Five Ways the “Lazy Economy” Benefits Society
A remarkable trend has been shaping the business landscape in recent years, propelling businesses that prioritise simplifying daily tasks and enriching leisure time. This movement, aptly named the "lazy economy," is rapidly gaining traction, creating countless on-demand at-home service platforms and last-mile delivery startups.
The Lazy Economy is being driven by convenience-first businesses - think of grocery delivery, task management, home repairs, beauty treatments, pet care, pre-cooked meal delivery, medical services, and even laundry assistance. These services are redefining how we approach daily life, thriving not just in Singapore, but across the globe, particularly in countries with large urban populations like China. Young city-dwelling professionals are trading the do-it-yourself ethos for a new way of living that centres around work-life balance and seamless convenience.
Some sceptics criticise these services for nurturing a culture that isn’t disciplined or self-sufficient. But the reality is that the lazy economy offers an array of advantages that extend far beyond individual convenience. It's a dynamic force driving positive change within society, and it presents a highly lucrative entry point for visionary entrepreneurs seeking to launch their ventures within Singapore's vibrant business landscape.
Here are five ways the lazy economy is actively nurturing Singapore's growth:
Driving Innovation: The lazy economy is a gateway for fresh ideas and radical perspectives, compelling traditional businesses to repurpose existing technologies and reimagine their service models. These businesses are rewriting the conventional playbook as they digitise and reinvent their operations.
Boosting Employment: The lazy economy creates part-time and full-time employment opportunities for individuals who may lack formal education but have diverse skill sets. Moreover, it provides talented professionals with specialised and sought-after skills such as cooking, home repairs, aesthetics and home organising with immediate market access to build clientele.
Elevating Small Businesses: The lazy economy shatters geographical limitations for small businesses. By joining these platforms, local enterprises are no longer confined to the immediate vicinity of their storefronts. The entire city becomes their canvas as customers from all corners gain access to their offerings. This transformation not only broadens their reach but also amplifies their revenue potential.
Stoking Market Competition: With expanded addressable markets, businesses on lazy economy platforms compete in a more dynamic arena. The resultant surge in competition often leads to improved service quality and more competitive pricing, ultimately benefiting the customers.
Streamlining Business Costs: The allure of convenience isn't limited to individual consumers; businesses are also reaping the rewards. Companies can leverage on-demand services to simplify operations, reducing reliance on manual processes and full-time manpower.
In Singapore—a place where there is always somewhere to be and something to do—the lazy economy aligns seamlessly with residents’ collective desire to optimise their downtime. It's a trend here to stay, offering a golden opportunity for innovators and investors to tap into this burgeoning market.
Have an idea for a business that can add value to the lazy economy? Accela can guide you from startup to scale-up, leaving you to focus on running your business.
Accela Finance can help you select the proper structure for your business and seamlessly guide you through the setup process, including managing your company’s bookkeeping and payroll. Accela Talent can help you recruit, onboard and even manage your employees, including processing their work passes. Accela Communications can fulfil your strategic communication needs, from launch events to crisis management, and connect you to the right audiences to grow your business.
Contact us at hello@accela.asia
