The Future of the On Demand Economy

Get consumers what they want, when they want and where they want is the underlined principle of the new economy called the on-demand economy. What exactly is on-demand economy? It refers to contemporary economic activity made possible by technologically advanced companies through digital technologies in order to deliver services and goods to customers. On demand economy is a result of digital advancement of websites and applications. It is a recent phenomenon in the world economy. Websites of these companies have a large impact on the sales. Web Design Company in Gulf are increasing and striving to make user friendly experience. This economy has unlocked a plethora of on-demand services. Companies are recognizing every need of a local consumer and facilitating their needs on touch of a button. The internet has brought a great magnitude of change in our lives. On demand economy has bought changes in the way we shop, receive news, use the internet etc. Startups are maximizing the potential of ever-increasing internet penetration and the speed at which it is evolving. It is changing the way a consumer lives and demands for goods or services in the economy. Various factors are shaping the on demand economy, let’s have a look at some of the factors fueling the On-demand economy. Why is it moving at a rapid speed?1. Convenient and InexpensiveAren’t these two words all that a consumer asks for? With apps catering to every need of the people there is an availability of computing power which is inexpensive and ubiquitous. This type of economy screams the mantra ‘Consumer is the King’. Convenience is at our door step at a cheap rate. Sophisticated cloud based services and applications have paved the way for dramatic era of digital markets serving convenience at feasible rates.

2. Collective HabitsHabits and preferences of people have changed dramatically. The world connectivity through expeditious communication has substantially evolved purchasing power of a consumer. Media and internet have propelled a sense of consumer prerogative which has led to changes in consumer behavior. Along with the consumers, the entrepreneurs diving into on demand economy are open and adaptable to change. Creative and out of the box thinking are the main factors of successful start-up in an on demand economy. According to reports of 2015, Generation Y is the largest cohort workforce of on demand economy. 3. Variety There is no denying that Uber started the on-demand trend in the field of transportation. There on, it has been an uphill for Uber. This has been followed quickly by other fields. Other startups like UrbanClap, Handy, HouseJoy, TaskBob etc. have successfully made their own place in the economy. Today, there is an immense variety in the on demand economy which has almost covered every service and need of human kind.Basically, the on demand economy has revolutionized commercial behavior along with the consumer behavior. The industries are accelerating at a rapid speed. This changing dynamics of business is a result of years of innovation in technology.

A Win-Win SituationThe question is no more limited to whether it is changing consumer behavior or not. The question is to what extent and when will the not so tech-savvy population becomes a consumer of on demand economy industries. Rapid, seamless and convenient selling of services and goods have increased the customers of these industries. Today with every second person using a smartphone with great connectivity has helped this economy sustain. Technology has become a prime infrastructure in case of on demand economy business. Along with the entrepreneurs and consumers, work force of on- demand industries also has become more specific. This economy has made qualifications, reviews, ratings and pictures of the employees more transparent. This data linking done digitally will result in stature equity. Transparent working system due to digital apps has made it a win-win situation for the employees and employers.

What will inspire the Future of On-Demand Economy?

The end of the 20th century saw the infamous collapse of the ‘dot-com bubble’, which resulted in investors losing trillions of dollars. Many ask, is the on- demand economy going to be another bubble? Is the hyper-growth going to slow down and backfire? The answer is no. The consumers have, at an unparalleled rate, embraced the door of real time fulfillment of services and goods opened by this model. While keeping an eye on the advancement of digital world, the health of the economy should be monitored too.Moving ahead, the future of this economy is going to undergo many positive changes: 1. Specific service providers would target specific consumer market for their service whereas, the big players with capital will expand their conceptions.

1. Research says, food- delivery and transportation services are dominating the on-demand economy currently. But going ahead, home services and local events are going to see explosive growth.
2. With increasing competition in the industry, the design and seamless service is going to be the deciding factor in surviving in the industry. Logistical and convenience challenges need be faced by the new markets. Well-developed and design driven apps can add a layer of solid technological foundation for diverse industries. Undoubtedly, the on demand economy is here to stay and grow. It has undergone a significant change due to the E-commerce sector. E commerce websites are an advanced form of this economy. With its increasing demand, this economy has the ability to satisfy consumers with convenience, simplicity and efficiency. The consumers have never before felt the privilege to make transactions so easily and never have the entrepreneurs been driven to satisfy this accelerating demand. Web Development and Website Design in Dubai are on a rise offering great customer experience of company services. Mobile technology has become a permanent remote to order products and services at our door step. This is just the beginning, and there is a long way to go.

Razzak Ahmed is the author of this article onDigital Marketing Agency