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CHANTILLY, Va. (March 5, 2015) – A new report by BIA/Kelsey suggests the rise of the “local on-demand economy” (also referred to as the sharing economy or collaborative consumption) may lead, in certain vertical segments, to flipping the traditional local advertising model, in which advance marketing is required to connect buyers with sellers. Instead, demand is captured and revealed for service providers to react to in real time, essentially replacing marketing with a commerce engine. BIA/Kelsey takes a close look at this local commerce model in the new Insight Paper, “Local On-Demand Economy: The Uberfication of Local Services.”
BIA/Kelsey defines local on-demand as services that are summoned on-demand through mobile apps, then promptly fulfilled offline.
“In the local on-demand economy, demand comes first as consumers make their need known,” said Michael Boland, VP and chief analyst, BIA/Kelsey and report co-author. “Supply, local service providers, then adjusts accordingly. This creates more efficient customer acquisition—a critical factor for local service providers with small or non-existent budgets for upfront marketing. Therefore, the addressable market for local on-demand services could exceed the boundaries of local advertising, making it a growth opportunity.”
The report details the drivers of the local on-demand economy—mobility, cultural, generational, economic, geographic and technological. It also examines best practices and maps the trajectory of this emerging local commerce segment.
Key themes from this report will serve as the foundation for BIA/Kelsey NOW, a one-day conference planned for June. Details will be available soon at https://www.bia.com/2015events/.
More information about the Insight Paper “Local On-Demand Economy” including how to purchase, can be found at https://www.bia.com/Research-and-Analysis/Reports/Insight-Papers/Local-On-Demand-Economy.asp.
Those who may find this report valuable include media executives interested in location-targeted ad strategies, national advertisers or agencies, investors in local media or vendors that sell products/services to local media companies.
BIA/Kelsey advises companies in the local media space through consulting and valuation services, research and forecasts, Custom Advisory Services and conferences. Since 1983 BIA/Kelsey has been a resource to the media, mobile advertising, telecommunications, Yellow Pages and electronic directory markets, as well as to government agencies, law firms and investment companies looking to understand trends and revenue drivers. BIA/Kelsey’s annual conferences draw executives from across industries seeking expert guidance on how companies are finding innovative ways to grow. Additional information is available at https://www.bia.com, on the company’s Local Media Watch blog, Twitter (http://twitter.com/BIAKelsey) and Facebook (http://www.facebook.com/biakelsey). Stay connected by subscribing to the firm’s bi-monthly newsletter.