7 On-demand Services Transforming Traditional Industries And How You Can Be A Part Of On-demand Economy

By Alka Singh
February 19, 2020 | 440 Views

Latest Industry insights to keep you updated on the latest happenings.

Everyone is talking about the massive success of Uber and other on-demand services. The on-demand economy has disrupted numerous industries and the transformation of provided services is unfolding at a rapid pace.

In the following blog post, we will carefully look into what exactly on-demand services are, how they work, and how one can make money from an on-demand startup or use the concept to transform their existing business.   

 

What Are On-Demand Services? 

On-demand services have made it possible for businesses to provide goods and services to their customers exactly when and where they want them. These services have become extremely popular among people since they get immediate access to their choice of goods and services. Businesses are using digital marketplaces and technology-driven applications to deliver faster, convenient, efficient and value for money services and experiences to customers. 

The demand for on-demand services is growing at an unparalleled pace and so is the on-demand economy. 

 

How the On-Demand Services Work

Without realizing we experience the ease and convenience of on-demand services almost every day. Whether it is food delivery, beauty & care services, handyman repairs, booking a cab to go from place A to place B, on-demand services have found it’s placed in almost all customer-driven industries.

To implement this, businesses connect service providers with consumers through channels and platforms most preferred by consumers. This involves providing both the users i.e. service providers and consumers with a website or mobile application to register. Suppliers and consumers both have to sign up to start using the application. 

Then, when a consumer needs the service, he/she can log in to the app, input their requirements, and send a request to the supplier. 

The service provider or supplier then receives a notification on the supplier side application. The provider then accepts the request and starts the process to deliver the services as requested by the consumer. Once the requested service is delivered, payment transaction takes place within the app. 

The application operator remains an intermediary; therefore, both parties don’t require to share personal information to send and receive payment, respectively.

The operator makes use of the most appropriate technologies to safeguard the personal information of both users. Following the completion of requested service by the consumer, both service provider and consumer are prompted to share their experience or feedback as well as ratings for one another that improve the system and ensure the quality of service.

 

7 Popular On-Demand Services

Food Ordering: Online food ordering is one of the top on-demand applications around the world. It is a highly growing industry and has a massive opportunity for successful business establishments. 

Education: Education or edtech is yet another industry profoundly affected by on-demand solutions. Even top institutions and universities are exploring ways to shift their traditional classroom-based learning and training to on-demand requirements of students. 

Freelance Platforms:  Platforms like Upwork and Freelancer have opened a world of new opportunities for demand and supply needs, especially for IT outsourcing.  

Brokerage: There are supermarkets available for brokerage. Now people search for their dream home to buy or rent on mobile applications. These mobile apps are focused on customer needs and preferences. 

Healthcare: People earlier preferred self-service desks, but now they are looking for online self-service platforms that let them book appointments with physicians in advance. No one likes waiting time, and on-demand healthcare platforms serve the same purpose and to streamline operations for healthcare providers. 

Beauty Services: Beauty and Wellness is yet another industry with great scope for on-demand services. There are exceptional on-demand apps available, providing beauty and salon services like Urban Clap.    

Financial Services: On-demand financial services is a highly emerging market segment. Right from real-time analytics to growth analysis, all kinds of solutions are provided on an on-demand basis. 

 

Essential Components To Deliver On-demand Services

The on-demand service ecosystem relies on suppliers at one end and customers on the other. Although we already mentioned this in the starting, there are other factors that involve that ensure a complete cycle of on-demand services. 

Let’s understand the major components of an on-demand service:

 

Customer Application

Customer application is dedicated to consumers. The application is essential for the business and service providers to communicate with their customers directly and in real-time. The application consists of all consumer-facing features like profile & account settings, shopping cart, varied payment options, social sharing, and much more that adds convenience to a user’s day-to-day life. 

Here are some attractive and popular features of consumer-facing apps:

  • Log In With Social Media Accounts like Facebook, Twitter, etc. 
  • Search products/services In Nearby Location And Cities
  • Search And Book Based On Category
  • Live Order Tracking

 

Supplier Application

The supplier application is a mobile application dedicated to people who are willing to provide services in their expert fields like beauty and wellness, transportation, food etc. The app is designed keeping in mind all the factors essentials to provide field services. The application helps them manage their profile and enhance efficiency to cater customer requests promptly. Here are some of the essential features of a supplier side application:

  • Receive order/service request notifications
  • Customers/Partner Online/Offline Status
  • In-App Navigation Maps
  • Update Current Location
  • Complete Order Details

 

Web Interface

Having a web interface is essential for any business, including on-demand services. Using a web interface, application users get a comprehensive view of their activities and transactions like orders, payment returns, etc. On the other hand, businesses can scan minute details and collect actionable information. The essential features of the web interface include:

  • Advanced Dashboard
  • Business List Management
  • Location Management
  • Add And Manage Categories

 

BI & Analytics

A long-term vision is essential if you truly want to make something useful for your business. BI & Analytics here empowers the operator to shape their business strategy and accelerate decision making using comprehensive data. The data includes all the information a company needs to expand and improve its business, such as behaving patterns, competitors, and competitor’s activities. The insight enables them to react quickly. Essential features of BI & Analytics:

  • Daily/weekly/monthly Sales reports
  • Most requested products/services
  • Cancellation Reasons
  • Orders and Returns report

 

Wrapping Up

On-demand services have changed how businesses connect with customers on a day-to-day basis. It has also made it possible for businesses to meet ever exceeding customer expectations.

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