Local commerce (also known as hyperlocal commerce) is classified as offline to online (O2O) commerce. The word “O2O” refers to the possibility (should be the reality) for retailers with physical stores to market and sell to local customers online in the same way that pure online games do. Local commerce involves a buyer ordering a product from a seller and the seller delivering the product to the buyer from the nearest location. This effectively reduces the time and cost of the logistics involved and also establishes a certain level of trust between the two parties.
This is largely due to the fact that the buyer makes their purchase at a nearby or local retailer or retailer. Local e-commerce uses its online store to sell only to a local audience 24 hours a day, seven days a week. Once upon a time, about 20 years ago, almost everyone got everything they needed in stores near their homes. Nowadays, it's not uncommon to order an item that's on the other side of the country or the world and have it in your hands in a few days.
A few days are no longer fast enough and local merchants are looking for ways to get their business back. A new paradigm in online delivery and shopping is emerging and online commerce is becoming local. Shopify has partnered with Uber to offer same-day delivery. This is possible when they are the ones who redirect the order to the area where the customer is located and, from there, a local company will deliver the product to the buyer.
Product or service categories with a high local ratio will continue to be desirable in-person local experiences. In the new world of local e-commerce, the wants and needs of your customers may be slightly different from what you usually deal with. While the hypotheses about e, t and s in Table 1 are debatable, the implication of Table 2 is quite clear that the local market will continue to be larger than the e-commerce market and the exclusively online market for some time, even if the local market continues to be heavily influenced by the Internet. You can also see that the categories with the highest local coefficients relate very well to the most popular review categories on Yelp.
If the leaps and bounds that local businesses are taking are any indication, that scenario may not be too far off in the future. I've created a simple formula that can demonstrate that the magnitude of local offline commerce is likely to be greater than that of e-commerce for a long time. O2O means that retailers with physical stores can (should) offer their inventory and sell to local online shoppers in the same way that pure online games sell to online shoppers. Today, local commerce is more commonly characterized by the use of any online or mobile tool, service, or technology by local merchants and consumers.
SEO is becoming a challenge and you need a local partner, such as the Atlanta SEO firm, to take your SEO visibility to the next level. Consumers will use these technologies to find the products they want or need, interact with local merchants to order the products, and have the products delivered to them. Local retailers (also known as hyperlocal, also known as physical) must understand the new Retail Store Stack. Combining local commerce with online commerce (also known as e-commerce) will undoubtedly succeed.