People are imperative — Or we can say, they want everything right away, in other words, it’s what called Instant Gratification, but is it affecting On-Demand Economy? What millennials really want?
In the fast and Instant world, technologies are playing an important role in our day to day life which also includes our economy, while you think about how it’s affecting your life let’s discuss more the topic.
What is Instant Gratification?
Dividing the words, Instant is quite descriptive itself and gratification is pleasure, especially when gained from the satisfaction of a desire collectively meaning “Instant pleasure”.
We were always taught to work hard for gratification or delayed gratification but “Millennials want everything now”.
How instant gratification and On-Demand economy-related?
The on-demand economy has brought many reforms in our lives. Cab booking, food delivery, house rentals – basically every industry has been transformed by the on-demand business model in one way or another. At its core, the on-demand economy is a business, service, or product built on letting users request a physical object, a piece of data, service and have that request fulfilled.
The main reason for On-Demand apps is Instant Gratification, people want everything right now and it is fulfilled by these apps with quite a good efficiency. Everything is there in your hand most of them on your mobile phone, just some taps and swipes, you’ll get what you want.
Effect of Technology
Technological growths are making this economy reach more and more people and with an increase in technology in developing countries like India this is taking new shapes, instant gratification is getting common within people, more new apps are introduced every day more and more things are getting closer to people through mobile apps. Do you want a Haircut? try Urban Clap.
Do you want to eat pizza? Try Zomato. Before people used to rely upon Websites but now you have apps, Before people used to use Computers or laptops but with advancements in technology applications in your mobile phone will give you whatever you want!
Trends in On-Demand Economy
So, if we go for the facts then for 2017, around 299.24 million people are using smartphones in India and it’s increasing exponentially. Looking for the revenues generated by the On-Demand App companies, they are getting some really good amount of revenues, Ola and Uber generated Rs 533 cr and Rs 233 cr respectively. Online education providing companies are also getting spotlights in the market, taking the example of Byju’s which generated a revenue of Rs 530 cr. In the last few years, the market for such On-Demand apps has increased a lot.
With the giants making so many big investments and funding for the companies in this sector and with comparatively low prices these companies are quick on the trigger for bringing new things for the customers in every segment which can ease our lives.
Why are people attracted to the On-Demand economy?
The on-demand economy works upon these basic rules:
- Good products at low prices as the intermediate steps are removed.
- Fast delivery of Goods and Services.
- Better connectivity between suppliers and customers.
- Saves time of the customers as they get what they want simply sitting at home.
- Availability of a vast range of products in one place.
The new generation and facts concluded that the on-demand economy is not just the future; it’s like a superhero saving business and potential entrepreneurs.
As an entrepreneur, you always try to find more and more answers to the problems faced by their potential customers, right now it’s on-demand. It is very much time to adapt and integrate on-demand economy service with your business to generate new profits to save your business from getting outdated. Try it, cherish and grow with it.