The hyperlocal market in India is one of the fastest growing sectors in the country. With the rise of e-commerce and mobile technology, more and more people are turning to online services for their daily needs. This has led to a surge in demand for hyperlocal services, such as grocery delivery, food delivery, and home services. As a result, the size of India’s hyperlocal market is estimated to be worth over $2 billion by 2021.
Hyperlocal services are defined as those that provide goods or services within a specific geographic area. These services are typically provided by small businesses or entrepreneurs who specialize in providing goods or services within a certain radius of their location. Examples of hyperlocal services include grocery delivery, food delivery, home repair and maintenance, laundry and dry cleaning, pet care, and more.
The growth of India’s hyperlocal market can be attributed to several factors. First, the increasing penetration of smartphones has made it easier for consumers to access these services. Second, the emergence of e-commerce platforms such as Amazon and Flipkart have made it easier for consumers to purchase goods online from local stores. Third, the increasing number of startups offering hyperlocal services has also contributed to the growth of this sector. Finally, government initiatives such as Digital India have also helped boost the growth of this sector by providing access to digital infrastructure and financial inclusion for small businesses.
In order to estimate the size of India’s hyperlocal market accurately, it is important to consider both current trends and future projections. Currently, there are an estimated 1 million active users accessing hyperlocal services in India on a monthly basis. This number is expected to grow significantly over the next few years due to increased smartphone penetration and improved internet connectivity across rural areas in India. Additionally, with more startups entering this space and offering innovative solutions for customers’ needs, it is expected that this number will continue to grow at an even faster rate over time.
Furthermore, according to industry estimates, there are currently around 10 million small businesses operating in India that could potentially benefit from using hyperlocal services such as grocery delivery or home repair/maintenance services. This number is expected to increase significantly over time due to increased awareness about these types of services among small business owners as well as improved access through digital infrastructure initiatives such as Digital India.
In terms of revenue generated from these types of transactions in India’s hyperlocal market currently stands at around $1 billion annually with projections expecting this figure to reach $2 billion by 2021 due largely due increased demand from consumers coupled with improved access through digital infrastructure initiatives such as Digital India mentioned earlier . Additionally , it is estimated that around 40% – 50%of all transactions conducted through these types of platforms are done so via mobile devices . This figure is expected increase further over time due largely due increased smartphone penetration across rural areas .
Overall , it can be seen that India’s Hyperlocal Market has immense potential for growth . With increasing smartphone penetration , improved internet connectivity , government initiatives such as Digital India , rising demand from consumers , and an ever-growing number startups entering this space , it can be expected that this sector will continue its rapid growth trajectory into 2021 . Furthermore , with an estimated 10 million small businesses operating in India that could potentially benefit from using these types of platforms , there is no doubt that this sector will continue its upward trend into 2021 .