The on-demand economy is mushrooming and has taken over the conventional business models faster than we thought. The combination of these services with apps has changed our lives in a better way. People no longer need to stand in a queue and wave their hands to stop the bus, Yellow Pages is no longer the only option to find the best restaurants and service professionals nearby. We are just a tap away from ordering groceries and our favorite meals at our doorsteps.
A report by Harvard Business Review states, the on-demand industry is attracting 22.4 million customers annually, who spend $57.6 billion on them. These services, besides taxi booking and food delivery, include grocery, healthcare, home services, and other hyperlocal services, etc.
49% of consumers using on-demand services are adults, rest 30% fall in the age group 35 to 55. This growth and activity will continue for the coming years too. These stats and rapid growth of the on-demand economy provide a clear picture that people are attracted by the convenience, user experience, and other benefits they get from on-demand businesses.
Before going any further, let’s discuss What Is an On-demand Business?
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