On demand services have gained a lot of traction around the world, and their popularity is growing. On demand provides services to a wide range of industries, either directly or indirectly. As a result, more people will be willing to contribute their resources, skills, and knowledge to on-demand apps.

The majority of businesses are moving into the on demand application space in order to cover a huge portion of the market. If you’re seeking a good on demand app development company idea for your business start up apps, then this article may be able to assist you. 

Whether you are looking for the best apps to make money fast, or looking for on-demand app ideas, the world has all the answers to entertain you. And in this blog, we are showcasing a few of them. So, before getting started with mobile business ideas let’s have a look at the stats first and then proceed to the best apps to make money fast and look at a few concepts that can be useful for the startup.

As per Harvard Business Review, the on demand economy is attracting more than 22.4 million consumers annually and $57.6 billion in spending.

According to the latest report by PwC, the on-demand apps and websites market will reach a value of $335Billion by the year 2025.

Here’s a list of some on demand startup app development ideas that can help you mint loads and answer your queries for how to develop an app? So, buckle up and let’s get started.

On Demand Business Startup Apps

1. Resume Updater

Certainly, there’s a wide array of editing apps and tools available in the market. However, one of the top app startup ideas is a simple, elegant and effective resume updater.

At some point in time, many of us have been stuck in places where we needed to update our resumes and send them across to the concerned HR, but didn’t have a PC handy.

Situations like these can bring chaos to any peaceful day. And it’s the times like these when anyone would wish for having a feature-rich resume editor/updater on their phone. And fortunately, not many developers have explored such ideas for mobile apps, so the market can yet be tapped.

2. Information About Local Events

Ever went to a place and wondered what fun-filled local events are taking place tonight and where you can find them? The second one of the app ideas on this list is about that.

For this one, you can start with building a database and network of all the local pubs and clubs in an area, connect with them and request updates regarding the local bands or artists performing there each night. In exchange, they’ll get to enjoy footfall and hence you can start charging them after a while.

Apart from that, you may also consider listing other open local events and festivals on this app.

As the app and its popularity grows, you can scale up and expand to neighbouring localities and beyond.

3. Contractors Contacts and Projects Management App

Here’s another potential on demand startup idea. If you know a thing or two about the construction or electrical industry, you may also know that these companies often require a number of contractors to get a job done.

However, managing their contacts and project details on the go can often be a challenge for these businesses.

By creating one of such business start up apps, you can make life easier for managers in such companies. In fact, this can act as their go-to CRM for managing relationships and projects between the company, its clients and the contractors working on different project(s). These kinds of mobile app ideas can help you provide solutions for the everlasting question-how to create an app and make money?

4. Inventory Management System

It is quite often that people owning or managing warehouses or huge stores have a hard time arranging, managing and putting to show their in-inventory products.

While, at first it may sound like a rookie mistake, in the longer run it can cost a store business some heavy profits that they could be making by organising and selling those products using an on demand services app or optimizing your on demand app performance.

Certainly, no business wants to be dealing such damage. For this reason, store and warehouse owners and managers prefer using suitable tools to manage their inventories. By creating a user-friendly and feature-rich business ideas app around this concept, you may be tapping in a huge audience.

For more downloads, users can consider offering a free weekly trial before the user actually finds your tool useful enough to pay for it.

Apart from that, not knowing how to develop an app should not be the dead-end for your business aspirations. A reliable on-demand app development company can easily help you create qualified apps giving impressive results.

5. A Navigation System For Blind People

Impaired vision can make life extremely challenging even when the person is in their home. With that said, the challenges when they step out may be unimaginable for a person with perfect vision. Even walking through a straight ramp can be difficult for a blind person.

However, one of the startup apps on this list may help solve this problem.

The idea is to request camera and speaker access from the blind user’s smartphone, view the objects, hurdles they may hit while walking down the street or inside their house and narrate the whereabouts to the person through the phone’s speaker.

For this to work, it’ll be essential for the user to keep the smartphone in their shirt’s top pocket, in a way that the camera can capture the area ahead of them. Home service apps like TaskRabbit and Handy have become the most profit-friendly sectors of the on-demand sector, and the cost of development of these apps depend upon various factors..

According to WHO, there are over 40 million blind people across the world, and over 250 million are suffering with one or another optic condition. An app like this can help improve the quality of life of hundreds of thousands of people.

6. Invoicing App

While freelancing has long been a popular career option among the gen-z population, it has been adored even more since the COVID outbreak hit the globe.

When a major part of the world is working from home, freelance opportunities have seen a spike in both demand and supply. However, invoicing is still one thing that a huge bunch of talented freelancers may lag behind at.

Although there are a few online invoicing tools, they aren’t as reliable and quick as a person with an on-the-go mindset would like using.

Creating an on demand solutions app that lets freelancers and small companies generate and share comprehensive invoices can do wonders for the person or business looking to know “how to create an app and make money?” and to the individual or business using this app. You can also read about the use of on-demand technology in the real estate market and its growing benefits regarding quick service, instant approvals and so on.

7. On-demand Services App for Fuel Top-up

Ever got stuck with an out-of-fuel vehicle by the roadside? If not, you are fortunate. If yes, you may be able to empathise with a huge number of people who had to spend hours waiting for help to arrive.

An on demand app development ideas project that safely and quickly delivers fuel to vehicles stuck by the roadside can help people overcome such challenging situations with ease.

Plus, this may also help you tap into the neighbouring niches relating to cars and motorbikes, viz., on-demand mechanic or tire replacement services. However, of course, these are all suggestions and the final call has to be yours. 

Wrapping Up

Certainly, there’s a lot of money that one can make by implementing the right on demand app ideas. With the giant growth of the smartphone market over the past decade, the value for on-demand mobile app ideas has also spiked. However, not every idea is profitable, and not every idea can give you a sustainable business.

In this blog, we shared with you a bunch of mobile business ideas app that may produce fruitful results when executed with precision. Apart from this, we also gave you a solution around how to make money creating apps for Android and iOS, without knowing how to code.

If you wish to increase your business market or are thinking of how to develop an app, then it is better to take advice from an on demand mobile app development company like Appinventiv, to guide you through the process. 

Make sure to ask these questions like how to make money creating apps for android, how to develop an app, how to create an app and make money, and so on, before starting your venture, so that you are clear on your aims and goals.

The post Best On-demand App Ideas to Start Money Making Startup in 2022 appeared first on Appinventiv.

The next area in which the on-demand economy is all set to enter is one whose transformation no one would have bet on till a few years back – the aviation industry. 

Here’s everything you should know about the on demand aircraft – an experimentative sector which is all set to boom in the time to come. 

1. What Is The On Demand Charter Flights Economy About?
2. The Key Stakeholders of the On Demand Air Travel Sector
3. What Makes On Demand Air Transportation Service a Revolutionary Business Idea?
4. Critical Challenges Standing Infront of On Demand Aviation Sector
5. What Can Businesses Do to Become an Early Participant of the Revolution?

What Is The On Demand Charter Flights Economy About?

Imagine booking an Uber to cover several miles-long distances. Now factor in the congestion on the road, surge pricing, and uncertainty of arrival time. On demand urban air transportation is the answer to these issues. 

Working on the same model as Uber, brands have started entering the business of order on demand flights – something that can be defined as business like Uber for aeroplanes. The concept, while explored by a number of charter flight companies, got its share of attention when Uber announced Uber Elevate.

Uber Elevate is a term that the mobility giant has coined for its UberAir, an aerial electric ride-sharing service in addition to other services like food delivery, etc. which can benefit from the air transport model.   

The Key Stakeholders of the On Demand Air Travel Sector

Pilots 

Generally, it is the pilots who pass the information on seat vacancy in the on demand flight application. The customers then book a seat basis that information. 

Customers 

They are the main revenue-maker participant of the application. The inception of on demand for air travel is an event that would directly impact the users looking for luxurious travel on a limited budget. 

eVTOL companies 

These are the vehicles that would take people from point A to point B through an aerial route. These battery-operated automatic models are architecturally different from helicopters and other private aircraft. They fly at a speed of 60 mph and are designed to be a lot less noisy. 

Although not a must-have for entering the domain (since businesses always have the option to partner with private jet providers), on demand VTOL service is poised to become a key player in the segment. 

Airports 

Businesses looking to enter the aircraft on demand space will have to partner with airports – commercial and private – to expand their reach among the customers. For brands that aim to partner with eVTOL aircraft providers, it will be important to look into airports that have charging points. 

FBOs

Fixed Base Operators will play the same crucial role in the on demand urban transit sector as they do in the scheduled private aviation sector. Providing the same USPs as the traditional private aviation sector will be the main selling point of the on demand aircraft – something that is only possible with FBO’s help. 

What Makes On Demand Air Transportation Service a Revolutionary Business Idea?

Besides the lucrative image of flying private, on demand urban air mobility sector gives the customers a series of advantages (ones which are aligned with the USPs on demand app development services) –  they can board the flight directly, standing in the long check-in lines for scheduled flights is no longer a necessity. Pilots, on the other hand, are able to divide the operating expense of the flight (oil, fuel, rental fees, or airport expenditures) while being able to keep their license – an event which depends on them amassing a minimum number of flying hours, take-offs, and landings in a year. 

The model in itself solves the biggest expense of the private aviation sector – operation and maintenance expenses.

There are a strong pro pilot and customer nature of the on-demand mobility model which comes back with an added benefit of the favorable regulations of the aviation sector across the globe [UK’s Civil Aviation Authority (CAA) underpins the following boundaries for flight-sharing: non-commercial aircraft must transport a maximum of six passengers; only the direct flying costs (airfield charges, fuel, and rental fee) should be split; and there must be no profit element on either side)]. 

To summarize it, what makes the sector truly profitable in nature is a combination of the following – 

• On demand aviation gives private flying access to a whole batch of an audience who are  interested in a travel experience upgrade
• An added benefit of no TSA screening lines, private concierge service, custom food options, minute-long bag retrieval process, and a door to destination travel ETA being cut down by several hours. 

Although a futuristic business model, urban air transportation system’s present-day success can be validated by the fact that Wingly, a flight-sharing platform which presently operates in France, England, and Germany with more than 150,000 users and 60,000 flights announced a €2m fundraise. 

The path on which on demand aviation is, it’s adorned with growth. But what cannot be ignored are some inherent challenges that stand in front of it. 

Critical Challenges Standing Infront of On Demand Aviation Sector

Regulations

Although the European aviation market has been open to welcoming on demand aircraft, other nations are still playing safe. An example of this is the US FAA board decision to support trials only in the remote areas and not in the dense areas. 

Air traffic management system 

Presently, a majority of the air traffic is monitored by human controllers who interact directly with the pilots. This approach is barely sustainable for current traffic. To effectively manage the demand, digital systems will have to be set up for monitoring the aircraft in the skies. These systems could bring scalability into air traffic management through the mode of automated monitoring and management of the increased activity. One of the working examples of a digital traffic management system can be seen in Airbus’s Unmanned Traffic Management system.

Infrastructure

While the present infrastructure might be able to support the initial trials, it is unlikely that they’ll be able to accommodate new businesses at scale. A solution to this could be the creation of take-off and landing areas by sharing the existing helipads – In the USA there are 5,664 helipads of which 66 are used for private use. But for a major portion of the day, they stand unused. 

While this can be a placeholder solution, the industry would need to find out other solutions soon too. 

Cost economics

For the business model to gain stickiness, it will have to have a price range that the masses are comfortable with. Achieving this while keeping the maintenance and operational costs into consideration will call for a sound on demand app development company helping you draft your business model. 

Hardware challenges in eVTOL

There are two major challenges that we can foresee for the on demand private aviation industry when it’d reach mass adoption – Noise and Battery efficiency. But by the time we reach the stage where eVTOLS become a norm, we will surely see industry players coming in with solutions. 

Pilots’ availability

Until eVTOL becomes globally accepted, pilots will continue to be a scarce resource in the economy. This will call for measures like the need for a much easier pilot certification program, creation of aircraft that would work with minimally trained pilots. 

What Can Businesses Do to Become an Early Participant of the Revolution?

To become a part of the trend with a promising future, businesses will need to partner with on demand app development solution providers who understand the veins of the aviation industry. 

To get a heads up, research about the market – the user base, probable growth, active competitors, failed businesses in the sector etc. Once you have gathered your research data, the next step should be to convert them into visuals. You can start with mood boards, user flow diagrams, and other similar visual illustrations to understand why a user would move from a commercial flying to a flight-sharing one.

Ultimately, we would advise entrepreneurs to deep dive and learn from the businesses which are entering the segment – the kind of partnerships they are making, areas they are targeting, investors they are able to attract, etc. 

If it appears too much to manage single-handedly, let us help you. Contact us. 

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As a precautionary measure, the world has made three feet distance and contactless interaction the new rule of communication. However, these social distancing norms have been having a dire impact on a number of industries. 

With people getting refined to some locations in the fear of getting contacted, their spending habits have changed, which in turn has affected the P&L statements of a number of industries. But even amidst these ‘battling for survival’ industries, there is one that is keeping afloat, on-demand as the lockdown ends. 

The on demand services industry, at the back of its convenience of making items accessible to people on their doorsteps in real time has been prepared for the social distancing norms since the very beginning. 

In our previous article, the impact of coronavirus on the on-demand industry, we identified some reasons why the domain is the one to be least impacted by the virus. Let us refresh them before getting into the parts of how an on demand business can get back on their feet in the post coronavirus world or the entrepreneurs can work on new company openings. 

Why is the On-demand Industry on a Slightly Higher Grounds than Other COVID-19 Hit Industries?

1.  The user demographics of the on-demand services industry are the people who like social distancing

When we talk about the on demand app services opportunities during the coronavirus outbreak, it is difficult to reason with the fact that the very idea behind the industry’s inception was to help confine people in the comfort of their homes. Meaning, as an entrepreneur there’s very little that you have to do when you prepare on demand business for post-COVID world. 

The answer to why a business should adopt an on-demand delivery app for almost every on-demand service, from food delivery to grocery delivery and on-demand beauty services, fuel-delivery makes it easy for people to get the necessary services straight out of their homes. 

2.  The presence of choices minus the need of stepping out of your homes

An absence of choices is something that on demand app services never face. Irrespective of which service provider you look into, you can find them having partnered with a number of vendors – something that gives you a number of options and choices in real time. 

3.  The presence of an expansive offering set, which looks into multiple user needs.

The on-demand delivery apps economy sector has risen to a massive extent.  Now-a-days, irrespective of where you look at, the businesses are turning towards an on-demand offering set.  The presence of an online mode in everything that a person needs in their everyday life is something that validates the opportunity created by the coronavirus outbreak in the on-demand delivery market.

With the reasoning of how the on-demand industry has somewhat placed itself at a safe position as a business after COVID-19 lockdown now attended, let us look into its individual sub-domains and how they are preparing to restart the business in the post coronavirus era. 

Ride Sharing Businesses

Ride sharing businesses like Uber and Lyft have witnessed a sharp decline in the on-demand commutation domain. While both the brands took strong cost-cutting measures to remain profitable, they announced that they were changing their ride policies to make it convenient for the riders and drivers to have a safe journey. The measures, in turn, set new examples for the on-demand business in post COVID world. 

Following the new policies that Uber has come with can be a great choice for ride-sharing businesses to survive in the current time, specially since slowly but steadily the booking services are coming back to normal. 

Here are Uber’s new policies around ride-sharing, which you can share with your partnered on demand app development company. 

1.  Driver mask verification and ‘Go Online Checklist’

Before the drivers go online, they will have to confirm on the new ‘Go Online Checklist’ that they have taken the necessary measures and are wearing the facemask. They will also be asked to take a photo of themselves wearing the mask. 

2.  Riders’ Confirmation 

Before every trip, the riders must have to confirm they have taken the necessary precautions like wearing facemask or using sanitizers. They would also have to agree to sit in the back and keep windows down for ventilation. 

3.  Greater Enforcement 

Uber has been asking drivers to cancel the trips minus penalty if the rider refuses to wear a face mask. Riders too, likewise, cancel the ride without penalty if they find that the driver is not wearing a mask. In case of repeated incidents, they can even lose access to the application. 

4. Safety Education 

In partnership with WHO and CDC, Uber has gathered safety tips and advice which are geared especially towards food delivery and ride sharing. They have started sharing the information with the riders, drivers, and delivery people. 

Food and Grocery Delivery 

When the coronavirus impact on on-demand business was just starting, it was difficult to imagine that at the rate in which people around the globe were stocking up food items and their everyday needs, they would order meals and groceries. 

But food and grocery delivery businesses like DoorDash, Grofers, and UberEats have seen a massive surge in demand. In fact, they are one of the most profitable on-demand businesses of the current COVID situation. 

There are a number of measures that they are taking in partnership with restaurants to promote contactless delivery such as drive-in and no-bell policy. But what can truly help your business survive and excel this COVID-19 era is looking into the interest of all the stakeholders. Here’s what we are talking about: 

1. You must start with providing guidance to the merchants on food safety and tamper proof packaging. It can also help to make them understand the importance of no-contact handoff at the time of order pickup. 
2. You should provide gloves and sanitizers to the delivery persons so that they are safe during the commute and both before and after delivery. 
3. For till the time COVID-19 outbreak doesn’t subside, you should make it mandatory for customers and delivery personnel to follow a no-contact delivery. To achieve this, you would have to revisit your on demand software development and get the message updated within the application. 

While these approaches are more or less short-term business continuity oriented, there are some long-term approaches as well that are bound to guarantee your on-demand food and grocery delivery business. 

Some of them are – offering subscription programs to the customers so that they can get the order delivered for free, thus increasing the restaurant’s sales, extending financial support to the workers who are COVID-19 positive, and offering restaurants greater marketing support through the application, etc. 

[Read: How to Build a Successful On-demand Delivery App]

On-demand Job Staffing

One of the many new norms that the COVID-19 pandemic has brought with it is on-demand jobs. With the flexibility of remote work, people have started taking up extra tasks on the times they are saving on commutation. 

This, in turn, has given birth to a new employment model known as on-demand jobs. Since, it is already in a nascent stage, there is nothing much an entrepreneur would have to prepare for besides the creation of a digital platform which connects the job seekers with entrepreneurs looking for outsourcing a job on contractual mode.  

So here was some sub-sector wise advice on what on-demand business entrepreneurs can do to make their brand successful in the present day and in the post COVID-19 world. The crux of it all remains that businesses will have to look back at how considerate they are of the situation and the state of their customers and stakeholders. The more they act empathetically, the greater would be the chances of their success in the long run.

The post How Can Your On-demand Business Prepare for the Post-coronavirus World? appeared first on Appinventiv.

While it has worked for a number of businesses like GrubHub or Airbnb, the number of businesses that have failed are also extremely huge. In fact, if you sit down to make an excel sheet comparing the on demand services fail vs success ratio, you will find that the number of businesses that struggled to survive were more than those which didn’t. 

But does this mean that you should give up hope on your on demand platforms’ business success and give up? Of course not. What it implies is that when you plan to succeed in the crowded on demand market, you should also factor in the reasons behind the application’s failure.   

The intent of this article is to help with just that.

Table Of Content 

1. The List of on demand Business Model Brands That Failed Miserably
2. Reasons Behind on demand Business Failure
3. Understanding Uber’s Success in the on demand sector
4. How Can on demand Businesses Save Themselves From Shutting Down Prematurely?
5. Bottom Line

The List of on Demand Business Model Brands That Failed Miserably

Happy Home Company 

Happy Home Company was a twist in the otherwise traditional home service market. The idea behind the brand was to offer users home maintenance plans which included recurring things that had to be kept in top working conditions. Inspite of bagging $7 million from investors, Happy Home’s founder wrote a shutdown letter which stated, “Ultimately we weren’t able to make the transition from a scrappy startup to self-sustaining company.”

[Further read: The Happy Home Company shuts down, team members move to Google]

Pronto

The business was set out for helping people get healthy meals faster. The UK based service had the work with the intent of connecting the users with chefs while enabling food delivery in under 20 minutes. It had every element to make it one of the most flourishing on demand delivery apps. Even though the idea sounded good to investors and adopters, the company couldn’t keep up with the promotion budgets of Uber and Deliveroo – one of the very commonly occurring on demand challenges.

Workers On Call 

AI has changed the face of work, this is something that has been established over time. The Workers On Call services used AI systems for streamlining matching of employers with freelancers who needed jobs. The application that boasted of freelancers getting matched and started to work in under 30 minutes, although backed by a powerful vision, was a little ahead of its time. The brand even after raising $30K funding, signed off with a tersely message saying, “Bye Bye. Sorry Workers On Call is closed.”

Homejoy 

One of the textbook examples of failed on demand businesses is Homejoy. Started with $20,000 seed funding in 2000, the business became a big name in 2013 when it raised $38 Millions – making it one of the most successful on demand startups. But soon the customers started failing to convert past their first booking. In fact, only 15-20% people re-booked in a month. The numbers were simply not enough for the brand to survive. Add to this the legal battles against the classification of workers as independent contractors led to the business’s death in 2015. 

The truth of the hour that still remains is that even after these on demand platforms failure instances, the fact how the internet has trained consumers to get services in real-time is not stopping budding entrepreneurs from entering the on demand economy. But how can businesses ensure that they are not destined to become yet another name in the list? 

While one way to get some satisfaction would be to partner with an on demand business development company that has worked with the inception of popular on demand businesses and on demand delivery platform, it would also help to know the on demand services failure reasons that can lead to their failure. 

Reasons Behind On demand Business Failure

High Competition

The upsurge of hyperlocal service demand has led to a rise in demand of on demand services attending to the complete needs of their customers. One way entrepreneurs are competing in the market is by lowering their service costs. This, in addition to the high operational costs of transportation, infrastructure, and labour has been keeping successful on demand startups from flourishing. 

Reluctance among Venture Capitalists 

With on demand services failure reasons shooting off the roof, investors have started becoming wary of where to put in their money. As it is, getting funded on your application has been a difficult process and when you add in the unsuities that the sector now comes with, the probability of raising money lowers even further. 

VCs are now becoming all the more cynical about the startup’s longevity. Businesses that are promising a strong long-term vision with a cash flow picture backing it have become the only answer to the types of apps investors will be backing in 2022. 

Product Incompetence 

If there is one event that follows every successful startup, it would be the fact that competitors are soon to follow. The value that your business once offered starts getting challenged and bettered by the competitors. This, in turn, is leading to the product becoming incompetent in the market, irrespective of the efforts that went behind on demand app development services. 

Brands that are failing to keep up with the changes with timely pivots are soon finding themselves crawling out of the on demand space. 

Inefficient Resource Set 

The lack of an experienced set of people can most often than not result in the failure of on demand app development companies. The same applies to the on demand industry. Irrespective of which on demand domain you pick, you will find that the ones that survived were known for their skilled workforce. A lacking on this front can lead to on demand delivery platform and businesses losing their worth in the industry and thus get closer to their demise. 

Not Being Able to Solve Real Problems 

A number of on demand companies that fail deal with band-aid type of problems in place of emergency room type problems that make the solution extremely non-attractive to the end users. Example: For example, imagine an on demand car wash service. Just how frequently would users demand the service? But the expenses a business will have to make to keep it afloat would be huge. In short, the business neither ends up being cost-efficient nor effective. 

Under or Over Valuing Demand and Supply 

The last in our list of reasons that tend to lead directly to business failure is under or over-valuation of demand and supply that your on demand business would garner. Businesses, more often than not undervalue the demand that they would attract and thus plan low on supply. Likewise, they at times think too much of demand and end up with an underutilized supply of resources. 

Now that we have enlisted the most common reasons behind an on demand app business failure, let us dive into the way outs – how can on demand businesses prevent this fate.

Understanding Uber’s Success in the on demand Sector 

When you dissect the on demand economy, you will find that it is mainly built on three building blocks: delivery immediacy, consumption passivity, and a fixed cost. Uber did not just ticked all the three boxes of the on demand business model but also aced some other factors that helped it build a seamless ride booking user experience. 

Here are the two factors which added to the brand’s success, making it one of the most successful on-demand companies:

• The company operates in populated urban cities where there’s enough liquidity for making the marketplace  work.   
• The customer base were already very familiar with trusting a stranger to take them places. Thus, creating trust in the market was never a problem. 

The Uber model doesn’t care about the transaction’s intimacy aspect nor about the disintermediation challenges. Imagine building an on demand delivery apps like the home service app users find a person they like for cleaning their house or planning their kids, how would you stop them from contacting those service providers directly, without going through your application? This disintermediation when continued can lead to greater burn, churn, and in some cases extinction of the business. 

Since the Uber model didn’t include the need to care about intimacy, they could survive and grow on a much greater speed. But not every Uber-like story has a happy ending. There are a number of once top in the game on demand successful initiative platforms that have fallen owing to the on demand challenges. 

How Can On demand Businesses Save Themselves From Shutting Down Prematurely?

Market Expansion

One of the biggest issues with today’s top on demand businesses is that they don’t expand from their existing markets. The entrepreneurs who are very new to the industry end up being limited to a pool of loyal customers and don’t think of expansion opportunities. The problem with this is that the moment a new competitor with deep pockets enters the market, the probability of them getting out of business increases. 

Here’s a look into the expansion roadmap that we generally share with our clients when we assist them with on demand app development. 

Make Your Customer Needs Your Bible 

In the fight between what you can offer and what your users need, your offerings should always prevail. Although it can be a sweet attraction to invest in tomorrow’s big need, it can be extremely unwise to let go of your customers’ present day needs. 

The truth is that with on demand problem solving you will get a multitude of opportunities and time to pivot your startup. But what you won’t get is the current time and your users present day needs. Getting insights into this information is what a sound on demand mobile app development company can help you with.

Think of Being Monetarily Prepared First 

The matter of the modern day fact is that it is very difficult to get funding on an application. No matter how well propositioned your application is or how green your cash flow statement looks, there is zero guarantee of you getting funded. 

The on demand problem solving solution on this front can only be to look into alternate financing options and not remain limited to VCs. 

Build traction for change with quick wins

Most executives have a tendency to focus all of their attention and resources on three or four major bets in order to turn around a firm. This is a high-risk strategy. Even if large investments are occasionally warranted, they require a significant amount of time and effort—and they do not always pay off.

For example, suppose you decide to switch raw material suppliers so you can obtain from a low-cost country and save 30% on direct costs. If you find out six months later that the material specs don’t fit your needs, you’ll have wasted time, possibly disrupted your entire production plan, and most likely spent a lot of money on something that didn’t work out.

Managers should work on a pattern of fast wins instead of going after huge bets in order to establish traction across the business. These quick wins can be cost-focused, reducing demand for a service they don’t require. It could also be a policy issue, such as enacting a stricter travel spending policy.

Bottom Line

The growing cases of on demand industry failures have led to the sector getting the image of being a house of card. The only way for entrepreneurs to enter and succeed in the domain would be to do extensive user research. One way we suggest to achieve this effortlessly can be through the mode of product design and development sprint – one of the key practices that on demand app developers follow.

The post Why Do On-Demand Platforms Fail and How to Solve the Issues? appeared first on Appinventiv.

And today, almost every startup and established business has realized the importance of having a business app and have invested in their development and launch. They have taken an effort to understand our expectations and needs and made changes in their business model for providing us the best of all. With one such business model change being the adoption of On-demand business models and thus giving birth to  the evolution of the On-demand economy.

At present, the On demand app economy is reshaping the world around us – be it supply chain, manufacturing, training, or healthcare space. It is making a difference in everyone’s lives with ample benefits, such as convenience, scalability, cost-efficiency, and profitability. 

However, these functionalities are not the only driving forces behind its unparalleled growth.

Various business verticals are acting as a catalyst for the increasing demand for the On-demand economy, a few of which we will uncover in this article.

But first, let’s take a quick look at some of the on-demand app economy statistics to get familiar with where the future of the industry lies.

With this attended to, it’s time to dive deeper into the industry and see what all business sectors are transforming the economy. 

Industries that are Driving the On-demand App Economy

1.  Healthcare 

The foremost business space that was in dire need of on-demand solutions and which has been aiding in propelling the on-demand business ecosystem further is Healthcare.

Earlier, patients were required to go through the hectic process of booking an appointment, while doctors and medical practitioners were supposed to maintain heap of medical files. Likewise, it was a must for someone to reach a pharmacy within fixed working hours to get the medicines. All such conditions were making it difficult for receiving/serving the best health and care facilities – especially in the time of emergencies.

But, since the adoption of the concept of on-demand, the complete story has changed. 

It has offered a myriad of facilities like real-time appointment booking, home delivery of medicines, instant medical data sharing, asking doctors to visit your place on-demand, and more. This has digitized the whole process, lowered down the cost, time, and errors associated with the process as well as improved the chances of delivering effective and personalized healthcare services to a wider audience. 

A result of this is that the number of on-demand health services companies has grown from 4 to 42 between 2010-2014 with a CAGR of 224%. And many more, are expected to join this list with both entrepreneurs, mhealth developers, and investors showing an interest in finding the answers to –

• Is Doctor On demand the Future of Healthcare Domain?
• How much does ZocDoc-like on demand doctor app development costs?
• cost to build a doctor appointment app like ZocDoc?
• How to Develop a Women Health Tracking Application?

2.  Finance

The Finance (or Fintech) sector has also played a vital role in aiding on-demand application economy by facilitating efficient, quick, and cost-effective solutions for the existing and established financial infrastructure. 

In fact, a wider range of flexible APIs are letting on-demand businesses easily integrate payment processes into their applications, enhance payments, ensure transparency and security, as well as improve the user experience.

[As we have just mentioned about API, you can learn in detail about it in our blog – A Complete Guide to API Development – Its Need, Working, Tools, and Best Practices (& Terminology) ]

3.  Education

This is yet another business sector that is behind the growing On-demand app industry. 

Traditionally, the educational services were confined to schools, universities, libraries, and other such institutes. Because of this, anyone who has missed a morning class or wishes to learn more about any topic while being in remote areas could not fulfill their needs. Also, the process of managing tasks, taking examinations, and ensuring security into the process was next to impossible.

However, by merging the power of education and on demand industry, it has become possible to study any topic anytime and anywhere, test skills, collaborate easily, and so on. A consequence of this is that the global online education market is now expected to reach from USD 187.877 Bn to USD 319.167 Bn between 2019-2025 with a CAGR of 9.23%.

4.  Food Delivery 

The finite working hours and need for cash payments in wholesale stores, restaurants and other eateries outlets have also resulted in the rise in the number of on demand delivery services. 

On one side, the introduction of the on-demand concept into this vertical has helped consumers to order delicious food items in no time. While, on the other side, it has provided restaurant owners with better opportunities to sell products and enjoy higher ROI.  Something that can be concluded from the following statistics –

Because of this, more startups and established companies have started looking ahead to entering the on-demand food delivery marketplace by finding answers to simple questions like what is the cost of developing an UberEats-like On demand food delivery app or On demand grocery delivery platform, what are the top players in this marketplace, which business revenue model to consider, and more.

5. Travel and Tourism

Travel and Tourism is also one of the service industries that are helping the On-demand economy thrive. Let me explain with an example.

Earlier, users were required to wait for getting a cab during odd hours or on public holidays. Moreover, they were supposed to face loads of hassle and issues when traveling to remote locations. 

But, with the arrival of Uber, Lyft, and other such applications, this has become as easy as pie. Now, by tapping on these apps’ interfaces, one can get a cab instantly, get an escape from the instances of refusal for the traditional taxi drivers, pay ride fare even after completing a ride, etc. Something that has brought entrepreneurs’ attention to numerous queries like –

• 35 Best Uber Statistics to Know (2019-2020 Updated)
• How does Uber work? What is its business and revenue model?
• 10 Ways to Design an App like Uber in 2019-2020
• How to invest in On demand taxi app development using Location Based Services?
• How much does it cost to develop an on demand taxi booking app like Uber?

And eventually, get a slice of the On-demand transportation market size, which is –

6.  Logistics

Another industry that has witnessed commendable changes in their processes and marketplace after the advent of on-demand economy is Logistics.

The On-demand apps in the logistics sector like Uber Freight, Convoy, and Fastvan have helped companies mitigate various traditional challenges, such as hassle of booking, difficulty in delivery tracking, issues in fleet and warehouse management, and much more. 

And this way, generate higher revenue and enjoy other benefits on adding to the list of top on-demand logistics players and investing into the logistics app development cost.

7.  Real Estate

As already stated in an earlier article, the real estate industry is also contributing to the on-demand economy growth.

The real estate agents and users are turning towards on-demand application market to find solutions to the conventional challenges and reap the benefits, such as –

• No need for brokers
• Lower cost
• Time-efficiency
• Reducing need for an on-site agent
• Digitized offer-submission process, and 
• Ease of buying/selling products.

8.  Entertainment

The On demand app economy has also changed the landscape of the entertainment industry. 

Today, there are various video-on demand applications and music streaming platforms that let users explore a wide range of tracks, series, and resources across the globe, get instant access to them in real-time, share their own work, pay seamlessly, and much more.

9.  Retail and Online Marketplace

Retail and online marketplaces have also upgraded the on-demand application economy. 

Traditionally, the retail industry was operating offline, which was resulting in varied challenges such as higher time consumption, slower processes, lower availability of products, and inadequate processes. 

But, with the integration of on-demand and retail business models, it has become much easier to place an order and receive it in a lower time frame, cheaper rates, and higher security practices.

10.  Recruitment 

Another service industry that has accelerated the pace of growth of the On-demand app market is Recruitment.

With the changing time, employees are inclining towards the idea of self-employment. They are preferring jobs that let them work both in short and long terms from premises of their choice,  decide the timings on their own, live a better work-life balance, and so on. This is again boosting the concept of On-demand recruitment software.

11.  Home Services

Last but not least, home services is also one of the service sectors that have undergone disruptive transformation with the advent of the on-demand economy.

The home services sector, which comprises of different facilities like home cleaning, laundry, interior design, repair services, and professional services, has made it possible for professionals to get part-time jobs and enables users to get access to top-quality services at affordable prices. An impact of which is that the on demand home services app market is forecasted to reach USD 1,574.86 Bn during 2020-2024, globally.

Seeing the flourishing on-demand economy landscape and the industries that are going to revolutionize it, various entrepreneurs and investors are focusing on entering this business space and tailoring their services accordingly. They are looking forward to preparing for the On-demand app market in an engaging and profitable way.

Assuming you to be one of those, we will be paying attention to how to succeed your on-demand business in a crowded app market in the last section of this article.

How to Prepare for the On-demand App Industry?

1. Choose the Right Sector

When talking about the On-demand service industry, it encompasses different subdomains. This includes on demand home cleaning, interior design, laundry, construction, house painting, storage, taxi booking, education, and healthcare domain. 

All of these subcategories of the global on-demand services market are successful in their individual level. So, it is imperative to firstly decide which of these niche markets you wish to step in and eventually leverage higher profits.

2.  Come Up with an App Idea 

Once you have decided upon which industry you wish to enter, the next step is to come up with on demand startups ideas. The one that you believe can make your startup turn successful and relish higher outcomes in the marketplace.

3.  Perform Market Research and Competitive Analysis  

While your app idea might seem a unique and profitable asset to you, it might not fit into the present market scenario or perhaps, come up as a replica of an existing business idea. So, it is necessary that you look into how to validate your app idea by investing your time and efforts into market analysis and competitive analysis.

Besides, this will also provide you with deeper insights about what features are making customers inclined to their brands, what are their pain points, what business models they are preferring, and much more. And eventually, help you with crafting a perfect mobile app business plan.

4.  Define the App Features and Tech Stack

With the insights gained, you can devise a mobile app plan while focusing on those features, functionalities and the technology stack behind it. This will aid in surviving in the market. 

However, to ensure that your on-demand mobile startup enjoys the limelight, it is crucial to introduce new features and functionalities to your app plan. So, look ahead to that.

5.  Pick the Right Business Model 

Since the ultimate goal of entering the On-demand economy is to earn money through your mobile app, it is again vital to evaluate the right business model for your startup. Meaning, ways to grow your business and generate revenue from your on demand mobile app startup.

6.  Hire a Reputed On-Demand Expert  

Even when you are fully sure about the success rate of your mobile application, it is not possible to get the right outcomes unless you have support from the right tech experts. So, it is again advisable to hire a recognized On-demand mobile app development company and discuss your idea.

7.  Get an App Development Cost Estimate  

On discussing your application idea with on demand app experts, the next step is to get a mobile app cost estimate. This is so because it is mandatory to know how much budget you need to build and launch your application successfully. Unclarity of which can result in halting the project in the midway, or publishing a low-quality application.

8.  Test and Launch the App  

The next step is to deploy and test your on-demand mobile application effectively and effortlessly. Something which will further direct you towards checking ways to optimize an On-demand application performance and ensuring security, which are considered as the prime factors these days.

So now, as you are not solely familiar with the growing on-demand mobile app economy and the service industries driving its growth, but are also aware of how to plunge into the market smartly and successfully, do not remain sitting on the fence. Look forward to taking the right steps and entering the on-demand economy and reaping higher profits. And in case you need any further help or information, feel free to contact our on demand app developers.

The post 10+ Industries Backing the Staggering Growth of On-demand Economy appeared first on Appinventiv.

The same emotion ran in the world when COVID-19 first knocked on our doors. With its origins still unknown, Coronavirus soon became the most talked about disease of our time. And it was only valid to give the virus its fair share of attention. 

At the time of writing this article, there are over 351,654 cases around the world, while 15,361 people have succumbed to death from this life-harming disease. Amidst this fear, emerging from lack of medication and rising number of affected tolls, almost everyone is treating others as a super-spreader and maintaining self-distancing practices. 

Here’s a map showing the number of coronavirus confirmed and recovered patients on the world map. As you can see, there is hardly any region left untouched with the entry of the virus in the borders. 

The repercussions of these rising cases has been an aura of constant stress and fear among the people, worrying that they or their loved ones will catch the virus. 

With enough negative aura floating around us, we won’t dig deeper into how Coronavirus is single-handedly shaking economies down but rather focus on how one industry is helping people fight the disease while keeping their sanity intact. 

Social Distancing – the impact of these lockdowns that you saw above in the map has led to people getting confined into their homes, with maintaining very less contact with the outside world. Even the world which is a part of their everyday life, like entertainment, grocery shopping, dining out, and even regular hospital visits. 

These in turn, have brought in a whole new kind of stress in the lives of people who were already anxious. 

But as were saying before, there is an industry that is out to fight the fight against coronavirus from the ground-level. Let us see how on-demand services are helping people during coronavirus.

While some categories of on-demand applications, commutation apps like Uber and Lyft, on-demand beauty applications, have faced a downturn in the coronavirus pandemic, people are adopting other On-Demand Apps for greater success – a success from constant stress and fear. 

[Also Read: How Much Does it Cost to Develop an On-Demand Beauty Application?]

Before we go on to look into the somewhat positive impact of coronavirus on on-demand industry, let’s look into the reasons behind the success of on-demand apps in a pandemic situation like now. 

Why is On-Demand Industry Facing the Least Downfall in the Coronavirus Situation

1.  The user base of on-demand domain is people who prefer social distancing

When we talk about the on-demand apps opportunities during the coronavirus outbreak, it is difficult to reason with the fact that the very idea behind the industry’s inception was to help confine people in the comfort of their homes.  

The answer to why a business should adopt an on-demand delivery app for almost every on-demand service, from food delivery to grocery delivery and on-demand beauty services, fuel-delivery is aimed at making it easier for people to get the services without getting out of their homes. 

2.  The availability of choices without stepping out of homes

Lack of options is not a major challenge all on-demand food delivery businesses or their other on-demand counterparts face. No matter which service provider you pick, you will find them being partnered with several businesses or vendors. The validation of this can be seen in how the demand for on-demand food delivery business amid the coronavirus outbreak is still on a rise. 

3.  The expansive offering set, looking into all the different needs

The on-demand & delivery apps solutions sector has grown by manifold, ever since Uber became a massive success in the world. Now-a-days, no matter where you look, industries are taking a turn towards on-demand offering. In fact, it is one of the few sectors whose umbrella is constantly expanding. The presence of an offline mode in everything that a person needs in their everyday life is something that again validates the opportunity created by the coronavirus outbreak in the on-demand delivery market.

The essence of ideas for an on-demand business lies in delivering a solution that helps people practice not stepping out of their house even on normal days. It operates on giving them the ease to get everything they need within a few clicks in the comfort of their homes. 

Let us look into the different on-demand branches that are contributing into the fight against coronavirus. 

On-demand food delivery services

Irrespective of the time and state of the economy, the demand for on-demand food delivery apps is almost always on a rise. The same picture is being seen this time around too with coronavirus. Even when people have been confined to the homes, they are able to order the food of their choice simply with a few clicks. In fact, it’s an arguable stance that confinement is the reason why opting more for on-demand food delivery apps is what the people are doing across the globe.

On-demand grocery apps solutions

The next in list of on-demand apps that are aiding the fight against coronavirus is on-demand grocery apps. In the ode to prevent themselves from going out in public places, people are now resorting to using grocery applications to deliver their everyday needed objects to their doorsteps.

On-demand laundry apps solutions

With the coronavirus outbreak has come the conscious responsibility of wasting less water. Acting on it, people have now resorted to using on-demand laundry apps. These applications are aimed at picking the dirty laundry from people’s doorstep and returning them cleaned clothes. 

Doctor on-demand services

Hospitals, around the world, are utilizing their resources in a way that maximum of them are working on coronavirus instances and not on other treatments. In a time like this, getting your routine checkup, asking a medical query, or getting in touch with a doctor at time of emergency has become very difficult. 

Hospitals and several doctors have now been using doctor on-demand applications to be connected with their patients. This way, no patient or prospective patient is going unheard in the on-demand era. 

Pharmacy on-demand services

Like in the case of groceries, people are now choosing to get medicines delivered at their doorstep. The fear that unwell people tend to visit pharmacists more, people are now staying away from their local pharmacies. Thus, a rise in the number of pharmacy on demand apps. 

Video on-demand solutions 

Video on-demand applications like Netflix, Disney+, and Hulu etc. have become a ray of hope for people who are self quarantining at the moment. This is also one of the main reasons why the list of movies coming early on digital media is expanding every day. For a business looking to use coronavirus outbreak in the on-demand industry to build a strong initial user base, now is the best time to enter the video on demand domain or expand the content to keep the users hooked. 

How Should Businesses React To The New Changes Of The On-demand App Market Coming In The Near Future

There are two situations that we would touch upon here. 

Situation 1: You don’t have an on-demand app yet 

Situation 2: You wish to expand your on-demand service set 

In both the situations, before you head on to hire an on demand app development company, there are things you need to consider before seeking an answer to how to build an on-demand app during coronavirus outbreak. 

The foremost intent should be to help people who are self-isolating. The motive here should not be to take advantage of this grim situation and add monetization models that bring people’s morale down and make them go to your competitors.

Next, you have to note the fact that your users are not as busy as they generally are, meaning, they will have time to act on their instinct to uninstall your app because of any issue, which they were curbing earlier. 

Lastly, keep your other stakeholders – the delivery agents in consideration as well as you have a moral responsibility towards them too. 

With the points now addressed, let us come to the solution for both the situations. 

The solution is the same in both cases. Having understood your moral obligations, now would be a good time to monetize the impact of coronavirus on on-demand industry. The problem that you would face however is getting in touch with an agency that will deliver the project in time – in this, an agency that would stick to the milestone to the t. 

This is where Appinventiv can help. We work as a distributed agency, meaning our teams are masters of working remotely, together. This translates into us getting the project delivered in time as promised, while being just a phone call away, no matter what time of the day it is. 

What we would advise is to move with empathy. Everything from your vision sharing with stakeholders to push notification messages to the customers, should have the touch of modesty. It should appear that you are concerned about their well-being. Because, ultimately at times like these, we have to show unity in our souls and minds. 

We will leave you now with the hope that you remain safe and some frequently asked questions that you must be having on the impact of coronavirus on the on-demand sector. 

FAQs About the Impact of Coronavirus on the On-demand Apps

Q.  Types of on-demand apps will experience the highest demand during coronavirus?

Here are the types of applications that will be on a profitable side in this coronavirus outbreak – food delivery, grocery delivery, doctor on-demand, video on-demand, etc.

Q.  The future – how to sustain the on-demand food delivery app?

In the time of coronavirus, the only way you can sustain your on-demand food delivery app is by being empathetic. Knowing what is scaring people – growing prices, hygiene, etc. and answering them through discounts, empathetic push notifications, and ensuring that the delivery people are wearing a mask, can be some ways you can ensure that the people have their peace of mind intact. 

Q.  How much does it cost to build an on-demand food delivery app to deliver food amid the coronavirus outbreak?

Coronavirus has not shown to have any impact on the on-demand food delivery app development cost. Know how much you’ll have to pay to get your idea converted into a full fledged app, by talking to our team of experts.

The post On-demand: The Industry Aiding Coronavirus Fight appeared first on Appinventiv.

One such trend that has changed the landscape of the domain is On-demand insurance. 

The On-demand model in insurance industry has brought into greater opportunities for users and have made it easier for them to claim an insurance policy as per their needs. This has not only attracted users, but have also encouraged entrepreneurs to look answers for questions around how much does On-demand insurance app development cost. Something we will cover in this article.

But before we disclose the cost value, it is good to know who you are competing against and prepare yourself accordingly. 

So, let’s dive into the market and see what are the top on-demand insurance apps.

Top Players in the On-demand Insurance Market

All these applications, one way or the other, have given a lift to the traditional on-demand insurance domain. Something about which you will learn better by going through the next section looking into the issues these apps have solved.

Issues That On-demand Insurance Apps like Trōv Have Solved

1. Insurance for Multiple Things

Earlier, there were limited types of mobile insurance apps. Users were able to claim an insurance only for vehicles, mobiles, traveling, and healthcare solutions.

But, with the advent of on-demand insurance applications like Trōv and Verifly (now Thimble), insurance for various other professions and devices has come true. This has opened a whole new world of opportunities for businesses to enter the domain.

2. Short-term Insurance

With the changing working model, the need for long-term insurance coverage was becoming a less-required thing. Users were expecting flexible insurance models, just like their jobs. 

This is another gap that Trōv-like insurance apps filled by providing short and on-demand insurance to their user base.

With this now attended to, it is likely that you would want to know the On-demand insurance app development cost and make your entry official in the domain.

But, before you get to the state of knowing the estimate of the cost of Verifly clone app or that of Trōv, it is imperative to be familiar with the features and functionalities that are common in both.

Features to Introduce in Your On-demand Insurance App Development Process

1. Pick a Category

Since applications like Trōv and Verifly covers insurance of over 100 different items, and not just on automobiles like what State Farm does, picking a category is the foremost feature to look at.

This feature gives users an opportunity to choose the type of insurance they want out of hundreds of available options .

2. Payment Reminders

Payment reminders facilitates users with on-time reminders about fulfilling the requisites, and other payment-related services.

3. Customized Insurance Policy

Here, users get an option to customize the available insurance policy options based upon the time frame and other basic needs.

4. In-App Chat

In-app chat is yet another feature that should be introduced in the process to develop on-demand insurance app like Trōv, verifly, sure, and cuvva.

This feature enables users to have a real-time communication with agents through in-built chatbots and get clarity of what type of insurance plan they should invest in, alongside finding solutions to other challenges they are facing.

5. QR Code Scanner

This feature is also a must-have in the application from the perspective of verifying the authenticity of any policy.

6. Currency Conversion

Another feature that is often seen in Trōv-like mobile apps is Currency Conversion. That gives users the opportunity to convert currencies from one form to another in real-time.

While these are the features that should be taken into account while designing an on-demand insurance application, it is also good to have an understanding of their UI/UX design to ensure that you build a profitable app out of the investment you did in terms of cost to develop Trōv clone app.

UX/UI Takeaways of On-Demand Insurance Apps

1. Simple and Easy Sign-up Process

On-demand insurance apps like Cuvva, Trōv, and Verifly ask for limited information during sign-up process and encourage users to fill out all the personal details later.

This experience, which is one of the key drivers behind their popularity, is in sync with their goal to offer insurance in the case of emergencies.

2. Hassle-free Search Functionality

Rather than just adding a search button on the top of the screen, they have also mentioned the top searched phrases. This makes it easier for users to proceed further in case they wanted to search around the same keyword/phrase.

3. Card Design Layout

Card layout, which was one of the top mobile app UI trends last year, also contribute to making these applications popular.

This makes it easier to differentiate between different elements present on the application; giving them a clean and finished look. Something that reduces the chances of users getting confused and exiting the platform before a speculated time.

Also, these apps have embraced the idea of minimal design which has made it easier for users to focus on the main purpose, rather than getting distracted by the animation, and other such options available on the screen.

So, these are the experiences that have made users attracted to such apps. However, they have not made this possible single handedly. These features are backed by a complete set of programming languages, frameworks, and tools that makes them capable to perform efficiently and rule users’ mind.

Choosing the best technology stack for your mobile app plays a huge role in its success rate. This, in turn, means that having a knowledge of what tech stack do applications like Trōv and Verifly use, is very helpful.

So, let’s look into their tech stack, before jumping onto the on-demand insurance app development cost section.

Tech Stack for On-demand Insurance App Development

While all the information that you now have on On-demand insurance mobile app tech stack and features, might make it seem like the app development process is easier, it is not so.

The process to build Trōv & verifly like insurance mobile app is accompanied by various challenges that app development companies and on-demand insurance business enthusiasts have to deal with. 

So, to help you be familiar with such challenges and build better strategies for a successful entry into the on-demand app market, let’s uncover some of the common business and development challenges here.

Business and Development Challenges You Might Face While Building Trōv-like App

1. Insurance Frauds

The foremost challenge that every On-demand app builder and business people has to solve is to deliver a secure experience.

The architecture of on on-demand insurance platform is complex one in terms of the preparation that has to be done for fraud tracking and fraud management. It is difficult to distinguish between a genuine and fraud incident, which makes it more vulnerable to hacking, phishing, and identity theft.

Besides, the claim handling process is not translucent. This makes it difficult to deliver a personalized and secure experience to consumers.

2. Data Breach Threat

Data breaches is also one of the biggest challenges in developing on-demand insurance mobile apps.

This is because such applications gather, store, and process a heap of customer personal data, because of which it becomes a playground of several hackers and cyberintruders looking for loopholes in the architecture.

3. Lower Revenue Generation

Unlike traditional insurance apps where users pay premium amount for long-term, these applications offer short-term and on-demand insurance plans. Here, the risk of occurrence of an accident or calamity is higher, which indicates less probability of making profits.

With all the technicalities discussed, let’s move to the On-demand insurance app cost estimate section.

How Much Does On-demand Insurance App Development Costs?

The answer to how much does it cost to build an insurance app like Trōv and Verifly is not certain. This is because mobile app development cost differs on the basis of several factors like app complexity, number of platforms you target, the devices you make your app available on, the location you target, the app development team you hire, the type of design and development tools you pick, etc.

So, the most optimal method to follow to know the exact Trōv like app development cost breakdown is to consult with the best on demand app developers.

Now, while this might help you with getting an understanding of how much you need to invest in On-demand insurance app development process, let’s uncover how to earn the money back. 

Business and Revenue Model of On-demand Insurance Apps

Trōv like insurance apps operate with different usage-based insurance models to make profits. However, the three common monetization strategies they follow are:-

1. Advertising Model

Most of the On-demand insurance apps make money by allowing other companies to publish their advertisement on their platform.

2. Subscription Model

An On-demand short term insurance app also considers  subscription model for earning money. 

This is one of the best monetization strategies where a user has to pay a subscription fee to enjoy premium features of insurance app for a period of time. Once the time period expires, they are asked to pay the amount again.

3. Referral Marketing

Referral marketing, the key player behind e-commerce success, is also considered by these on-demand insurance platforms for earning higher downloads and revenue.

The process encourages users to share the application with others in return for some reward. And this way, make it easier for insurance applications to come across a new user who would apply for an insurance without putting much efforts.

Now, while this On demand insurance app revenue model is apt for the present time, it might not be enough for the future. And the prime reason behind is that the target audience in this market are millennials. They demand more conventional insurance solutions and better integration of technologies in the process, which makes it necessary to keep updating your app offering.

So, while focusing in this direction, it is good to look into tips and trends that will make your application ‘millennials-ready’ both for present and future time. Something with which we will wrap up this article with.

Tips and Trends to Watch Out for Making On-demand Insurance App Successful

1. Introduction of Blockchain and AI

While AI is already being in use in the form of chatbots, there’s more to what this technology can offer to the insurance domain. It can gather, analyze, and provide better personalized and secured options using the power of predictive analytics.And, when talking about Blockchain, it introduces must-required transparency and security to the sensitive consumer data that these apps deal with.

2. App Localization

Most of on-demand insurance applications are confined to a particular region or country. Because of this, only the native citizens of those areas are able to take advantage of their services. 

But, by localizing your app, you can make the benefits of on-demand insurance app available to a wider range. This will not only increase your app downloads, but will also make it easier for you to target a wider audience and enhance your brand reputation in the market.

The post How Much Does On-demand Insurance App Development Costs? appeared first on Appinventiv.