Are you looking start a hyperlocal Marketplace? If yes, then you are at a right place. In this blog we will all the things that are required to start a Hyperlocal delivery app. There has been a lot of hype and demand for hyperlocal marketplace since it has been uncovered. The hype created is obvious because it provides the delivery of the product at a shorter time. It is convenient for both buyers and sellers. This model has a lot of opportunities for small business owners which is them main reason why many businesses are adopting this model.
Table of content
- What is hyperlocal marketplace?
- How does an e-commerce hyperlocal marketplace work?
- Importance of hyperlocal marketplace
- Statistics and future of hyperlocal marketplace
- Working of hyperlocal marketplace
- Features of hyperlocal marketplace
- Benefits of hyperlocal marketplace
- Cost to make a hyperlocal marketplace app
What is hyperlocal Marketplace?
Hyperlocal marketplace is a business model that allows sellers to target specific zones to fulfil the needs of the local buyers. It doesn’t matter if the business is small or big, it should fulfil the need of the local customer.
E-commerce is a great platform for business. The latest hype in the e-commerce business is the hyperlocal delivery system. Grocery delivery, ordering food, house care, personal care services, etc. have taken another dimension altogether ever since the popularity of hyperlocal e-commerce platforms rose.
The local businesses got a new opportunity in life as the new hyperlocal platform rose. This concept is quite new but in today’s world new ideas get an early recognition, thanks to the internet. Their business has witnessed new heights of success through this platform.
The USP of hyperlocal e-commerce businesses lies in their ability to deliver products and services at unbelievably fast speed. They to deliver any product in an hour, may it be grocery, food or any other service. Ordering the delivery in short span of time is the main work of the hyperlocal delivery model.
How does E-commerce in the hyperlocal marketplace work?
The hyperlocal marketplace model is a perfect example of how the technical advancements can amalgamate with the age-old favorite shopping methods and come up with a unique formula for success.
A hyperlocal business is a platform to enable local offline businesses to reach out to their targeted customers ensuring product delivery within a very short time. The service of a hyperlocal business could fall anywhere starting from a few meters to a few kilometers from the location of the business.
Given the very focused geographic spread of a hyperlocal space, the local ventures are almost guaranteed visibility and customers until they ensure good product and service quality. It ensures product delivery at a great speed that too from the customer’s very local trusted store.
A hyperlocal marketplace works by providing goods and services to the customers from the offline stores available within the proximity of a few kilometers. Not only FMCG but also house maintenance, grooming, and other services that are valuable for customers. So, if there is a restaurant nearby that does not offer home delivery for food a hyperlocal business can step in and do the job.
There are marketplaces today that offer product delivery within 24 hours, which indeed is applaudable but a hyperlocal marketplace can do the same job in just a matter of an hour(s). Here not only the speed is an attraction for the customer but the fact that products come from their very trusted shops well known to them is also an added advantage.
Importance of a hyperlocal marketplace
As the world is suffering from covid-19 pandemic, people are scared to go out of their house due to it. At this situation basic needs are fulfilled through online platform. As the people ignore going out to buy basic things, hey have to opt online platform for their basic requirements. From ordering grocery to getting a haircut, everything is ordered through online platform. Due to the pandemic the e-commerce business has seen a vital growth and is expected to grow more in the future. People are moving to online shopping instead of the traditional way of shopping.
This is the point when the Hyperlocal marketplace model became the savior and superior of all. The hyperlocal delivery model is a promising one for the case of on-demand delivery. Standing up to the current market standards, this model is appealing enough for your online business to engage and fulfil faster deliveries.
Future and the statistics
According to Statista Hyperlocal marketplace was valued around $1324 billion and is expected to be around $3634 billion by the end of 2027, registering a CAGR of 17.9% from 2021 to 2027.
More use of smartphones, growing urbanization, changing consumer preference and improving life style has been driving the growth hyperlocal marketplace and is expected to drive the market during forecast period. This is majorly attributed to growing funding for e-commerce business and growing trend of business digitalization. Furthermore, many big giants who deal in e-commerce are adopting and acquiring hyperlocal business in order reduce the transportation cost and minimize the significant delivery time.
According to hyperlocal marketplace analysis, the home utility service segment accounted for the maximum share in the global market in 2019, and is expected to continue throughout the hyperlocal services market forecast period Home utility service has gained major traction in developed countries including the U.S., Japan, Germany, and Russia. This is majorly attributed to hectic schedule, innovation in the services, improved mobile technologies, advances in connectivity, and increased urbanized population. Home utility service includes appliance repair, carpet cleaning, house cleaning, personal grooming and lawn care. Home moving services has been gaining significant popularity in the urban population owing to lack of time and domestic help, and benefits associated such as services can be booked at one click, improved payment getaway and service can be tracked, which further adds to the growth of the hyperlocal services market.
On the basis of nature, the goods deliver segment was valued at $608.0 billion in 2019, and is expected to grow to $2,048.8 billion by 2027, with a CAGR of 20.7%. Goods delivery comprises food, grocery, furniture, and medicine or drugs. Growing smartphone users and availability of online services has been driving the growth of the hyperlocal services market through goods delivery segment.
- Auto-detection of customer’s location
- Multiple online payment methods
- Shipment scheduling
- Product filtering based on location
- 5Social sharing options
- Reviews and ratings for products and services
- Multiple ship areas
- Multiple Zip codes
- Filter product by distance
- Can add product by zip code
- Filter product by city, region, country
- Sellers can add multiple ship areas
- Sellers can add multiple zip codes
- Edit or delete location
- Auto fetch the correction of location
- Auto geolocation
- Filtering products everywhere on the site-based location
- Facility to change already specified location
- Validation at checkout
Benefits of the hyperlocal marketplace
- Low-cost deliveries
- API Integration
- Real time tracking
- Marketplace and ware-house pick-ups
- Doorstep payments
- First mile, last mile and storage
- Zero capex investment
- Cross utilization
- Budget friendly
- Safe handling
Cost to make a Hyperlocal Marketplace app
The cost to make a hyperlocal marketplace app depends on a lot of factors.
So, if you are buying an app clone script, then it will cost you a lot less then getting an app developed from scratch.
If you are developing a app from scratch, the costing of the development is dependent on the country you choose. Rates differ from country to country. These are the rates of some of the countries:
India – Approximately $40 per hour
USA – Approximately $200 per hour
Australia – Approximately $90 per hour
Singapore – Approximately $40 per hour
UK – Approximately $120 per hour
Russia – Approximately $45 per hour
These are rates for different countries, the costing depends on which country do you get your app developed.
So, basically a simple application requires 2-3 months for development and if you want to develop a complex application with all different requirements than it can take longer period of time.
It takes approximately 300 hours for development.
SEE MORE: Are you looking for developer for your hyperlocal marketplace app? Let’s connect.
If you are thinking to open your own Hyperlocal Marketplace then it is the right time to get into this business. Due to the pandemic all the people are moving to online shopping and this field has bright future with a lot of investments from big companies. Contact a developer and start your business and make your dream come true.