A service marketplace is a platform that allows individuals, professionals & companies to initiate, facilitate, coordinate, and complete the buying and selling of services between the service seekers and the service providers.
It allows you to connect with your customers like never before by offering the right services, at the right time on a large scale.
While at one place Fiverr, Upwork, freelancers are good examples of online marketplace services. Uber, Urbanclap, Airbnb, Taskrabbit are popular in providing services at your convenience.
You know, it’s always beneficial to invest in something that has a track record of success and having the future scope. While looking back and the present, the popularity of on-demand service marketplaces such as Uber, Ola, UrbanClap, Olx, and many others are showing a huge success graph.
The service industry is huge – worth almost $10 trillion each year in the US alone.
The entrepreneurs and startup minds take inspiration from their success and come up with their idea of connecting the buyers and the sellers through the service marketplace.
The influence of online service marketplaces performances is the key motivating factor. While looking at data, Fiverr has more than 1 million transactions each month. By 2021, over 43% of the workforce in the US will be either specialist or independently employed. So you get the idea of how this on-demand service marketplace is a booming industry.
There are various ways like referral programs, giveaways, exclusive content, email courses, access to forums, and more through which Services marketplace can generate leads.
The world’s most popular marketplace hires freelancers for their services. This adds cost advantages, increased efficiency, along with faster and better services.
A user profile for both the service provider as well as the customer along with the key information.
Listing helps a service provider list out the features and main components that it is going to enlist into the marketplace
It makes assurance to the customers that you are available to provide the required service
This makes sure that customers do not suffer any delay or missing service.
This allows customers to pay digitally for the services without any hassle.
Reviews help customers in sharing their feedback that becomes key information for the future service seeker.
It facilitates the whole control over the service platform and also helps in knowing the analytics part.
As many Service providers are providing the customers with home-delivered services This feature becomes necessary.
Many marketplaces today are working on the functionality as a health service provider to the user.
Most of the people wonder, how the service marketplaces generate their revenue if the platform allows people to use a website/app to buy/get services from the individuals, professionals, or businesses. Well to your surprise there are three simple though effective ways:
Businesses like Fiverr and Upwork take a portion of each transaction that happens on their website. It’s one of the most popular monetization strategies for marketplaces.
This model charges a fee from users to join the platform or post a listing. This can be useful for customers who are not assured that your providers are ready to pay to access them.
In this model, platforms sell ads or other services. Typically, these strategies are most useful as an additional revenue stream on top of the commissions.
During this COVID Situation, You can even start an on-demand Sanitizer Service with our ready to use online service marketplace. The fast-evolving market is causing a 75% spike for new hires in the cleaning & sanitizing service.
You can also provide Germ Shield for Cars, Bikes, Scooter, Office, School, Home, Shops, & Elevators for the Sanitization and Disinfection Services Online.
Today the Germ shield, an antimicrobial transparent coating on the surface of vehicle, elevator, facilities, etc. are providing 99.99% germ kill protection. Customers get their vehicles sanitized and make them virus-proof using a globally proven technology that may last up to several days.