Introduction: About the Hypermarket Industry
The hypermarket industry has immense growth potential, provided you leverage the evolving consumer trends and market dynamics. If we talk about the global hypermarket chains, they are categorized based on ownership (retail chain/independent retailer), application (Consumer electronics, furniture, food and beverage, personal care, etc.), and by region (Asia Pacific, Europe, North America, South America, the Middle East, and Africa).
Some Statistics to Ponder Upon:
1. Global hypermarket market size is estimated at USD 774.27 billion in 2024.
Source: Mordorintelligence
2. Projected growth is expected to reach USD 876.03 billion by 2029, growing at a CAGR of 2.5%.
3. The supermarkets and hypermarkets market is expected to grow from $3,418.55 billion in 2023 to $3,694.61 billion in 2024 at a CAGR of 8.1%.
Factors Contributing to The Rise of Hypermarkets
They offer a convenient shopping experience that saves time and effort. Owing to their scale, hypermarkets can offer lower prices compared to smaller retailers. Customers get a huge selection of products to choose from. Therefore, despite the bottleneck in the market landscape, hypermarkets continue to be relevant and successful.
Challenges and Opportunities: The Scope of Hypermarket Business Growth
Hypermarket businesses are facing intense competition from online retailers and changing consumer preferences. As a result, they are compelled to deliver a more competitive and customer-centric shopping experience in line with the customers’ expectations. Moreover, they have to transform their limited online presence into an impactful brand reputation. Hypermarket brands should invest in the latest technologies and strive to offer delightful omnichannel experiences. They have to focus on creating path-breaking strategies that lead to building customer loyalty and developing a strong brand with significant profit margins.
There’s a huge scope of growth in experiential shopping in recent years. Brands try their best to deliver engaging in-store and online experiences to drive maximum conversions. It will, in turn, help in crafting an omnichannel strategy for all users. They are also shifting their vision to developing strong private label brands to increase profit margins.
Mostly, hypermarkets have to deal with several challenges, namely:
- Accommodating different customer segments
- Discount retailers eroding profit margins for hypermarkets
- Supply chain disruptions leading to stock shortages and increased costs
- Slow website with frequent technical glitches
- Difficulty in organizing the large catalog size
- Poor inventory management
- Cumbersome checkout processes
- Excessive dependency on the technical team
A Practical Example of How Krish Converted Hypermarket Industry Challenges Into Possibilities
An Overview of HNAK.com
Let’s introduce you to HNAK.com.
HNAK.com is one of the leading retail companies in Saudi Arabia. It has over 190 stores across the middle east region. They deal with 100% genuine products from brands all over the world. Today, they have more than 3000 brands on their website that give customers a great shopping experience.
Objectives of Collaborating With Krish
HNAK.com was looking for strategic direction to enhance their website performance and develop user-friendly mobile apps. They were also looking forward to migrating to the latest Adobe Commerce (erstwhile Magento) version and functionalities to take the customer experience to the next level. It will also help them eliminate the over-reliance on the technical team for backend processes. Moreover, they were in search of a powerful solution to manage the signup of an average of 20+ users on a daily basis. The brand was struggling with offering
Krish’s Approach
To start with, our experts understood all their requirements correctly and made the necessary suggestions along with their successful implementation.
- Creating impactful shopping experiences by crafting a funnel
Our main objective was to reduce the backend dependency for HNAK. The professionals at Krish employed Adobe Commerce Cloud to separate the backend functionalities from the frontend to impart personalized customer experiences. By implementing these seamless headless capabilities, our team helped enhance their mobile user experience by developing a React Native hybrid mobile application.
- Implementing customized integrations to streamline their omnichannel presence
- Elastic Search: Easy discovery and optimization of their tax management functionality
- Hyperpay: Seamless payment processing
- Solutions for SMS gateways, Shop by Brand, FAQs, Product Reviews, Special Promotions Pro, OTP and social media logins, Product Alert, and Product Label
The Outcome
By joining hands with Krish, HNAK.com witnessed a reduced page load speed of 1.51 seconds in relation to their previous page load speed.
It also increased the average order value to 301 SAR.
HNAK has started receiving over 300 users since its launch.
Wrapping Up
Our squad of digital experience enthusiasts curates customized solutions for every need and helps in crafting the right strategy for all types of businesses. So, if you are into the hypermarket industry looking forward to stand out from the competition, we can enable consistent digital experiences for you while ensuring scalability and ease of operations.
Just get in touch with us now and share your requirements right away.
We would love to assist you in your successful journey.
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Fuelled by a relentless drive for digital innovation, Naresh Sambhawani is at the forefront of crafting transformative experiences within the dynamic realm of digital agencies. With a knack for pushing boundaries and leveraging emerging technologies, he specializes in creating captivating brand narratives that resonate deeply with audiences.
Recommended Reading:
Optimizing the Omnichannel Strategy for Supermarkets: Featuring Grandiose Supermarket’s Success Story
5 September, 2024 With major players like Walmart, Tesco, Lotte Shopping, Kmart, and Tesco, the supermarket industry has a market size of USD 0.98 trillion as of 2024. This figure is expected to touch USD 1.16 trillion in 2029.
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