Before Fiverr, there were many successful platforms like upwork, guru, toptal etc for freelance workers. The benefit that fiverr brought to the freelance market was that it converted it into an ecommerce style model. Fixed price jobs are there for customers to buy right away.
How Does Fiverr Work?
The customer doesn’t have to wait for a quote from the provider and the provider has packaged jobs which he can sell at fixed prices to the customer.
Fiverr charges a 20% commission on every sale. Seller has a fixed time to deliver and once he delivers, buyer has a fixed time to approve or ask for revision.
Should you launch a Fiverr Like Platform
While Fiverr is very successful there is a huge opportunity to launch a fiverr like platform either locally in different markets like Middle East, South America, East Asia. There is also a great opportunity to launch fiverr like marketplaces for different verticals. There are many different verticals where a platform like Fiverr is needed e.g. some of these areas are
Fiverr for Artists
An artist specific website for artists can be launched globally with a focus only on art work. This can be a site exclusively designed for artists. The artists can display their art work in a much better way and create fixed price gigs for their work
Fiverr for Lawyers
There are many lawyer related work that can be done, fixed price like founders agreement review, shareholder agreements, partnership documents, notary attestations etc that can be offered on a websites that’s dedicated to lawyers.
Fiverr for Content Writers
A content writer specific fiverr website which is specific to content writers, bloggers will be very successful. Fiverr currently also has article writers as well but a website dedicated to content writer is an excellent opportunity to establish in a single niche area.
Such a website can be combined with pre-written content that’s ready to buy from content writers allowing workers to write articles in their free time and make money.
How much does Fiverr Make?
Fiverrs yearly revenue in FY 2022 was around 345 million USD with a year on year growth of 16% - 23%.
Fiverr makes money from not only commissions but also allowing sellers to promote their gigs via an gig promotion system.
Features you need in a fiverr like marketplace
Fixed Jobs
Sellers are allowed to post fixed price jobs with some customizations. These jobs are purchased by customer.
Proposals
Seller and buyer can directly negotiate the project based on complexity and requirements. Platform also facilitates customers to order custom jobs and get proposal on it
Contracts
Seller and Buyer sign E-contract drafted by platform. Platform facilitates service delivery with certain checks. Seller/Buyer can open disputes if any party deviates from the agreement.
Automated time & task management
Each service contains certain milestones with associated timelines setup by the seller. Platform helps sellers/buyers track their projects based on timelines and predefined tasks.
Invoicing & payments
On successful completion and submission of the milestone or project, invoice against the milestone triggers automatically to the seller and payment settlement process initiated by the platform.
Messaging
Instant messaging allows two users to communicate with each other via real-time “chat.” Chat would be one-to-one. In addition to chatting, users can also share folders and files.
Wallet
On successful delivery, the seller's wallet would be topped up with cash associated with the project or milestone.
Admin Panel
Everything on the platform is centralized and controlled by the admin panel including sellers, buyers, services, orders, payments etc.
User profiles
Users can create their profiles. These profiles with their reviews will also bring seo value to your platform by bringing organic traffic to your platform.
Search System
A freelancing platform needs to have an excellent and fast search system so that users can reach their required jobs in minimum time.
Review and Feedback System
Every freelancing platform, needs to have an excellent feedback and review system. There needs to be a public and private feedback system so buyer can share their feedback. The feedback system with gamification of system should be used to recommend the best sellers to buyer.
How much does it cost a to build a website like Fiverr
Creating a fiverr like marketplace is going to take a team of 4 web programmers for a period of around 4 to 6 months.
Two Front End Programmers
Two Backend Programmers
During the design process, you will need one ux expert and one ui expert for a period of at least 1 month along with one Project Architect.
One UI Designer
One UX Expert
Project Architect.
The cost to build a fiverr like platform is around 38500 USD . The cost definitely depends on lot of other factors like what custom functionality so this is a ballpark figure to build a fiverr like platform.
Common Mistakes when launching Platforms
One big mistake that when many startup owners make when launching marketplaces in general is that they try to bring many service providers on platform in the initial days. The problem with this approach is that it is difficult to provide customer service and quality for so many providers.
Our recommended approach is to have highly vetted freelancers in the beginning and focus on generating jobs for those first and than slowly expanding
Why Choose OnDemand Startup to make a fiverr like Website?
OnDemandStartup specializes in not only developing Fiverr like marketplaces but our experience with SEO, Digital Marketing and launching products will help you launch a product that is truly successful after launch.
OnDemandStartup recommends launching a fiverr like marketplace for different verticals like legal, article writing, art workers, graphic designer, UX specialists as there is currently a gap in the market for these platforms