Posted on: | Posted by: Rahul

On Demand Economy: Trends to watch for 2020

The on-demand economy is developing with each passing day and now a major part of the corporate world. Due to the quickest growth rate and various business options, all the eyes are on the on-demand service business. Capitalists, economists, businessmen, and companies are drawn towards expansion using the on-demand platforms. The current market scenario states that a large number of leading firms and companies have turned the business to new maneuverings using on-demand economy reformations. Significant examples of on-demand economic reforms include UBER, JustEat, PayPal, and eBay. On-demand service apps such as food delivery apps, grocery marketplaces, uber like taxi apps have revolutionized the business models according to the modern trends and lifestyles with specialized features to fulfill the consumer’s needs. 

On-Demand Economic Revolution: 

 

Before moving forward, get into the facts of the on-demand economy as far now. More than 22 % of Americans are already using the on-demand economy by investing $45 million. The soundest fact is that more than 51 % of on-demand economy users have confirmed the positive consequences in the form of increased profits.But the fact is that the on-demand economy is going to disturb the conventional systems, including the incomes of workers. Statistics show that 65 % of employees have confessed to having more income opportunities while working in setups, where on-demand economic approaches are used. Furthermore, the working schedules have become more comfortable, and it has been confirmed by 46 % of the employees. On-demand solutions such as food delivery apps, uber like taxi apps and grocery market places are being used by everyone, but urban consumers are taking the lead in its usage. As per data revealed by the American Business Platform, more than 46 % of on-demand economy users live in the cities. 

On-Demand Economy Trends: 

Huge funding and investments have been made by corporate giants in this domain. UBER received a huge investment of $8.6 billion in the year 2016, and at the same time, Airbnb received funding of $2.4 billion. Venture capitalists that overlooked the scope and importance of the on-demand economy are now searching for investment options after seeing the huge profits and customer behavior towards on-demand services. On-demand economy growth rate: Currently, the growth rate in the on-demand economy is quite high. Earlier, there were only a few capitalists ready to invest in this field. Though this number is increasing with the passage of time and it will cross 200 capitalists till the end of 2016. This inclination clearly shows that more investors and capitalists are coming towards the on-demand economy to make an investment. Organizations that are using On-Demand solutions have higher chances of rapid business growth. No doubt, there are various on-demand economy challenges for entrepreneurs and businessmen, but it is relatively easy to handle them. This will deliver you a boom similar to UBER and Airbnb. 

On-Demand Economic Strategies: 

It is considered that the on-demand economy will bring reforms and revolutions. Proven and profitable business of UBER and Airbnb, eBay, Amazon, PayPa and food delivery apps like JustEat, Ubereats  attract people who want to try the on-demand economy. Entering in this new economic world of on-demand services is so simple. All it requires to do is restructure the business frame. Generate a new platform for your business, and it will become your on-demand platform. On the other hand, it is suggested to get On-demand apps to speed up the corporate process. The online delivery systems are functioning with the help of these on-demand apps containing various features such as easy accessibility, instant payment, and delivery. Like, you order food items from your home using a mobile or a website, and the food company delivers it within the set time frame.

On-Demand Economy works on these three basic rules: 

1. Relatively low price for customers since all unnecessary intermediate steps are removed   

2. High speed of providing necessary services or goods   

3. Easy for suppliers to contact customers   

On-Demand Future Trends to watch over in 2020: 

 

On-Demand economy is not limited to, uber, PayPal, and eating ventures. Corporates are coming with new ideas and applying the on-demand model in every business. 

Real-estate On-Demand Economy Service Business 

Depending on a third party broker to procure property worth hundreds of grand poses huge risks, apart from this, consumers feel uncomfortable over meeting sellers and dealers in-person as it consumes a lot of their valuable time. Therefore, they are adopting on-demand apps, which facilitates them to connect to the relevant group remotely. 

Consumers want to learn about the policies enclosing in real-estate deals. If you offer an on-demand app to assist buyers and sellers, you need to make sure that it provides information on legal matters. Augmented Reality is also becoming a major part of real estate apps to provide next to real experience to customers. Although customers cannot entirely depend upon AR, yet it provides a decent starting point to shortlist houses before buying them. 

Artificial Intelligence in Real Estate: 

 Apart from AR, Artificial Intelligence (AI) can also serve great customer experience in real-estate apps by sharing the most appropriate results based on customers’ choice. It also facilitates them to find suitable brokers by identifying their price range and other specifications. It saves time and resources of the customer and offers more intelligent answers.

 As per successful case studies confirm that the conventional real-estate industry will not last beyond 2022. Uber Real Estate and Connect Now (formerly called CurbCall) are two popular examples. These services bring phenomenal flexibility in connecting sellers, scheduling appointments, and offering virtual tours. Uber for Construction Every business or homeowner has to go through complicated and annoying tasks of finding the suitable construction agency. Apart from construction, they also need painting and interior designing services. Due to the absence of on-demand apps in this area, they end up physically exploring markets, which is a tiring and time-consuming task. The on-demand approach facilitates the customers and enables the construction process to be effective and optimized. Once you offer an app, users can request quotations, communicate with contractors, and ensure safe payments via the on-demand app. 

On-Demand Economy Print Services 

 More than 75% of businesses in the US, with at least ten employees, are obtaining print-on-demand services. This business requires offering customization of caps, cups, shirts, and loads of other things. Furthermore, organizations also need documents with printed logos for branding and marketing purposes. The service provider can also provide delivery of items inclusive of printing. Therefore your services relieve the businesses from managing dedicated inventory and workforce. Alternatively, they can outsource these services to you once you offer them an on-demand app for the purpose. 

It is not necessary that businesses have to target end-users. Rather, you may work for retailers who sell your customized products. The apps for print-on-demand bring significant convenience for providers as well as customers. 

On-Demand Economy Business Intelligence 

If you have the skills for business intelligence and data analytics, business intelligence on-demand economy can be one of the most revenue-generating services. Companies are interested to know the ways which help draw traffic to their sites. They also need to discover the areas which are converting site visitors into customers. Therefore, owing to significant digital expansion, business intelligence is becoming necessary for SMEs and large-scale companies. 

Besides, the knowledge of BI is not necessary. Your app may also assist as a marketplace for service seekers and service providers. Though, knowledge of BI is an undeniable advantage. You can offer user-friendly software-as-a-service tools so that companies lacking BI expertise can use these tools conveniently. 

Futuristic technologies are going to be the part of On-demand economy services ML and AI. Both the technologies have already been a major part of mobile apps. Due to help, ML and AI apps offer intelligent and relevant solutions as per customer searches. Wearable technology: Presently, it’s the fitness industry that is interested in smartwatches, but a few big names, precisely the food delivery apps Uber and Zomato have also invested in wearable app development. 2020 promises to bring more wearables, smart watches, fitness bands, movement trackers, and more. 

3) IoT: All the solutions that the Internet of Things aims to provide or does give one benefit; if faster deliveries happen, that would mean more money for the business. This would happen without compromising on the quality of food, hence keeping at par with the requirements of both the restaurant business and the food delivery app. Integrating the IoT devices with various merchants would mean convenience for the delivery boy who would then know exactly where to go for which item, saving the time.

 

4) Chatbots: Chatbots are generating new ways for businesses to communicate with customers. By offering instant, on-demand assistance, chatbots are encouraging the engagement between brands and their customers. The secret behind the success of on-demand economy services is making the assets like transport, grocery marketplace, food delivery, etc. reach the consumers as soon as possible and offering them complete visibility of order status, simultaneously.

 5) Delivery through Drones: The time is not so far when the delivery shall be done via drones, in fact the trials are already happening as we this article is being written. On-Demand economy service app will integrate with drones for delivery. 

Major factors that help to create on Demand service apps market: 

Convenience – People prefer services that locate them easily such as the food delivery apps to select and order immediately.

Availability of Services – Consumers prefer to get the services within their reach such as a grocery market place, that could be easily accessed and could offer multiple items at a go. 

Time Punctuality – Availability of services within a given time duration. Quality of services and deliver products – Quick and Quality services is one of the major factors to win the trust of people.

 Cost-efficiency – The services and products meet the affordability of common people and become more popular. 

Quick and Easy Payment Mode – Trouble-free payment option improves the user experience in buying products or services, pleasingly. 

Awareness of Services – People should get aware of the accessibility of on-demand economy services to make it reachable to everyone who is looking for such services. 

Conclusion:  

The economic reforms and stats concluded that the on-demand economy is not just another passerby; it’s like spiderman saving businesses and making them faster. As an entrepreneur, you always try to add some spice of success to your business, right now it’s on-demand. It is the perfect time to adapt and integrate on-demand economy service with your business to generate better profits to save your business from getting outdated. Try it, cherish and grow with it.