What Is A Service Marketplace?
A service marketplace is a platform that allows individuals, professionals & companies to initiate, facilitate, coordinate, and complete the buying and selling of services between the service seekers and the service providers.
It allows you to connect with your customers like never before by offering the right services, at the right time on a large scale.
While at one place Fiverr, Upwork, freelancers are good examples of online marketplace services. Uber, UrbanClap, Airbnb, TaskRabbit are popular in providing services at your convenience.
Why Service Marketplace Is Popular Among Entrepreneurs?
You know, it’s always beneficial to invest in something that has a track record of success and having the future scope. While looking back and the present, the popularity of on-demand service marketplaces such as Uber, Ola, UrbanClap, Olx, and many others are showing a huge success graph.
The service industry is huge – worth almost $10 trillion each year in the US alone.
The entrepreneurs and startup minds take inspiration from their success and come up with their idea of connecting the buyers and the sellers through the service marketplace.
The influence of online service marketplaces performances is the key motivating factor. While looking at data, Fiverr has more than 1 million transactions each month. By 2021, over 43% of the workforce in the US will be either specialist or independently employed. So you get the idea of how this on-demand service marketplace is a booming industry.
You know online Marketplace platforms have several benefits in this industry
Marketplaces can potentially beat the competition by making buying services a lot cheaper, easier, and faster. This is what Urbanclap did for micro-jobs.
You can start a service marketplace without being a professional yourself. You can easily start a website for personal trainers, language teachers, or marketing professionals without having those skills.
Getting a service marketplace website has never been easier. You can have the ready-made solution with little customization as per your need at Hashstudioz.
Business Models For Service Marketplaces
Most of the people wonder, how the service marketplaces generate their revenue if the platform allows people to use a website/app to buy/get services from the individuals, professionals, or businesses. Well to your surprise there are three simple though effective ways:
The Commission Model - Businesses like Fiverr and Upwork take a portion of each transaction that happens on their website. It’s one of the most popular monetization strategies for marketplaces.
The joining Model - This model charges a fee from users to join the platform or post a listing. This can be useful for customers who are not assured that your providers are ready to pay to access them.
The ad revenue Model -In this model, platforms sell ads or other services. Typically, these strategies are most useful as an additional revenue stream on top of the commissions.
Trending Marketplace- Online Sanitization
During this COVID Situation, You can even start an on-demand Sanitizer Service with our ready to use online service marketplace. The fast-evolving market is causing a 75% spike for new hires in the cleaning & sanitizing service.
You can also provide Germ Shield for Cars, Bikes, Scooter, Office, School, Home, Shops, & Elevators for the Sanitization and Disinfection Services Online.
Today the Germ shield, an antimicrobial transparent coating on the surface of vehicle, elevator, facilities, etc. are providing 99.99% germ kill protection. Customers get their vehicles sanitized and make them virus-proof using a globally proven technology that may last up to several days.
Service Marketplace Niche Ideas You Can Start Today
Service Marketplace for doctors
Service Marketplace for Tutors
Service Marketplace for Restaurants
Service Marketplace for programmers
Service Marketplace for Spa
Service marketplace for Pets
Service marketplace for Gardeners
Service Marketplace for Housecleaners
Service marketplace for Babysitters
Service marketplace for Car Washing
Service Marketplace for Parking Rental
Service marketplace for Movers and Packers