CASE STUDY

Exploring the market potential
for a niche marketplace.

Feasibility Study for a Freelancer Marketplace

Highlights

Industry
Technology

Service
Feasibility Study

Client
UAE based Business Group

Background

A freelance services marketplace is an online platform where businesses can find and hire individual contractors to do some work remotely. They act as an intermediary providing a safe and convenient way to contract remote experts for one-time projects. Online freelance marketplaces can vary depending on the type of work (one-time projects with fixed rates or ongoing hourly projects), services provided (engineering, design, copywriting, etc.), engagement models, geographical preferences, and so on. The total addressable market for the global Gig/Freelance economy is a whopping $1.5 Trillion, with North America accounting for over half of the world’s freelancers. It is estimated that by the end of 2022, there might be more than 170 million freelancers worldwide.  

The Challenge

Our client, a leading business group based out of UAE, wanted to know whether it is a viable idea to go ahead with the freelance marketplace focusing on a particular niche sector. They also wanted to understand how to position the product and what features are needed to attract more customers. Knometrix suggested a 360-degree feasibility study capturing various factors including App/Product Feasibility, Economical & Market feasibility, Technical & Operational feasibility, Legal feasibility, etc.

Our Approach

We conducted a comprehensive feasibility study covering all the aspects of running an online freelancing platform in the UAE. Various factors included

  • Overall feasibility of the project considering the cost of customer acquisition (CAC), CAPEX costs for product development, platform revenue & breakeven, resource strength, etc.
  • Market feasibility including need gaps in the market and the opportunity matrix for the new product, SWOT analysis,
    segmentation, etc.
  •  Technical feasibility including the identification of current features offered by the competition and what more can be done to attract users
  • Legal and Regulatory feasibility including Escrow account, payment and taxation laws, commission structure, dispute resolution, incorporation, etc.

Results

At the end of the consultative exercise, we provided the clients with a complete Go-to-Market Strategy and a clear business model. With our detailed inputs on the Minimum Viable Product (MVP) feature list, expected revenue per project, break-even parameters, best practices, and long-term technical & financial strategy, the client was able to get much better visibility on how to successfully enter the market.

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