Exploring the market potential for a niche marketplace.

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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