Top 5 Proven Growth Strategies for an Effective On-demand Service Marketplace in 2021

A big acceleration was observed in human life after the emergence of mobile applications. Convenience in ordering, doorstep delivery, complete tracking till the goods reached the doorstep and the discount offers make the customers use such applications recursively. After a huge pandemic, the usage of applications is also high since the restrictions still exist all over the world.

Due to this pandemic in 2020, the service professionals related to house-hold, healthcare, corporate-care, etc have lost their customers as well as revenue. Getting back to building a solid potential customer base and earning a good-revenue are the important requirements for them in the next year, say 2021.

Either an updated business model or the inclusion of the essential features as per the customer preferences is one of the major workflows for their business needs. Every on-demand service provider or service handlers have questions on their mind about how to create a user-friendly on-demand service marketplace, what are all the challenges and the essential five strategies to overcome the challenges and attain growth easily.

It doesn’t matter where you are and what you follow till now. The strategies I have shared in this blog is definitely helpful for you to either launch a new one or upgrade the current process to reach the desired growth value. Without wasting time, let’s move on to the discussion.

On-demand Services- Next Big Revenue Platform in 2021

With the expectation of getting instant satisfaction, consumers largely prefer online shopping and service booking. These stimulate either service providers to look for such efficient platforms to portrait their skills and get more revenue. Investors also started their investment in on-demand app-based industries that further boost the on-demand economy.

• According to the industrial research report from the New York Times, the revenue value of the on-demand home is about 600 bn USD and the corresponding CAGR rate will be observed as 49% in the next year 2021.
• As per the detailed research on the online shopping behavior of US consumers in pre and post-Covid-19, the growth rate for buying medicine through online platforms will be increased by 11%.
• The projected growth rate of the online marketplace during the forecast period 2019–2021 will be around 147%.
• From the user’s perspective, around 22.4 million users are highly attracted through on-demand service booking platforms.

From the stats and projections, the influence of on-demand services on the global economy is high. Launching the on-demand service startups by leveraging the suitable technologies will definitely allow the service providers to make the customers feel comfortable right from entering to leaving the business model.

Building the customer-centric business model is an essential need to offer accurate, reliable, and timely services to the customers. Compared to the manual, the tech-support business model acts as the perfect handy partner for all the end-users as well as the participants.

What are all the Challenges of On-demand Services Need to be Overcome?

Though the on-demand services offer a huge range of benefits and the notable revolutions in the industrial sectors, they also come up with various challenges while building the business model. I Have highlighted some of the challenges that should be overcome while creating the on-demand service model.

Lack of Availability- Service handler availability is the critical issue for the consumers where they weren’t aware of their location, presence in the shops, etc. The developed app-based model should hold the option to show the status of the service provider like on/off state prior to booking. This option saves time for the customers.

Option to Show Service Quality- The validation of service quality is the essential one from the customer’s point of view. Prior to booking a service professional, the validation of their rating and the feedback received from the previous customers is the major one. Considering this metric is an essential one for the efficient on-demand service business model.

Complex Workflow- Right from entering on the app page to the left, the simple navigation from one to other is the necessary one. Also, the customers highly need the preferable time slot for booking the service professionals based on their availability at home. Hence, the connecting platform should have information about it.

Multi-Payment Models- At present, customers expect multiple ways of payment. Going cashless is the main theme for the on-demand services and hence the service payment options can be widened into multiple categories like credit/debit card, net-banking, digital-wallets. Incorporating such streams within the business model captures the customer’s heart easily.

Connecting Large Size Audiences-Bring the large size audiences into the business model is an important tactic and it is the challenging one for the new players. The on-demand industry is already loaded with numerous branded players and hence gaining familiarity among the audiences and getting the attention from larger audiences are the big challenges for the newcomers.

Top 5 Essential Growth Strategies for the Perfect On-demand Services in 2021

Finding the solutions to the challenges listed in the previous section is the important one for you. As we already know that the mobile app development links the services/service providers with potential customers. This also proved their impact in the on-demand industry by retaining the long-customers and making them loyal clients.

In order to overcome the challenges, some of the essential strategies I have mentioned here while implementing the app-based business model.

Service Provider/Handler Availability- One of the high essential strategies is to ensure the availability of the service handler. Suppose if you create the on-demand plumbing market place, ensuring the availability of the plumbers via the application itself is the necessary one. This makes the customers take instant decisions smartly.

Rating for Services- All of the mobile applications now come up with the ratings/review options and hence your on-demand service marketplace also holds the option for ratings. By simply looking at the rating value, the selection of the service handler is the efficient one and experiencing the high-quality service directly at the doorstep with the trusted professionals.

Simple & Scheduled Services- The inclusion of preferable time slots for service booking in the on-demand service marketplace assures convenience. Also, the workflow between the service handler selection and ratings is simple that highly attracts a huge range of audiences in real-time.

Smart Payment Models- The integration of third-party payment models within the booking application itself allows the customers to pay the service charge instantly without any stress. The effortless payment options stimulate the millennial’s participation as high and also a chance for the new users also.

Assure Online Visibility-It is an essential thing in recent decades. People spend most of their time on social platforms. Greeting them on such platforms with advanced products, service offerings, and updates assure the guarantee of capturing a huge range of audiences in the market.

Also, social media integration within the on-demand service marketplace allows the service provider or service handlers to easily identify their interests and behavior. Incorporating updates quickly on the marketplace as per the customer interest always make you stand ahead in the competitive market.

Bottom Line

Irrespective of the size of your services, how far you include the advanced strategies is an essential one to make your service top of the customer searches. Most importantly, the real-time growth limiting risks or challenges are needed to be overcome in a better way.

The strategies I have shared on this blog are helpful for the new on-demand service launchers to reduce those risks and attain growth quickly. Try to create a risk-free on-demand service marketplace and bring real value to your customers in 2021.