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The On-Demand Economy: What It Is and How It’s Changing Business

Nathan Resnick
Nathan Resnick
Apr 26, 2017

Meeting the demands of an emerging demographic

There’s no question that the on-demand economy is expanding at a rapid pace. Ever since the popularization of the Internet in the 1990s, consumer behavior has been undergoing drastic changes.

Immediate access to messages, digital media and search engines has created customers who expect quick, convenient and easy experiences. Today’s customers know what they want and that they want it now.

That brings us to the on-demand economy. This economy is driven by technology that allows businesses to fulfill customer demands immediately. The Harvard Business Review reports the on-demand economy has over 22.4 million customers annually and $57.6 billion in spending.

Whether it be instant streaming, online home delivery or convenient car sharing services, you can now have access to whatever you want whenever you want it. The days of waiting in lines and going to a physical store to shop are long gone.

Meeting the Demands of an Emerging Demographic

Many people mistake the on-demand economy as something that is only accessible to the wealthy, but that’s simply not true. In fact, 46% of on-demand consumers have an annual household income of less than $50,000.

With services like Wolfie that make finding the best deals whenever and wherever you want simple, the on-demand economy is accessible to everyone. While people of all ages are hopping on the on-demand train, it’s millennials from 18 to 34 who make up half the demographic.

If there’s one thing that millennials know, it’s technology. Most young people are not interested in giving marketers access to their phone numbers or location in exchange for a discount. They crave on-demand services that give them both great deals and privacy.

This is something that Wolfie has honed in on and created the perfect service for. With their revolutionary system, it’s now possible for on-demand lovers to get instant access to the latest deals in real time, without having to give up any of their personal information.

Personalized On-Demand Advertising

In this on-demand world, brick and mortar businesses are being forced to come up with new and innovative ways to conveniently provide customers with their goods and services. Wolfie provides a great solution to this problem that benefits both the businesses and customers.

Inspired by the lack of originality in the online marketing field, Mike Kogan and Todd Glassberg of Wolfie decided to make a change. They would create a platform where eager customers could instantly get access to the deals that they want, where they want.

Wolfie plays into the idea that today’s customers don’t need to be told what it is they want—they already know. With their system, a person can simply put in what services they want and where they want them. The portal then immediately notifies matching businesses in the area.

This revolutionary idea allows businesses to respond to customers who are looking for the exact things that they offer, rather than throwing a fishing line into unknown waters and hoping that they get a bite. Wolfie is personalized on-demand advertising at its finest.

The Customer is In Control

Unlike deal sites such as Groupon that offer on-demand discounts for whatever is available, Wolfie allows the customer to take back control. This also takes the guess work out of business advertising and allows the businesses to respond directly to their customers wants and needs.

Let’s say you’re looking for a great place to go out to dinner for a date night. You already know what kind of food you want—Italian. And you already know what location you want it to be in—Brooklyn.

Instead of having to settle for whatever deals are available on the web and possibly not getting what you want, Wolfie alerts Italian restaurants in your part of Brooklyn letting them know you’re interested in eating there. This way the deals come to you, not the other way around.

The restaurants notify you with a quick offer based on your personalized search and you maintain control the entire time. With the on-demand economy, businesses are starting to see these kinds of major power shifts in customer-business relationships.

Bottom Line

Innovative on-demand platforms like Wolfie are quickly changing the way businesses work in our current economy. Businesses can no longer expect customers to be okay with waiting for their services or products, especially if it’s an inconvenience to them.

The on-demand economy is something that is already a huge part of our lives and is expected to continue growing. Businesses now have to learn to respond to increasing customer demands for instant products, convenient services and easy to use systems.

Image Credit:

Photon photo

Nathan Resnick
Nathan Resnick
Nathan Resnick is a serial entrepreneur who currently serves as CEO of Sourcify, a marketplace of the world's top manufacturers. Having brought dozens of products to life, he knows the ins and outs of how to turn ideas into realities.