The current scenario
With shipping and travel curtailed over international and domestic sphere, brands are having significant issues moving products and people from region to region. In the current global marketplace, products that carry even a local label are created with raw materials from an extensive supply region. The Coronavirus pandemic has crippled production and delivery of many global products.
Brands looking for lessons out of the coronavirus pandemic are starting to seriously consider vertically integrating local supply chains, ensuring that products claiming to be made in one place use more locally sourced raw material in their production instead of just being assembled there.
As the dependence of customers on hyperlocal market increases, local businesses will gain credibility and sustainability. This trend is also likely to increase market separation even further.
The hyperlocal marketplace is the retail shops in your vicinity that you are well aware of. The shops that you visit for your daily needs of grocery, medicines, clothing essentials and food are hyperlocal businesses.
With the decline of long-distance delivery and global e commerce portals, the hyperlocal businesses can be incorporated into a new system of product delivery that is convenient for the customer.
A hyperlocal business is a platform to enable local offline businesses to reach out to their targeted customers ensuring product delivery within a very short time. The service ambit of a hyperlocal business could fall anywhere starting from a few meters to a few kilometers from the location of the business.
A hyperlocal eCommerce aids local marketplace with technology to facilitate faster and easier deliveries of products. For example, Swiggy partners with and enlists restaurant for customers to explore a greater choice and array of food from.
Why go hyperlocal?
Hyperlocal businesses can deliver products and services faster than larger online retailers. There is more accuracy in delivery as the person delivering the product is well acquainted with the streets of your locality. There is a greater trust local shops and retailers enjoy from the resident that comes into play in the hyperlocal market.
Whether its hyperlocal production or hyperlocal delivery, larger chains of business are readily partnering with local supply chains for boosting business. Either way, going hyperlocal is a trend after the deadly pandemic passes. This trend of 2020 is a boon for the local customer as well as small scale local businesses.