The year 2022 has been phenomenal
for technology startups. Out of the total 900 unicorn businesses this year,
around 300 belong to the technology sector, including fintech, eHealth, and
on-demand startups.
From on-demand ride-booking apps
like Uber to apps for daily groceries like Insta Cart, we use several on-demand
mobile apps to perform most of our day-to-day tasks. The post-pandemic era has
drastically impacted traditional business models, forcing old-school businesses
to either adopt a modern business approach or face a complete shutdown.
This blog will discuss how on-demand
app businesses are reshaping our society. It will cover the four most
profitable on-demand app business ideas to invest in 2023, along with a glimpse
of the emerging trends in app development to watch closely.
Let’s get started!
Impact of Emerging Technologies on Conventional Businesses
Digital enablement of startups and
small businesses has been a burning issue since the pandemic. The drastic
change in customer footfall was a clear indication that no business, regardless
of its nature and size, can survive without embracing digital transformation,
let alone thriving.
The WFH culture and the increasing
number of remote and hybrid jobs since the pandemic are the very reasons for
the drastically lowering customer footfall. With user-friendly and easy-to-use
mobile applications available for online shopping, people now prefer using
on-demand apps for ordering food, grocery, clothing accessories, home décor
items, and almost anything and everything!
3 On-demand App Business Ideas
Similar to traditional businesses,
the market for on-demand mobile app businesses is still unsaturated to an
extent. Even with an app like Uber, hundreds of other successful ride-booking
app businesses are up and running worldwide. Thus, it is more of an open market
where passionate entrepreneurs can invest in their respective industries,
capitalize on endless opportunities, and build a scalable, sustainable business
online.
Here is our list of the top three
on-demand app business ideas to invest in 2023.
EHealth App
Although the pandemic has been over
for a couple of years, eHealth or telehealth apps remain the most profitable
app business to invest in, even in 2023.
Since the outbreak, thousands of
ehealth apps have been added to the application stores. Where most failed to
break even the development cost, some apps like My Sugr and Fitbit made it into
the headlines, bringing in millions of dollars in monthly revenues.
We as a society have become more
health conscious since the virus outbreak. A survey shows that almost every
adult in the US has at least one healthcare or fitness-related app on their
smartphone and spends around 8 – 12 minutes daily on the app. Thus, it’s the
perfect time to invest in eHealth mobile app development.
If you are associated with the
healthcare industry and are passionate about entrepreneurship and
problem-solving, this could be a career-defining step for you. Partner with a healthcare app development company and put
your app idea on the market.
Fintech App
After fitness and eHealth, fintech
is the next big thing to watch closely. The year 2022 was the dawn of modern
fintech startups, with nearly a hundred fintech companies succeeding in
billion-dollar valuations.
From managing day-to-day
transactions to budgeting and investing in crypto and stocks, fintech apps
enable users to take control of their finances and wealth management. Top fintech apps like Money Lion, Chime,
etc., have millions of downloads and daily active users (both paid and free) in
hundreds of countries worldwide. Thus, fintech app development also has the
potential to make you an overnight success.
However, fintech is among the most
complicated industries right now, as digital scams and transactions are
increasing drastically. And if this still fascinates you to invest in fintech
app development, make sure you hire a reputable mobile app development company in Chicago, NYC, or any
other major tech-friendly city to implement top-notch development practices.
Food Delivery App
Food and grocery apps are the third
and most profitable on our list. The paradigm shift in consumer behavior since
the pandemic has severely impacted the restaurant industry. Today, people only
visit restaurants for a date or special occasion. The rest prefer ordering food
online at home or the office.
Ordering food online has become a
mainstream practice, not only in developed countries but also in underdeveloped
countries. Hundreds of on-demand food delivery app businesses like DoorDash,
Uber Eats, Insta Cart, etc., complete over a million orders globally every day.
Not only restaurants but home chefs,
delivery riders, and app owners are involved in this giant ecosystem of online
food delivery businesses. Simply put, building a successful food delivery app
business has great potential but requires equal effort and dedication.
If you love taking on challenges and
have the expertise in managing large-scale operations, this should be your
go-to choice.
How to Start an On-demand App Business
Starting an on-demand app business
and scaling it with sustainability over time can be tough, especially for
people with a non-technical background. However, you can follow this tried and
tested method to invest in your app idea to get better results.
Find Your Niche
Figure out what you really are
passionate about. If none of the abovementioned app ideas entice you, find
something else. Don’t invest in something you don’t care about just because it
is popular. Find your niche, explore the leading businesses in that domain, and
study them in detail to implement their success recipe in your app.
Plan Monetization
Figure out how your app will make
money and build at least two monetization strategies around your business
model. Make sure you plan monetization ahead of the development, as this phase
often gets overlooked. Even some of the most innovative businesses have faced
shut downs due to improper monetization strategies.
Hire an App Development Company
The last step is to partner with an
app development company that sees the potential in your idea as closely as you
do. Make sure you don’t fall for lucrative discounts from unreliable app
development companies, and hire someone credible with a stellar online
reputation and diverse portfolio in app development.
Wrapping Up…
It doesn’t matter how potentially
sound your on-demand app business idea is. Sometimes, flaws in the execution of
a remarkable idea can lead to disasters. If you don’t follow the roadmap or
look for shortcuts, your chances of building a scalable and sustainable
on-demand app business will get impacted drastically.
Make sure you hire the right development team and invest your time in research and analysis before going all-in for the development and deployment stages.
