How to Compete in the On-Demand Economy

The phrase "on demand" sure has a nice ring to it. After all, what's not to like about having one's expectations met instantaneously?  

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How to Compete in the On-Demand Economy

Jul 10, 2017

How to Compete in the On-Demand Economy

The phrase "on demand" sure has a nice ring to it. After all, what's not to like about having one's expectations met instantaneously? Look no further than the popularity of the expanding on-demand economy for confirmation of that: merchants are meeting consumers' expectations for the speedy acquisition of goods and services.

The National Technology Readiness Survey (NTRS), which focuses on how and why consumers adopt various technologies, recently reported that more than 22.4 million consumers in the United States spend $57.2 billion annually in the on-demand economy. These shoppers are fairly evenly split between the millennials and the over-35 age group. Their geographic distribution is quite uniform as well: 39 percent live in rural areas/small towns, 30 percent in outer suburbs and 31 percent in close-in suburbs/cities. In other words, on-demand consumers are all ages and live everywhere.

This new economy is based largely on the consumer's quest for better experiences. This creates new challenges for business owners, who must redefine their business models to deliver refined service systems that meet the criteria of easy accessibility, mobility and security. Increasingly, that means a move to online service marketplaces. Consumers, who are already hooked on the joys of Amazon Prime, Uber and Grubhub, are ready to further expand their horizons for the next great buying experience.

On-demand shoppers' basic expectations include using their preferred method of payment. For savvy merchants, the answer can be mobile and online payment processing solutions powered by cutting-edge technology that supports and facilitates a several different payment options.

Mobile processing allows businesses to expand their marketplace beyond the four walls of traditional retail. Imagine following the sale practically anywhere with an app-equipped smartphone or tablet. Payment authorization is immediate, and the card-present transaction qualifies you for lower processing rates. As an added bonus, you can email receipts to your customers and handle refunds and voids right from your mobile device.

With online processing, you're always open for business and able to provide a variety of payment options to your customers, including recurring or scheduled payments. Online reporting gives you 24-hour access to your account information and business data from your smartphone or computer. By offering solutions tailored to your unique needs, online processing can keep up with your business as it grows to realize its greatest potential.

As Forbes reported late last year, the on-demand economy is pervasive and growing, and it will impact virtually all businesses in some way. It advised that the key to success for businesses will be adaptability, responsiveness and the ability to keep the customer satisfied. Exploring available payment processing solutions is a quick and easy way to start. Talk to a TSYS representative about your options today.

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