Last Updated: 21st July, 2023
Building an on-demand marketplace sounds like a promising business idea since it perfectly fits the direction of the modern economy and the expectations of today’s users. These marketplaces have smoothly and sweepingly entered our daily lives.
The market that on-demand marketplaces have captured is steadily spreading and expected to grow exceptionally in the near future. According to the latest PwC report, the market for On-Demand mobile apps and websites will reach a significant value of $335 Billion by the year 2025. This has pushed more business owners and entrepreneurs to invest in this booming economy.
If you are also planning to contribute to this fast-growing economy, we have shared some insights on how you can build your own on-demand service marketplace below.
The boom in the popularity of the gig economy was predicted long back. Here are some pushing reasons for its increasing popularity:
Here are some of the key players in the on-demand industry:
On-demand marketplaces are a medium for the customers to order any product or service and get it delivered at their doorsteps. Be it food, drive, cleaning, salon, music streaming, or any other service you may think of, there is an on-demand marketplace for almost everything. This model enables consumers to access a large pool of service providers and bridges the gap between them.
Customers can browse through the services and service providers on the marketplace and book them for the services required by making the payment. As the working of this business model is characterized by delay sensitivity, customers expect the services to be delivered with the minimum waiting time. Service providers visit the customers’ homes and offer the booked services at their doorsteps.
Finding the right revenue streams and monetization strategy is essential for any for-profit business. Let’s have a look at some of the popular strategies for on-demand marketplaces that contribute to the revenue.
An on-demand marketplace consists of 3 different portals for 3 different users – customers, service providers, and admin. Let’s discuss the features of all three portals:
Readymade solutions to build these on-demand marketplaces are available in the market which can be considered to roll out an airtight marketplace for your idea.
To launch a comprehensive on-demand service marketplace, Yo!Gigs is an ideal solution. It is a white label software that comes with powerful industry-specific functionalities to facilitate and streamline on-demand service operations. Some of those functionalities are task management, bidding management, commission management, advanced deposits, custom task categories, etc. As the solution is also self-hosted, business owners can launch their on-demand service on any hosting server of their choice. Lastly, Yo!Gig’s lifetime usage license is available at a one-time cost so that you don’t get tied up to monthly subscriptions. For any assistance, Yo!Gigs comes with one year of free technical support.
The on-demand service industry has developed into a multi-billion dollar establishment. It has never been a better time for service providers to harness the power of marketplaces. Businesses can earn plentiful revenues by adapting to the changing sphere of the quick service delivery model. Combining this with the undeniable strengths that on-demand marketplaces offer, your business can supercharge itself to dominate in the service industry.
The best approach to build a successful on-demand marketplace is to draw inspiration from market leaders of the same industry and understand their strategies. Once you are done with the market analysis and know the inside out of the industry, you can curate an effective operational strategy for your business venture.
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