You need to understand “gigs” and “gig platforms” are different from freelance jobs. This articles is focused on gig-based platforms. The very first thing you need to look at is total cost. If you look at the overall total costs, many of the gig platform (including the largest gig platform) have total costs that come in at over 27-28%.
So if you’re a buyer and seller conducting a transaction, these platforms could make well over 25% of the profit from your activities. That is just way to much for the internet age.
How can a freelance business be so expensive?
They have the pole position. Being one of the first to start up, they benefited from the economy of scale advantage, making them the largest in the network effect. They are using this advantage to aggressively charge additional fees.
Are there lower cost platforms?
Yes, but most do not have the volume of listings (critical mass) that the leader has established.
Freelance Global Gigs (FGG) Low Cost Marketplace is a discount low-cost gig service. Even though they are much smaller, they’re growing at an incredible rate. The number of buyers and seller is up over 60% in the first 20 days of this month. It appears buyers and sellers are searching for lower cost solutions, and realizing their services will be published on Communal News, Google News and Facebook News is helping the make this solution more attractive.
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“If a low price or discounted service started to gain a small but strong migration, then you could see an avalanche of gig providers adding to the new discounted platform, because most if not all gig providers would love to be on an open low-cost platform.”
It appears FGG Low Cost Marketplace is not only the best low-cost solution but possibly the fastest growing. They have achieved robust traffic growth for both the buyer and seller, even in this unique market with COVID19. We also believe FGG is one of the best ways to solve global business issues for very small businesses.
FGG Low Cost Marketplace is the only gig platform that we can identify using the largest news providers. This partnerships helps to distribute news (such as this post) and increase awareness with massive numbers of links and traffic to their website. FGG provides new gigs with over 200,000 related news links– this is possibly why they are growing so fast.
One very strong advantage for FGG Low Cost Marketplace is that all their gigs are translated and published in all major global languages– providing over 97% of the world’s communications. They published each gig in over 100 separate languages.
So the real question is – will enough gig providers sign up at their discount platform to really start a long term migration (a new critical mass) to a low-cost or discount gig platform?
Even though companies like FGG Low Cost Marketplace are growing very fast in all metrics, the freelance gig sellers would be the biggest beneficiary. In the past, a long-term migration to low cost / discounted services has greatly increased the overall size of the industry involved. As costs come down and availability increases, almost all industries greatly expand in total usage.
It is still unclear if the aggressive growth curve of companies like FGG Low Cost Marketplace will be enough to improve the industry costs and outlook. Only time will tell, but until this low-cost migration starts, a single company will continue overcharge for services and continually hurting small companies in a very captured industry.