Building a freelance platform: A competitive analysis on various niche
The freelancing marketplace is breaking the barriers of expectation and stereotypes by providing unconventional but effective ways of work fruition. One of the significant reason for this marketplace to scale an insurmountable growth is they serve thousands and thousands of functions. Be it General Freelance or niche specific marketplace, investors are pouring in to take advantage of the surge period. Why wouldn’t they as the freelance independent workforce percentage is expected to go up even further in coming years.
Here, we bring forward a complete analysis of the marketplace by breaking down the prevailing market status quo.
Overview of General Freelance Marketplace
In a brief period of time, the industry’s first movers did very well in publicizing the concept and thereby amassing more and more independent workers. What this industry’s first movers were able to achieve early was the brand recognition. Thereby, growing their user base significantly to interest several investors. Freelancer.com, odesk, Elance, Guru, fiver, and PeoplePerHour.com respectively are the industry’s largest players closely followed by few others. Over the years, with sizable funding, they all effectuated a platform capable of meeting both employer’s and freelancer’s expectancy. Eventually, triggering more growth.
- Ever-growing user base, possessing a variety of skill sets.
- A tremendous amount of data which helps in marketing and internal enhancements.
- Monetization options through membership/ premium features.
- Ultimately, financing comes above all. You can afford to streamline the platform structure by attracting talented freelancers.
The real concerns
- With increasing user base it becomes that much harder to screen every project and applicants. As a result of which, there may be quality shortcomings after project completion.
- As the platform becomes crowded, chances are there for bidding wars. Bidding wars combined with low switching costs make real talented freelancers go unnoticed.
Overview of Niche specific freelance platform
Niche Marketplaces, as the name suggests, concentrates on specific skill set. However, it has to be said that niche marketplaces evolved only after the early reception and success of general marketplaces. This marketplace gained popularity by offering channeled and specialized options compared to what leading players offered. There was no short of series of niche websites following the success of proven first movers. A major headache that exists with this marketplace is, freelancers opts to land here only if there are a promising amount of project availability. On the other hand, employers will be encouraged only if there is a pool of superior talents. Its structure easily powers new entrants to gain the competitive advantage. So it isn’t easy at all to stand out from the pack.
Meanwhile, as the target audience is limited and specific, it gives that more chance to be flexible and creative in structuring the marketplace. Lately, Businesses have taken up on-demand niche verticals like Legal, consultants, MBA consultants, Tech/Programming, Design, Writing, virtual assistance, translation and much more.
It is a famous online marketplace for legal service which specializes in aiding users to find and hire attorneys. Users can start looking for an attorney depending upon legal topics and locations, prior to which they should post a job. UpCounsel, having a tighter and compact workflow scrutinizes an attorney profile and screens their background. only then an attorney becomes eligible and findable for hiring.
They have carved a niche for themselves, coming under Tech/programming. It’s a completely dedicated platform for competitive computer programming competitions. Competitions are conducted periodically for exclusive specialization such as graphic design and development. The technical outcome procured at the end of a competition, resulting through competitors, will be licensed and sold to companies. Based on sales, the competitors will be awarded royalties. TopCoder also acts as an outsourcing center, enabling companies to assign and farm out relevant tasks to the competitors.
A medium that works in help creating and providing better media solutions. They originate software which helps the brand in connecting with freelance writers for content management solutions. Not only freelance writers, you can also find photographs and editors over here.
Being part of the sharing economy, they provide various virtual assistant services to professionals and entrepreneurs. By offering a dedicated ZA to clients they help them break the time zone shackle for completing certain administrative tasks.
To strike out on own or carry forward an inspired idea, you just can’t miss out on technological segmentation. If you succeed doing that, then you’re almost halfway through in establishing destined niche marketplace.
The main advantage here is the wide range of verticals you get to choose from. At the same time, you’ve to be in an ever improving mode if you’re to attain sustainable growth.
Translate your ideas with Agriya’s ready-made script
To abridge the pain-points present both in general and niche specific marketplaces, Agriya offers a distinguished ready-made solution in the form of Getlancer – Freelance Marketplace Script. This pre-built freelancing script gives you the option of both generalization and service orientation.
This product line comprises of four scripts namely Bidding, Job, quote, and portfolio. Each of these scripts assimilates popular business models of proven contemporaries.
- Bidding – a freelancer clone script
- Job – a coroflot clone script
- Portfolio – a Behance clone script
- Quote – a thumbtack clone script
Also, it’s built conducive to customize and house your requirements easily. Not only that, all of the above-mentioned scripts are being reinforced making use of latest applicable developments.
The enhanced version of Getlancer will be out in the market soon, contact us to know more about this update.