Inc42 and Karix’s panel discussion on How Hyperlocal Startups Can Use Effective Communication Strategy To Crack Customer Acquisition & Retention touched on various areas, such as:
- How to acquire and retain customers without spending too much
- How the implementation of data-led customer personalisation at scale can help brands boost performance
- Why quick service businesses need to build a swift and seamless redressal system
- How to effectively use social media for better customer retention & acquisition
- How instant gratification apps can innovate to improve customer communication
Moderated by Sonia Kaul, VP – Product Marketing & Digital Enablement, Karix, the discussion saw the participation of Geetanjali Purohit, Director and Head of Marketing, Shadowfax Technologies, Vanda Ferrao, Head of Marketing, Freshtohome & Vishwajeet Singh, Marketing Lead, Zypp Electric.
Communication Strategies Pushing The Hyperlocal Wave
One of the more enduring themes of 2021 has been the rush for express hyperlocal services and the need to get closer to consumers. The copious rise of internet users, surge of payment options, increase in geo-location aware devices and increased demand for insta-delivery, have paved the way for hyperlocal businesses in India.
Quick commerce for example. The launch of quick delivery by Grofers led to several more businesses exploring this fast-growing segment which is touted as a “15-minute economy”.
The 15-minute economy is defined by on-demand digital services that cater to clusters within cities.
According to a report, the global hyperlocal services market size was valued at $1,324.2 Bn in 2019, and is estimated to reach $3,634.3 Bn by 2027, registering a CAGR of 17.9% from 2021 to 2027.
The shift in consumers’ behaviour during the pandemic has further accelerated this growth. They now want everything with ease and within vicinity without venturing out, and even ready to pay a little extra for the same.
As a result of this customer expectations are changing, and they want instant redressal. According to Mckinsey, three out of four online customers expect to receive help within just five minutes. Therefore, on-demand platforms need to evolve with today’s customers’ expectations and adopt communication strategies that deliver high-quality experiences.