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Business Tips

Top 5 Industries That Are Making the Most of From On-demand Economy

01/08/2021

In the last decade, people’s mindset has changed because of the emergence of the internet and online services. People prefer to opt for online services, which are very convenient and hassle-free compared to the offline mode of service. The people in business also understand that online services are the future, and one should focus on it because people are getting familiar with such services. Industries have realized the importance of digitization, and they are taking advantage of digital platforms to boost their business and take a step forward with the latest technological tools. These solutions transform the business model and help in strengthening the business operation by neglecting various human efforts and errors, which is a more helpful variation of the digitization in the business model.

One of the things that have been trending on the internet in the name of online services is on-demand services. On-demand services are offered to the customers at their doorstep and on their demand irrespective of the time and place. The on-demand service has grown and evolved with creative and innovative business ideas over the years. It is the services that have changed the dynamics of the market altogether. And the economy of the on-demand business has been growing at a strong pace.

Here Is The List Of Leading Industries Making The Most From The On-Demand Economy.

1. On-Demand Ride-Hailing Service

On-Demand ride-hailing service offers taxi rides to the customers on their demand at their doorstep. With this service, customers won’t need to move off their doorstep to find the taxis and waving hands for Lyft or taxi. On-demand taxi service will be very convenient for the people as they can book their ride online with the app. The on-demand ride-hailing service is generating US$260,159 Million revenues globally, and that is expected to rise in the near future as the industry is still growing worldwide. Ride-hailing business is one of the services that can be considered the pioneer of the on-demand services because of Uber, which started the on-demand taxi service and is regarded as the on-demand economy pioneer. The on-demand taxi service will have a long run and a long way to go in the on-demand economy.

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2. On-Demand Food Delivery Service

Food delivery is one of the trendy services, and people are fascinated with such a service. The online food ordering service offers users to order food requests online with the help of the internet. The restaurants will fulfill the user’s food request, and the delivery person will deliver the parcel to the user’s destination. People enjoy outside food; thus, they can get their favorite food anytime without wasting time with such on-demand service. The food industries have benefited from this model. They are making the most of the on-demand economy with total revenues generated is US$151,526 Million worldwide, and it is also expected to rise higher. Thus, the online food ordering system for restaurants is one of the leading on-demand services offering excellent service to consumers. 

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3. Video On-Demand

The rise in the Video-on-demand platform, which is popularly known as OTT (Over The Top) platform, is fascinating for the people. Whether it is web series, movies, and other entertainment programs, this platform provides a wide variety of shows to the customers online and can entertain themselves. The likes of Amazon, Netflix, and Disney Hotstar have garnered a lot of success in recent years with their video-on-demand services. The content and shows that these platforms are offering to fascinate the viewers. The global revenues generated by the video-on-demand platform is US$85,887 Million in the latest year. The video-on-demand service will be generating more and more revenues in the coming years because of the popularity it is gaining among the people.

4. On-Demand Grocery Delivery Service

Grocery shopping is one such household thing that often makes people bored and uncomfortable. But with the on-demand grocery delivery service, people can order the groceries online and get the delivery hassle-free at their doorstep. The grocery service has evolved a lot with time, and people started utilizing the service efficiently. Quality and customer service are more important in the grocery delivery service. The leading grocery delivery service provider emphasized the quality of the service and the products because grocery is one such thing that people will not compromise with its quality. The service provider’s responsibility is to offer quality groceries to the customers to ensure the long run of their grocery delivery service. Thus, grocery delivery service is one such service that makes the most of the on-demand economy and will be sharing more from the on-demand economy.

5. On-Demand Learning Apps

The existence of on-demand services has helped many industries, and the education sector is also utilizing this form of model. The recent trend of e-learning and online education is catching the eye of people and especially the students. The evolution of technology in the education field has been beneficial in nurturing students’ education effectively. The global market size of e-learning apps is 101 Billion USD, and it is in its initial phase and will grow more because of its usefulness and intent to help people worldwide. The benefits of the on-demand learnings will directly increase the students’ skills and knowledge, and the future of these students will be bright with a shiny career. Thus, on-demand learning and education facilities are one of the services that will be boosting the on-demand economy.

Conclusion

The rise in technological solutions has created hype among people globally. One of the most remarkable and exclusive outcomes of such solutions is the on-demand service or, say, on-demand business model. Also, the concept of on-demand services has encouraged many business sectors and entrepreneurs. Also, the people worldwide were fascinated with this newly introduced service that is way more convenient than the traditional method. The industries like food, grocery, taxi transportation, education, and entertainment are the leading sectors making the most from this model. The other sectors like pharmacy, fashion or beauty, etc. are on the cards, which are also having their share in the on-demand economy. Thus, the on-demand economy is currently trending, and the future seems to be exciting and promising without any doubts. 

Author bio
Deep Moteria 

Deep is a serial entrepreneur and blogger who wishes to support the ground transportation industries with his writings. He covers up all the known and unknown facts around the industry and puts it together to create trending articles across different websites. He also includes details on the latest trends, fun facts, business expectations, strategies, and models to follow to achieve success in the transportation sector.

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