The boom of the “on-demand economy” can be credited to start-ups and technology companies that have found a golden opportunity in the consumer’s growing demand for fast, intuitive, efficient and economical products and services.
Currently, there is a long list of “on-demand” business models that represent a variety of business categories in the industry and they remain unstoppable. Here are some examples of the top on-demand business models today.
Print on demand (POD) model
In a POD model, a book or other types of published works is printed and distributed on a “as needed” basis. Unlike the traditional printing model, a POD model eliminates the need for excessive inventory of hard copy books on libraries or bookstore. Instead, it prints books whenever an order has already been made. This type of book production is made possible by self-publishing platforms such as CreateSpace and IngramSpark as well technology like the Espresso Book Machine (EBM). POD allows writers, authors, and content providers to self-publish at a very low cost.
Video on demand (VOD) model
Gone are the days when people relied on limited program viewing list to enjoy a cozy evening at home. With the VOD model, specific TV programs, sports events, and even movies can easily be accessed and viewed on request from cable and satellite service providers. Under an internet-based VOD model, free and paid programs can be viewed wherever you are in the world as long as you have a computer and access to the internet through popular streaming sites.
Food on demand model
The food on-demand business model highlights the food service industry’s answer to the fast-paced millennial consumer lifestyle. Thanks to digital technology, the industry can now count on a mobile ordering system to answer urgent calls from patrons for immediate and pre-packed meals. The model is optimistic about its future in the industry, as they look at drone technology, robotics and third-party meal delivery options to serve a large volume of customers in the most convenient way possible.