We want everything instantaneously and our hunger for the instantaneous is only going to grow. To ensure truly immediate gratification, automated task completion and immediate access will be employed in the future. In that future, how we spend our time and what we expect from experiences is bound to change. From streaming in VR to printing in 3D, everything will be available on demand to fulfill our desires. And, we could be telling our grandchildren: once upon a time we had to wait!
Understanding the ‘On-Demand’ Economy and How it is Revolutionizing Consumer Behavior
Created by tech companies that meet customer demand through the immediate provision of goods and services, the on-demand economy is revolutionizing consumer behavior around the world. In an on-demand economy, advances in technology drive supply. An accelerating pace is what the growth of the industry, the categories represented and the number of companies at expanding at. The evolution in consumer behavior and the years of technological innovation manifestation is what the businesses in this new economy represent.
When it comes to the on-demand economy, people ask all sorts of questions including is this a fad? Is this a bubble? Will the hyper-growth we’re currently witnessing slow down? The simple and categorical answer to all the aforementioned-questions is No. Consumers have embraced the new on-demand models with an unprecedented frequency because they’ve opened the door to real full-time fulfillment of goods and services.
The question is no longer if the on-demand economy will revolutionize consumer behavior and create thousands of opportunities rather the question is ‘when’ will the consumers outside of the tech-savvy, early adopters start to utilize the services offered in the above-mentioned economy. When that does happen, the aforementioned-economy will force a paradigm shift similar to the one witnessed during the advent of the internet in the late 1990s.
Technologies that Encouraged the On-Demand Economy
Our world is being transformed in both major and minor ways by on-demand companies. According to the Computer Science and Artificial Intelligence Laboratory, the ride-sharing services of Uber and Lyft could minimize the number of cars on the road by seventy-five percent. Fewer vehicles on the road automatically translates to reduced carbo emissions, less traffic and potentially fewer accidents.
While not every on-demand company is saving the world, the on-demand economy has changed how we book trips, purchase groceries, and adopt pets. Just a few taps and you can fulfill your daily needs and desires and that too with little or human interaction. For many people, this is like a dream come true.
As they become extremely accustomed to the convenience of on-demand services, many people have started to take the complex technology powering these services for granted. To ensure that you don’t do the same, following are three technologies powering seamless experiences in the on-demand economy.
Easy payments for developers and users are facilitated by commerce-based APIs such as Stripe and Braintree. Thanks to the simple interfaces of these payment options, customers need to provide credit or debit card information only once before checking out with a right click. Moreover, with the knowledge that payments are transferred across secure platforms, developers can easily integrate these APIs into their apps. Many varying payment setups including one-off and subscription options are offered by Commerce APIs. Finally, the playing field is leveled for established brands and startups in emerging markets by the low barrier to entry.
Today, maps are used by virtually every on-demand service. For the developers interested in enabling map functionality and real-time navigation within their apps, Mapping interfaces like Mapbox make available a host of features. As people enjoy tracking their orders in real time, people providing the services require features that provide delivery directions and locations. While enabling developers to build interactive map for end users, the aforementioned -Mapping API provides estimates arrival times, traffic updates and directions.
In addition to being easy to manipulate, front-end frameworks such as Angular2 and React are fully customizable. To allow developers to create responsive, reliable experiences, these platforms make many user interface elements available. Moreover, they’re compatible with a range of operating systems and devices. Applications must be able to accommodate the platforms embraced by customers as new devices enter and grow in these markets. Additionally, companies must have the ability to deliver instantly and provide great customer experiences in today’s competitive world where consumers have personal drivers and gourmet meals at their fingertips. Further integrating tech in the on-demand economy, APIs allow companies to do that.
There you have it—the 3 technologies that encouraged the on-demand economy. With that discussed, let’s take a quick look at how the on-demand economy is impacting the world today before calling it wraps.
The On-Demand Economy and Its impact on the World Today
Many people say that now is the best to be a consumer and it’s hard to argue that. Only a few clicks and you can order almost anything from the comfort of your home. However, the benefit isn’t just limited to the shopper. It goes far beyond that. According to a recent study, about a third of America’s workforce are associated with the on-demand economy. This figure includes drivers of the ride-sharing service Uber but it includes other people as well. Other people that associated with the on-demand economy include independent contractors and adjunct professors. A new economic class is being created by all these temporary and part-time employees and it is only a matter of time before they start to rule the roost in the on-demand world.
The on-demand economy has made our lives increasingly convenient and this trend is only going to get bigger over time.
by Bobby J Davidson
I love our companies and we love what we do. For more information on the Davidson Family of Companies, visit www.bobbydavidson.com/about. Sign up for my Newsletter at the bottom of this page.