The face of business is now being revolutionized by the on-demand industry as the millennials have witnessed the revolution of smartphones at first hand, and it would be untrue not to be astonished by everything the technology has offered us even in the midst of a global pandemic.
Making every traditional practice rather redundant with the on-demand economy has already witnessed exceptional growth. The on-demand industry has revolutionized how businesses are conducted, and we are not complaining as gone are the days of standing in long queues in the markets or waiting days to get a little work done.
As they are designed to offer mere convenience to the customers with the on-demand services or apps that promise higher engagement and thereby guaranteed ROI. By offering a personalized experience resulting in more customers and larger profits whatever the industry is, be it healthcare, finance, food delivery, e-commerce, or more, the on-demand services have taken some major control over the market.
Here is the look at the on-demand app development market according to the recent statistics recorded in 2020:
- By 2022, $869.95 billion of incremental growth
- By 2021, expected CAGR to hit 49%
- Annual Consumers of 22.4 million
- On-demand services in the USA are subjected to $56.7 billion spent.
What is an On-demand Economy?
Companies are providing on-demand products and services to their consumers on their doorstep on an immediate basis as the on-demand economy is an economic activity influenced by digital transformations.
Workers are serving their clients on a temporary basis for the services they are availing of with the click and collect economy, which is simply a working process.
Businesses are evidently looking at some rapid business growth in the last few years as their on-demand services are simply booming. Businesses are more focused on capturing the market opportunities by building on-demand app solutions for users in space with a change in customer behavior.
The following are few benefits of the on-demand apps for business:
1. Golden Opportunities
To make online purchases within no time while getting the delivery faster than ever, the rise of on-demand apps has made it easy for consumers to make online purchases within no time. When it comes to offline purchases, thereby inclining more and more customers to their end and thereby witnessing the larger opportunities. The success of on-demand apps has made businesses invest in offering other on-demand services as well that ultimately results in a guaranteed ROI and increased cash flow apart from this.
2. Flexible Working Hours
Thereby offering employment to a larger number of people to cater to the client’s requirements, thereby offering employment to a larger extent with the demand for on-demand apps that has made industries conduct this. The employees are now capable of working in flexible hours, allowing them to streamline their working hours across several jobs earning a better livelihood than before in addition to this.
3. Challenging Traditional Approaches
The major population cannot get enough of the freedom it brings. Thereby the traditional services are no longer in demand as they have now had a taste of on-demand services, be it food delivery, taxi services, online shopping, or more. To get the personalized service experience along with the variety of on-demand apps available in the market that is offering them just that and that too at irresistible prices, customers are more focused on this.
4. Better Employee Satisfaction
The employee satisfaction rate has increased over several folds since every employee now has the freedom to contribute working hours according to their liking and get paid according to that. Better is the employee productivity, and more is employee satisfaction and thereby a lot more business profits and growth.
How do mobile apps foster On-demand economy success?
The experience of every single customers is being revolutionized by the companies by leveraging the in-app shopping experiences, lifestyle, and more when you take this into consideration.
As they wish to have everything over their fingertips instantly nowadays, a vast majority of the population is rolling their eye-balls over the smart devices.
You must keep these mobile app KPIs in mind if you are looking to build an on-demand app.
The face of the digital is what mobile apps have become. It is connecting you closely with your customers and is increasing user engagement. So, let us now move to the popular use cases.
Top 5 industries driving the On-demand App economy
1. Healthcare industry
To have an on-demand economy, the health industry is a must-have industry. The demand for doctors and medicines has seen great risers with the spread of the pandemic. The most sensitive and concerned sector of the industry is health and wellness. Both doctors and patients benefit through the on-demand app.
2. Entertainment
Mobile entertainment was meant to be wallpapers, games like snakes, football, multimedia, videos, and songs if you are looking into the flashback.
The entertainment sector has completely embraced mobile apps with the addition of personalization at every step that includes music, mobile gaming, live-streaming videos, tv-series, movies, and many more though it is hard to believe in 2021.
3. Food Delivery
All the major food ordering and essentials delivering apps are taking innovative measures to bring the most out of their platforms, be it Swiggy, FoodPanda, GrubHub, or Zomato. According to the reports, revenue in the Online Food Delivery segment is projected to reach US$136,431m in 2020, as a matter of fact.
4. Retail and eCommerce
Mobile apps empower customers as well as merchants by giving them a smooth shopping experience in the retail sector. Customers can still get quick updates of their products and services ordered with the help of push notifications with the help of eCommerce mobile applications.
5. Education
Students are more driven towards learning through the apps with the change in time. You can learn anything from any corner of the world with the help of smartphones that are converted into digital libraries. Carried out through the mobile app, e-learning is one of the trendiest digital transformations. It has made education available and accessible to everyone regardless of his or her physical location, along with simplifying the learning process.
Conclusion
It is important for businesses to have a well-integrated plan to venture into the on-demand sector for experiencing better growth opportunities and earn larger profits as we all have a clear idea of how the on-demand industry is revolutionizing the face of business.
Title: How on-demand industry is revolutionizing the face of business
Desc: Technology changes everything day by day and business also changes according to it. let’s see How on-demand industry is revolutionizing the face of business
Author Bio: Jignesh Vaghasiya is the CEO at Universal Stream Solution. Universal Stream Solution is a web development company in Atlanta (http://www.universalstreamsolution.com/). That helps startups to enterprise companies in mobile & web technology.
Author mail-id: jigs@universalstreamsolution.com
