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Business Tips

Growing on-demand industry: Billion-dollar startup idea for entrepreneurs

12/23/2019
Growing-on-demand-industry

What will you do if you’re in your office among a pile of work files to be completed and have no time to rush out for lunch?

The answer is obvious. You will pick up your phone, open the food delivery app of your choice, go through your favorite cuisines, and order the food you like. And, the food will be prepared and delivered to your desired location by a delivery executive. You will have your meal in peace, along with completing your work on time.

It explains that we are living in the most promising times of all time to start an on-demand app business without any second thoughts. The on-demand industry has grown out to be the most promising entrepreneurial opportunity in recent times. Regardless of location, the industry is booming across the globe. The penetration of on-demand apps and the internet has further accelerated the growth of the sector.

What started with a ride-hailing app has now extended to various business verticles, ranging from food delivery to home maintenance services.

On-demand industry in the present

More consumers of on-demand services than ever

The year 2019 witnessed a large number of users of more than 4 billion opting for on-demand services to get their work done, and the numbers are not seeing a slowdown anytime soon.

Personalization has emerged as the new trend

Connecting with the customer, understanding their needs, and providing them personalized services is the trend followed by many on-demand businesses to captivate the attention of their users.

Increased investment in the home services

In addition to ride-hailing, food delivery, and grocery delivery services, home services such as beauty services, plumbing, electricians are gaining traction in the current era as users are moving towards a busy lifestyle. Thus, investors are mainly focusing on these segments and will continue their investments in the coming days as well.

On-demand food delivery entering every market

Food delivery services have entered many locations where other on-demand segments are finding it hard to penetrate. It shows that there has always been a need for food delivery services worldwide.

The future of the on-demand industry

No matter which industry you belong to, you have chances of taking the service offered by the sector on-demand. Just like the present, the industry has a lot more surprises for the future. Here I have listed a few segments which might be booming in the coming years.

Hyperlocal business model

Going hyperlocal such as Roadrunner or Swiggy will be the emerging trend across all on-demand segments. Users will find services that are present within a fixed radius of their desired location. So, the on-demand services will be offered on time with better quality, making the user experience more memorable ad comfortable.

E-scooters

With the launch of e-scooter app businesses like Bird, many companies are getting into the e-scooter app development, and investors are coming forward to spend in this eco-friendly transportation service. Thus, the business vertical has a lot more in store for the future.

Offering storage space on-demand

In the current scenario, many people are struggling with their products due to the lack of storage space, whereas many have extra space that is left unused. In the future, this gap will be addressed by the on-demand sector, connecting both parties with ease.

Service Professionals

Often it is tough to find the right service professionals for regular home services. With an on-demand app that helps people to find certified professionals for performing these services, it will be much easier for people to find authentic professionals.

Statistics that show the future of the on-demand industry

  • By 2020, around 7.6 million Americans are expected to become providers of the on-demand economy.
  • The on-demand labor market will flourish by 18.5% annually for the next five years.
  • The on-demand food delivery market will hit US$ 161.4 billion by the year 2023.

I have stated only a few statistics. You will be left spellbound if I start listing the growth percentage offered by the industry across all segments.

Conclusion

If you are planning to set up your own startup, then the on-demand economy is your call. Choose a business vertical that you’re interested in, find out the problematic points faced by the users, and come up with a business idea that bridges the gap through the launch of an on-demand app.

With the advent of the on-demand economy, many app development companies have emerged in the market. Several of these companies offer Gojek clone apps that are 100% customizable, eliminating the burden of developing the app from scratch and helping you give life to your startup idea in a jiffy.

Author Bio

Jennifer Atkinson is a Growth Hacker at AppDupe, a pioneer in app development is a one-stop solution for all your ride-hailing business needs. Also a blogger and a growth hacker who loves to find new business ideas and help startup entrepreneurs with business consultation.

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