You thought on demand applications were big in 2016? Just wait till you see things happen this year…
In case you still haven’t noticed, the on demand economy is absolutely successful. Almost everything from food, taxi, medicines, movie tickets, to groceries, are booked through on-demand apps.
According to Harvard Business Reports, the on-demand economy is attracting more than 22.4 million consumers annually in $57.6 billion spending. All these on demand services include freelance services, home services, transportation, food & grocery, health services, and other similar services.
Do you think it’s just a trend and it will fade away with time?
The 49% of consumers are millennials, while 30% consumers are between the ages of 35 to 54. What this means is, the growth and activity should continue to grow this year.
What’s The Reason Behind Growth of On Demand Apps?
After Uber and Airbnb’s success story, consumers are looking to be satisfied instantaneously. Smartphones have been the game changer, and the convenience it has brought for consumers is unprecedented.
Today, people are hiring plumbers, beauty services, transportation services right from their smartphones. Industry experts believe that there will be more enormous shift to the sharing way of doing businesses.
Taxi booking apps like uber, Apartment renting app like Airbnb have been major disrupters in the their industries.
Now, more and more entrepreneurs are discovering the potential in different industries and consumers are embracing its benefits that on demand economy is bringing.
Although, there are still a lot of on demand startups that are yet to be profitable, but their revenues seem to be growing.
How On Demand Apps Changing The Face of Business?
The growth in on-demand economy has revolutionized many industries, and following changes are being observed across the board.
The arrival of New On Demand Services Market
While most customers are familiar with on demand services apps like Uber and Airbnb, but these aren’t the only platforms of their kind.
Nowadays, there are hundreds of other marketplaces arose all around the world. And, all these markets are focusing on a single secret ingredient. This secret ingredient is not technology, it’s solving a universal problem for the buyers and eliminating the friction existed before arrival of mobile apps.
Now, more and more businesses are taking advantage of mobile app development for their own version of secret sauce, and it’s creating a ripple effect in almost all industries. Of course, not all of them will be successful and grow into billion-dollar businesses like Uber, but they will have a new way to approach global audience through their own on demand apps.
On Demand Business Services Will Become More Personalized
Consumers have got the taste of personalization, and they’re now demanding more. Startups that operate in industries where on demand services haven’t born, it’s a fresh-new opportunity for those businesses to pivot.
If you can offer what everybody else is offering, but with better personalization and more quicker service, you’ll be a real winner. The trouble is, lots of businesses are working hard to become the first one in the market. This means it won’t be long before better personalization in every industry will take place.
How Will The On Demand Economy Impact Your Business?
It seems we’re officially in a new era of the business world, so the question you should be asking yourself is this:
How will it impact my business?
Well, firstly, the on demand economy isn’t going anywhere. And, you need to decide how can you adopt it. If you’re not sure, there are many ways to clear your doubts by consulting a mobile app development company or reaching out to industry experts for guidance & advice.
Remember, consumers are demanding flexibility, personalization, and responsiveness more than before. And, you must be prepared to satisfy all these consumer desires in order to grow your startup.