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