hyperlocal marketplace is building a local ecosystem from where people can access the services of the stores near them. People can order items from these stores online, mostly on apps (Android/iOS).
What does Hyperlocal mean?
The term Hyperlocal basically means a geographically restricted on-demand marketplace. It only focuses on catering to the demands of smaller geolocation.
How is Hyperlocal business different from eCommerce?
The easiest way to differentiate between the two is to check if they have you regular shops listed with them, instead of the brands.
Your local service providers, Kirana stores, restaurants, etc. are listed on the Hyperlocal apps and users can track their orders in real-time.
eCommerce businesses offer brands, national and international to everybody, not restricting the distribution to geographical boundaries.
What is a Hyperlocal model of delivery and how does it work?
In the Hyperlocal delivery model, the provider acquires the requested product from the local or nearby shops registered with them and delivers them to the clients. These clients are from the same geographical location.
The entire process can be monitored by the clients in real-time.
Products offered can be Grocery, Food, Service Providing Professionals, etc.
Who are the biggest players of Hyperlocal businesses around the globe?
Following is the list of biggest Hyperlocal businesses:
Food and Grocery Delivery Home Utility Services Healthcare ServicesAlso Read: Hyperlocal Delivery Genies - Dunzo & Rappi Are Killing It!
Most Affordable Hyperlocal Business Ideas 2020
Listing down some really cool, trending and lowcost Hyperlocal business ideas you must know about in 2020.
Personal Care Services
Thankfully enough we get weekends to spend at home, who would want to face all the traffic and the driving, to go to the Salon, Masseuse, Spa or Beauty Parlour.
How nice would it be to have it all at home!
Moving to, how does it ensure profitability to the entrepreneur launching the business?
- You are saving the hassle of traveling to the salon, who doesn't want that?
- Saving them the jargon of booking an appointment and sticking to the timing.
- Service quality is basically the same, customers would not mind paying a little more.
Food Ordering Services
I wanted to cover this at the end, but the significance of this Hyperlocal business idea wouldn't let me.
This is a huge niche, a lot of players to compete with, very difficult to sustain and get the restaurants and grocery stores on board, requires a deep sense of business strategies.
But, the good thing is, people are ready to experiment with Hyperlocal businesses. They can easily switch from Zomato to FoodPanda.
Even though the competition is cut-throat, the startups have a chance at surviving.
Cleaning services, Plumbers, Electricians, Gardeners, etc are the recurring requirements of people. This way, they can book appointments with them as per the requirement and the time that best suits them.
Drawing investors, rise in demand, price effectiveness, increase in working population are some of the factors leading the growth of the Hyperlocal businesses that are providing professional home services and handyman services
Also Read: The Next Big 2020 Market | Handymen Services Platform in Latin America
Home Healthcare Services
Home healthcare is an umbrella term that includes, senior care services, baby care services, Caregiving services, Health care services (Nurses), etc. With the increase in the rate of stays in hospitals, home healthcare services are really coming handy.
The developed countries are already utilizing this to the fullest, the trend has started to get attention in the developing and rising economies. The market players are shifting their focus in accords to the market trends.
The home healthcare industry is expected to reach US$ 340 Billion by 2024. This promising estimate should sure act as a motivation for you to get into the business before the newfound markets have been exhausted by the existing players.
Conclusion
Looking at the trend, Hyperlocal business sure is a smart way to go.
The business is a little less explored in the economically growing countries compared to the rich and developed countries. It will be wise to understand the needs of the geographical location and then launching a Hyperlocal startup. The deeper the niche you select, the more you are likely to succeed.
