How Startups can Leverage the On-demand Economy? Key Steps and Strategies!

How Startups can Leverage the On-demand Economy? Key Steps and Strategies!
On-demand App development Company
Today, the market is flooded with a variety of on-demand apps and services. Consumers can order groceries, food, etc., or even hire the services like beauty, healthcare, repair and maintenance, taxi service, etc. instantly from these apps. Besides, during the pandemic situations, the on-demand economy has proved to be a game-changer for both- consumers, as well as startups or business entities who are creating top-grade on-demand applications.
Here are some astounding numbers.
According to Harvard Business Review, more than 22.4 million consumers are using the on-demand services per year. Besides, the total expenditure on the on-demand economy is estimated to be $57.6 billion. These reports depict that the future of the on-demand economy is bright. Owing to this, several on-demand app development companies are emerging at a fast pace globally.
So, this post is meant for the startups and mobile app development firms who want to leverage this economy to convert a business idea into an exemplary on-demand app. Here, we have first outlined the immense benefits of the on-demand economy for both consumers and app owners. Later, we have explained the steps and strategies to design a modern-day on-demand application. Let’s get into the details.

On-demand Apps: Benefits for Consumers

  • Ease of ordering the required services just in a few clicks
  • Flexible payment options like Cash-on-delivery, Advance payments through net-banking, mobile wallets, and even cryptocurrencies
  • Real-time tracking of orders to get a clear picture of the progress of the order
  • One-click cancellation or re-ordering/re-scheduling, in case something goes wrong

On-demand App Development: Benefits for Startups or App Owners

  • Effective communication with consumers through the apps
  • Higher customer satisfaction due to flexibility and convenience of ordering
  • Increased business ROI
  • Competitive advantage, strong online presence, and brand awareness
  • Numerous business opportunities as on-demand apps can be created for diverse businesses
  • Better user engagement and retention
  • Highly scalable apps as startups can mold the apps into a huge marketplace in the future.
  • Generation of intelligent analytics regarding consumer behavior, services/products that are more popular, their preferences, etc.

Things to Consider and Vital Steps to Follow for On-demand App Development

In this section, we will first highlight various business models meant for on-demand apps. Then we will shed light on some factors that startups and every on-demand app development agency should consider before starting the mobile app development process. Lastly, we will outline the steps to design an advanced on-demand app.

Details of On-demand Business Models

  • B2B Model: This is Business to Business Model for on-demand apps where one business connects with the other through the on-demand app for services.
  • B2C Model: This is the Business to Consumer Model, the most popular one, where the on-demand apps are meant to provide products or services between sellers and consumers directly.
  • C2C Model: This is the Customer to Customer Model. This type of on-demand app acts as a platform for exchanging products/services between different customers.

Factors that Startups must consider before starting On-demand App Development

The Objective of the On-demand App: What is the concept or idea or purpose of your on-demand app? Deciding on this factor is the most significant step.
Research and Analysis: Do a thorough research of who your target audience is, what is the region where you want your app to be marketed, whether your app will solve some meaningful problem or not. Analyze whether people will be interested in your app idea or not.
Market Exploration: Study the market well and make sure that a similar app is not existing in the market already. Also, study the latest trends, and your competitors as well.
MVP or full-fledged App: Before beginning with the on-demand app development, you should decide on whether you want a basic version of the app or a feature-rich app with all functionalities. For startups, it is good to initially go with an MVP model as this will keep the budgets in control.
In-house development or outsourcing: The startup team should also brainstorm on whether they want to hire an in-house team for app creation or whether they want to outsource the project.

Steps and Strategies to Create a New-age On-Demand Application

On-demand App development Service
Strategizing: Once your research is completed, plan on designing the product roadmap, wire-framing, prototyping, how to implementing the design, hiring the required team/company, how to develop the app with relevant features, and how to finally launch the app.
Technology Stack and Platform Selection: Select the technology stack and a scalable platform for developing the app, define the technical architecture by choosing the right back-end technology, APIs, and front-end technologies for the app.
Secure App Development and Testing: Along with your development team, begin the app development and review the codes, features, screens, etc. from the initial stages to ensure they are free of bugs and secure. Next, perform thorough quality assurance testing for the app. Test the app from several perspectives- user experience testing, performance, and functional testing, device and platform testing, and lastly, security testing.
Launching the first version: Next step is the deployment of the beta version i.e. MVP of the on-demand app. Deploy it on respective stores- iOS or Android. Let the consumers use the app and provide feedback for further improvement. The analytics related to user engagement will help you know about the scope of your app.
Maintenance and Upgrading: As per the response from the users, keep the app updated, add new features and make the required modifications. This will help you to keep your app relevant to the current trends.

Concluding Thoughts

On-demand applications are designed to provide efficient services at the doorsteps of consumers. Such ease and comfort by a few clicks on their smartphone, has driven the consumers crazy and they are accepting numerous types of on-demand applications instantly. So, looking at the market scenario, it can be said that on-demand delivery app development has a bright future and this economy is going to stay here for long. In the coming years, it will enter several new industrial domains too. It is a great opportunity for Start-ups and they must leverage it to the fullest.
So, did you find this post insightful? Do comment below or drop us a line to let us know your thoughts about the on-demand economy and the on-demand apps.

How is Blockchain Technology bringing transparency to Fashion Industry?

How is Blockchain Technology bringing transparency to Fashion Industry?
Blockchain technology
Blockchain technology came into being as support for cryptocurrencies. Interestingly, this technology has evolved into a game-changing solution that has reshaped the functioning of diverse industrial domains and the fashion industry is no exception.
The Blockchain-infused approach was introduced into the fashion industry at the Shanghai Fashion Week, held in 2016. Here, the renowned apparel brand Babyghost, partnered with technology providers to create a Blockchain Apparel Technology that allowed all the stakeholders of the supply chain including customers, to validate the authenticity of the clothing manufactured by the brand. Small-sized chips and accessories were embedded within the clothing items so that one can scan and determine whether a specific garment was authentic.
Today, Blockchain has emerged as an effective solution that addresses myriad challenges encountered by the fashion industry and ushers in the much-needed transparency. Let’s explore its role in transforming the fashion industry!

Blockchain Technology in a Nutshell

Blockchain, a P2P (peer-to-peer) decentralized distributed ledger technology, guarantees that the records that are stored within cannot be destroyed or forged. The key objectives are to offer immutability, transparency, security of data, and evidence whether a specific data is safe and has not been altered. And, despite being known for its pivotal role in the origin of digital currencies, this technology is equally effective for non-crypto currency uses as well.

How does Blockchain Technology function?

Blockchain comprises a group of blocks that carry information. These blocks possess information concerning transactions like purchasing behavior, consumer profiles, the time and date of operations, etc. Each block consists of a unique set of data identifiable by a “HASH” code algorithm. Since it stores data sequentially, it can be considered as a database shared across a private/public network. A copy of this shared database is present with each authorized user. This arrangement prevents any malicious users from altering the database’s content. As this database/ledger is “append-only”, one can only add data but not carry out any modifications of the existing data. Therefore, the P2P network provided does not need the involvement of any regulating authority or intermediary. The transaction records stored on a Blockchain enable identifying the owner of a value item and via the ownership, subsequent transactions are transferred, creating a chain of ownerships/authenticity.

Fashion Industry Challenges

  • There’s been a rise in the number of forged products and this hampers the brand value of a renowned business.
  • Untimely delivery of products leads to loss of user advocacy and sours relationships with customers.
  • The consumers, manufacturers, retailers as well as suppliers of the modern era demand transparency in their products.
  • Today’s consumers need to be well versed in the history of products for validating their authenticity.
  • The “conscious customers” question a brand on the environmental footprint of garments, textiles, footwear, etc.

Blockchain in the Fashion Industry: Implementation and Benefits

Blockchain app development services
Check out how Blockchain resolves the numerous roadblocks encountered by the Fashion industry!
Bringing in Transparency within Supply Chains
Currently, most of the supply chains of the fashion industry lack transparency. This is because the supply chain for any fashion-related product involves several developmental stages that take place across a couple of countries around the globe. Therefore, fashion brands find it challenging to monitor the quality of raw materials that are used to manufacture their products. This roadblock can be effectively resolved by employing Blockchain technology. Blockchain’s NFC (Near-Field Communication) tags enable companies to track the entire product lifecycle and record the products’ journey globally.
As such, retailers are able to track the manufacturing process of apparel right from the consumption of raw materials to the creation of the end product which brings in complete transparency in the supply chain. Thanks to the transparency tracking methodologies, producers get useful insights into their value chain and can ensure the proper execution of processes such as handing off goods to third parties and labeling the end product.
Identifying the Authenticity of Goods
The Blockchain-empowered solutions are known for their distinct capability of creating a physical-digital link between the goods and their digital identities on a Blockchain. Usually, a serial number or a cryptographic seal plays the role of the physical identifier and links back to the “digital twin” of an individual product. This way, each time a product changes custody, the Blockchain records that change. For this reason, retailers can effortlessly identify counterfeit goods that miss the physical digital link as well as any attempt to divert goods in between. Moreover, the chain of custody on the Blockchain displays a record of the last party that has gained the products’ custodianship. As a result, it becomes obvious where the authentic product was diverted out and the counterfeit product was slipped in. This helps manufacturers protect their brands against counterfeiting.
The afore-mentioned process enables determining the authenticity and genuineness of a product for providing a digital authenticity certificate to every new product. For instance, Vacheron Constantin uses a Blockchain-backed validation mechanism for issuing a digital identification certificate to every new watch. Furthermore, each time a watch is serviced or transferred; this mechanism stores the records of the proceedings on a public ledger.
Improved Product Quality and Enhanced Efficiency
Blockchain integration enables brands to trace the weak links within their business operations. Hence, it’s easy to identify a production department that does not adhere to the defined quality standards or a supplier who provides defective materials. This enhances the efficiency of the manufacturing process and improves the overall quality of the end products.
Hassle-free Royalty Tracking
The Blockchain ecosystem facilitates seamless tracking of royalty payments. This is because it enables the designers to create unalterable evidence of the design created. It can also be utilized for building and tracking trademarks, license designs, royalty programs, and the sales generated through such design creations.
Transferring Ownership of Digital Apparel Securely
Digital clothing has garnered popularity in recent times as designers are providing consumers the option of purchasing digital apparel and the ability to digitally fit in it. Blockchain apparel technology enables transferring the ownership of digital clothing items. It also rules out the possibility of any issue concerning the stealing of product designs, thereby creating uniqueness and desirability.
Building Evidence of Use for Trademarks
Blockchain technology facilitates the creation of solid proofs of usage for trademarks. These trademarks save time and expenses for companies who have to undergo the hassles of renewing as well as securing a trademark when invalidity actions or disputes occur.
Optimizing Operational Costs
The Blockchain environment promises an effective supply chain, improves data management, and minimizes the risks of counterfeiting. It seamlessly integrates surfaces for reconciling data through operational as well as service lines. These advantages help in optimizing operational costs.

Blockchain Integration in the Fashion Industry: Tips on Execution

If your brand is facing challenges in proving your worker welfare standards to the industry or needs to authenticate the origin of raw materials/goods in the supply chain; it’s high time you should hire experienced Blockchain app development Company.
The first step is holding a discussion with Blockchain app developers on building a solution that would collect information from the right set of people. Next, instruct the developers to design a structure of information that will allow you to know the details of the raw materials/fabric/chemicals used. Once your objective is clear, go ahead and select the apt Blockchain platform that will suit your requirement as there are many of them with distinct functionalities. Thereafter, you need to begin with creating the frontend and UI of the application. Also, make sure that your Blockchain-powered app can be effortlessly used by all your stakeholders. In case of any assistance feel free to contact Biz4Solutions, an experienced Offshore software development Company in India offering Blockchain App development services.

Final Words

Today’s fashion industry demands transparency and sustainability. So, the fashion brands that are unable to meet this requirement will find it difficult to fulfill the needs of a highly competitive market. And, Blockchain integration is the one-stop solution to maintain the industry standards for your fashion brand.