Understand Hyperlocal Discovery Platform and its Benefits
The local discovery platform has brought about a significant change in the psyche and expectations of consumers as well as local retailers.
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With the advent of digital marketing, it has become possible for businesses to reach out to their customers globally. Platforms like Facebook, Twitter, and Adwords allow you to promote your services and products to the global market with ease, that too at a really low cost. However, what if your target audience is largely based locally only! Well, the buzzword in town among the start-ups to reach out to their local audience is HYPERLOCAL.
A hyperlocal discovery platform merges online and offline platforms to fulfil localized demand on a massive scale and deliver the goods and services in the shortest time possible. In layman terms, hyperlocal gets customers to use digital platforms to buy locally and put the money back in local stores. It enables businesses to reach out to customers for a particular function in a defined suburb or community. Right from plumbers, and electricians to tutors and beauticians, hyperlocalcplatforms in India are now offering more than ever before.
Hyperlocal, however, is not a new concept. Before television, internet or even print media, merchants relied heavily on hyperlocal markets to survive. Local vendors like saree or apparel sellers would bring his products to the house and the ladies of the house would be able to gain access to the varying products and make a purchase without even stepping out of the house. Hyperlocal markets haven’t changed much, only the advent of technology has changed how we look at it and utilize it. Although it’s difficult to point out when this local discovery model was formed, its popularity surged in 2015. According to a study titled “India Hyperlocal Market Outlook to 2020”, the hyperlocal market revenue saw a rise of 41% in the same year. Even though hyperlocal is recognized as the next avenue to accelerate localized commercial business, executing its model is not quite an easy task. However, startups and investors are now recognizing its potential and are working on ways to adopt its model and focus on delivering on-demand services and specifically-targeted products. Technologies like WiFi-Direct, NFC, BLE and upgraded GPS have enabled businesses to venture into this domain.
How does it help?
Hyperlocal has a huge potential to grow in India as Indian families are much more comfortable with the “hyperlocal context”. They tend to develop familiar ties to the local vendors, shopkeepers and service providers. It is this human behaviour that has lured investors to invest in this idea and create new businesses. The local discovery platforms offer numerous benefits to the local retailers and the consumers. Few of them are mentioned below:
- It was feared that the local retailers and service providers would be driven out of business by the corporate retailers and e-commerce stores. The rise of local discovery platform has the local businesses healthy and flourishing.
- Local retailers do not need to build an app or spend excessive money to come online. They can simply enlist with one of the many hyperlocal businesses to cater to their local customers.
- It enforces local businesses to follow high standards, has effective delivery capabilities, and offer complete transparency in pricing and services to their customers as this enables them to compare, evaluate and then select the best from the options available to them. This is really useful for consumers utilizing service-oriented business like plumbing or repairing.
- It also motivates the local businesses to make efforts to constantly improve their services and products as the competition in this domain comes only from localized similarly-sized businesses and not the daunting international and national brands.
- Users can now order awide range of goods and services, whether it’s ordering groceries, plumbing services, or even planning parties, simply from their smartphones with ease.
The local discovery platform has brought about a significant change in the psyche and expectations of consumers as well as local retailers. Ultimately, Hyperlocal discovery platform is a simple revamping of services that ease out the life of customers and retailers, who in-turn, enjoy the benefit of hassle-free profitable trading. With the Indian hyperlocal market, the compound annual growth rate is expected to exceed Rs.2306 Cr by 2020 (Source: Economic Times).
Disclaimer: The views expressed in the article above are those of the authors' and do not necessarily represent or reflect the views of this publishing house
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