There are apps for everything. Be it ordering pizza through a delivery app or booking gym classes using a gym booking software, a few taps on the smartphones can get things done. With businesses lining up to set foot into the vastly expanding on-demand app market, the need to achieve success gets lost somewhere down the way. From the passion of launching a successful brand to having an app just because of the competitors, the market is crammed with entrepreneurs from all walks of life.
With the competition growing intense in this chock-a-block sector, how can a startup achieve success? The online medium does provide a level playing field, unlike traditional businesses. However, when looking at the visibility factor, startups struggle to reach out to the right audience at the right time. In this blog, let’s take an in-depth view of how an emerging startup can raise in ranks with its multi-service business.
Multiple reasons make entrepreneurs prefer the online market. They include,
Monumental is one word that can define the growth of the on-demand app market. From generating a revenue of $14 billion in 2014, this number will rise to a massive $335 billion in 2025 (according to the PwC Report). With the world anticipating digital trends in the upcoming years, the on-demand app economy is set to strengthen further.
Investors are always on the lookout for sectors that are flourishing both in terms of revenue and popularity. The on-demand industry that gained $74 billion in 2014 grew massively in numbers to attract $10,293 billion in the last quarter of 2017.
With the market rising from the entrepreneurial and investment perspective, businesses have to either launch an on-demand service app or risk losing potential customers.
Let’s break down the journey to success here. Initially, an entrepreneur needs to have an idea, possibly a ground-breaking one. The next step involves transforming the idea into a business strategy, especially a feasible one. Subsequently, the entrepreneur needs supervision and assistance to develop a platform to incorporate the approach. The final and most crucial step involves reaching out to customers. The process continues with entrepreneurs modifying the idea as per the customer needs and preferences.
Any hindrance or hurdles that can hamper this cycle can have complications, leading to either failure or reduced responsiveness among the audience. Providing the utmost care to the steps involved can yield fruitful results.
With apps for almost every sector, an entrepreneur needs to identify those services that promise a sound ROI. Some of the top-performing services include,
Analyzing the pitfalls can make an entrepreneur wary and make informed decisions. The narrow success rate of the industry is attributed to various factors. They include,
Culminating multiple services in an on-demand app can prove both beneficial and profitable to the entire community. Apps like Gojek, Grab, WeChat, etc., have gained massive success in exploring this sector. Some of the benefits include,
Startups need to create a potential impact on the audience right from day 1. Having an on-demand multi-service app like Gojek can help the startup take on competitors more easily, paving the way for its success. In this digital era, on-demand apps are inevitable. However, an app has to be unique in multiple perspectives to make a mark for itself. The time is ripe for entrepreneurs to invest in this lucrative business opportunity.
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