Technology has turned the tables in the market around for good. Gone are the days we had to wait for a particular day of the week for our favorite television series to air. We’ve also come a long way from going out to dine once a week for Chinese food to ordering them whenever we want. And public transportation? What’s that?
The rise of technology has solved a number of everyday concerns with ease. We now have a better lifestyle and the liberty to live according to our wishes on a number of aspects. This revolution has been possible only because of the onset of the on-demand economy.
In simple words, on-demand means getting something we want at the time we desire and at the place we are in. With the help of disruptive technologies like artificial intelligence, machine learning, location-based services, smartphone and the internet, we can now demand products and services to our doorsteps.
To give you a perspective on how big the on-demand economy is, understand that there are over 22.4 million consumers using on-demand services. The overall spend in this market has crossed 57.6bn and continues to increase. It is expected that it will become a $335bn industry by the year 2025.
Over 42% of Americans have used on-demand services which means over 87 million. When it comes to service providers in the sector, over 45 million Americans have offered their services to this industry. Out of the 45 million, 51% shared that their lifestyle and financial conditions have significantly improved after the on-demand economy.
It wouldn’t be unfair to state that the on-demand economy thrives and progresses because of mobile apps. If the on-demand services have become an inevitable part of our lives within a short span of time, it is because the convenience apps offer. To break down the role of apps in on-demand economy, consider these:
Apps have made it easier for businesses to come up with a marketplace approach to solve real-world concerns. With users looking for solutions on one side, apps allow startups to connect them with specific vendors, products and service providers and get them on demand. This would be otherwise tedious searching for them individually online.
On-demand apps have paved the way for tremendous user experience today. From handmade soaps and customized t-shirts to unique delicacies and moving trucks, users get to have a detailed look of their preferred products and services on their apps and make an informed decision. This wouldn’t be possible without a customer-first approach in app development.
Apps offer optimum convenience to users. While looking for products and services, they can sort and filter search results, read reviews, pay from their digital wallets or cards and even track their deliveries from one single platform. Apps ensure customers are always informed.
By consistently learning about the tastes and preferences of users, apps today can suggest things they are most likely to buy, recommend next television shows, personalize orders and do more. Apps have taken personalization to a whole new level.
No matter if we’re at work, a get together, a reunion or at a friend’s place hanging out, the occasion isn’t complete until we order some good food. Today, on-demand food delivery apps have brought the world closer by allowing users to taste delicacies from around the world in their living room. When it comes to food delivery apps, Zomato is an ideal example.
Depending on your location, Zomato and similar apps list all the available restaurants in your vicinity. You can then choose your preferred restaurant, delicacy, quantity and customization details. Once you pay, the restaurant confirms the order and delivers to your place. Operating within a specific radius, such food delivery apps don’t discriminate between small and bulk orders and levy service charges accordingly.
On-demand food delivery apps are blessings for people who’re staying away from home in a new city for work requirements, those who travel a lot, the elderly and for the generation that does not mind paying and focuses more on gratification.
We all have Netflix accounts. Well, at least we all know someone who would share their Netflix account. Apart from strengthening human bonding and trust, the on-demand entertainment sector has also exposed us to a whole new world of entertainment we hardly knew existed.
While regional television programs or movies have been our choices (because of the lack of access to other content), we now tune into programs from around the world. We now watch documentaries on famous people across the world, the cosmos, the underground, climate and everything we could possibly think of.
The best part is that we don’t even have to wait for the next episode to air. Binge watching is a trend where you could watch an entire season in one night. Like food delivery apps, on-demand entertainment apps also run on excellent recommendation engines. This is one of their key secrets to customer retention.
As a trivia, know that Netflix came up with House of Cards based on data science and user preferences and tastes.
Yes, technology has influenced grocery shopping, too. In our hectic schedule, we hardly have time to take care of ourselves. Buying groceries is still a far-fetched idea. Companies like Agorah figured out that this was a concern that could be easily fixed with an app.
Such apps like Agohra connect users with associates who could do grocery shopping for them at a price. All users have to do is select the items, make a list and share it with associates. They would then bid for the list and the user gets to choose who we intend to get the groceries delivered from. Once finalized, the user pays and the associate delivers the groceries at the user’s doorstep.
One of the other pain points companies noticed was in the home services sector. While buying products for homes was easy, availing services was difficult. From plumbing and furniture repair to pest control and electrical services, finding a reliable service provider has always been a daunting task.
With on-demand home services solutions, this concern is fixed as well. A lot of individual service providers enroll themselves to these marketplaces and generate leads. Based on location services again, they get details of the house or office they need to provide their services and reach on time. These apps also offer tracking and review features to ensure further transparency in service delivery.
Lyft or Uber users anyone? Tackling the fixed-price mechanisms with which private rickshaws and taxis operated, these on-demand transportation services came in with their distinct levels of transparency. They also brought in the element of professionalism among drivers and made the entire journey of reaching point B from point A seamless.
Today, there are even carpooling services offered by on-demand cab solutions to save further and help reduce the consumption of fuel.
If you notice, the on-demand economy is an industry by itself with subsets of smaller industries operating under it. It has not only created job opportunities for millions but made life simpler for billions out there.
Considering the prospering scenario of the on-demand sector, if you intend to get an on-demand app developed, we say that it’s the right time. At Techtic, we have been successfully developing and rolling out stable and solid on-demand apps that are changing people’s lives. If you’re game, we are ready to discuss your next big idea.
Nisarg Mehta, CEO & Chairman of Techtic Solutions, is the vision of the company. Nisarg is active in operations in his daily routine as he is one of the key decision makers in terms of technological advancements of the company. He is a friendly leader with hardworking, motivating, visionary and passionate personality.
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