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3 Things You Should Know About the On-Demand Economy

Posted by Tricia Gopi on Jan 28, 2020 6:00:00 AM

On demand economyThe on-demand economy has been on the rise for over a decade, growing with the popularity of Uber and Airbnb. Since 2008, it has brought in billions of dollars from consumers who want instant access to services. Over 42% of Americans have used on-demand services, a number that research suggests won’t be slowing down anytime soon.

What is the On-Demand economy?

The on-demand economy is still evolving as different industries try and adopt this business model. Generally, it can be defined as a business model for consumers who want immediate service and an online platform that connects consumers to that need quickly.

The on-demand economy has taken effect across various industries. Streaming services, food delivery, and ride share are all forms of the on-demand economy.

What’s the benefit of an On-Demand business model?

On-demand tools are popular and lucrative because they successfully meet consumers’ desire for flexibility and provide instant access to information. The Siegel & Gale Index confirms that 64% of consumers are willing to spend more money on an on-demand experience that is simple and convenient. In 2015, 22 million American consumers accessed an on-demand application on a monthly basis, this led the on-demand economy to gross more than $57 billion that year, according to research from Gartner.

Employees prefer on-demand tools too.

On-demand technology decreases employee stress by reducing some of their workload. Intuit research found that 70% of employees of the on-demand industry experience job satisfaction. This business model also increases job retention – 81% of employees of on-demand businesses say they plan to return to their job in the following year.

How can you deliver on-demand service?

To deliver an on-demand service you must be able to connect your business to customers using an online tool. Accessibility is important for on-demand tools to be effective since its main purpose is to immediately satisfy consumer desire.

To achieve the immediacy that consumers want, it’s beneficial for businesses to use a cloud-based SaaS. The cloud enables seamless around the clock access to information without overextending your resources. A web-based portal and a mobile application are the ideal platforms to connect your service to your customers.

Forbes research shows that customers expect you to “know them.” This means customers want your business to be familiar with their specific circumstances in relation to your service. A portal leverages technology to provide the level of understanding customers ask of you. The knowledge base of a portal pulls information personalized to each user and the functionality of a portal is tailored to customers’ needs.

To be as “on-demand” as possible, your software should be accessible on a mobile device, because mobile accessibility increases the appeal of your service. By the end of 2019, over 189 million people across North America were using mobile applications for business purposes.

Demand is no longer just about the service consumers want; demand is also about how consumers receive that service.

Topics: Blog, Communication, Business Growth, Employee Satisfaction, Hiring, Digital, Advice, Economics, Customer Satisfaction

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