Why should you focus on Hyperlocal Marketplace?
Nowadays, everyone is looking to save time and energy by opting in for a home delivery option. People don’t want to step into the malls or visit the shops to do grocery shopping, but they are using some online delivery apps for such services.
This trend is expanding like anything.
You can order food from a website, shop items from an app, and then there are top-level e-commerce apps like Amazon, Walmart, etc. These are giving you the best shopping experiences that will live on in your memories forever.
To address the needs, the hyperlocal business model caters to the pressure of owning or renting a physical space for a business idea. As an alternative, you only need space on the cloud and an app or a website, to get started.
If you have a business idea and you are looking to go with the hyperlocal business model, this trend can reshape your online business into a marketplace without a doubt.
Have we sparked your interest? Do you wish to know more about Hyperlocal Marketplace?
Well, let’s get on with it.
What is the Hyperlocal Business Model?
The model truly depends on dropping items at the customer’s door. And it is getting more and more popular with each passing day. You will be the last person to say a no to it.
It offers convenience and affordability if you plan it accordingly.
The model says you have to give on-time delivery to a specific facility, along with the safety of the items. Because the only object of the hyperlocal business model is to deliver the item on time at the location.
To get started, you just need to decide on the service you want to give, identify your target audience, pick a place, and make it happen.
A hyperlocal business model in which each request of the shopper, for example, grocery, laundry service, medicine, are met promptly through local shops.
The model is quite simple to understand; presume you own a startup in your local area. Your customers connect with you via an app. Through this e-commerce, the app is the only way for you to operate your business.
You give an expected one-week delivery time to your buyers either they shop some foodstuffs, dairy products, or home appliances for cooking or cleaning.
Unlike eCommerce, you get an order from the south of your city. The customer wants a detergent to wash his house. You being in contact with the local grocery shops, pick up the detergent, and send your delivery man to his house.
Within 20-30 minutes, the customer gets the detergent and rates you five stars. The promptness and availability on time are what will give you the edge.
Hyperlocal Business Idea
Are you having a hard time figuring out what business idea to pick? Worry not as you can shadow the following idea to quickly start it:
1- Select the industry and niche; let’s say you picked “health care” and “fitness equipment” is the niche.
People are lacking the motivation to go to fitness gyms because of their busy work routines. And it’s not usual to have all the necessary equipment at home, in case, anybody is willing to workout from home.
So, you can offer them convenience by providing fitness equipment at home or they can even rent those from you for a while.
2- It is going to be an online business right, so what you need is a website, an app, or a store.
Make sure you reach out to an IT company to get an app, a website, or a store developed that is responsive, easy-to-use, and tailor-made to your niche.
3- You always need a marketing strategy to run a business.
Here, your strategy must be ‘how to target the audience’ and set a customer base. You can conduct a competitor analysis, and pick the specific group of people you want to reach out to.
4- Build a partnership with hyperlocal service providers.
How to deliver the item to your customer’s doorstep? Of course, you would need to develop a partnership with a courier service. You can also connect with other hyperlocal service providers, as well as make a hyperlocal marketplace.
How Does the Hyperlocal Marketplace Work?
Do you know what is the crucial part of this hyperlocal business model? It’s the supply chain. Because the delivery agency is the medium between the customer and the supply need.
Let’s talk about the technologies that make the hyperlocal marketplace to work effectually.
1- You must have explored the true potential of mobile phones until now. The GPS installed by default can help you find the locations of your customers. Google Maps or other navigation systems can make it feasible for you to locate the exact address.
2- Your online payment method should be great for the customer to check out quickly and smoothly. We have some tips for you:
a) You can provide multiple payment methods.
b) Allow payment without needing an account.
c) An easy to understand design.
d) Make sure you don’t redirect the customer to any other website or landing page.
e) Don’t ask for unnecessary information.
f) No social security numbers, etc.
g) A clear call to action.
3- Having an e-commerce platform is a must here. So, you need either an app or a website.
4- SRM is a platform that allows you to connect directly with suppliers i.e. POs, managing logistics, etc. You can strategically plan all your interactions with the third party. You can choose the platform industry-wise and you’re good to go.
5- A CRM can help you manage customer’s data.
6- In the end, you find yourself a good logistics and shipping company. You can manage your sales, get actionable insights, integrates it with social media, and communicate with the team.
Pro Tips
You have to be best at time-management and geo-location if you want to step into the world of the hyperlocal marketplace.
You need a robust hyperlocal marketplace software to provide on-time delivery in the targeted locations.
Please ensure that your products are fresh and the service is affordable for you to grow intelligently.
What Can We Do for You?
With us, you can instantly create a scalable and affordable online marketplace software. You can have a dashboard designed to manage and track orders.
You can benefit from a mobile app or an order-taking website to provide a level of value to your buyers.
You can also avail of our One-Stop eCommerce development facility to have a highly-personalized marketplace.
