On-Demand Economy is shaping the business landscape, most of the businesses are taking advantage of modern technologies. The on-demand economy attracts around 22.4 million consumers who spend almost $57.6 billion annually on various on-demand services. Around 16.3 million consumers spend almost $36 billion on online marketplaces each month whereas 7.3 million monthly consumers spend around $5.6 billion on various transportation services and around 5.5 million monthly consumers spend around $4.6 billion on food/grocery delivery. (Source)
The Arrival of On-Demand Economy in the MarketPlace
Smart devices and applications are one of the important parts of our routine life, it has offered one of the best ways for businesses to reach their targeted audience. On-demand application and service are used by most of the people these days to complete their daily chores easily and speedily. Almost half of the on-demand services users are millennials which lies in the age group of 18 and 34 whereas 22% of users are between the age of 34-55. Users who are using on-demand services are growing day by day. (Source)
Effect of On-Demand Economy on Various On-Demand Service Sectors
Most of the people these days are becoming internet savvy, there are around 3.9 billion Internet users worldwide who use the internet for one or the other purpose. Most of the people want to do everything online whether it’s booking tickets or availing any paid service like home service, laundry delivery services, or any else. Hence to satisfy the needs of the people all the like laundering, beauty treatments, car washing, etc are offered online. Now they can easily book any of the services through the app which facilities them to book appointments, schedule their appointment, pay online and much more.
The food industry is known as an evergreen industry as the demand for food is never going to decrease. Most of the food lovers like to taste one or the other mouth-watering dishes. Doorstep food delivery service has gained huge popularity among the consumers these days.
Doorstep grocery delivery, meal delivery, Booking a table in advance, etc are ongoing business models. Thanks to modern technology due to which various networks of restaurants came into existence. Now the consumers can order food online with various food delivery apps like Postmates, Swiggy, Zomato, JustEat, UberEats, etc. All this app promises to deliver a quality product within the estimated time and also offers amazing discounts to the consumers.
Ground Transportation is one of the primary sectors that was disrupted by the on-demand economy. Most of us are familiar with online booking of various services like cab, rail, bus, etc. Now people can easily book ground transportation services online using an app like Uber and Airbnb, Uber provides is valuable service in around 600 cities worldwide and has a net worth of nearly $70 billion. During a survey, it was found that U.S. adult spends around 114 U.S. dollars using AirBnB services.
Apart from above-discussed sectors on-demand economy have influenced other industries too. Startup Business and entrepreneurs are coming up with innovative and unique business ideas. And if you also have innovative idea in your mind and want to bring that idea into reality then you can take the support of mobile app development firm who offers app development services at a pocket-friendly price.
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