Airtasker: A Comprehensive Look at Australia’s Leading Online Marketplace
In today’s fast-paced world, it’s no surprise that people are turning to online platforms to get things done. Whether it’s seeking help with a new project, having someone run errands or even finding a face painter for a birthday party, people can get just about anything done on-demand thanks to an online marketplace company like Airtasker.Created in 2012, Airtasker has disrupted the gig economy by connecting everyday people with trustworthy and verified Taskers.
The platform allows users to post tasks and receive offers from potential Taskers; they select the one that meets their needs, and payment is made once the job is completed. Airtasker has been a significant game changer in the way household tasks are completed, and users are gravitating towards it due to the platform’s functionality, safety features and quality.
Platform Description
Airtasker is an online marketplace that connects people with reliable and trusted local Taskers. The platform is designed to help users find help quickly and efficiently.
Offering an extensive range of services from gardening to handyman services, written reviews and Tasker ratings make it easy for users to choose the right Tasker for their job.
Business Model
Airtasker uses a marketplace business model whereby it connects people who need services with those who provide them. The platform’s primary revenue stream is via commission collected from service providers or Taskers.
Airtasker charges Taskers a 15% commission based on the fee they charge for completing each task. However, the platform charges customers a fee of 7.5% on the total cost of the service.
This model has been successful, leading to consistent growth and profitability.
Revenue Streams
Airtasker generates revenue through booking and service fees charged to users. The booking fee ranges from 5% to 20% of the total job cost, and the service fee is usually between 10% to 30% of the total job cost.
Moreover, Airtasker Pay, the company’s in-app payment system, has also become a significant revenue stream, providing the platform with 1.5% of the total transaction value. Airtasker also offers cashless payment methods, such as bank transfers and credit cards.
Additionally, it has partnered with “Buy Now, Pay Later” solutions, such as AfterPay, to provide customers with flexible payment options.
Airtasker Company History
The company was founded in 2012 by Tim Fung and Jonathan Lui, who were both frustrated by the difficulties in finding help for random tasks. Interestingly, the duo developed the prototype for Airtasker while working at a Sydney coworking space.
They subsequently secured $1.5 million in seed capital, and the platform officially launched in February 2012.
Safety Features and Expansion
As Airtasker became more popular and widespread, it implemented more safety features, to include Tasker verification badges and a bidding mechanism for monitoring requests. As a result, Airtasker continued expansion, with offices in Sydney, London and Manila.
Acquisitions and Competition
In 2013, Airtasker acquired TaskBox, which offered a comparable service for Australian customers and allowed Airtasker to expand its customer base. A few years later, the company faced several competitors such as Freelancer.com, Zaarly, and Taskrabbit, among others.
Partnerships and Growth
To stay ahead, Airtasker established partnerships to expand its market share and increase its brand value. These partnerships included Ikea, The Good Guys, and Ebay, which helped to raise Airtasker’s visibility.
The platform also partnered with Unions NSW to improve workers’ welfare.
IPO and International Expansion
In March 2021, Airtasker went public on the Australian Securities Exchange (ASX) and became the first online marketplace to do so in Australia. The IPO provided the platform with a significant amount of liquidity, which allowed it to increase its business and scale internationally.
Conclusion
Airtasker has transformed the way people can hire contractors for small to significant tasks. By streamlining the hiring and payment process, customers can easily find help and pay for services on the platform.
Airtasker’s success is evident in its continued growth and expansion, both domestically and internationally. Airtasker: A Comprehensive Look at Registrations, Task Postings, Task Selection and Payment Processing
In the current world, the gig economy is rapidly on the rise, disrupting traditional business models.
Airtasker, Australia’s leading online marketplace, matches people with verified freelancers for any task, from painting a house to building a website. Here’s how Airtasker works.
User Registration
The first step in using Airtasker is to register as a user or a “Task Poster.” The process involves verifying one’s email address and phone number, setting up a profile, and filling out information about the task you require. Users can either sign up using their email address, Facebook, or Google accounts.
Airtasker ensures that all users go through standard verification protocols, ensuring that the platform is safe for everyone.
Posting Tasks and Bids
Once registered, Task Posters can then post jobs on the platform, stating the necessary task, the location, and duration of the job. Other details, such as the price and payment arrangement, can also be included.
This posting process attracts Taskers who are also registered on the platform, and they will provide an estimate for the task.
Tasker Selection and Communication
Once enough bids are received, the Task Poster then selects the Tasker based on reviews, ratings, and costs. Once selected, Taskers and Posters communicate through the in-app chat feature to finalize details of the project.
Taskers can ask more questions about the project, and the Task Poster can provide more specifics. With a clear agreement in place, Taskers can proceed with task execution.
Payment and Service Completion
Once a Tasker completes the task, the Task Poster approves the job and the payment to the Tasker. Airtasker has several payment options, including Airtasker Pay, Credit Card, and Buy Now, Pay Later solutions.
The final payment to the Tasker is released once the Task Poster approves the job. Airtasker also provides insurance for registered users, providing protection for parties affected by any unforeseen challenges.
Airtasker Funding, Revenue & Valuation
Funding Rounds and Investors
Airtasker has been able to attract significant investment over the years, all of which has helped to scale the platform. The company has raised a total of AUD $51.7 million in funding from several funding rounds.
Initial funding rounds were venture capital-driven, with investors such as Sapien Ventures, Morning Crest Capital, and Exto Partners leading the way. This early-stage investment built the foundation for the platform and helped it achieve its primary revenue streams.
IPO and Valuation
In 2021, Airtasker went public in its initial public offering (IPO), offering 10.5% of the company to public investors. The IPO raised AUD $83.7 million, with Airtasker achieving a valuation of AUD $255 million.
As the first online marketplace in Australia to go public, the IPO demonstrated Airtasker’s continued innovation in the gig economy.
Revenue Generation
As previously mentioned, Airtasker’s primary revenue streams are commission-based on the transaction fee charged to the Tasker and Task Poster. In 2020, Airtasker earned AUD $24.7 million in revenue, which represented an increase of 20% YoY.
A significant portion of the revenue came from Airtasker Pay, which aided the platform in driving user adoption. Overall, the company is poised to continue on its path of growth and profitability, with an ever-increasing user base.
Conclusion
Airtasker has revolutionized the gig economy in Australia, and the platform’s userbase continues to grow. The streamlined platform has made it easy for people to find the right Tasker for any task, and users can communicate and pay for services within the app.
With its successful IPO and strong revenue growth, Airtasker is poised to expand its reach in the domestic and international market, further disrupting traditional business models. In conclusion, Airtasker’s platform has disrupted the traditional employment model and has revolutionized the gig economy.
Users can easily and efficiently complete tasks by using Airtasker’s streamlined posting, bidding, selection, and payment processes. This has made it simple, fast, and convenient for people to get the necessary help for any task.
The company’s primary revenue stream comes from commission-based charges from the Taskers and Task Posters, and their successful IPO and continued growth has significant implications for the Australian market and its users. With Airtasker’s user base growing, it is evident that the platform will revolutionize the market and continue to make an impact both domestically and internationally.