The gig economy has taken over the world, and employees hardly want to return to their working stations after working from home. Working from home offers flexibility to the employees and is preferred.
With this latest trend, the emergence of the freelance marketplace rose. Platforms like Upwork and Fiverr are convenient and offer both employers and workers the to find and hire new talent.
The platforms allow easy collaboration and, organizations such as Walmart, Google, and Apple hire freelancers to get their work accomplished. Research says, in the US alone, 57.3 million people work as freelancers.
If you are considering developing a freelancer marketplace app like Upwork, keep reading the blog. It covers the benefits, functionality, cost, and features to develop such apps.
What is Freelancer Marketplace, and how does it work?
The freelancer marketplace is a platform where employers can find qualified and skilled freelancers looking for different job opportunities. It is generally a win-win situation for both the people looking forward to buying and selling the services. Companies can hire the best freelancers based on reviews and ratings. Companies can hire freelancers and get their job done.
You can check the profiles of different freelancers registered on the platform and discuss the requirements, the exact quote, and more. Popular platforms like Upwork, Freelancer, and Fiverr are popular and offer a wide range of services.
Why are freelancing apps gaining traction?
Even if you are working as an employee in some organization, the freelancing platform provides an opportunity for extra income. It boosts up the revenue of the employee and brushes up their skills.
- As per research, freelancers will reach as much as 85% of all workforce in the world by 2025.
- As per Statista report, Upwork generated revenue of more than 50 million US dollars in the US.
- There are 1.1 billion freelancers in the world and a global workforce of around 3.5 billion.
- As the demand for freelancers is continuously higher, by 2027, the share of freelancers in the US will reach 50.9%.
What are the benefits of the Freelance Marketplace?
Working as a freelancer offers many opportunities and benefits to employers and workers. Let us discuss a few benefits of the freelance marketplace:
1. Allows accessing talent anywhere
The freelance platforms offer a plethora of talented candidates that make it easier for the companies to hire the best as per their project requirements.
2. Help find services as per requirement
The platform allows the employer to use the filters as per their requirement. It offers the best matching requirement for their services.
3. Hiring Talent on-demand
It allows you to hire talent as per the expectations while offering quality results. If the freelancer you hire is not working up to your expectations, you can terminate the services with them and hire someone else.
4. Helps cut cost
It offers cost-effective solutions as per the candidate's skill set. It helps you hire a freelancer as per your budget and requirements.
How to develop a custom App like Upwork?
Developing an app from scratch requires research and extensive planning about the app and its performance as per the market trends:
1. Deciding on business aim
You must be clear and precise about your business strategies and how, to begin with, a freelance marketplace like Upwork. You should consider the aspects of your business and set up your goals. The business goals will help you set a defined target and enables your business to check for its progress.
2. Identify the target audience
You must be aware of your target audience and focus on marketing efforts efficiently. If you have a well-defined target audience, you will be able to scale your marketing strategy. It would help you reach your potential clients and your business growth.
3. Know the requirements
The businesses must carry out detailed and thorough market research and know what their competitors are doing. Platforms like Upwork and Fiverr have set great examples.
4. Identify the best features
Features are what make your app unique. You must serve your purpose, and adding on the best features, should be a top priority. To stay competitive in the market, you should add the right features.
5. Customized app development
When you finalize the features, it is time to put all the concepts together and develop a marketplace app customized as per your needs. Once you clear your plans, you can finally start working on the development part!
Testing is another vital aspect of product development that seamlessly ensures your app functions. Testing helps improve the quality of your app by identifying all the errors.
Once you test the app, developers can deploy it to run in the app environment.
Monetization strategies for your freelance marketplace
There are generally two revenue models of the Upwork platform, and it includes service fees or subscriptions. Let us discuss them in brief:
1. Service fees
The apps can charge a service fee from both freelancers and employers. There is a fixed amount for the contractors and the service seekers.
2. Client membership
The platform can offer two plans to the users. Either they can go for the basic plan or the premium, where they have to pay and avail themselves of a few extra services.
Features of an Upwork alternative
1. Registration and user profile
Registration is a must and is the first step toward app usage. It is essential for both the service provider and the seeker. Registration should be simple, and the steps include filling out the email address, contact number, and more. The users can also register via their social media accounts, and it is simpler.
Then comes the user profile. The user profile contains general information about the user profile picture, their interests, tasks completed, skills, and more.
2. Advanced search
Search is one of the crucial features any marketplace app should have. It allows the user to quickly search for the projects available using the most advanced filters. Also, the service provider can use the filter to search for the best freelancer that matches their skillset. You can include the filters such as budget, hourly price, delivery time, and more.
3. Job listing
Users can post their projects on the platform to let freelancers know they are looking for specific skills.
4. Bidding mechanism
Freelancers looking for job opportunities can bid on the project relevant to their expertise.
Seamless communication is essential for both the service provider and seeker to clarify the details. It gives the ability to chat by hitting the button on the marketplace itself.
6. Project management tools
Project management tools are popular freelance solutions that offer time-logging features. It ensures transparency of work and is one of the most convenient ways that help track the time on the hours spent.
Upwork and Fiverr are popular names that use PayPal as a payment method. There are many in-app payment options you can integrate- debit/credit cards, net banking, and more. It makes the transactions safe and secure.
8. Reviews and Feedback
Reviews and feedback are essential, and you implement them when developing a freelancer marketplace app like Upwork. It provides accurate information and feedback to the users so that other people can stay aware.
Cost Required to Build the App
If you are a startup, we recommend you begin with MVP app development. MVP helps validate your business idea, offers you feedback from real users, and allows you to make further improvements.
If not MVP, several other factors affect the cost of app development. It includes the platform you choose for app development, the team you hire, the features you want to integrate, and the app functionality, complexity, and hours utilized.
Well, if you are thinking of developing a freelance marketplace app, an estimated cost would be anywhere between $10,000 – $35,000 depending on the features.
The above-mentioned details can be of great use for entrepreneurs, looking for marketplace app development for their business growth.
If you are one of them and have any queries about developing a freelance marketplace app, you can reach out to us and talk to our expert team.
Planning to build a feature-rich app like Upwork? Let us know!