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Ways On-demand Economy is Uplifting Retail Business

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From getting instant access to video streaming on Amazon Prime and Netflix to enjoying immediate cab booking services, every second thing is becoming available on-demand. People are enjoying this opportunity to get whatever they want and whenever they want. They are ditching the brands that are still following the traditional processes for those entering into the On-demand economy.

In such an environment, it is not enough to remain confined to how mobile apps can add value to your retail business. It is necessary for a Retail store to look into On-demand era to meet the customers’ expectations, deliver them instant gratification and gain the limelight in the marketplace.

Taking the same thought forward, we will look into different ways On-demand technology will revolutionize the Retail industry in this article. But, let’s have a quick recap of what does the term ‘On-demand Economy’ actually means.

Source:jungleworks.com

On-demand Economy

The On-demand economy is termed as an economic activity built by the digital marketplace and tech companies to cater to the needs of customers via instant access to goods and services. Also called the ‘Access economy’, it offers a convenient method to supply goods and services to all those who are looking forward to it in the marketplace.

With this attended to, let’s dive deeper into the retail industry and see how the on-demand economy is revolutionizing the Retail sector:-

  1. Higher Sales

In the present scenario, the users either check for products online and purchase them from the nearest local store. Or they place an order online and wait for the estimated time of delivery. In both cases, the customers have to compromise with their urge of getting quality products instantly and have to go through the typical process of making a purchase.

Because of this, around 60% of the users abandon their shopping cart or get into the store with no idea if the product is available or not. This eventually results in lower conversion and lower sales.

On-demand technology, in this scenario, enables retailers to gain a higher outcome by streamlining the shopping process and make products available at the same day of shopping, which is enhancing the sales of the retail store.

  1. Better Customer Satisfaction

There was a time when customers were ready to compromise on immediacy for grabbing the best deal. But the scenario has changed. Now, they look forward to getting everything instantly and in the best quality. This blend of immediate yet effective services has emerged out as a parameter of determining the level of customer satisfaction, implying it has become crucial for retailers to hire an On-demand app development company.

  1. Lower Competition

Though On-demand is proving to be the new face of the industry, many retailers are still hesitating to invest in this economy. In such a scenario, making your retail business accessible on-demand means facing lower competition for getting the attention of a wider audience.

  1. Blend of Online and Offline Sector

Many users still prefer offline shopping over online facilities because of convenience and instant delivery. But, with the advent of On-demand feature, the online retail stores are also offering the same kind of services, implying the gap between online and offline retail business is shrinking. Now, shoppers can get the same level of convenience and services from both modes of shopping.

Source:vccircle.com
  1. Forecasting Future

Thanks to same day delivery option, retail businesses are able to target those customers as well who used to abandon their shopping cart. This helps them to get a clear idea of the demand for any particular product in the market which is eventually empowering them in forecasting the future. Now, they can easily determine which retail product is highly in demand and focus more on promoting that product rather than adding efforts into selling all the products and services equally. And thus, gain higher profits.

Now as you have seen the benefits of entering into On-demand economy, it is predictable that you would be looking forward to investing in the technology. So, look forward to considering these pointers when planning to embrace On-demand technology for your retail business needs:-

Source:travod.com
  1. Be an Early Bird

Considering the new buyers choice, many retailed have already entered into the On-demand mobile app economy. They have started giving same-day delivery service. And as per the market statistics, the number of retailers planning to add On-demand services into their business plan is going to cross 65% by the end of this year, which means waiting for the right time would not be a great idea.

  1. Hire a Reputed On-demand Application Development Agency

Though it is necessary to embrace On-demand technology at the earliest, it is required for all retailers to pay attention to whom they are selecting has their app partner and why. It is a must for them to look into different factor associated with the hiring process and get in touch with a recognizable agency so as to get successful outcomes.

  1. Look into Cost Factor

Last but not least, avoid being ready to pay any amount for getting an exceptional On-demand app development services. Rather, understand how the app cost differs and what factors bring an impact on the cost value, implying get an idea of the app cost so as to not fall into the claws of a fraud.

So, this was all that retailers should know about On-demand economy and reap better outcomes from its growing popularity. To know further, leave a comment below.

 



Peter is a freelance writer with more than eight years of experience covering topics in politics. He was one of the guys that were here when the foreignpolicyi.org started.

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