IP based delivery is serving content to users based on their IP address. Serving different content to users from different countries or locations is not cloaking and is very much a white hat technique. Cloaking is showing different content to users and different content to the search engine bots which is not as per the Google guidelines.
The reason for varied content targeted based on IP address could be to display region specific Ads, varying costs for shipping as per the location, change the language as per the location or even different discount rates as per location.
The following 2 videos explain how Google handles this aspect of IP delivery.
