Online labour markets booming

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According to an expert from CoachMarket, a platform for freelance business coaches and corporate trainers, online marketplaces where clients and businesses can hire freelance workers are flourishing.

Currently, about one-quarter of the workforce in the United States consists of freelancers or contingent workers. By 2020, it is estimated that 40 per cent of workers will belong to this group.

This means that 60 million freelancers will need a platform where they can easily get in touch with people or businesses in need of their skills. Moreover, many entrepreneurs and enterprises are looking for a convenient way to find qualified workers and pay them for their services.

Service marketplaces like Uber, Odesk, VRBO, AirBnB, Expedia and OpenTable have become major industry players with revenue of more than US$1 billion each.

These labour marketplaces don’t really provide workers with new skills. Instead, they gather freelancers, organise them, and advertise their expertise, said CoachMarket’s Founder and Chief Executive Officer, Glenn Laumeister.

“When well executed they make finding and transacting with freelancers more convenient, efficient and safe for the customer than the offline alternatives,” he added.

This industry is currently experiencing rapid growth thanks to customer reviews, money-back guarantees, easy online payments and a wide selection of workers from various industries.

In order to thrive further, online marketplaces should focus on client satisfaction and maintaining quality service. This is especially true for those offering specialised and complicated services.

For example, clients have a higher expectations of KitchenSurfing, which provides freelance chefs, than a company that offers home cleaning services like Handy.

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