The state of On-Demand economy

The On-Demand economy – a digital marketplace offering immediate access to goods and services often delivered by contract, or gig, workers – continues to grow and to expand into new industries. It has swiftly taken over the traditional business models be serving people with what they want and where they want. Statistics show that this new trend called on-demand or access economy has changed the way businesses serve people and has thus become the most talk about business term of this decade.

Let’s go through the top 5 industries which are being disrupted by the on-demand wave and how you can make millions (if not billions) of dollars with your mobile-based platform in one of them.

  1. Food:

The food industry is the evergreen industry. And it’s only a few years in India, doorstep food delivery and online food system has quickly become popular among Indian consumers. As a business, there are few steps like — Searching, Ordering( either ingredients and cooked meals); cooking and delivering system. The traditional models of offline shopping have been disrupted by the on-demand economy completely.

There is some on-demand food industry with examples of successful companies already running on them:

  1. On-demand delivery
  2. Grocery delivery
  3. Recipe and ingredients delivery
  4. Cooked meal delivery
  5. Online table booking

 

  1. Travel:

The travel industry, one of the few industries to be disrupted by the demand economy. Now it’s really easy to book a cab and travel within a city. And the best example of this industry is UBER.

Nowadays; Cabs or taxis have completely shifted to the on-demand model. 

Existing many taxi companies launched their applications to grow their business. And makes their customers’ life so easy.

  1. Education: 

eLearning platforms have made on-demand courses, classrooms, lectures, and instructors a reality. The great example of the eLearning platform is Byju’s. And this eLearning applications makes our life very easy. We can attend any lectures or any examination by any computer device through the network connection.

  1. Beauty:

Earlier, people used to visit salons and parlors to get themselves pampered but with less time and busy schedules, the beauty industry is shifting its business model to serve clients wherever and whenever they demand.

From salon booking appointments to hiring an in-home stylist, technology has enabled beauty services business to serve clients at their doorstep. 

  1. Healthcare:

The healthcare industry is a global trillion-dollar industry and is becoming one of the most favorite destinations for entrepreneurs who want to build an empire in the on-demand space. Earlier people had to visit a doctor whenever they were ill and queue up for a chance to see the doctor. On-demand apps in this industry have now reinvented the way patients interact with doctors and have also made it possible for them to order prescribed medicines to be delivered at their doorstep.

  1. Job Market:

According to this growing world, on-demand technology takes a bow in job marketing. And the great example of the job on-demand is LinkedIn. Everyday every second many of interviewers, recruiters, and many companies post their requirements for their companies and job seekers can apply for their desirable post.  

According to the statistics: 

  1. 70% of on-demand workers are satisfied with their work.
  2. 81% of workers and mobile app development companies in the on-demand economy plan to continue working with the same provider over the next year.
  3. 63% of on-demand workers say that they are happier to be working in the on-demand economy.
  4. 46% of people working in this economy say they are working because of their flexible schedule.
  5. 33% of developers and mobile app development companies work for more than one platform.
  6. Only 11% of workers said that they work in the on-demand economy as they could not find any other job.

According to the above-mentioned points and Harvard Business Reports, the on-demand economy attracts 22.4 million consumers annually, who spend $57.6 billion on them. These on-demand services, in addition to food delivery and taxi booking, include healthcare, grocery, and other hyperlocal services, home care services, etc.

Unlike other industrial segments, on-demand cannot be restricted to a particular sector. It is meant to be working alongside other industries, while mutually benefiting each other. Above all, its impact on user-satisfaction and experience is completely phenomenal. However, to be a part of the on-demand industry is no less complicated than any other. The process comprises market analysis, application development, user-experience, domestic transportation and so much more. However, taking chances in the on-demand industry is worth it, especially when it is considered as the next big thing in the mobile app development business.