Did you know that Uber has a value of over $50 billion? Or that the value of ordering food online has vastly surpassed ordering via talking on the phone?
Consumers are becoming more and more accustomed to simply and quickly accessing services and products on their phone, whether it’s to order food, accommodation, movies and more.
Companies such as Uber, Netflix, Postmates and Instacart to name just a few, are the movers and shakers who are creating this new paradigm that is literally re-wiring how consumers are thinking and choosing to buy.
Along with the likes of Uber and Amazon’s ‘Dash’ buttons and a plethora of other on-demand apps, this new economy is turning consumers into on-demanders, who are becoming increasingly impatient to wait for the time it takes to process traditional services.
What Exactly Is “Uberification?”
More and more services are adapting in order to satisfy customers who demand that their needs be met instantly and with an excellent degree of customer service.
With these new developments consumer impatience has risen to an all time high. Web performance company Akami Technologies Inc discovered that if a website is slow to load 50% of consumers would try a different site to complete their task and 22% admitted they wouldn’t return to the original site in future.
If your company website is too slow to load, or your ordering, or checkout process takes too long, you may be losing far more customers than you might think. This is only going to be exacerbated as this new, on-demand consumer psychology becomes increasingly prevalent.
Traditional, ‘brick and mortar’ companies, may meet this concept with some resistance, but it is quite obvious that this change is heralding a mammoth opportunity for companies to create innovations that accommodate this shift in the behaviour and expectations of consumers, which also provides an exciting opportunity for business growth.
Adapting To This New Consumer Psychology
This paradigm shift has led to a number of interesting developments, particularly in terms of partnerships between brands and service-based companies who provide their services on-demand. As an example, LiquidSpace, an online platform who rents out unused meeting rooms and enables clients to book workspaces by the hour, has partnered with the Marriott hotel chain.
Within the same sector, there is an increasing growth of concierge apps. Hotel Tonight is one company who recently introduced a concierge app and they also offer large discounts for last-minute bookings. This new service is extremely simple and straightforward, omitting the need to scroll through reams of choices and comparisons. It’s their promise that a boking can be made with only three taps and one swipe on a user’s phone screen.
Creating A More Efficient User Experience
Adapting your company to accommodate this new on-demand attitude is not about fancy gimmicks, but about creating a user experience that is smooth, time-efficient and straightforward.
With a little creativity and perhaps a potential willingness to partner with an affiliate company, any business can adapt to this new on-demand user psychology.
The most forward-thinking and successful companies are not simply waiting for issues to arise in order to invent creative solutions. Luxe is a valet parking company with a loyal client base, who takes customer service a step further by automatically informing customers if they expect an increase in traffic, so customers can prepare themselves for potential delays.
HBO launched HBO GO, after recognising a decrease in the number of customers who watched timetabled programs as they air; instead choosing to record shows on DVRs to watch later. Following this, they observed how their customers were utilising the new service; they discovered that a high proportion of their subscribers tended to watch their programs on mobile devices during a commute, or while on holiday. That led them to develop HBO NOW.
The brands that are most successful are the brands that put customer experience at the forefront of their mission. It’s vital that companies observe how consumers experience their products. Customers have the tools – literally- at hand to compare services all of the time and with the continued increase of ‘on-demand’ services, they are creating a new ‘on-demand’ economy.
Is your business ready?