Setting up an online marketplace is a no-brainer considering the present situation.
Hyperlocal refers to focusing on a targeted community or defined geographical locale. Hyperlocal business model works on two factors – Geography & Time. Delivering a product or service on time is the primary goal of a hyperlocal marketplace. A marketplace that meets the needs of a well-defined geographical region is a hyperlocal marketplace.
Important factors for a thriving hyperlocal marketplace are: on-time delivery, safety, convenience and defined area.
Hyperlocal business ideas are in-demand and shaping market trends. Hyperlocal Marketplace adoption can evolve your business. Hyperlocal is often delivery business or on-demand services.
Entrepreneurs choose hyperlocal as it permits consumers to place generic orders, send packages, order food, groceries, household essentials, or even medicines. This will open doors for small businesses to foray into the digital world.
What is a Hyperlocal Marketplace?
A hyperlocal marketplace caters to the on-demand needs of customers within a defined geographical location. Hyperlocal makes your business go local. It is reputed for localization in its truest spirit and form. Hyperlocal marketplace business model represents the system / mechanism to fulfill a consumer’s on-demand needs in the hyper locality.
Customers are served by collaborating with local resources via a digital platform. The rise in popularity of hyperlocal marketplace platforms encompasses delivery of goods such as groceries, food, medicine, laundry, and many more.
This model has the potential to bring amazing visibility to local retailers. The hyperlocal marketplace model has the ability to deliver products and services quickly. Whether it’s ordering groceries from a store or food from a restaurant, hyperlocal delivery services ensure on-time delivery and increases brand value.
Lockdowns have forced people indoors, but the demand for daily necessities remains. Physical stores couldn’t deliver, and customers were keen on their safety. Hence the shift to online shopping and on-demand deliveries was inevitable which is beneficial to both hyperlocal marketplaces and consumers.
Features of Hyperlocal Marketplace
Hyperlocal marketplaces have a considerable advantage in smaller towns (over big players). Some of the expected trends in a hyperlocal marketplace are:
- Automation of Delivery Process: Automation of hyperlocal delivery is an emerging trend. Smart fridges that send info to a supplier when fruits run out and the system begins packing fresh stocks depending on previous orders.
- Speed of Delivery: Advanced technologies such as delivery robots and drones will deliver goods quickly to disrupt the hyperlocal delivery industry. When a customer places an order, AI-enabled machines in the warehouse will automatically start packing the order for the delivery robot or a drone to deliver the product.
- Predictive Delivery: The future will be data-driven and consumer behavior data will be collected by hyperlocal marketplaces. This coupled with in depth learning and IoT will give rise to predictive delivery wherein businesses can envisage essential requirements. Predictive delivery is possible where there is a pattern on the consumption.
Benefits of Hyperlocal Marketplace
- Fast delivery: Hyperlocal marketplaces can benefit vendors if they want to deliver products to customers in a jiffy.
- Admin Panel: Hyperlocal marketplaces have a comprehensive dashboard that enables management, control, and tracking of daily operations. All aspects such as the status of the order, location of the delivery agents, etc., are visible to all stakeholders.
- Versatile Inventory: Hyperlocal marketplace can collate sellers for different product categories into a single platform to deliver anything. This would provide access to a large inventory in a defined region and a wide array of products.
- Improved Visibility: Adding more sellers to your platform will increase the diversity of products available to the consumers. This would heighten the brand image of your sellers and, in turn, enhance their visibility.
- Additional investment Curtailed: Hyperlocal marketplaces in fact will ensure that local sellers don’t need to setup separate stores online. A dedicated platform would be on hand to sell their products without building another.
Hyperlocal Business Ideas For You
In this age you can order anything online or avail a plethora of services via Hyperlocal Business. We provide you a list of the low cost profitable hyperlocal business ideas for entrepreneurs to launch themselves.
1. Handyman Business
This vertical will never run out of business. Most folks are neither aware how to carry out basic repairs around homes nor do they have the time. Customers book an appointment when a service is required, and the local service providers in the vicinity fulfill the request.
Handyman services in the US is growing big time at 5.6% YOY, driving total revenue of this online marketplace to about $5bn. The massive demand in this market makes it a lucrative industry. Handymen get paid by the hour making it a lucrative niche. You can work for multiple clients in a day.
Or have a partner to take care when business is brisk. You can also sign up with big home service players as a franchise partner. The marketplaces will take a commission for the number of orders they assign you.
2. Home Care Services
The home care services industry is also a fast growing and lucrative sector because of high demand for geriatric care at home, an ageing population, positive attitude of physicians towards home care, prevalence in communicable illnesses and medical innovations that support this.
Every qualified doctor or a nurse can provide these services which include home care, home nursing and home therapy. What the online portal does is to match the need for services with the resources available. Clients book a nurse for a certain period through the app. The app provides a list Doctors/Nurses and all necessary info about them.
3. Real Estate Agencies
You can never lose money in real estate if you play it right. Everybody needs a place to stay: be it travelers, people renting houses, people buying homes, businesses looking for office space, etc. The flexibility in working hours and profits earned makes this an attractive vocation.
With the evolution of Airbnb and Booking.com the manner in which people rent or list their property has had a remarkable change. The number of online marketplaces to rent out properties has grown.
The listings give priority to customer ratings, and the convenience to list a property has been enhanced. We have seen new businesses coming up to cater to specific segments such as hostel rentals, villa rentals, etc.
4. Travel Agencies
Travel has been a leisure activity to humans from time immemorial. Even though the pandemic has shut people indoors for a long time, conditions in US and Europe are easing out. Soon people will be back to traveling around the globe again.
People sometimes need help to browse, explore and compare different travel packages on the internet. There is a rise in the number of online travel portals and travel enthusiasts.
Travel agencies offer services such as ticket bookings, hotel bookings, car rentals and other services. If you are an adventure enthusiast and glib speaker, then providing services of a travel agent would be exciting for you.
5. Gardening and Pest Control Services
Most folks love nature and hence take up gardening. People also love to have a good lawn and well maintained greenery surrounding their homes or offices.
The Gardening industry in the US is on a growing spree with umpteen contracts being created between homeowners, large businesses and hotels.
Pest Control is a need every household and business must ensure in their dwelling. And this service needs to be carried out at regular intervals by professionals. Earlier, finding the right person for this job was always a challenge. But now, with On-demand Hyperlocal applications being available, availing these services is at the touch of a screen.
6. Flower Delivery
Weddings, Birthdays and Anniversaries demand that flowers be given. But not everybody loves to drive around searching for flowers.
Online flower delivery service makes it easy to deliver flowers all over the world. And if it is in your vicinity it can be done within the hour.
The investment to begin this business is paltry, location does not count and physical space minimum. All you got to do is source flowers and set up your online presence.
The number of Online Flower shops all over the globe has literally doubled during the past couple of years.
7. Personal Trainer and Dieticians
If you have a passion to keep fit and also want to help others stay fit, then this is just the niche for you. During this lockdown since people were locked up indoors, most realized the importance of keeping fit.
The hyperlocal business model is for those folks who are bedecked with a team of professional fitness trainers and experts in various training disciplines.
While dietitians are by nature nutritionists, the inverse is not necessarily true. Dietitians work with people/patients who are struggling to lose weight or need to improve their diet due to health-related reasons. They can even work online to understand their particular needs and challenges, and design meal plans accordingly.
This industry has a growth rate of 1.4% and total revenue of $9bn.
8. Food Trucks
Food truck operators compete with traditional restaurants and specialty eateries, as well as grocery and convenience stores that sell snacks, cookies and other prepared food items.
Food trucks have the advantage of knowing local consumer preferences towards freshness, sustainability, and locally sourced produce by leveraging their small scale and changing menu offerings seasonally.
The advantage of food trucks as compared to the physical restaurants is the investment. If food is your passion, invest in a food truck and splash yourself online.
9. Catering Services
If you’ve attended an office party, book signing, bridal shower, a betrothal or even a gallery opening, you’ve had a catering experience. This industry refers to individuals who cater to events through food.
If cooking is your passion and you love to moonshine with or consider it to earn a livelihood. Then catering services is certainly down your alley.
It is important to have some form of transportation, then you can go ahead and start your own catering service. Being a caterer, you can work for multiple clients at the same time. Also, if you maintain quality service in what you serve and communication, customer acquisition through the good word will bring you plentiful orders.