What Makes On-Demand Services the Best Innovation?

On-demand is synonymous with convenience, which humans have always valued.

A trend that the transportation industry lent a ground to, has slowly expanded to other sectors. On-demand platforms are increasingly being adopted by restaurants, media professionals, the healthcare industry, OTT, and hospitality. This has resulted in a clear surge of this trend and it’s becoming the future of the economy.

Innovation has a major role to play here. Consistent inventions have taken the notion of convenience and accuracy to a whole new level. It has transformed the way companies operate. On-demand services have shown what’s possible and are giving rise to a more efficient time.

According to Harvard Business Review, the market of on-demand apps is projected to touch $335 billion by 2025. 22.4 million customers are turning to on-demand services annually, accounting for $56.7bn in spending.

Personalization influences more than 59% of consumers’ purchase decisions, according to an Infosys’ Rethinking Retail survey.

Hence, it can easily be predicted that on-demand is reshaping the future of customer service.

Instant gratification

On-demand platforms are aimed at responding to the customers’ demand promptly and delivering the product or service at their doorstep while taking the minimum time, leading to a sense of instant gratification.

Employment

On-demand platforms have opened up job and business opportunities across industries, in addition to providing customer convenience. Because these platforms provide professionals with a stable source of income, the number of people willing to provide their services and talents on the platform is growing. As a result, skilled individuals wanting to enter the workforce and create a permanent source of income are flocking to the area.

Connecting clients with the right talent

Artificial intelligence-powered on-demand platforms assist professionals in locating the right consumer or client online. As a result, it helps clients locate the right talent for their task and professionals find clients that fit their skill set.

Furthermore, it also helps in the creation of new jobs, which is critical for the economy, especially in times of market uncertainty.

Growth of potential Startups

Investors are pouring their capital into startups that are developing disruptive on-demand business models, seeing the promise of on-demand platforms. This promotes the growth of potential startups by allowing them to streamline and simplify market processes with their unique on-demand solutions while also attracting venture capitalists for better and faster growth.

The on-demand services without a doubt have become a generator for the enhancement of an overall experience. They have indisputably caused disruption on an epic scale for several traditional companies across multiple sectors.

The convenience on-demand services offer consumers is making it essential for organisations to continually strive to improve and innovate for a better customer experience. On-demand services are the future — every traditional business will have to transform in order to not become outdated.

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Lumis Partners

Lumis Partners

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Lumis invests and partners with businesses in solving complex problems of global relevance.