The global professional services market is thriving, expected to reach $6.5T+ by 2023, according to Research And Markets.
The professional service market consists of the sales of professional services and related goods by organizations or individuals.
Today, there are millions of organizations offering professional and creative services. In the crowd of many, one company stands out — Fiverr.
Fiverr aims to capture the long-tail of professional services. In 2019, Fiverr revenue was $107M+. In 2020, Fiverr made more than $186 million in revenue.
The growing demand for professional and creative services is an indication of a bigger trend: remote workers are taking on more freelance work in the world of coronaviruses, such as COVID-19. The rise of remote work is accelerated by stay-at-home orders and worldwide quarantines.
Let's analyze Fiverr to better understand what services people are purchasing. The five most popular Fiverr services for "Graphics & Design" include:
- Logo Design
- Invitation Design
- Pattern Design
- Menu Design
The top Fiverr services for "Writing & Translation" are:
- Articles & Blog Posts
- Legal Writing
- Sales Copy
- Email Copy
Don't want to design your own logo? Fiverr to the rescue. Don't want to write your own blog posts? Fiverr saves the day. People are willing to pay for logos and professional blog posts. No surprise there!
Fiverr was founded in 2010. The Fiverr promise, as implied by the company name, was idealistic. All Fiverr services would cost five dollars. At least, that's how it started.
From 2010 to 2015, company growth was linear (Google Trends). In 2015, Fiverr introduced packages and allowed sellers to set their own costs for their services. Fiverr allowed sellers, aka freelancers, to charge from $5 to $995 USD and offer three versions of their service at three different prices.
Fiverr, 2010-2015 (Google Trends)
Why make the change? Fiverr revised its pricing strategy to capture consumer surplus.
Consumer surplus is the excess value you get from something when you pay less than you were willing to pay. – Naval
All businesses generate consumer surplus. Most people are willing to pay more than what businesses charge.
From 2015 to 2021, the company experienced non-linear growth (Google Trends). Capturing consumer surplus allowed Fiverr to become a $186M+ ARR company over a period of six years.
Fiverr, 2015-Present (Google Trends)
Despite the success, Fiverr has two major limitations – people and speed of delivery.
People need breaks. If freelancers work from 9 to 5, they take breaks, eat food, and sleep. If the freelancer gets enough orders, the service is delayed by a day. The more orders are requested, the longer is the wait time for buyers. It's not uncommon on Fiverr to wait seven days or longer to receive a service.
People are working as fast as they can, but robots will always be faster. It's not a fair match. Robots will always beat people when it comes to solving specific tasks. Robots need electricity to work. Freelancers need much more. It's hard to compete against that.
Introducing Sepr: Modern Services Platform
Sepr is a modern AI-driven services platform. It offers affordable services to the masses, at scale.
Most people struggle to outsource or hire freelancers. At Sepr, we offer on-demand services, powered by artificial intelligence and human intelligence technologies, so they can receive services in minutes, not days. Sepr is inspired by Fiverr and powered by artificial intelligence technologies. With Sepr, buyers purchase services and receive solutions at the speed of light.
Sepr is built on top of modern technologies. Sepr is a human-in-the-loop machine learning platform, which combines artificial intelligence and human intelligence. Machine learning models are needed to provide services at scale. Human review is needed to maintain high-standards of Sepr solutions.
Machine Learning Models
Machine learning technologies, such as deep learning, allow Sepr to solve a variety of tasks and continually improve over time. Sepr leverages state-of-the-art methods to solve computer vision, natural language processing, graphs, games, speech, time-series, computer code, audio, robots, music, knowledge base, reasoning, or adversarial tasks. Generative models, such as generative adversarial networks, provide solutions with a click of a button.
Human review is necessary when machine learning models provide low confidence predictions or a random sample of predictions. A human loop starts a human review workflow by sending data review tasks to human workers. The human loop starts to review and approve all tasks completed by robots. It is necessary to maintain high-quality service. The human review aims to provide high-quality labels for machine learning models to improve accuracy and precision. Humans in the loop increase the performance of machine learning models and allow Sepr users to receive higher-quality service.
Sepr pricing is based on the concept of choice and risk. All Sepr services come with three pricing options. The price variations aim to capture consumer surplus.
For example, consider logo design. Sepr logo design will cost $5, $10, or $15 USD, depending on the consumer's preferences. Consumer choice will reflect the number of revisions, human review, or willingness to take risks.
With Sepr, consumers leverage the speed, computational creativity, and unlimited revisions to receive on-demand professional services.
Sepr is blazing fast! How fast? Without human review or humans in the loop, Sepr provides solutions in seconds. With humans in the loop, Sepr provides solutions in minutes or hours.
Sepr uses modern machine learning technologies to scale computational or artificial creativity. Where possible, Sepr uses generative models to avoid copyright infringement.
Creatives typically offer 3-5 revisions to prevent ongoing changes and to stop the endless-revision-requests loop. Sepr uses modern artificial intelligence technologies to provide on-demand services with unlimited revisions. Sepr users walk away satisfied, no matter how many times they want to revise their service.
The future of digital services lies in combining machine learning technologies with human review.
Sepr combines human and artificial creativity to provide next-generation of digital services.
At Sepr, our mission is to democratize access to professional and creative services. Sepr provides on-demand services to millions of people seeking professional or creative support.
This announcement originally appeared on Slava Website on Jan 10, 2021.