Rising Hyperlocal E-Commerce And the Changing Dynamics Of Food Delivery Startups
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Year 2020 has been quite challenging for every sector and every market witnessed drastic changes. So did the e-commerce dynamics! Even after the COVID-19 outbreak, nothing is going to remain the way it has been and the new normal ways would be figured out.
Talking about the online commerce market, well this is the future! In fact, the roots are being extended and the existing present and coming future sees the growth of hyperlocal e-commerce industry in leaps and bounds. Who would venture out when all what you want can reach you on its own as quickly as possible and that too from your preferable vendor? Ask for anything, from groceries, clothes, electronics, food or anything and there your order is! No point going physically to the stores for bare minimum things unless you really want to do door-to-door shopping.
Statistics reveal the demand of groceries and other essential products ordered online has jumped to six times in recent months since the lockdown was implemented. And why not, social distancing and online shopping is the way forward! Even the local kiranawaala’s after noticing a surge in phone calls from regular customers have understood the trend and are focussing more on the delivery aspect.
All this makes one thing certain; the hyperlocal businesses are here to stay. The tough times worked pretty well for the local businesses, owing to the hygiene and safety, people preferred relying on the known ones. This ultimately did the job, the current economic scenario allowed hyperlocal vendors the opportunity to grab the most of it and thereby the delivery system, being an essential means. Empowered by PM Modi’s speech, the buzzword ‘hyperlocal’ gained huge momentum and gave wings to so many local Indian business class men and women. Predictions and few research reports during these times also indicate the future of the hyperlocal market, which is expected to grow at a considerable CAGR rate in the coming years.
The recent years saw a change in the country’s food delivery market which has picked up a considerable pace and offers lucrative growth options. If we see metro cities like Delhi, Pune, Bengaluru, etc., more than 70 per cent of restaurants have partnered with multiple online platforms to facilitate home delivery of their orders.
Even the demographics are shifting and changing, the urban culture now implements to the whole of the nation. Tier II and III cities are also to be taken care of. People are opting for these options through platforms that support native language content. So, aspirations of today’s generation are more or less the same no matter to which region they belong and therefore hyperlocal e-commerce and a delivery system need to be weaved according to the evolving consumer behaviour.
This is also due to the fact that the past few months, the changed scenario has approached gale force. Thanks to Facebook’s investment in Reliance Jio, that opens doors to a promising hyperlocal commerce. This is indeed a new pivotal for the Indian retail and e-commerce sector. The cheaper data that is now within everybody’s reach and access has worked wonders for so many homemakers who now enjoy online WhatsApp orders from the consumers in their mohalla. The speed of innovation and therefore the newer model of hyperlocal e-commerce and different variations to it will keep unfolding with time and days.
Is your business online? No! Then you need to do that now. It's the best time for sure! The purchasing behaviour is changing and you should grab the opportunity because many others are doing so while you are planning!