For nearly 4,000 years since ancient Babylonia, man has abided by the most impactful unit of time ever created — Days. Today, the official ritual governs the affairs of state, markets and working professionals alike. Specific hours are fixed to get things done and still have enough time to keep and sleep before repeating the unrelenting groundhog day all over again.
Urban millennials, nonetheless, have a different idea that defies conventional wisdom of how to spend time, altogether. Days and limitations that come with it are being reshuffled for the Gig Economy, and thus, growing 24-hour business opportunities!
But, what kind of businesses are they exactly?
The Gig Economy trend (cf SCB EIC article by Kalayarak Naiyarakseri where the term ‘gig economy’ is explained as freelance, part-time and outsourced workers as well as labor force hired via platforms) is undeniably growing in both supply and demand. A survey conducted by the McKinsey Global Institute reveals the demographic statistics of gig workers in Western countries at approx. 54 – 68 million. New York, in particular, has come up with the Freelance Isn’t Free Act to protect freelance workers’ rights. Along the same lines, Thailand’s National Statistical Office has found that there are approx. 21 million freelancers in the country and the trend is growing steadily as evident in the frequent launches of job websites and search engines for freelancers together with the emergence of online platforms where workers and jobs are matched without an organization playing the role of an intermediary. Amidst such economic pattern thus has arisen business models to supply a new 24-hour demand. Let’s take a look at these new supply trends:
1. Convenience Stores
As modern era consumers see comfort as a basic requirement in life, the ultimate retailer supplying the gig economy and leading the 24-hour business, 711, has increased the number of branches consistently. Originally a simple commercial building, continuous development in the store format has arrived the giant at the stand-alone shop style with 2 to 3 floors that we see today, many with parking.
2. 24-Hour Fitness Centers
With a growing distaste for late office hours that deprive physical conditioning as gyms and public parks close the gate before 9-to-5 pros can get off work, 24-hour fitness centers have also grown coincidingly as a business that meets out of shape demand. Steering demand clear of otherwise health taxing activities that attract stress with no outlet, anyone can now afford to work long hours and maintain routine exercise on an ongoing basis. Thus, anohter business gap filled with healthy workers!
3. 24-Hour Fast Food
Fast food and quick service of comfort food retailers that prepare and sell ready-to-eat food has been an expanding business that meets gig economy needs of on-the-go and after hour empty urban stomachs with 24-hour services in either stand alone shops or retail buildings, including drive-thrus that allow customers to shop without getting out of the car. By partnering with the petrol business, demand for round the clock fuel extends to demand for after hour fast food that comes with traffic in and out of the gas station. The 24-hour model, in addition to supporting urban lifestyles, also creates opportunities for other service business lines of which, inadvertently, become a basic comfort expected for the 24-7 urban life.
4. 24-Hour Co-Working Space
Co-working or shared office space has emerged as a new commercial property concept that caters to the gig economy and its independent professionals that need urban convenience and mobility, however, where it doesn’t make sense to own or commit to a workspace on a long term basis. It has grown coinsidedly with growth in startup business in Thailand. As fixed costs are reduced considerably, better locations otherwise over budget become available for a fraction of full time commitment. As more and more turn to shared space options, new inspirations has taken shape at workplaces that are more relaxing and conducive atmospheres that also come with round the clock snacks, eateries and drinks. With regards to office equipment, high speed internet, copy-scanner machines, meeting rooms, kitchens, libraries, mailboxes, lockers, gardens and relaxation zones for activities are typically inclusive as standard.
The few mentioned here are business trends that have transformed into mature 24-hour business models. That granted, such a venture simply doesn’t start with jumping in the deep end and expecting instant results that last. A clear business plan for operations is required to meet customer needs that exists. As business remains open day and night, careful planning that considers various aspects of the management system and store inventory is a must (//www.scglogistics.co.th/blog/detail/163?category=3).
At any rate, a viable supply chain management system (https://www.scglogistics.co.th/blog/detail/268) is required to save costs and make sure the business runs effectively, sustainably and profitably. SCG-L can help!
Compiled By BLOG.SCGLogistics
References marketingoops.com, bltbangkok.com
Photos pixabay.com, forbes.com