ONLINE HYPERLOCAL SERVICES MARKET ANALYSIS

Online Hyperlocal Services MarketSize and Trends

According to GSM Association Intelligence Report’s published in October 2016, 44% of the global smartphone users are subscribed to Internet connectivity and this is projected to surpass 60% by 2020. Proliferation of smartphones and Internet in conjunction with significant paradigm shift of consumers from physical payments to digital transaction is among the chief trends projected to fuel the market growth over the forecast period. Accelitec WalletBuilder, Adyen, Airtel Money, Paytm, Allied Wallet, Alipay, and Amazon Pay are some of the prominent payment modes that have gained significant traction in the recent past. Increasing ease of transactions through these payment mediums has led to significant increase in consumer confidence towards utilization of online hyperlocal services and this is expected to be a major growth factor for the market. 

Grocery ordering segment is expected to witness highest growth over the forecast period. Value propositions offered by the players in terms of optimum price, quality products, easy website navigation, and home delivery is among the chief factors driving the segment growth.

Market- Trends

Significant discounts on signing in on a multiple platforms and continuous changes in product pricing to attract large consumer base are among the key strategies for the new market entrants in this industry space. This in turn has led to increased competition among the global and local industry participants, compelling the participants to introduce frequent discounts and competitive product pricing for better consumer retention. Affordable costs and efficient delivery of services are expected to be among the major factors that are expected to propel the global online hyperlocal services market growth over the forecast period.