By coupling the ease of online shopping with the convenience of the next-door traditional store, ‘hyperlocal’ markets are fast becoming the new-age retail formats.
As with any online shopping portal, shoppers on a hyperlocal market set-up can surf through products of several vendors with the click of a button, and have a choice of many payment options. The benefit they get here is quick order delivery sans any unpleasant after-sales experience.
Such a format especially suits those shoppers who have the inbred desire for ‘touch & feel’ before making a purchase as they can directly visit the local store on the hyperlocal market set-up. Naturally, hyperlocal marketplaces have transformed the online shopping experience by making it quicker, seamless and transparent.
On the other side, it’s not just the customers who enjoy the plus points of a hyperlocal market – the retailers in the proximity of the setting benefit by increased consumer visibility and faster trade. So, it’s not surprising that these retailers are warmly welcoming digitalization of business and climbing aboard the hyperlocal market bandwagon to optimize business.
The essentials of a hyperlocal market are a robust network of local partners and superb delivery models, fed by data analytics capability and technology. Such a model would also foster mergers and acquisitions in the marketplace.