On-Demand Economy: Are You A Part Of It?
The On-Demand Economy
What it is and how does it impact businesses
The on-demand economy is built on the concept of the instant gratification, the fulfillment of immediate needs of customers. In short, you want a product, you want it now, and these disruptive businesses make it happen. But the concern is how?
B2B Businesses are no exceptions
By demanding greater convenience, ease of use and efficiency, this economy has impacted not only business-to-customer, but also business-to-business (B2B) industry. The rapid and remarkable success of significant new market entrants, as well as fear of the loss of market share, has triggered a wave of transformation among the traditional market players. This has led to an upward trend in B2B companies formulating new solutions to meet the demand.
Due to the pandemic, the concept of remote workforce has been widely adopted by organizations. This feature enables teams and businesses to invest in a timelier manner, connecting to specialized experts regardless of the geography, with decreased risk and scaling faster and smarter.
With the pressure to address the shift in consumer wants, more B2B businesses are now offering customized, niche and digital solutions to their clients.
With the advent of more robust technology platforms, it has allowed traditional B2B businesses to be more agile in their operations and offerings. They now offer products and services on a flexible basis, such as short-term contracts to eliminate the common challenge of hiring permanent employees for such seasonal tasks in their clients’ organization. Event management, human resources, training, consulting, IT, and other professional services are industries that have also witnessed a significant increase in the number of innovative business models.
Are you a part of it?
The race is being heated by multiple entrants from long-standing companies to young start-ups, from B2C to B2B industries. To stay ahead of the competition and differentiate from others, organizations and businesses ought to be customer-centric, creative, and willing to apply the latest technology and be aware of emerging trends. For now, the on-demand economy is on a path of constant growth, to transform, to disrupt and to bring the right values to consumers, anywhere, anytime. Hence, it is imperative that businesses recognize this movement and participate, or risk being left behind.