What is On-Demand Economy? - Blog - Vivim

What is On-Demand Economy?

On Demand Economy Concept

Before you ever hope to make your first dollar from the On-Demand economy, you need to know first what it’s all about. The on-demand economy works on the model of providing instant access to goods and services for the consumer. It is also referred to as the shared economy or the peer-to-peer economy.

The underlying principle here is that access is better than ownership. Those who transact in this model do it with the understanding that it is much more convenient to hire or rent something temporarily than permanently purchasing it. The model is much more dependent on technology companies which have developed effective digital platforms through which the existing infrastructure and underutilized assets can be used efficiently. They also tend to depend more on freelancers, instead of getting full-time contractors and employees.

The on-demand economy works primarily on apps: both web and mobile applications. The app forms the platform over which the consumers and suppliers interact.