Are you ready for growing your business? Then, a hyperlocal marketplace business could be ideal for you. Well, this type of business is coming back in this new decade. It can be very beneficial for both seller and customer.
If you need to know more about online marketplace business, we are here to help you out. In this article, we will cover everything regarding hyperlocal marketplaces. Additionally, we will also cover the benefits of it and how you can start with a hyperlocal marketplace business. Let’s find out.
What is a Hyperlocal Marketplace?
What is the best part about shopping from an e-commerce portal developer? You don’t have to pick an individual product. For example, when you are searching for the best camera, Amazon will show you the top ten list of best cameras from various brands.
So, a hyperlocal marketplace is something that provides customers with various vendors in a limited geographical area. Different sellers can register on that website to provide the best service to their customers.
How do Hyperlocal Marketplaces Work?
If you are thinking about how these hyperlocal marketplaces works, then this guide could be helpful. In the following, we are giving an overview of how e-commerce portal developers like Agora work:
- A seller upload his or her inventory on the marketplace website
- A potential customer browse and add items on the cart
- The customer makes payment via cash on delivery or pre-paid method
- Seller receives the order and accepts it
- Next, the seller will pack the item to avoid transportation damage
- The delivery person visit the store and pick up the item
- The item is delivered to the customer.
Major Domains Involved in Hyperlocal Marketplace
Well, there are some industries that are dominating with on-demand hyperlocal marketplace business. Let’s find out about these major industries:
- Hospitality Service
As hospitality services are expanding online these days, this is one of the most popular hyperlocal marketplace businesses. Hospitality services including beauty salons, housekeeping, appliance repair, mobile repair, spa and massage, and plumber are very popular. Some many websites and applications cover multiple hospitality services through the marketplace.
- Health Care Service
Another most effective industry to use marketplaces is health care. As the Covid-19 pandemic strikes last year, the demand for health care services takes a new peak. This industry is getting more attention right now. Health care services including old-age care, baby care, nurses, and doctor consultancy have become more popular during the pandemic. Hench, the health care industry has major potential for marketplaces in the future.
- Home Delivery of Consumer Goods
When it comes to marketplace business, home delivery of consumer goods has taken it to another level. Consumer goods are always on demand and get sold quickly. There are various types of consumer products including grocery, dairy products, packed goods, and medicine. This is why many e-commerce portal developers are adding consumer goods delivery to frow their business.
Logistics is a very essential industry nowadays, and the demand for the hyperlocal marketplace business expanding in this industry. Many industries including health care, goods delivery, and more are directly involved with logistics. Many industries need logistics to reach their customers.
Benefits of Hyperlocal Marketplaces
Finally, you know what is hyperlocal marketplace business and major industries that are related to this. In the following, we will cover the benefits of the marketplace. So, if you are thinking about using the marketplace, it will help you:
- Versatile Inventory
The best thing about this is you can register various inventory. As we mentioned before, a hyperlocal marketplace is more geography-specific. So, you will find many sellers who are trying to establish their online presence. So, when you are using a portal, it will give you access to a variety of inventory.
- Faster Delivery
Hyperlocal marketplace businesses could be beneficial for those business owners who need faster delivery. In that case, businesses like consumer goods delivery, health care service, and hospitality service are ideal for it. Moreover, sellers can establish their online presence and get a platform.
- No Additional Investment
One of the key benefits of choosing hyperlocal marketplaces is no additional investment. When a seller is adding his or her inventory, the marketplace does not ask for any investment. That’s why it has become easier for sellers to reach out to more customers. On the other hand, buyers can also choose the item from the versatile inventory. So, it’s a win-win situation for both parties.
- No Specific Packaging Guidelines
Unlike, long-distance delivery, a hyperlocal business does not need strict packaging guidance. Because of the short distance, a seller just needs to package the item to give initial protection. However, they also have to be careful about the item isn’t getting tampered with on the way.
- Sell Directly
Last but not least, one of the best advantages of using hyperlocal marketplace business is sellers can sell directly to their customers. The website or app helps them to find potential customers. Moreover, this will give sellers more online visibility and then can grow their business more.
How to Start Hyperlocal Marketplace
As we mentioned before, the hyperlocal marketplace can be a great start for your business. In the following, we are sharing some factors that could be helpful for you to create your hyperlocal marketplace.
When we are talking about selling online, a website is very essential. This is why you need to have a website. You also need to add features like location tagging for hyperlocal marketplace businesses. Make the website as simple as possible, so both sellers and buyers can use it easily.
- Seller Login
Your website needs to have two faces – one for sellers and one for buyers. Seller login will help sellers to register and upload their inventory, list products, and discounts. You also have to ensure that the sellers are receiving notifications about new orders.
- Buyer Login
Just like seller log in, buyer log in is also an essential factor you need to take care of. There are some important features including categories, customer’s location, product display, product description, payment methods, and delivery slots you need to add on the customer-facing front.
- Delivery Partner
Delivery is an essential part of the hyperlocal marketplace business. Delivery can be done in two ways – either the individual seller can arrange the delivery or you can do it. If you want to arrange it all by yourself, then you can tie it up with a delivery company.
- Payment Gateway
When you are creating a website, make sure you are including all types of payment gateways including credit card, debit card, and net banking. People prefer cash on delivery more, so make sure you are also adding this feature. Also, you have to ensure that both sellers and buyers can use payment gateways easily.
- Tracking Details
You may know how the tracking details feature plays a crucial role in the e-commerce business. When you are creating your website, make sure to add this feature. So, buyers can get updates.
Finally, you know how hyperlocal marketplace business could be helpful for sellers. If you are trying to register your business, this is the ideal time to start. We hope this guide was helpful for you. If you want to know more information, then make sure you are doing your research.