On-demand is the new hot topic in doing business where number of startups are trying to get into. On-demand services are favored by the new generation of customers due to its obvious benefits. Such as the efficiency, cost, time saving, more choices and much more over the traditional business model. Most of the people are stating that the world’s economy will move towards a dominating on-demand economy in the near future due to the reason because it is catching up quickly with the customers.
Due to the Covid-19 pandemic that is upon the entire world, the economy suffered major losses and many traditional organizations are going out of business. However, most of the on-demand companies are still going strong due to their ability to adapt and operate in any crisis situation.
If you are a startup trying to enter into the On-demand economy, creating a business plan and looking for the best On-demand services that are most successful, following is a list of the best On-demand services you can step into and the top companies performing in these industries.
One of the most popular On-demand service in the On-demand economy is the transport industry. On-demand transport has become so popular that people cannot imagine how life was and would be if On-demand transport did not exist. The benefit of getting into transport of On-demand services is that this service is highly popular among the customers and most of them tend to use one or more on-demand transport services just in case the other is not available or due to a bad experience. However, the disadvantage of this field is that it is highly competitive. There are a lot of big players in on-demand transport and the customers tend to go with the big names. However, if you are able to build a robust business plan to overcome the competition, you can catch up with the business easily.
The biggest names in on-demand transport sector are UBER and Lyft. There are other leading companies in different countries most of the customers use, which are different from country to country.
2. Food Delivery
The next big industry in On-demand services is the food delivery. Food delivery is getting so popular that restaurants are opening up in some countries just to be able to reach the customers via on-demand food delivery services. The reason why food suppliers are opting for such a business model is because of the numerous benefits such as less investment (do not have to setup a physical spot to serve customers), less risk (can easily roll back if the margins are not achieved), can reach a large number of customers at once, the reviews and customer photos can increase sales and etc.
The reason why customers are opting for on-demand food delivery is because they can enjoy the cuisine of their choice from the comfort of their homes and PJs without having to go out, wait in queues and kill hours of time.
Big brands such as UBER EATS, JustEat, Deliveroo, Food Panda are the leading names in on-demand food delivery.
Unlike the older generations, the 21st century millennial has a knack for travel and some even go the distance of quitting their jobs to embrace a life of traveling and backpacking. The social media has encouraged this in the present era. Travel and tourism is a hot industry to get into in the on-demand economy as more and more people are renting their houses, rooms, apartments and villas to tourists to earn an income out of their Pinterest perfect spaces.
Due to the numerous affordable places to stay in and countries to visit, on-demand travel is a popular industry to browse through suitable rooms to rent out for the stay. Why on-demand travel is popular are because the travelers have a vast choice of spaces they can rent out as per their budget and other requirements and the building owners can earn a living by renting out their properties to the potential travelers.
Airbnb is undoubtedly the most popular on-demand travel service worldwide.
eCommerce is probably one of the most used on-demand service by everyone. Organizations such as Amazon and eBay have taken on-demand ecommerce to an extent unimaginable. During the Covid-19 pandemic, on-demand e-commerce services were mostly unaffected as the people preferred shopping online than physically going to stores due to lockdown measures and for their own safety.
On-demand eCommerce is probably the easiest service areas to get into and is highly profitable too. The customers do not always stick to one eCommerce partner but prefer to browse through many services until they find the product that suits them and in the desired price range.
5. Professional Services
Even though quite new to on-demand services, professional services are an up and coming industry in the on-demand economy. The most popular services are searching for handymen, electricians, beauticians, cleaners, etc. This is good area to get into because, there aren’t a lot of big names in this area and there’s demand in most of the countries, but there aren’t anyone supplying for the demand. Urban Company is big name which initiated in India and is now expanding to other countries as well.