The hyperlocal market in India is one of the fastest growing sectors in the country. With the rise of e-commerce and digital payments, more and more people are turning to online shopping for their daily needs. This has led to an increase in demand for hyperlocal services, such as grocery delivery, food delivery, and other on-demand services. As a result, the hyperlocal market size in India is expected to grow significantly in 2021.
In this article, we will explore the current state of the hyperlocal market size in India and what trends are likely to shape its growth over the coming year. We will also look at some of the key players in this space and how they are positioning themselves to capitalize on this growth.
First, let’s take a look at the current state of the hyperlocal market size in India. According to a report by RedSeer Consulting, the Indian hyperlocal market was estimated to be worth around $2 billion in 2020. This figure is expected to grow significantly over 2021 as more people turn to online shopping for their daily needs. The report also predicts that by 2025, this figure could reach up to $10 billion.
The growth of this sector can be attributed to several factors. Firstly, there has been an increase in smartphone penetration across India which has enabled more people to access online services such as grocery delivery and food delivery apps. Secondly, there has been an increase in digital payments which has made it easier for customers to make payments for these services online rather than having to go out and pay cash at physical stores or restaurants. Finally, there has been an increase in venture capital investments into startups operating within this space which has enabled them to scale up quickly and expand their operations across multiple cities.
The key players operating within this space include Grofers, BigBasket, Swiggy, Zomato and Dunzo among others. These companies have been able to capitalize on the growing demand for hyperlocal services by offering customers convenience through their apps or websites where they can order groceries or food from local stores or restaurants with just a few clicks of a button. They have also invested heavily into technology such as artificial intelligence (AI) and machine learning (ML) which helps them optimize their operations and provide better customer service experiences.
Looking ahead into 2021, we can expect further growth within this sector as more people turn towards online shopping for their daily needs due to convenience and safety concerns related to COVID-19 pandemic restrictions still being enforced across many parts of India. Additionally, we can expect further investments from venture capitalists into startups operating within this space as they look towards capturing a larger share of this rapidly growing market size before it becomes too saturated with competition from established players like Amazon or Flipkart who are already making moves into this space with their own offerings such as Amazon Prime Now or Flipkart Quick Delivery respectively.
Overall, it is clear that the hyperlocal market size in India is set for significant growth over 2021 due its increasing popularity among consumers looking for convenience when it comes to ordering groceries or food from local stores or restaurants without having leave home due safety concerns related COVID-19 pandemic restrictions still being enforced across many parts of India . With venture capitalists investing heavily into startups operating within this space , we can expect further consolidation within industry over coming year .