Hyperlocal markets have become quite popular during the times of Covid. This was because of the changing consumer behavior around the world. Customers are moving towards ease of buying and are prioritizing safety and convenience before anything else. To meet the consumer demands, every retail outlet, the supermarket of small Kirana stores ventured into going for online selling of their products to local markets for the survival of their businesses. Due to the fear of falling ill as well as strict government norms of lockdown, not a single person was willing to go to even a nearby shop to buy daily essentials. Companies like Grofers, Big Basket, Zomato, Swiggy, Dunzo, and others already established online markets experienced a hike in customer orders. This was disadvantageous for the local stores and supermarkets like reliance fresh, 24*7, Easyday, etc. So its was necessary to launch their online hyperlocal markets to remain afloat in the industry.
COVID -19 has led the world into a completely different scenario. While the pandemic has affected a large number of industries, most industries like Aviation, Travel, and Tourism saw a complete halt in their business and other sectors as well such as Automobiles, organized retail industry, Hospitality industry, Real Estate, etc. But still, there were some sectors that skyrocketed in their growth. Some saw a golden opportunity to tap into the market and make the most of it.
As Saadia Zahidi, the Managing Director at the World Economic Forum, rightly said that
“We now have a unique opportunity to use this crisis to do things differently and build back better economies that are more sustainable, resilient and inclusive”
“We now have a unique opportunity to use this crisis to do things differently and “Global online hyperlocal services market size and it is poised to grow by USD 451.64 million during 2020-2024, progressing at a CAGR of over 18% during the period” as researched by Technavio
Entry of Largest Supermarkets into online Hyperlocal business across the world:
A lot of major supermarkets shifted and entered the online hyperlocal space in India during COVID. But there was the same effect in other countries as well, where the most famous brands launched their online delivery services or partnered with e-commerce platforms to serve their customers during this dire situation. Some of the examples are listed below-
- The most popular store retailer brand 7-Eleven partnered with DoorDash, a foodservice delivery company in the US for groceries.
- Loblaw Supermarkets in Canada partnered with Google Cloud to help scale up its e-commerce operations during the pandemic. Loblaw, Google, and Takeoff collaborated in a partnership to launch the technology which could help the grocers keep up with high demand during that time.
- Tesco, the largest Supermarket in the United Kingdom, announced an expansion of its online delivery services, as supermarkets struggled to react to an increase in demand for deliveries under the UK’s coronavirus lockdown
- The two largest supermarkets in Australia i.e. Coles and Woolworths have decided to partner with global tech companies in order to advance their fulfillment capabilities to meet the demand for online groceries seeing the onset of online marketplaces post-COVID.
There are more and more examples across the world where small supermarket chains, large supermarket brands joined the online commerce of the products, mainly in the food and grocery business, during as well as post COVID. Consumers all over the world are now adapted to the online shopping of the goods that they require on daily basis.
Old and traditional supermarkets that timely shifted to online hyperlocal markets earned ent profits during the crisis, and have seen rapid growth in their businesses.
Looking to convert your business into online hyperlocal markets?
All you need is a website that showcases your products, delivery integrations, and how to reach the customers of your selected areas. To learn more about how to go about the process, hop onto the Krenai website at https://www.krenai.com.
“The survival and relevance of a business in the post-COVID-19 world will be determined by the flexibility and agility in the decisions they make today.” - Mihir Kittur, Ugam