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The Evolution of Online Marketplaces and Where We're Headed

Business.com / Last Modified: October 16, 2017
Photo credit: paradesign/Shutterstock

Online marketplaces have made the process of finding great talent and hiring a whole lot easier. Here's a look at where online marketplaces are working right now and where they're headed in the future.

Have you ever wanted to grow out your business and hire a bunch of people? If so, you may have been held back by the questions and limitations of having to rent out an office building, going through the hiring process and coming up with the necessary funds and resources to make all of this happen.

Over the past decade-plus, more businesses and brands have looked at growth opportunities and hiring through online marketplaces while eliminating the need to hire full-time employees. Not only has this saved businesses millions of dollars, it's opened up a whole new industry for anyone looking to get hired by building an online resume to show off their skills or expertise.

A look at the freelance hiring industry today

If you were to take a look at the world of freelance hiring and online job sites today, you would find there are a wide range of opportunities to choose from. While there are some major players still in this space, the opportunity for smaller networks to gain ground and traction are quickly improving.

Look no further than the recent transaction where Ikea purchased TaskRabbit outright, a marketplace for homeowners to connect with contractors and other taskers around the world to get work done.

At the same time, it would be a mistake to think we still live in a world where the U.S. and global paper currency is king. With the rise of cryptocurrency (and the fact that it's becoming more popular and commonplace for businesses to accept cryptocurrency on a daily basis), we are finding the world of online job sites quickly moving in this direction as well. 

One such example can be seen at CanYa, a cryptocurrency-based autonomous marketplace for peer-to-peer services. The benefit of such a platform and service is that there is a single bridge between currencies. It also removes the middleman transaction cost from the equation and protects the user from currency volatility by using hedged escrow contracts.

With over a $2 trillion global market in play across more than 200 million users, this is likely only the beginning for not only acquisitions in this space but also for the implementation of cryptocurrencies.

Meeting consumers' needs and changing the way hiring takes place

If you were to analyze the most successful online marketplaces over the past several years, you will find that many of them targeted a niche audience or fulfilled consumers' needs that other marketplaces lacked or didn't meet. Whether it's in freelance hiring, site acquisitions or finding the right professionals for home or local work, the value of an online marketplace can be found in the reviews of customers who have used these forums. 

At the end of the day, these online marketplaces are going to change not only the way businesses grow and scale their organization in size but also how everyday working people hire professionals and pay them.

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