Consumer services in general and home services in particular have proven to be a tough nut to crack. Finding the right business model for a services marketplace has been an even bigger challenge. The last 5 years have seen a lot of entrepreneurs and existing businesses trying to create scalable technology-based platforms matching supply and demand. Estimates peg the total addressable home services marketplace size at $250 – $400 BN. In addition to this, the end customers are still heavily dependent on talking to their neighbors and physically surveying the local market for seeking vendors.
While these facts clearly establish the need for efficient decision support systems helping with end-to-end transactions, it’s much more complicated than having a taxi at your doorstep at the click of a button. Factors such as multiple touch points, complicated pricing models, subjectiveness associated with every experience, lesser frequency of use and different possible workflows are some of the variables to contend with.
When Manish came to us with an idea for a horizontal consumer/home services marketplace, we were apprehensive. Fast forward to March 2016! We have launched the initial product (one of the more challenging platforms we have developed in the last 2 years) and are working on Versions 2 and 3.
Manish brings 20 years of experience in the fields of Strategy, Sales & Marketing, Client Relationship Management and Strategic Program Management in and around IT Services startups. In a candid conversation with us, he talks about the pain points Frugal solves for the stakeholders, specifics of the business model, experience of working with Juggernaut, lessons for other entrepreneurs and the road ahead.
Tell us how the idea for Frugal came about?
Two influences gave birth to the idea of Frugal viz. technology platforms used by large corporations for sourcing and the Indian consumer behavior of bargaining every time we deal with a seller.
Every seller of products and services wants the Fortune 1000 companies on its client list. These large corporations take advantage of vendors vying for their business. They define their needs and terms, and conduct reverse auctions amongst suppliers that meet some basic criteria. This ensures the buyer gets the best possible price and terms. There are several enterprise software platforms that assist corporations in sourcing by conducting reverse auctions.
At a consumer level a similar behavior is well established today, however, there is no technology to enable the same. Every consumer, once decided on what to procure, will go and seek price quotes from multiple places before finalizing on a vendor based on the price and certain other parameters.
We saw a void in the tech assisted business models and felt the need for a la Frugal platform. A marketplace that would help consumers define what they are looking for and have sellers chase them for their business – this is how the idea of Frugal took shape.
Could you shed some light on Frugal’s business model?
Frugal is a hyperlocal sourcing platform for consumer services. Based on customer’s needs, service providers submit proposals, from which the customer engages one. Our platform is customer centric and offers negotiation capabilities that help the customer find the best option without the need for an in-person and lengthy negotiation process.
The Frugal platform addresses the needs for both consumers as well as the MSME, especially the micro entrepreneurs. While the marketplace offers a reverse auction platform for buyers to get the most competitive bids from potential services providers, the service providers also stand to gain. We are a catalytic platform for suppliers to gain access to a wider customer base. The biggest challenge for service providers today is to scale their business beyond a small network that works on word of mouth. Frugal is conceived to be that one marketplace where service providers can expand their reach, with zero marketing dollars and by providing superior services that enable higher community rating. (Related Reading – What is a Marketplace?)
We are building that one platform where service providers can setup e-shops and prosper, and consumers can get the best possible deals without the laborious process of comparative shopping in person. Our technology is designed to enable this business model. We can launch a new service on the fly, and can launch in a new geography within minutes. This enables us to expand fast.
We are running our pilot in NCR (Near Capital Region), with a few pilot categories of services, and once the complete product-market fit is established, we intend to scale to metros in the second phase, and nationwide thereafter.
What is your take on the home service space?
The home service space is a $100+B market in India. There is huge potential to enable and organize this market space using technology. The significance of this market is way more though. This space supports millions of entrepreneurs, and this makes it a critical part of our GDP. India is producing a million graduates a month, and it may not be possible to generate those many jobs by the corporates. This will leave a lot of people to be micro-entrepreneurs. This is where platforms such as Frugal will come into play and enable them to reach out to their potential market.
Frugal plays in all the local services space and it is going to be a unique player. There are several players that are getting a foothold in this space already. These players are mostly white labeling service providers and offering these services to the consumers on-demand. Then there are others that have setup marketplaces for services but with little value addition from marketplace operators. Frugal operates on a different model. We connect entrepreneurs to consumers. We do not provide these services. However the technology and the category managers provide significant value addition in the engagement process.
The other key differentiator about us is that we are not just home services. While we are focused on that space in our pilot runs, our business model is built to cater to any kind of personal project, any kind of services, any scale of service project, or even product buying. We have a roadmap for the next 3-5 years in which we will evolve to be that one platform of choice for MSME to sell and consumers to buy.
What are the pain points you are solving for customers and suppliers?
Frugal can be thought of as the following:
- One stop shop for all consumer services
- The default e-shop for micro-entrepreneurs
Today, customers call their social network in the vicinity, talk to neighbors and then go surveying the local market for options of service providers. They define their need, shortlist a vendor and then negotiate on various parameters to finally engage them. This is the process, more or less, for over a thousand services ranging from car washing, to a legal advisor, to a priest, and even to engage a bodyguard. Frugal aims to digitize this entire process. The extensive and easy-to-use technology enables the entire buying process for the customer, which they can conduct from the comforts of their living room.
Today, service providers cater to a small, defined geography, and their reach is geographically limited due to challenges of branding, marketing, sourcing leads, and closing business. Most of the MSME / micro-entrepreneurs rely on word of mouth, or walk-in customers in their respective geographies. Storefront is important to generate the walk-in footfall. Word of mouth is important to organically grow business. It is very cumbersome to expand geographically for a small business due to lack of cost effective marketing channels. It is similarly difficult for new service providers to gain a foothold in a new or existing market.
Frugal has built the technology to enable service providers to setup a virtual shop, and get access to business in whichever geography they can operate. If a service provider has the wherewithal, it can get business leads across a town, a city, a state or nationwide, and all at no cost. A service provider while registering on Frugal defines the services it provides and geographies that it wants to operate in. Frugal can be the source of business leads for service providers of any size of operation, in any geography.
While a lot of entrepreneurs are attempting a least friction supplier pick (lines of Uber) or demand pick models (lines of AirBnB) why do you think Indian home services market needs a reverse auction based model in Frugal?
Both these models are strong disruptors, and they have done well where applicable. The least friction supplier pick model is very appropriate where you buy a standard service or a product, where you do not define the specifications in great detail. Taxi service requires you to just communicate your pickup point. Since it is on-demand in real-time you do not even define ‘when’, so in Uber you just ping your current location. You get a car that you cannot pick the color of, or the gender of the driver, or any other spec. So the least friction supplier model works beautifully in that space.
AirBnB caters to a seller centric business model. Homeowners list spare capacity, and renters can go pick from the available inventory. The technology in this demand pick model facilitates building that inventory database, keeping it updated real-time, and matchmaking between inventory and demand. Product or Service Configuration is not an option here.
Our business model has the customer at its center. The customer defines what he or she needs to buy, and potential sellers vie for the business. The second key aspect about our business model is the type of services. We will cater to services that need to be configured for every demand. Our ‘RFP to Quote to Engage’ process is applicable to services that cannot be bought as a standard commodity or are driven by available inventory.
Since you are from the IT Services industry, let me take an example relevant to you. Your potential customers define what they want developed in their software system. They share their specs with multiple potential software services providers, and then negotiate and engage one that meets most of the selection criterion. Your industry cannot be uberized, and your industry cannot work like AirBnB. This is exactly where Frugal steps in. There are several such services that cannot be standardized and need a solution configuration for every single demand. The least friction supplier model and the demand pick model do not apply to services that we intend to cater to.
How has the experience with Juggernaut been?
The Juggernaut team and the Juggernaut product are two key aspects of what you bring to the table. While we did leverage the Juggernaut product, our need for configuration was unique, which had to be custom built. We got a head start on the development process utilizing the Juggernaut product, and probably cut down on development timelines.
The Juggernaut team is the biggest asset you guys bring to your customers. The knowledge of the on-demand business model, and the wide experience your architects and project managers have makes a huge difference.
While we followed the Agile iterative development model, we could have got to the market faster. Overall though, if I had to recommend Juggernaut to others, I would not hesitate. If anyone is getting into an on-demand marketplace creation and can afford a best-in-class technology partner, they should work with Juggernaut.
Are they the right partners for entrepreneurs and enterprises developing multi-stakeholder On-Demand platforms?
Juggernaut is definitely a worthy partner for entrepreneurs playing in the on-demand space. They are knowledgeable people working with a well-evolved product to get you a head start.
Are you satisfied with the technology platform as it exists today?
The technology platform that we have live as of now is just about our MVP. We have the second version in the works and ready to hit the market over the next few weeks. Our current focus is on pilots to validate the business processes. The current technology satisfies that need. A lot is in the pipeline and the product will see several iterations to evolve to a mature platform for us.
Do you feel that you have already reached the product-market fit having launched last month?
We are at least two generations away from reaching the product-market fit. The next gen product has been architected and is in development. Another one beyond that is in the white-boarding stage. Once the business processes are firmed up that will get into architecting and subsequently development. We are hoping to have our product-market fit accomplished by end of the third quarter.
How do you see Frugal evolving in the next 3 months?
This quarter is committed to getting the initial traction in our pilot geography. We are testing the technology, the business process and the team in our pilot geography. By the end of the quarter we plan to launch the core services that will utilize the Frugal model completely.
Any advice for startups trying to make it big in the On-Demand space?
We have a few learnings from our research and development phase of building Frugal. First and foremost, know your customer well. Customer discovery is extremely important, and everything else will have to be aligned with it. Technology ease-of-use, target marketing segment, key messaging et al are linked to who is your real customer.
Be clear whether you want to keep a vertical focus or you want to be a horizontal marketplace. Tech design, marketing etc. will all be based on your focus areas, so clarity on what you want to target is important. Technology is table stakes. Having a good customer side and a provider side app is a given now a days. As soon as you have done an offline validation of business model, go ahead and invest in building the technology.
Frugal has set out to transform the home services marketplace by being a platform where service providers can bid on tasks posted by customers. If you want to use Frugal to find service providers, please download the Frugal Customer app here : iOS , Android. As a Frugal Professional , you can market your services and submit proposals to expand your business. You can download the Frugal Pro app here : iOS , Android.
Get in Touch with us if you are looking to create the next big disruption with your on-demand business idea! We have got your tech covered, no worries.
The global consulting market has witnessed phenomenal growth over the past couple of decades owing to the increasing need for assistance across such diverse niches as healthcare, business operations, financial services, and many more. North America which accounts for nearly half (44.5%) of the global consulting market, generated around $78.7 billion in 2019 followed by Europe which accounted for $45 billion.
One study estimates that by 2020, 40% of the American workforce (a.k.a. 60 million people) will be freelance or contract workers. And that means some big changes in what companies will be looking for in their consultants.
Another major change that’s impacting the consulting industry is the ease in which people can find valuable information virtually. Communities have sprung up on the internet that tailor to professional development in every field. Much of the insight that would have been provided by consultants in the past can now be accessed on your phone or computer with just a few button presses – and most importantly, at no cost.
The COVID-19 Spectre – How Global Consulting Industry Fared During The Pandemic?
The COVID-19 outbreak brought the global economy to a standstill and had far-reaching consequences that were felt across all industries. The consulting industry is no exception to that. While hard to estimate, researchers try to come up with a number for the knock-on effect on the consulting industry. And they predicted that the industry could lose up to $30 billion in revenue in 2020. The magnitude of the disaster looked almost certain to cause a recession in the near future.
Trends That Will Shape The Future of Global Online Consulting Industry
The pandemic shaped the consulting industry trends moving into 2021 with an expectation of a dynamic shift towards virtualization, digital disruption, and flexible & personalized offering to businesses. Let’s discuss the key trends that are set to shape the consulting industry post-pandemic.
1. Greater Emphasis On Tangible Outcomes: The businesses seeking consultation in the post-pandemic era will anticipate quantifiable results. There will be an expectation from business consultants to eliminate the expensive diagnosis and implement cost-effective solutions. They will also be required to make sure that their strategies are aligned with the operational realities.
2. Personalized Consulting: For Unique Business Challenges: Since all businesses have different requirements, they are no more looking for off-the-shelf solutions. Which are not specific to their business’s needs. Business consultants are now expected to eliminate the one size fits all model. And they are expected to know the operational insights of the business. This will facilitate them to bring adapted services to the table that meet the industry, functional, and client context.
3. Remote Consultation Over In-Person Consultation Visits: Working with businesses via remote consulting became the modus operandi in the post-pandemic world. This led to the widespread usage of virtual consulting platforms. Fast-tracking virtual consulting platforms can deliver the same outcomes as traditional consulting. And are going to remain strong in this new era.
4. Long-Term And Deeper Involvement In Business Operations: Consultants in the past would leave once they’d offered their services and seen them implemented in a business. However, clients now expect consultants to be fully involved. Also, get deeper insights as well as share the risk of implemented solutions. Consultants are required to build value-oriented business models instead of gearing towards quick wins and chasing new opportunities.
Online Consulting Platforms Have Made It Easier to Find Independent Consultants
Back in the day, the consulting industry was dominated by large consulting firms. And just because expert advice existed doesn’t mean everyone could access it. Usually, it was the large or well-established companies that had the privilege of hiring consultants.
Fast forward to 2020, online consulting platforms have turned the tables and made top consultants more accessible to all businesses – small or large.
The process of hiring a consultant from an online consulting platform is very simple. Companies can have a confidential chat with a representative of these freelance platforms and state their requirements. Then, the freelance consulting platform’s representative sends profiles of handpicked independent consultants to the company. Businesses can go through the profiles of highly skilled consultants and select the best one for their project.
Imagine this: Businesses can now hire people who have worked for Fortune 500 companies like Google and Facebook very easily. The knowledge and skill sets these independent consultants can bring to a company, without making them spend half of their human resource budget on them, is really commendable.
How are Consultants benefiting from the rise of Consulting Platforms
One of the very common reasons why some consultants leave big consulting firms to become freelancers is to avoid the ‘up or out’ system that a lot of consulting firms have. Indeed, things can get extremely competitive. Not to mention the organizational bureaucracy that might hold back a lot of gifted and talented consultants. Going freelance has a lot of benefits. And the ability to take on big projects without bureaucratic hindrance is one of them – something which is almost impossible when working as an employee for another company.
To make things more convenient, the online consulting marketplace has made it easier for consultants to find more clients. Consultants don’t always have to scour through their professional network to get new work. A lot of times, companies use the online consulting marketplace and approach them on their own.
Just a few decades ago, this might have been impossible. Many people probably didn’t even use the word ‘freelancer’, let alone hire one. And even today, finding new work consistently as an independent consultant might have been difficult if it wasn’t for a growing online consulting marketplace. Luckily, there is supply as well as demand.
As The famous saying goes “Necessity is the mother of invention/innovation “. We have also observed the rise of many innovative ideas one of which is Telemedicine. Telemedicine involves the use of electronic communication and software to provide clinical services to a patient without an in-person visit.
During the pandemic, telemedicine has stepped up as a provider of primary and urgent healthcare for common ailments. And without exposing the patient and the doctor to the possible risk of the covid 19, conduct psychological state appointments, triaging patients with covid 19 symptoms. With Providers now seeing 5 to 175 times more patients via telemedicine and telehealth since the pandemic. Many in healthcare services believe that telemedicine has evolved more in six months than in the last decade with a 75% satisfaction rate.
Will Telemedicine Keep Growing Post Covid-19?
Now the question arises, will there be a growth in Telemedicine post covid-19 ? Frankly, we don’t know when the covid-19 pandemics will be gone for good. Or what the world will look like post-Covid. But we do know the role played by telemedicine in tough times like Covid 19. Now the world is familiar with telemedicine and knows the benefit it bestowed. And we can now say that telemedicine is here to stay.
Research also shows the increased level of familiarity and satisfaction among both patients and consultants. That being said, it’s very hard to imagine that the world will go back to the ways things were. The Demand for telemedicine will only grow in the post covid world. As now it’s becoming a common practice to use and saves time and is easily accessible. The increase in consumer adoption rate for telemedicine is also a very good sign for the future of telemedicine. It has more than tripled from 11% in 2019 to 46% in 2020.
A study by Frost and Sullivan predicts that telemedicine market will see a seven-fold growth in market share by 2025.
In What Ways Telemedicine Is Expected To Grow?
According to experts, telemedicine can grow in two ways post covid-
- Telemedicine will transition from stand-alone ‘vertical’ to permanently integrated option for local practices
- Across a much broader range of specialties & practices, it will offer video consultations with a range of payment models. It will also include direct pay/subscription, retaining and expanding on hybrid healthcare delivery approaches.
These changes won’t replace the thought of a brick-and-mortar health care practice. But instead supplement them and make new ways to draw in and look after patients.
Pre and Post Pandemic Scenario
Pre-pandemic, most use of telehealth involved patients engaging with clinicians they might never see face to face. And certainly never follow-up with again. But Covid lockdowns changed that. Both clinicians and patients found that a lot of use cases sustained remote patient care via video quite well. And for a way broader set of use cases than previously attempted. Specialties have experimented broadly beyond urgent care visits for brand spanking new and existing patients. For instance, using video for medication adjustments, taking an in depth history for a replacement patient at a specialist practice, conducting pre- and post-surgical consults, and initiating physiotherapy protocols.
The Road Ahead
In the post-Covid ‘Roaring 2020s,” how patients will discover a practice and join a panel are likely to shift. Options for contacting a clinician, the way to buy their care, and what a patient encounters once they reach an office, will all matter quite ever. Two things will become more important:
- Virtual introductory options to recruit new patients,
- Direct pay options.
Based on these trends, expect many practices to experiment with direct-to-patient care models. Including discrete fees for introductory video consults and/or subscription offerings for video and asynchronous (e.g. text or chat) access to the practice. Experts anticipate these hybrid models will grow and expand. Particularly as deductibles, copays, and other patient responsibility components continue to increase and practices compete more directly with practices that directly target these growing patient segments.
Telemedicine won’t revolutionize health care on its own. But the experience of many Americans during the pandemic assures us that it’ll become a permanent fixture of the healthcare ecosystem. One likely to account for a growing share of revenue in our $4 trillion health care economy. These changes are largely positive for clinicians and patients, and will lead to both improved access to the healthcare system and new ways for clinicians to generate revenue. For Americans who have grown familiar with the convenience of remote care, but need a durable relationship with a practice , the efforts of practices across the country to integrate telehealth will make sure that continues to be a reality.
Looking at the data and arguments it is quite obvious and safe to assume that telemedicine will continue to grow. And thrive post-Covid Pandemic and will be a New Normal. If you are looking to deploy a telemedicine marketplace now is the best time to move your approach from reactionary to strategic. Continue to build a competitive platform following current market trends and offering of course enabled by our robust and powerful panther platform to reach more patients.
Telemedicine will continue to grow and play a major role in a hybrid model of care that emphasizes treating patients where and how they prefer at home, on the go, or in-person.
The explosive nature of direct-to-consumer business surely is turning many heads. Since more and more big brands are opting to sell directly to customers via online channels and mobile apps, it is a win-win for both parties involved. And that is the defining aspect of the D2C model of business because it only has two parties, the buyer and the seller.
In simple terms, direct-to-consumer business involves you selling your products to consumers and completely eliminating any intermediaries in the process. We see this a lot nowadays, especially in the fashion industry – brands sell clothes, shoes, phones, computers, and much more. The fact that big names like Apple, OnePlus, Nike, Adidas, etc. are utilizing D2C is proof that it is a profitable mode of doing business.
In fact, in the last year, Nike saw 1/3rd of their sales coming from their website. This is largely due to the global pandemic that we are stuck in, but it is still business as usual for Nike. The fact is that the DTC brand example is the talk of the town because of how effective and reliable it is.
Competition in Business
Ever since e-commerce sites such as Amazon, Flipkart, Myntra, etc. started providing the common folk with everyday items online, people have realised the convenience of shopping online. This has impacted retail traders the most. Retail businesses have had to take the brunt of online shopping mainly because they fail to offer the same discounts and offers that the big players can. The cutthroat competition in the market has had everyone vying for more customers. Going online has clearly been the best bet as we see many retailers launch their own apps and websites. The verdict is crystal clear, taking your store online is a must, but if you can target your consumers directly, then you have a sure shot at big success.
Why Go Direct to Consumer?
By choosing a direct-to-consumer approach, you effectively give your business a great head start. Some of the best advantages of D2C are listed below.
Building a Relationship with Your Customers
A D2C business deals directly with consumers, so chances are that you can interact with your customers more easily than before. With the possibility of receiving instant feedback in the form of reviews and ratings, you can reach out to customers personally to deliver better experiences. Not only does this build your brand reputation but it also ensures that you will have enough repeat customers.
Possibility of Data Collection
Let’s face it, customer data is a gold mine for any online business. With each and every order, whether be it from a past customer or a new one, your data repository gains much-needed addition. This data helps you target customers with personalised offers and promotions. Offering personalised experiences to your customers is a great way to ensure brand loyalty and earning goodwill. Most customers expect exceptional service along with good product quality. Therefore, personalised marketing ensures the best customer support.
Launching New Products with Ease
No longer will you need third-party platforms to announce new launches or festive season offers. Run your campaigns directly on your website and mobile apps and you can guarantee that you will receive the desired visibility and reach that you expect.
Why DTC Brands Are Winning Retail?
A DTC brand is sure to succeed in the current climate. With the COVID-19 pandemic rendering retail stores moot, now is your chance to strike. The market is hot and is expecting more and more new players. You can see examples around you every day. The food industry in particular is thriving in an online-only market. Food is an essential item so it should come as so much of a surprise.
However, keeping in mind the work-from-home scenarios, you can anticipate what the market demands. For example, furniture sales have seen a sharp rise because people working at home require proper desks and chairs. The same can be said for home decor, appliances, coffee makers, and pretty much anything else people need to stay equipped at home. Clothing brands have enjoyed good business despite braving a pandemic because people’s love for clothes is never going away.
To establish your brand, you need to figure out what is being consumed and what is not being supplied enough. With an online-only selling model in place, you can be assured of bigger profit margins. This allows room for better marketing coupled with the right content strategy.
Take Your Brand to the Next Level with TIger
Jumping into an online D2C business without prior experience can indeed be unfamiliar and overwhelming. With enough market research, you can learn what consumers want. On the online front, you need a platform that can do your work for you. Well, you’re in luck! Tiger by Jungleworks is a D2C website platform that can fulfil all your application requirements and then some.
If you want to take your brand to the next level, you need to capitalise with a good start. Tiger delivers on that promise with its multipurpose platform. Do more with less using Tiger.
To start off, Tiger brings an easy-to-use website and mobile app that can be mapped with your product portfolio. With a website in place, your business can be officially on the market in no time. Additionally, rich features such as a fine-combed UI along with multiple gateways give the users an immersive experience.
From a business standpoint, Tiger establishes a platform that can cover all your basics in one place. Sales, marketing, and service can all be handled right from the master website.
- With automated marketing, you can target customers with personalised ads.
- AI-enabled chat allows you to deliver seamless customer support 24/7.
- Reporting and analytics give you the impressions that your brand created and allows you to infer assumptions.
- Customer reviews and ratings give you a clear idea about how your products are performing.
Tiger gives a 360-degree holistic view of your business with its simple layout and user-friendly application. With the option of third-party APIs, you can always decide which other features you want to add to make your website fully equipped. Direct to consumer brands have it all made for them with the functionalities that Tiger offers. The best part is that it is highly affordable even for a small startup. Quick and sophisticated implementation by our experts ensures that you can go to market within a day. If you are looking for a personalised website and app that represents your brand the best, Tiger is the answer.
Keeping up with trends is absolutely essential to stay relevant today. In a competition-heavy market, the innovator is the one that always comes up trump. Online businesses are booming, so jumping on the bandwagon is a good idea but you will only be guaranteed success if you think two steps ahead. With Tiger, you get a clear jumpstart and you can be assured that you begin with an advantage over the others. Tiger has helped hundreds of brands launch their D2C websites, so they bring in the much-need expertise that your brand needs. Choose what is right for your business and always move in a direction that leads you forward. TIger is here to help you in your online journey. Book a free demo now!
Gig Platform: An Introduction
Changing eras bring about new buzzwords in the market. The “Gig Economy” is no stranger to the trend. The dynamic wave of the modern working population has transcended beyond the conventional hiring trends. As we veer towards an economy that also prioritizes the time and flexibility of the new workforce, the value they bring reigns supreme. Not only does the gig economy benefit the workers, but it also helps employers save costs and amplify their businesses at greater speeds.
So, what is a gig economy after all?
A gig economy facilitates an open market of job opportunities and short-term work assignments offered by companies to contractors and freelancers who render their services if or when required. The on-demand gig economy comes with increased productivity and efficiency for companies that conventional full-time employment lacked. With technology spearheading the breakdown of traditional ways of working, the freelance economy has thrived in the last couple of years. Moreover, the gig economy lets workers work from just anywhere. A Statista report shows that about 85.6 million people in the United States will be a part of the gig economy by 2027! Needless to say, remote working has become more normalized than it was before. With companies saving on rental and other on-site costs, the demand for professional freelancers has undoubtedly soared.
Gig platforms like Upwork and Fiverr are not new to the game. While people work their daily 9-to-5s, freelance work has become a way of fringe earning on the side. On the other hand, some choose to work solely as freelancers. Such on-demand talent platforms or gig marketplaces offer a collaborative space to freelancers/contractual workers and employers on the same plane.
Types of gig workers
The gig economy is a vast sphere of professionals offering a wide scope of services across multiple domains. McKinsey divides independent workers into four different segments:
- Free agents
- Casual earners
- Financially strapped
Upcoming trends to watch out for in the gig economy
Technology has pushed the world to go online. Many professionals all over the world prefer to choose the freedom and autonomy contingent work assignments bring to the table. As we progress into 2021 after a year of battling a pandemic, the transformation in the global workspace has been phenomenal. The employment statistics have swiveled with the gig economy witnessing changing patterns and trends in the market. Let’s take a look at how the gig workforce will be affected in the coming years.
Stigma surrounding gig employment will attenuate
People with steady full-time employment are usually commended more than gig workers. However, with changing times, this stigma and prejudice will eventually slip away. The notion of gig work always being the second choice of employment doesn’t hold anymore. To put a number against it, 61% of freelancers view freelancing as a choice rather than a necessity.
Gig platforms will be highly popular
As the freelance workforce continues to grow, the need for a stabilized and collaborative space will become the need of the hour. As gig workers will search for an integrated solution to find work with ease, employers will want to get in touch with qualified professionals without speed bumps.
The gig economy will be all-inclusive
The gig economy is welcoming of people with various capacities. Instead of expecting people to work during business hours, the gig economy offers a larger space for anyone to unleash their skills and capabilities. Freelancers also enjoy flexible opportunities for cross-functional displacement. With the right skill and/or passion, anyone can leverage the booming gig economy.
Build your gig marketplace with Husky!
Creating a gig marketplace from the scratch may sound like a task that needs extensive and unhindered investment, but not with Husky! Jungleworks’ talent marketplace builder Husky comes power-packed with plug-and-play features at your disposal. Husky is a sturdy end-to-end SaaS solution that can get you started with your freelance marketplace within minutes! However, if you wish to design your marketplace with added features, you can go with our Headless solution.
Your admin dashboard – Oversee every function of your marketplace from one single dashboard. Manage payments, commissions, seller activity, project categorization, and more!
High-octane apps and websites – Design dynamic apps and websites for your freelancers and seamlessly connect with them on Husky. Avail features like custom project search, payments, and more! With integrated live chat support, manage disputes and discuss projects with no hiccups!
What’s more in store? Husky comes equipped with hundreds of integration options, multi-lingual support, device-agnostic interfaces, and an infallible reviews system. Get in touch with us to build your Gig Platform.
A freelance marketplace connects businesses with independent contractors that can perform some work remotely. Among online freelance businesses, websites such as Fiverr and Upwork (formerly known as Elance) have become very popular. Their service provides safe, convenient access to contractors for ad-hoc projects by providing a convenient and safe means for contracting experts remotely. A platform allows customers to find freelancers and agencies who offer a variety of services, including design, marketing, copywriting, and software development.
Challenges with current freelance marketplace platforms
While freelance marketplaces have become the hotspots for gig workers to find side hustles, they come with their fair share of challenges. With less governance and control over the work, employers usually face conflicts with current freelance marketplaces. Let’s see how.
Not choosing the right professional
Freelancing is contingent-based work. Therefore, enterprises must find a professional who can deliver high-quality results within a deadline. For the end product to match with output expectations, a company needs to hire a qualified freelancer with a strong work ethic. Current marketplaces offer a myriad of options to choose from, which may lead the hiring process to run astray.
High charges and additional costs
Finding professional freelancers in a talent marketplace can be hefty. Hiring gig workers the conventional way may require you to pay a premium. Moreover, the seller’s quoted price may not correspond with the quality or the effort needed to complete the assignment. Having a personalized talent marketplace can help enterprises bypass the added costs and hire freelancers through a more standardized process.
Prevalence of fraud sellers
Some gig platforms in the market practice less control over their listings and service renderers profiles. This, in turn, makes room for possible fraudulent activity. Not every seller listed on freelance marketplaces offers genuine services, which can often result in employers getting scammed. For example, a service seller may demand payment through unusual routes or may commit identity theft. Staying clear of these rampant malevolent practices can be tough if you’re using a freelance marketplace.
Freelance marketplaces are an attractive avenue to look for talent due to their cost-efficiency. However, most freelance platforms charge commissions that can eat into the costs you’re saving by hiring a freelance professional. This can make it impractical for companies to outsource work to freelancers and would rather have someone on payroll to do it since the commission charges often offset the savings that companies would otherwise enjoy.
Fake reviews about the sellers
A lot of freelance marketplaces are fiercely competitive due to the large number of professionals offering their services on the platform. Most platforms reward professionals with higher ratings and reviews by giving them more visibility and thereby more work. This could push a significant number of these professionals to fake reviews and inflate their ratings to seem attractive to potential customers. Companies who hire such freelancers are often left feeling disappointed with the quality of work delivered despite ratings and reviews seeming promising. It’s hard and might be impossible to tell fake reviews and ratings apart from legitimate ones. An internal marketplace for your company will give you control over the ratings and reviews, which can help you pick the right professional for the job.
Too many options to choose from
Most freelance marketplaces today are brimming with people looking for work, however, that’s a poor indicator of the quality of work delivered. People might bid on projects even though they might not have a background in them, or have the adequate skills to perform the tasks. This can leave customers confused with far too many offers to pick from and most of these offers aren’t worth the price. An internal talent marketplace can give your company control over vetting professionals to make sure they have the right skill profile for the services you require. Further, this can help you pick the best offers from verified, skilled professionals, saving you time and money without compromising on the quality of work.
Poor insight on past performance
Platforms that offer freelance services often lack a system that lets you gauge the performance of freelancers. Ratings and reviews posted by other customers can be misleading and irrelevant to your organization’s requirements. A talent marketplace custom-built for your company can help management take stock of how efficiently the freelancers can contribute to the company. Freelancers onboarded on your site will not only have the right skill set that you require but also be more familiar with the working of your company. This allows them to be better acquainted with the kind of results you expect and work towards delivering that. Better compliance with requirements and specific data points tailored to your needs will help you understand and gauge performance.
Poor integration into existing teams
One of the major issues with freelance marketplaces today is the inability of remote workers to collaborate and integrate with existing teams working on a project. This leads to discord and a lack of coordination between people or teams working on the project and thereby reduces efficiency drastically. However, freelancers on your platform can help your teams integrate better with remote workers due to familiarity with processes and other company-specific ways of doing things.
Freelancers offering their services on generic marketplaces often face a communication gap with the client. The freelance professional will not be able to do their best if the platform doesn’t allow them to communicate with the client easily. This communication barrier can make it difficult for your work to be done as you intended it.S
Building a custom talent marketplace for your business is a great way to get more work done, faster and better. This can help your company save on precious time, money, and human resources while also being more efficient with the outcomes. Companies around the world are shifting focus to building a internal talent marketplace helping them achieve better results in tasks they have an aptitude for while relying on remote freelance platform to execute on-demand tasks.
The pandemic has proven quite disastrous for businesses that failed to look for talent beyond their payroll. Hiring remote workers can help your business function even when your full-time staff is unable to work. A talent marketplace builder like Husky can help your business scale new heights in a matter of a few simple steps. Get in touch with us to find out how to go about building a custom freelance marketplace for your business.
In a fast-changing online landscape, businesses have to constantly evolve to stay relevant. Current business trends point to owning a flexible method to both sales and marketing to get the best out of your business. In the present scheme of things, businesses are adopting newer methods of moving their product. The popular one that is picking up steam is the direct to consumer sales.
What is D2C?
Direct to consumer sales is nothing but preempting the middlemen involved in your supply chain and selling directly to your consumers. This has become quite prevalent in the market now with big brands following the same. Apple, for example, has always pushed sales on its websites, apart from retail stores. With consumers preferring online shopping these days, Apple has the chance to sell more phones and computers, not to mention accessories, on their D2C website. Direct to consumer sales eliminates the multitude of processes involved in the traditional way of selling and helps you reach out to your target audience directly. It also promotes better understanding of your customer base and fosters a good relationship with your customers.
Does Direct to Consumer Work Better?
Is DTC better than traditional sales? This question is easy to answer. When the DTC mode of business is applied to different products, we can arrive at a conclusion that is verifiable. According to a study by Profitwell, at least 80% of the population in the USA shop online at least once a year. The numbers might differ for India but we can rest assured that online shoppers have only increased in number. With easy access to internet data and mobile apps bringing products to the consumers easily, more and more people are shopping online. So, as a business, you have the groundwork laid out for you and you can expect an uptick in D2C sales if you target your audience the right way.
The fashion retail industry is one of the best cases for the study of whether D2C works better. Big brands across India have seen a 75% increase in online sales for clothes, shoes and fashion accessories. In fact, online sales outweigh retail sales by quite a margin. So, the fashion industry can rely on direct to consumer sales to offer growth. Furthermore, given the COVID-19 pandemic, almost all of the turnover for fashion giants has been through online shopping.
The Impact of Direct to Consumer Brands
In a direct to consumer business, you can do away with wholesalers, distributors and retailers. The only thing to focus on is marketing your brand better. It is interesting to note that the marketing budget for brands has increased exponentially over the last few years. This is mainly due to the popularity of smartphones and computers. Social media, without a doubt, plays a huge role in getting your product to the consumers. By having a proper marketing plan and emphasising on direct sales, your brand can reach new heights.
What the direct-to-consumer brands bring to the market is a refined and sophisticated method of trade that is both easy and high-yielding. It is gaining traction as the preferred mode of business globally. Reduced costs, lower overhead and fast-to-market are qualities that play a big role in attracting new businesses across industries, both small and large scale.
Why Choose a D2C Business?
Brands are directly going to the consumers. In this new era of digital marketing, users have become more intelligent and aware. Brands that are able to keep up and capture the market are the real winners. A D2C business has the flexibility to adapt to new markets and it is quite easy to set up. On the flipside, since it is a novel method of business, many are reluctant to go direct. However, the numbers speak for themselves and trends show that a high number of businesses are conforming to the new world.
If you are the owner of a new business, you may be aware of the challenges that you have to endure. However, taking a proactive measure and launching a direct to consumer business can very well work in your favour. The low investment is surely the talking point here and so is your chance to create a favourable online presence. Tiger by Jungleworks is the D2C platform that can get you off to a flying start.
Tiger by Jungleworks
Creating an online store used to be a cumbersome process earlier but now with Tiger, you can have your D2C platform designed and ready within a day. Give your customers the best digital experience on your online store with a host of product listings, faster checkout, multiple payment gateways and order tracking facilities.
From an administrative point of view, Tiger offers:
- Easy-to-use technology: Tiger is designed in a way that is user-friendly and simple.
- Seamless UI & UX: Delivering a robust and immersive experience in every step of the way is something that your business requires.
- Customized themes and layouts: Your company design, logo, colour scheme, favoured theme and much more can be incorporated to give you the best authentic experience that you deserve.
- Multiple third-party integration support: APIs to embed features such as geo-location, social media support, payment plugins, etc. are made available so your website is fully functional.
- AI-enabled live chat: Customer support is hugely aided by a 24/7 live chat feature that uses Artificial Intelligence to respond to incoming customer queries and pending service tickets.
- Automated marketing: Setting up email and SMS marketing right from your D2C platform takes you a step further to your customers.
- In-buit Reporting; Gaining valuable insights of your performance, productivity, sales, marketing and more is necessary for business growth. With the report feature, you can steer your business the right way.
Not only this, Tiger is quite cost-effective and offers quick implementation. Direct to consumer brands have a real advantage launching their businesses online with the help of Tiger.
The Future of DTC
Direct to consumer business is here to stay. In the last year alone, 11% of D2C businesses enjoyed a turnover of $100 million or more. Given how new the business template is, that figure is quite impressive. As major giants are stepping into the game, it is a testament to the fact that the future of DTC looks promising and bright. DTC is being termed as the “hot new thing” in the world of commerce and that can only mean that everyone is going to be flocking to it. This trend is here to stay until something better comes along.
Be it a startup or a retail setup, entering the virtual atmosphere is the need of the hour for your business. Websites and mobile apps have become quintessential to any business but with Tiger you can go several steps further. E-commerce is best done with the right kind of support and equipment. Tiger offers you both. With clients in more than 180 countries in the world, Jungleworks is quite experienced in the online market arena. Tiger is the platform that is built to launch businesses to the top tier. Decide what is right for your business and begin your online journey with Tiger by Jungleworks, for D2C is the future of retail and you will need the right help navigating that space. Book your demo today!
“The difference between ordinary and extraordinary is that little extra.”
All the hyperlocal marketplaces are similar and work in the same way. Yet some become unicorns while others struggle to grow. If you want to put in that little extra, it comes in the form of extensions. The integrations make your business automatic and faster for you while making the customer experience more convenient and pleasing. With Yelo, you create your dream hyperlocal marketplace. You connect your customers and merchants on a platform and facilitate them for a commission.
Listed below are some of the most important integrations that you get along with your Yelo.
Introduction To Integrations
Yelo integrations are the APIs available for you to automate your fulfillment process, provide customers with better experience and provide you a competitive edge over your competitors.
What are APIs?
API stands for Application Programming Interface.
It is a software intermediary that allows two applications to communicate with one another. You utilise an API every time you use an app like Facebook, send an instant message, or check the weather on your phone. In the case of Yelo, you get access to 500+ such integrations to make this experience seamless.
But which ones should you choose for your business? How will they help your use case? Let’s explore important categories of integrations available with Yelo.
- Delivery Management System
- Payment Gateway
- Point of Sale
- Rewards, Wallets and Gift Cards
- SMS, email and chat
- Facebook Store Integration
- Google Analytics
- Recurring Tasks
- Custom Order
Delivery Management System
A delivery management system or distribution management system is a platform that digitizes your market’s logistic operations like task allocation, dispatching, route planning, vehicle tracking, etc. Its ability to track fleet in real-time, understand traffic and weather patterns, ensures high levels of visibility, and reduces the cost per mile. It also enhances the customer experience by generating accurate ETA’s and eliminating the chances of delay.
Choosing the right DMS is of utmost importance for a hyperlocal marketplace like Yelo where delivery is of primary importance. The food, grocery, or service needs to be delivered at the earliest, thus minimizing the processing time and allocating it to the concerned person can help in customer delight.
A perfect example of DMS in the hyperlocal marketplace is Dominos, their whole campaign ran around a delivery time of 30 min. If they can’t deliver pizza in 30 min, it is to be delivered free. You can also do the same by opting for Tookan from integrations. If you already have a DMS, Yelo also allows you to integrate them with itself.
A payment gateway is an online service that allows you to make and receive payments. You can consider it as a metaphorical cash register in an online transaction. The most popular of them are Paypal, Stripe, Razorpay and Paytm. Yelo offers over 100 payment gateway integrations so that you can receive payments from all around the globe.
Point of Sale (POS)
Many merchants believe that payment gateway and Point of Sale are the same but this can’t be far from true. Like payment gateways, POS systems are used to accept credit and debit card payments. However, they are internet-based and operated solely by the merchant, with no direct input of the information by the customer. The purpose of a POS system setup is to improve sales and profits by keeping track of all transactions at the retail store. These systems are also responsible for keeping the business data well-managed and ensuring that you don’t miss any transaction records.
Rewards, Wallets and Gift Cards
There is a reason why rewards, wallets, and gift cards are very popular in the retail business. Every time a customer gets a reward or gift card, he gets a shot of dopamine in his brain, which gives him a feeling of achievement. This is the same chemical responsible for alcohol and gambling addiction. In the marketplace, This motivates him to make more purchases to earn more rewards.
Providing the rewards in the wallet will ensure that the rewards will be redeemed only on your platform thus generating you revenue.
Providing gift cards to customers on their birthdays and special occasions, can improve brand loyalty.
For enabling this extension, you first need to enable a payment extension.
Although Yelo enables you to generate and customize your invoice, Yet Xero can help you with accounting and creating invoices for every order more efficiently and effectively.
CRM or customer relationship management is one of the most important aspects of business that need to be focused on if you want to be successful. Yelo comes with free CRM integrations named Bulbul, enabling you to bring data from the user’s Yelo store, including customers, orders, and products, into the Bulbul platform. It gathers all customers’ data in one place and helps you provide value to the customer. You may interact with your customers through SMS, email or calls. You may generate leads from chat support systems as well.
Best part about Bulbul is that you can perform all these just by downloading the Bulbul app on your phone.
SMS/ email/ chat
To stay connected to your customers, Bulbul enables you to send SMS and email. There are other integrations as well that Yelo provides you especially for SMS in case you don’t want to integrate Bulbul. For SMS & email marketing, you can integrate Bumbl. In case you already have an SMS API like Exotel or Unifonic, you can integrate them as well.
Yelo provides your platform with a chat support system, Hippo. Hippo can enable your platform with the client-admin, merchant-admin, and client-merchant chats.
By integrating your platform with Facebook, you can integrate your platform with Facebook pages. This would allow you to add products from your store to FB shops.
Having a store on social media platforms not only generates sales but also build your brand awareness and brand association. It develops an audience and facilitates you to solve queries instantaneously.
Yelo is working on integrating with other social media platforms too like Instagram and Pinterest.
Yelo’s analytics provide you with in-depth insights about the orders, customers, and their engagement yet google analytics can be integrated with your platform to track every click on your website. You can check traffic sources, their demography, and behavior, and take the next steps for promotion accordingly.
Recurring tasks integration enables your customers to schedule delivery for a particular time in the future. As the name suggests it enables platform tasks(orders) to recur, thus enabling customers to subscribe to products. You can enable particular stores and items to be subscribed to and delivered at a predetermined time. This is useful for various products like pantries, dairy, groceries, etc. It can enable your laundry business to provide services on a regular basis as well as restaurants on your platform to provide tiffin service to the customers.
Custom order integration allows your customers to place their orders at their convenience. They can order whatever they want. In the case of food delivery, they can ask for a special kind of cake or dish. For pharmacy, they can ask for medicine that is not generally available, for laundry they can ask for a tent, and so on.
How this works is that customers click on a phone icon on the banner panel and they can provide the admin with details of what they want by filling the form. They have to fill in details regarding the order, pickup, and delivery. As an admin, you get a notification for the same and you have to define the cost for that order. The customer gets the cost information and he wants to proceed with the defined amount, the order is placed successfully.
The integrations are key to make your business stand out from the rest. Yelo provides you over 500 integrations, which is more than any other SaaS provider. Most of them are free. Why not take advantage of these integrations? You can explore them and enable the ones that best suit your business model or contact your product manager for the same.
Still wondering to open your online marketplace, book your 14 days free trial with Yelo now.
Brands around the world are waking up to the potential of the direct-to-consumer model. Manufacturers can sell their products to consumers directly. This eliminates the need for middlemen who can eat into your profit margins.
In 2019, DTC e-commerce sales in the US accounted for $14.28 billion. This figure is projected to grow fast in the post-pandemic world that we’re all preparing for. Examples of successful direct-to-consumer brands include Warby Parker, Dollar Shave Club, and many more!
By going direct-to-consumer, you can offer your products to consumers at the lowest possible price while still making the most profit possible. By getting rid of middlemen and selling directly to consumers, brands can position their products in a more competitive price range, making them more accessible.
What Does Going Direct to Consumer Mean?
The Internet has changed the way we socialize and even how we shop. The unfortunate circumstances of the last year prompted the mass adoption of e-commerce platforms as a necessity. While lockdowns are easing around the world, consumers have warmed up to the convenience of e-commerce. That is unlikely to change after the world heals from the pandemic.
From 2016 to 2019, DTC eCommerce grew at three to six times the rate of overall eCommerce sales. Brands can leverage this growing adoption and offer their products to consumers at much lower price points without compromising on margins. By eliminating the need for middlemen, the cost of distribution can be reduced considerably. This will allow you to tap into economies of scale and expand your business exponentially.
To be successful as a direct-to-consumer brand, you have to focus on more than just manufacturing and production. You’ll also have the key to market your products the way you like and handle the after-sales support directly. Being prepared for this is what differentiates a successful brand. By choosing the right channels and tools to market your products, you can generate a lot of demand.
There is no dearth of marketing options in the digital age today. Once you’ve found the right customers and generated leads, it’s time to maximize conversions through disruptive promotions that competitors will not be able to match because their profit margins are lower than the direct-to-consumer model.
Why Is Going Direct to Consumer Important?
Going direct to consumer is important for brands because the competition is adopting this model at a growing pace across industries. Brands that adopt this model earlier will likely have the first-mover advantage going forward. Going direct-to-consumer can change the whole dynamic between the brand and consumers.
The internet has brought us closer than ever. By selling directly to the end-user, you’re able to establish a channel of direct interaction with them. Brands can improve their social media presence by taking advantage of this connection with consumers. Brands that relied on distributors and other middlemen will find that the direct-to-consumer model is a great avenue to build their business around.
Take control of your merchandising and marketing to position your products the way you want rather than the way it fits into large multi-channel retailers’ catalogues.
Which type of brands can go direct to the consumer?
Brands that manufacture their products such as clothing, electronics, FMCG, and confectionaries will have the best prospects with the direct-to-consumer model. Highly customized products and commissioned art can also benefit from this model by doing away with collectives and auction houses.
How to make my brand direct to consumers?
There is no better way to take your brand directly to the consumer than through the Internet. The Internet is a democratized distribution channel that your brand can leverage to its fullest for unmatched reach.
Setting up your direct-to-consumer business platform is made easy with Tiger. Tiger lets you design and launches your platform with no coding knowledge required. You can customize the design language to match that of your brand for seamless design consistency.
Here are some of the key features Tiger offers:
- Easy Listing: Create and manage listings easily with a dedicated product management dashboard.
- Quick Filters and Search: Customers can easily search for the product of their choice by searching for terms on the user-friendly interface.
- 24/7 Support: One of the most important aspects of the direct-to-consumer model is to offer a robust support line that customers can depend on and trust. Tiger offers real-time support chat that’s always accessible to customers who need help with their purchases.
- Simplified Marketing: Tiger gives you the flexibility of automating your marketing campaigns through emails, newsletters, and other advertising strategies.
Powerful Integration Tools to Help Optimize Your Store and Marketing
Tiger gives you the best integration options with over 500 partners catering with support for 50+ languages and 100+ payment gateways. No matter your target market, you can find a compatible payment gateway to process your payments on your platform.
With so many integration options, the possibilities are endless. You can optimize your store’s themes, search and filtering options and make it easier for customers to find products.
There is a sea of options that you can integrate into your store to give your customers the best experience. Remember, customer experience is fundamental to this model, and paying attention to it is important.
A customer who enjoys their experience on your online store is more likely to return to it. It also increases the likelihood of them spreading the word among their friends and family. Organic marketing through word of mouth is the best and most reliable way to get more customers. Investing in your user experience goes a long way in the direct-to-consumer model.
Measure Your Own Direct to Consumer Success with Real-Time Analytics
Running a business involves taking stock of how it’s performing and measuring your profitability. The reason you’re switching to the direct-to-consumer model is to maximize profitability.
A convenient dashboard that gives you a complete overview of how your business is performing is part of Tiger. We designed this to be user-friendly and give you insights at a glance without the clutter.
The store management suite includes a mobile app that you can use to manage your store on the go. It gives you key insights and analytics that you can use to make strategic decisions. Real-time data allows you to have complete control over your business at all times.
The direct-to-consumer model is taking the world by storm as the dust from the pandemic settles. People will be incentivized to spend and revive the economy in the coming months and years. This is the perfect time for your business to invest in solutions that will help it be more profitable, by making fundamental changes to the distribution model.
Brands that adopt this model sooner are going to be way ahead of the competition and have already established their online presence while other competitors will scramble to have a piece of the pie.
The direct-to-consumer model is great for businesses across sectors and can help your business scale up quickly. Make the most of the opportunity and contact us now to see how we can help you set up your own DTC platform from scratch without needing coding knowledge.
Uber is a ride-hailing service that provides the Uber mobile app, which allows you to submit a trip request that is automatically delivered to a nearby Uber driver, alerting them to your location. The Uber driver who accepts your request will then come to pick you up and bring you to your desired location.
Without you having to speak a word or take out your money, the Uber app calculates the driver’s navigational path, calculates the distance and fare, and transmits payment to the driver from your specified payment method.
Everything you need to know about Uber, including how it works, how to join up, and how to use it, is right here.
It is available in over 10,000 cities worldwide. You can see if it’s available in your city using this Uber webpage.
Services That Uber Offers
In addition to allowing riders to request a ride, the Uber app has a number of other capabilities.
Since 2019, the Uber app has included London public transportation information, letting riders know if there is another way home. This is especially handy if you’re in an area where there’s a surge – a price increase owing to greater demand.
You may also add your work and home addresses to your Uber account, as well as other stored locations, such as the hotel you’ll be staying at while on vacation. This makes it easier to choose the “Where to?” destination.
“Trusted Contacts” can also be added to your Uber account. You can share your journey status with a simple tap once someone has been added as a Trusted Contact. It’s also possible to add a family member to your account and share your default payment method, allowing you to pay for your loved ones’ Uber rides while also receiving trip notifications.
Divide Fare is also a feature in the Uber app, which allows you to split the fare with anybody you’re riding with. Before this can happen, a contact must agree to Split Fare with you, and you will be charged a nominal cost.
Meanwhile, the Verify Your Trip function allows you to enter a PIN to ensure that you get into the correct car. For each trip, you will be given a new unique PIN, which you must share with your driver when they pick you up to begin your journey.
Other features that we haven’t covered in depth include Quiet Mode for UberBlack and UberSUV drivers in the United States. Our separate blog on Uber’s Business Insights includes detailed information on its business models, growth model and various other features
Uber Success Timeline
A Successful Business Model
If you have ever travelled in a taxi, you might have paid the driver in cash at the end of your journey. The cash collected by each journey is the only source of revenue for a traditional cab company. Uber is no different. Neither does it have a different revenue model than the one mentioned above nor it has any other source of revenue as of now. But just imagine 1 million rides a day. It will help you calculate those big numbers that the company earns. Let’s dig a little deeper to understand Uber’s source of income.
What is uber technologies fee and what has made them so successful is the fact that the revenue model is as unique as their business model. It can be explained as:
- Different cab models to cater to everyone:
Uber has not limited itself to a particular segment of cars or to a particular segment of people. There is Uber X, Uber Black for those who love to travel in a black car, Uber Taxi for those looking for cost-efficient solutions and Uber SUV for those who want luxury.
- Surge Pricing Technology:
Variation in cab fares according to the situation is an important aspect of their business model. Whenever the demand increases, per mile prices are automatically increased. The new price depends on the number of available drivers and the number of requests made by people who want to travel. It has applied for a price surge technology patent in the US.
- Other Uber rides:
The company has come a long way from cabs. It now offers boats, helicopters, as well as some other transportation, means on demand. They recently launched a motorcycle-pickup service in Paris, a delivery service in San Francisco, and an ice-cream-truck-delivery service in a few cities too. However, these means are available in selected geographical locations but it has led them to add new streams of revenue into its business model.
Takeaways From Uber’s Business Model
- Go for a less ownership model. Uber does not own any cab but still provides over 1 million rides a day through its partner network.
- Choose an industry. Think about the most common problem it has. Find a solution and disrupt the existing model through technological infrastructure. That is what Uber did in the cab industry.
- Treat your initial users as kings. They are really important for the growth of your business.
- Expand step by step. Do not add everything in your business model on the first go. Uber started with cabs but now even has boats, helicopters, bikes and other means.
- Opportunity won’t come to you. You have to look for them. Uber created an opportunity by offering discounted rides for particular events/party venues and hence got its first customers.
- Treat your workforce as an important part of your business. It calls its drivers as partners and gives them a decent 80% of the total fare.
Thinking to open your own online marketplace just like uber or any other big brand, hola! you are at right place. Yelo provides you a large no. of customized options to built whitelabel online platform in some fraction of time.
However, starting an on-demand Uber-clone app comes with its set of dos and don’ts.
But with the right expertise and direction, it is navigable and highly rewarding.
We have compiled a list of resources for you to look into to get more info on how you can get started with your own such business –
How Yelo Helps Leverage All These Benefits At An Optimum Cost.
In technical terms, we will call Yelo a Software-as-a-Service (SaaS) system that allows users to create a new product using the SaaS’s abilities and features without writing even a single line of code, designing, and testing. The reasons why you should use Yelo to build a marketplace like Uber are manifold. For Instance –
- Build Without Coding
- Proficient management abilities
- Single-day launch
- Extensive features and functions
- Design your marketplace
- Multiple payment gateways
- Marketing and SEO
- Help and Support
Yelo comes with the most diversified features in the category and unlike our competitors, and it has no hidden charges with best pricing plans. We provide a platform with open customization which is completely inclusive of-
- Integrated delivery management software
- Social Logins
- Multilingual Support
- Realtime Updates
and many more…
Now go ahead and set up your own spectacular customer website like Uber and be a successful entrepreneur. If you have any questions please refer to our more resources at Jungleworks Resources for a quick fix.
Don’t just wait and admire, grow like a yelo with us. Book your 14 days free trial now!
What is an Online Marketplace?
Online marketplaces are extremely useful modern web tools for retailers and customers. These eCommerce solutions allow users to select and purchase a variety of things from a variety of sellers in just a few clicks, without having to leave their home or office. JustEats, DoorDash, UberEats, and other recent rising online markets are currently available. Aside from this, there are several internet sites dedicated to objectives other than sales. Consider Airbnb and similar services.
In general, an online marketplace is a website that features a variety of products from different entrepreneurs. All of these items can be purchased in a matter of seconds, with no delays due to shipping, delivery, or other concerns. In terms of sellers, these platforms aid them in answering the following questions:
- What is the best way to make a product page or catalog?
- What is the best way to organize communication with potential customers?
- What tools should be used to accomplish financial operations?
- In the event of an emergency, how to contact a support team?
And this isn’t even a complete list of issues that can be solved with the help of an online marketplace. At the same time, these sales channels aren’t solely for the purpose of answering important business issues. It’s all about completing eCommerce responsibilities and making a profit.
Web service providers, sellers, logistic and delivery specialists all work together to ensure that the customer’s expectations are met perfectly. What’s more, all of the web marketplaces have payment gateways connected.
Nowadays, the worldwide market is flooded with complicated eCommerce platforms that offer a variety of services all at once. The Just Eats Takeaway platform, for example, provides a diverse range of services. Aside from that, the market acquires more specialized services such as price comparison portals and announcement grouping.
How They Earn
One of the most important things that users care about is how online marketplaces earns. Everything is, after all, fairly transparent. The income generated by the market is divided into three categories:
- Service Charge
A service fee is charged for each purchase and payment. This is the most important aspect of the platform’s profit.
- Benefits of Advertising
The motor of progress is advertising. Also, by posting third-party content on its web pages, the marketplace can generate revenue.
- Fees and commissions
Every financial transaction that involves collaboration with other service providers necessitates commissions.
There are various SaaS business companies that provide you a platform set-up your own on-demand hyperlocal marketplace such as Yelo from jungleworks.
How Is Just Eat Leveraging The Benefits Of An Online Marketplace
Just Eat Takeaway.com is an online food delivery company that connects millions of consumers with over 250,000 local restaurants through our websites and apps. They offer an online marketplace where supply and demand for food delivery and ordering meet in 23 countries.
As an online food delivery marketplace, Just Eat Takeaway.com facilitates the online ordering, payment and occasionally, fulfilment of orders.They use a hybrid model that combines a marketplace background (where eateries deliver themselves) with logistics expertise (for select restaurants without their own delivery capabilities). This model ensures that customers have access to the largest possible range of restaurants from which to choose.
Customers can place orders on their website or through their mobile apps. They make money primarily through commissions charged to restaurants based on the Gross Goods Value (GMV) of food bought through our marketplace, as well as from additional services such as online payment services, merchandise and packaging sales, and promoted placement. They also make money from delivery costs that customers pay on orders that are delivered by Just Eat Takeaway.com.
How Jungleworks Can Help You Set-up Your Own Online Marketplace And Be Successful Like Just Eat
We know you are here because you are dedicated to making your business successful. And for that we at jungleworks have a large range of products that will help you create an online marketplace and digitize your business in no more than a few minutes. First, as we know Just Eats is a customer-centric application that builds a bridge between the food vendor and the consumer.
Here the consumers visit the app to order their best food from the local eateries and restaurants. The food vendors require such a platform to increase their reach and market value.
As a result, you need to build an application that connects the demand with supply, with the delivery guys playing the middleman who will pick the food and deliver the same to the.
Now what is the process of building such platform-
On the non-technical side, you need to work on:
- Business model
- Competition research
- Customer research
On the tech-side, you must cover all the elements of:
- Idea validation
- Discovery workshop
Think, if we told you that you didn’t need to go through the arduous app development process and that you could create an online food ordering system in just a few hours for a fraction of the cost? Doesn’t it sound like a dream? Well, Jungleworks’ Yelo is one remarkable option to make this possible.
It’s an on-demand ready to go solution that enables you to construct a marketplace app without having to learn how to code and every single bit of customization you want. All you have to do now is enter in all of the required information during the initial setup, and your multi-vendor marketplace will be up and running.
Yelo provides you a platform with incredible features and allows you to connect with industry leaders who provide world-class services. Not only this, it has an integrated delivery management platform which optimizes your delivery costs and provides costumers a seamless experience .
Unlike our competitors, Yelo has no hidden charges and provides you with the best pricing plan in the market.
If you are chasing your dreams and wanted to be one like Just Eat or any other market successor, subscribe to yelo and enjoy our 14 days free demo, before you decide to go white-label.