Building an Online Service Marketplace
- eCommerce

Building an Online Service Marketplace

Start online service marketplace – Best business idea for 2021

As 2020 is about to end, many aspiring entrepreneurs are looking for the best business ideas to start their own venture. Always, New Year is the best time to invest or start any business. To give importance to this topic, I have researched the latest ideas and wrote this post based on the best business idea, i.e., service marketplace.

What is the service marketplace?

For those who are not aware of this business idea, this is a service marketplace where private individuals, professionals, or companies can offer their services. Examples of online marketplaces for services are Fiverr, Upwork, and Thumbtack. Typically, marketplace platform businesses are thought of as peer-to-peer sharing websites like Airbnb.

What is the business model of the service marketplace?

  • Job/service seeker posts a job on the portal.
  • Taskers apply for job and quote price.
  • Seekers pick the best service provider.
  • Taskers deliver the work and get paid.
  • Website/marketplace owners earn a cut as commission.

See the image for more clarification:

Why is this the best business idea for 2021?

This business idea has a great future, and you can clearly see it in the above-shared image. Check out the following statement as well for more clarification.

“The global online on-demand services market will grow up to $1,574.86 billion during 2020-2024.”

How to build a service marketplace?

There are two options where you can select the best way: Traditional and Readymade.
In the Traditional way: You need to hire a team of developers, designers, Quality control, and other required skilled members. This is a lengthy process, as well.

In Readymade way: In this option, you can start your own marketplace immediately without any hassle. This is a fast and robust process to enter the entrepreneurship world.

Features that every marketplace should have

For the user:

  • Multi-Lingual
  • Sign-Up via email and Facebook
  • Post a task
  • Apply for a task
  • Task types: Fixed & Biddable
  • Favorite Customer
  • Favorite Tasker
  • The verification process for both users types
  • Background check process for tasker
  • Customer chat with tasker
  • Private Task
  • Invite Tasker
  • Preview Task, Copy a task, Mark a task as completed, Mark a task as closed, Cancel a task.
  • Map View for the task details
  • Mark task as in-appropriate
  • Search Robo
  • Hire Tasker
  • For Wallet Section features:
  • Deposit Funds
  • Withdraw Funds
  • Transactions history
  • Notifications settings/management
  • Task Groups
  • Request for a task category
  • Email Notifications

For Admin:

  • Blog Management
  • CMS Pages Management
  • Country Management
  • Cities Management
  • Quiz Management
  • Task Management
  • Payment/Money Management
  • User Management and approval
  • Coupons Management
  • Task Category Management
  • Role Management
  • Admin User Management
  • FAQ Management
  • Email Template Management
  • Manage Interest
  • Language Management
  • Manage IP Addresses

My Account
These are the must-have features for the service marketplace. When you choose any service marketplace builder, this is your responsibility to ask for these features.

How much does it cost to start a service marketplace?

Cost to build a service marketplace varies. It all depends on its complexity, features, and region where you hire developers. Going with a readymade solution for a service marketplace could be a cost-saving option.

Who are the big players that are already shining in this industry?

  • Upwork
  • UrbanClap
  • TaskRabbit
  • Thumbtack
  • Fiverr
  • Many more

How to select the best readymade service marketplace platform?

Selecting the best service marketplace is a challenging task. You need to take care while selecting the best one. Must check their portfolio, feature list, compare price, etc. I have prepared a list having details of the best five software.

You may choose anyone as per your requirements.

1. Yo!Gigs

Yo!Gigs is a service marketplace software specially designed to allow entrepreneurs to enter the peer-to-peer marketplace industry seamlessly. It is a feature-rich, completely customizable ready-made solution developed by FATbit Technologies. It provides a platform where service seekers can hire a skilled workforce to get the required work done. Admin, on the other hand, manages the platform. You can launch a service marketplace like Task Rabbit and Upwork with YoGigs (Important Note: Customization will be required in the base copy for the same).

2. ShareTribe

Sharetribe is the easiest way to start your own online marketplace. Create a platform where your users can rent or sell goods, spaces, or services online. Get started in less than a minute and launch yours today. No downloads, no installations, and all without the help of a developer. Sharetribe handles all the hosting, transactions, and online payments. It is easy to use and simple to customize. Sharetribe takes care of the tech; you take care of business. Try the 30-day free trial and see for yourself.

3. Arcadier

Arcadier is a multi-award winning marketplace SaaS (Software-as-a-Service) provider that powers business-to-business (B2B), business-to-consumer (B2C), and peer-to-peer (P2P) marketplaces. Our off-the-shelf and enterprise customizable marketplace solutions have enabled thousands of marketplace owners across 170 countries to build and grow their business without the worries of speed to execution, budget, technical knowledge, and future platform updates. Join our growing community!

4. Husky Jungleworks

Husky freelance platform builder gives you features like integrated chat support, Bidding, and admin dashboard.

5. Cocorico

Open source marketplace solution for services and rentals. It is the world’s first solution solely dedicated to the development of service marketplaces. Cocorico is an open-source solution that is recognized and used worldwide by a large community of developers, making it the first choice of many large startups seeking specialized features for their platforms. It is developed and maintained by Cocolabs.

Final Words

I have tried to explain and cover all parts of this business idea. As a startup adviser, my personal recommendation is to go with it. Investing in this business idea is the best decision to launch your own venture. If you guys still have further queries about anything related to this business. Please ask me; I will be glad to help you in this regard.

Building an Online Service Marketplace

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