Fiverr has climbed 678% this year. In this analysis, we examine if the growth can continue in the short-term and also post-COVID. Specifically, our research shows that Fiverr is leading its industry and outpacing its primary competitor, Upwork. We look into why this might be and what the future could look like.
Facts and Figures About Fiverr
· Fiverr was launched in 2010 and claimed to be hosting over 1.3 million gigs.
· The company’s total funding was $20 million with investors like Guy Gamzu, Accel Partners and Bessemer Venture Partners.
· Fiverr released their iOS app in December 2013 and Android app in March 2014.
· Fiverr also launched Fiverr Pro in October 2017 that has a curated cult of freelancers.
· By acquiring VeedMe in 2017, Fiverr has deepened the capabilities of videographers.
· In 2018, Fiverr acquired AND CO.
· Fiverr follows a two-sided digital marketplace business model
· It started by a simple idea: make it possible to purchase any digital service or goods, just like we do for physical stuff
· As a marketplace, it grows on top of network effects. Those network effects can be engineered to create a flywheel or virtuous cycle of growth
· Marketplaces usually rely on as many value propositions as many are the key players interacting on the platform. As a two-sided platform Fiverr has to offer a compelling value proposition to both buyers and sellers
· As the company has not a direct sales force it spends most of its resources in acquiring buyers through digital acquisition channels, like search engine optimization, search engine marketing, and social media
· The company still runs at operating loss, which makes its business model still lacking the profit formula
· Any company has to have a few key metrics to assess its success over time. Fiverr in particular looks at the repeat buyers and the spend per buyer as critical metrics
Freelancing has become a major source of side-hustles these days and the entrepreneurs are also looking forward to avoid spending money on employment for getting small jobs done. If you’re intrigued enough by the startup idea of Fiverr and the success and long vision behind it, you can develop your very own freelance platform to this using Fiverr clone.
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Pakistan Ranked Fourth In Global Freelance Market/ideoversity“Pakistan ranked as the Fourth-largest country in the freelance market everywhere in the globe, In the global freelance market becomes more rises with the professionals, from all over the globe revolving around the internet for their organizations.”Across Pakistan, internet access is in more than 2,000 cities, a wide range of graduates inflowing the employment, the government struggles to promote freelancing are the key to growth.
Pakistan is now the Fourth-largest contributor in online labor/freelancing around the globe.
With the rapid increase in online earning interest through freelancing, Pakistan has risen through the Fourth largest country of the technical workforce globally.The State Bank of Pakistan, in its first published report on the fiscal year 2018-2019, said that Pakistan is figuring altogether in the Business Process Outsourcing (BPO) section.
Far off work is getting progressively well known worldwide, especially utilizing freelancing sites like Upwork and Fiverr.How much do freelancers earn in Pakistan?The average salary of the Pakistani freelancer is around 35,000 per month.Which skills are best to earn a handsome salary through freelancing?
I discuss some of the skills to earn a handsome salary : Video editing Digital Marketing React Native /WordPress SEO Mobile App Development Graphics Designing Software Development Website DevelopmentIs freelancing a promising career?Freelancing maybe won’t be a next-generation thing, yet a full-time freelancing career is.
It takes a great deal of spirit to choose if one should make it a full-time online freelancer or work as a side-work for passive income.
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