In the last couple of years, the on-demand economy has shifted the way we prefer to interact with businesses and the way businesses offer their services to us. This on-demand revolution makes a win-win situation for consumers and businesses of different industries.
And, there is no doubt that the on-demand economy is expanding at a rapid pace. This economy is driven by technology, which enables businesses to fulfill customer demands instantly. The Harvard Business Review reports that the on-demand economy has 22.4+ million customers annually and $57.6 billion in spending.
No matter whether it comes to instant streaming, online home delivery, or convenient car sharing services, you can access to whatever you want whenever you want it. Gone are the days, when we were waiting in lines and going to a physical store for purchasing.
Now, the demand that is aggregated online, is serviced offline either rapidly or in a scheduled manner. It is a broad concept that finds application in different industries in varied industries in slightly varied forms.
One of the most revolutionary things about the on-demand economy is how it is taking a full-cycle approach to search, discover, book/schedule, consume, pay and review to consumers’ requirements. Gradually, this economy is disrupting different industries and affecting the way businesses serve services.
Let’s Check Out How On-Demand Economy Changes the Face of These Five Industries:
Beauty and Salon Industry
Previously, people used to visit salons and parlors to get pampered, but due to the time limit and busy schedule, the beauty industry is shifting its business model to serve clients wherever and whenever they demand.
With on-demand beauty application, people can book appointments to hire an in-home stylist, check available treatments, latest discount offers, catalogue, etc. Technology has enabled beauty services business to deliver clients with top quality services.
Here are some of the models that can be tapped into in the beauty industry include:
- An aggregate freelance stylist and help clients book a stylist of their choice.
- On-demand in-store reservations: A model facilitating salon and parlor bookings.
- Marketplace Model: One platform that lists top stylists, hairstylists, etc. ratings and reviews. Today, on-demand platforms in the beauty industry not only helped customers with advanced quality services at their doorstep but also helped salons and parlors to expand their customer base.
- It is a great opportunity for freelance stylists to employ themselves and help entrepreneurs to make earn in the form of a small commission from every service booked.
As you know that the food industry has been called an evergreen industry. Now, the doorstep food delivery is instantly becoming popular among Indian consumers. Currently, there are three main steps to tackle food delivery as a business-searching/ordering, cooking and delivering.
Previously, people had to visit a store to purchase groceries. And cooked meals were only served in restaurants with no home delivery, but today, you can order your food from the comfort of your home and it will be delivered to you at your doorstep.
Now, you don’t have to go out and drive to a restaurant to enjoy some delicious food as you can order food from any of your favorite restaurant that is only possible with on-demand food application.
The healthcare industry is a global trillion-dollar industry, and it is becoming one of the most favorite destinations for entrepreneurs, who wanted to build an empire in the on-demand space.
Previously, people had to visit a doctor whenever they get ill and stand in a queue to see the doctor. But on-demand applications in this industry have now reinvented the way patients are interacting with doctors and getting treatments. They can also order prescribed medicines to be delivered at their doorstep without any hassle.
Some of the most used on-demand business models in the healthcare industry:
- The doctor can visit patient at his location.
- On-demand Medicines.
- Patients can consult doctors through video channels and describe their problem.
- On-demand ambulance service.
Many of you all may know that transportation industry is the first industry that got disrupted by the on-demand economy. Today, we all know how easy yet convenient it to book a cab within a city. And, the business model of Uber has expanded to a $60 Billion business in the last 6 years, transporting people from one destination to another.
Even, you are not limited to choose Uber, Ola, and Lyft for your next ride as there are various taxi businesses that have their own on-demand application to allow their customers to book a cab in advance.
With the increasing use of apps for booking services, it would be a good choice for existing taxi businesses to invest in the on-demand industry and develop a mobile application that can lead their business to great heights in terms of customer base and profit.
Because of this reason, various entrepreneurs also established startups like Uber but with different approaches. Various such startups like BlaBlaCar are doing great in the market.
Home Services Industry
Whether you want to get service of your washing machine or looking to mount TV in your new home, there are a lot of on-demand applications that especially developed for home services. Handy and Taskrabbit are the two examples of the application that can help you to fix these problems.
Today, skilled and experienced professionals no longer wait for customers to call them, even customers call professionals to get help. With the number of custom-made platforms obtainable, the customers today are actually looking for them.
So, developing home-based service application like Uber is the best choice for home service providers because such apps are fully customized to make finding, booking, and making payments easy.
So, these are the top five industries that are disrupted by the on-demand economy as it will steer through the challenges and emerge successfully since the fundamentals on both sides of the marketplace are strong.
If you are also looking forward to developing your own on-demand solutions, you can discuss your idea with any on-demand app development company and get a right solution for your business.
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