Impact of Readymade Startups in Global Economy
On-demand Industry aka “Readymade Startup Solution” is a good grooming industry and it attracts many professionals and investors since the growth rate of this industry is unimaginable.
What is an On-demand Service?
Basically it is a platform where buyers and sellers meet for a product purchase. Unlike buying from a private website where the website owner is usually the product owner and he handles the logistics and delivery, in an on-demand service the sellers just sell and the buyers just buy…all other logistics, delivery, payment processing, tracking, support & refunds are taken care of.
Few examples are Amazon for e-commerce, Uber for taxi, Grub hub for food delivery, Airbnb for stay and so on…
The penetration of internet made these on-demand businesses a reality in which buyers and sellers are aggregated through the web portals.
Any buyer can visualise their products in the web portals, analysing the product suppliers based on the price-fixing, selecting quality product with an affordable price, placing the orders and getting them to their doorstep through the delivery agents associated with the web portals. Till the arrival of mobile applications, all the customers performed the above-said activities in websites.
The emergence of mobile application brings a big change in the on-demand industry. Since mobile phones are observed almost in all people’s hands, they are experiencing more convenience than web-portal in the following ways.
- Attain the demand anywhere and anytime
- Visualisation of a wide range of products with just a few tapings
- Keep liveliness in ordering and conversation
- Experience the tracking feasibilities for the products ordered while shipping
- Ensure the accuracy of payments digitally
- Instant orders and the detailed conversation platform for the opted products
With the above potential aspects, mobile applications are replacing the web portals and also introducing the app-like experience in web-domains. The growth is observed at a rapid rate and the users are attracted to this model due to the major aspects of usage simplicity & convenience in operation.
What is a Readymade Startup Solution?
On-demand services like airbnb, uber & grub hub became extremely popular and unlike any other businesses, they defined a framework for operation and user acquisition. so lot’s of startups inspired by this and started to launch their own food delivery startup, riding hailing startup, hotel booking startup and so on. They can be a niche market venture or can have a twist on the delivery but basic framework is same.
Read below for the Evolution of this industry and also for the players who can provide the software+apps required for anyone to launch their own readymade startup also…
Initially, the Taxi industry and the E-commerce business platforms received potential benefits. Nowadays, even enterprises prefer mobile applications in order to aggregate the employees in a single window, monitoring their activities easily through the application itself.
Right from the personalised services to the group management, the on-demand industry lives in all aspects. The major aspects on-demand industry are listed as follows
- Time Minimisation: Replacing the human-based business with the app-based business, minimises the time required to process the orders. Customers participated in the on-demand business models experiencing the meet up of right service providers and the right products in a short time period. The matches to the service requests and the delivery of the product running on timely-basis satisfy the timely-commitments.
- First-Class Unique Experience: From ordering to the receiving of the products ordered, the stress-free experience in all the aspects is the major aspect of the on-demand business models. Once the customers place the requests, the service providers provide immediate directions to the product suppliers and the delivery partners. Both are getting ready to meet the customer demands and provide a unique purchasing experience to the customers.
- Accountable Services: Fulfilling customer demands is the ultimate focus of the players involved in the on-demand industry. Hence, the accountability of each player involved is the most important consideration of all the players. With the above possibilities, the on-demand industry brings various potential perks to the customers. The smarter updates in the mobile application allow the business owners to meet the various demands of the customers easily.
First of all, we have to know how the on-demand industry changes the business sectors and the operations.
On-demand Industry: Change in the Faces of Businesses
Since the majority of the customers for the on-demand industry are in the age group of 25 to 45. Among those peoples, 46 percent of them are having less annual income.
Thereby, they expect affordability in what they use. On-demand solutions are big money-saving platforms where they meet many players in a single domain.
- Bring Marketplaces Online
Generally, the buyers for the various products are available online and their demands are also high. In-store purchases bring various issues like traveling costs and higher price.
Hence, app-based purchases are getting familiar in recent days. The online marketplace is an attractive gift from the technology where the buyers and sellers are aggregated in a single platform.
Exchanging their demands and supplies on the basis of instant forms and getting the products in a unique way open up the new face of the business.
- Create New Entrepreneurs
In general, the professionals are aggregated into two categories such as working for other people and working for their own. But, the on-demand solutions eradicated this separation and provides the platform to handle bidirectional activities in a seamless way.
The players can get registered in other companies also. This emphasis on entrepreneurship attracts several on-demand players and this turns the flow of business into a new way.
- Fulfilling the Personalisation Needs
Looking into the customer aspect, the personalisation is the trendy metric observed. Everything ordered or demanded arrived at a doorstep after the evolution of the mobile applications. Hence, they expect more personalisation for every new app they used.
The business owners engage their customers with more personalisation options in the mobile application and have a huge-size potential customer base. Whenever they face troubles in what they get, instant support is the major one to keep retaining the customers for the business.
- Flexible Work Schedules
One of the attractive aspects of the on-demand industry is the flexible work schedules. Office-based workers demand typical 8 hours either in a day or night schedules. But, the research data depicts that among the people, 72% prefer to work as independent contractors to earn money with convenient schedules.
The convenient work schedules and the flexible time period attract many millennials in order to maintain a work-life balance. As per this drift, the business also redefines its structure with the new policies for the remote works and scheduling tasks, etc.
With the above-listed ways, the on-demand industry brings new faces to the business and attracts many professionals. These changes drive the economical benefits in all-scale business sectors. Hence, it is necessary to know the industries benefitted from the on-demand solutions in future years.
Industries Getting Economical Benefits from On-demand Solutions in 2020
If you wish to launch something or participate in any of the following industries, the on-demand solutions are the big backbone for you, in current as well as future scenarios.
- Localised Services (eg. Logistics)
- Outsourcing Services (eg. development & support)
- In-Home Services (eg. delivery)
Software and App providers for your Readymade Startup
There are lots of players who can provide pre-build softwares and mobile applications so that you can launch your own on-demand startup.
few of them (ranked for pricing — higher first and lower last)
You have to workout how you are going to launch and what are your business margins and start to promote it like any other business.
One hint is initially focus on user acquisition and after some 1000+ users, focus on your margins.
Few Tips to Boost up Revenue of the On-Demand Mobile Application
1. Simpler platform
Simplicity attracts users. Unless you are serving some complicated corporate customer for a huge task, you don’t need clutters in your applications.
Keep it Simple!!!
2. Personalised Service
One of the way to effectively fight competition is to provide a personalised service with a touch of you, that users don’t forget. Surprisingly, this one thing is enough to drive repeat customers. This also drives the revenue model in a unique way.
3. Tracking and Timely Services
One more important thing is to provide timely service and instant tracking. Don’t compromise this element. Even if the order will be delayed, track it and convey it transparently as quick as possible. This builds trust and repetition for your startup.
4. Smart Payment Interface
Allowing the multi-currency support and the various payment streams like card less payments in the mobile application, provide benefits to the participants such as millennials and the baby boomers with easy payment interface.
Final Thoughts
The on-demand industry is continually redefining itself with the evolution of various technologies and the drifts in customer behaviour. But it is a very fruitful experience trying to launch one, because of these plug and play softwares at a very manageable investment and also the removal of technical/programming complications.
if you can bring a unique touch and able to create wonderful product experience, then you will succeed.
So go ahead — — — build your own “Readymade Startup”
Cheers!!!
