Businesses from different industries are running their operations through on-demand apps, which have definitely made their activities and transactions a lot easier like never before.
Without a doubt, on-demand apps are changing the face of businesses worldwide with its exceptional features and functionalities. Millennials have experienced first hand the ‘smartphone era’, and all of us have witnessed what technology has afforded us even in the midst of the COVID-19 pandemic.
The on-demand industry has taken over the fabric of our lives. It has seen remarkable growth, making every traditional practice redundant.
The concept of on-demand apps has made it easier and more convenient for the public to get products and services while giving opportunity for businesses to thrive and grow their profit share.
But irrespective of the industry, on-demand apps have seized control of the market by offering a personalized experience that continues to draw more users and bring bigger profits.
Here’s a look at the on-demand app market based on 2020 statistics:
- 22.4 million annual users
- $870 billion of incremental growth by the end of 2022
- Projected Compound Annual Growth Rate to reach 49% this year
Key Features of Successful On-demand Apps
There are common features that make an on-demand app a potential cash cow. If you engage the services of a top on-demand mobile app development company, see to it that they incorporate the following features:
- Easy User Registration – users are sick and tired of signing up on different platforms. Remembering passwords is also a hassle. These are the reasons why your mobile app must allow social sign in, where users can use their social media accounts to instantly register and get on board.
- Geo-location – this provides the tracking capability to the users so they can easily track the products they ordered. It can also be used for marketing purposes, as it has enabled certain apps to boost their user acquisition rate. Geo-location is definitely a popular functionality, especially since mobile apps and brands like Facebook, Foursquare, and Google Maps have all incorporated it.
- Easy Payment Options – according to recent studies, the opening rate of push notifications is above 90%, which is even higher than that of emails. With push notifications, you can engage better with your customers by letting them know about product launches, deals, discounts, etc., and make them keep coming back to your mobile app. Studies also show that push notifications that are properly segmented and personalized have a retention rate of 93%.
- Push Notifications – different payment gateways must be available to customers to make paying online easy and convenient for them. These mobile payment systems are also offering a secure way to pay. Credit card/ debit card details are stored in the cloud and not directly in smartphones. This way, all vital information stays secure even if your customers lose their phone
- Ability to Share – customers must be given incentives when they share your products with their friends and family. Discounts, complimentary services, and special promos are some of the incentives that you can give out to your loyal patrons.
- Real-time Analytics – this feature will give you insights on issues that you never knew existed. It allows you to scout your competitors and study your customers, products, services, and operations so you can uncover loopholes and develop new business strategies. With real-time analytics, you can optimize customer experience so they will keep coming back to your on-demand app.
- Reviews and Ratings – customers must be able to rate your app and view the ratings you have received from other consumers. Ratings and reviews are crucial in pushing sales and they are the norm for online purchases. Customers are heavily influenced by the reviews given by other consumers. On-demand apps rely largely on credibility and there’s nothing more credible than customer reviews in driving sales.
Leading Industries Maximizing On-Demand App Services
In order to better understand the on-demand app industry, let us take a closer look at the apps that fueled the popularity of such on-demand mobile applications across various business verticals …
- Retail – the Instacart app offers consumers the ability to do their grocery shopping online and deliver the items to their doorstep. All these, while being able to compare prices from different shops, read labels, and discover sales.
- Health Care – patients are using the Luna app to connect with physical therapists and avail in-home medical services.
- HiTech – a good example here is Shiftgig which is an on-demand staffing solution that allows businesses to scale by easily finding niche workers and by effectively managing schedules and budgets. The app empowers the workforce with flexibility while allowing you to deliver strategic insights to clients.
- FinTech – in the world of finance, Payix has become a premier app that renders collection tools and payment processing resources to lenders and auto dealers. The Payix mobile app is considered by many as the fastest and easiest way to pay, view your payment history, and chat with your service provider.
It is safe to say that on-demand apps are going to be a key component of the consumer landscape for years to come. To date, every on-demand app has done good business, and the future of these apps looks promising indeed.
It is for this reason that most business owners look for on-demand apps to offer their products and/or services. These apps will allow you to understand customer demands and deliver quality products to them directly. The current market for these apps show huge potential, and we may even see their adoption in new industries and business domains.
If this post piqued your interest and you wish to consider integrating an on-demand app to your business, feel free to contact us and we’ll be more than willing to help.