D.O.C Paperless helps Freelancers to keep business moving forward
Updated: Jan 18
First, a short introduction to the importance of the 'gig economy'
The gig economy is roughly defined as a prevalence of short-term contracts or freelance work as opposed to permanent jobs. As the global economy changes, the gig economy has been growing rapidly. According to a recent MasterCard report, the digital gig economy generated ~USD 204 billion in revenue in 2018. The size of gig economy transactions is projected to grow by a 17 percent compound annual growth rate with a Gross Volume of ~USD 455 billion by 2023.
The rise of the gig economy was further catalyzed by the exponential rise in ownership of smartphones and apps, providing easy to access marketplaces for buyers and sellers.
The gig economy is also the consequences of globalization, where a borderless world has increased competition from lower-cost markets, putting tremendous downward pressure on firms’ costs, forcing companies to rationalize their operations. It is also a story of changing attitudes towards work, where Generation Z are “more likely to look for instant recognition and an instant work-life balance.
The Freelancers market is important in emerging countries, characterized by a young population and principally in south Asia where three-fifths of the population is under 30. This region is becoming a ‘hot spot’ of the Gigi economy with more than a million of freelancers, with 500,000+ in Philippines, 450,000+ in Indonesia, and 150,000+ in Vietnam and Thailand. In 2020, the COVID-19 pandemic accelerated the move to ‘work from home’ and in 2021 the 5G will continue to increase the number of freelancers.
South Asia offers a ready-supply of educated, English-speaking workers at competitive wages, making freelancers in the region an attractive proposition for international clients. In terms of work, freelancers in South Asia are engaged principally in Software Development and Technology, followed by Creative and Multimedia
Freelancers across the board face some solid challenges. While flexibility may be a big plus, financial security is one of the big challenge. A study found that 58 percent of freelancers in four Southeast Asian markets (Singapore, Philippines, Indonesia, and Vietnam) had experienced not being paid. The lake of solid regulation of freelance platforms also means that the operators of these are able to arbitrarily increase the fees taken from freelancer earnings.
In this context, D.O.C Paperless has an important role to play for this emerging gig community.
The platform solutions blockchain protected, allow to digitally sign and manage tamper-proof contracts and agreements, send and manage invoices and receipts and use the document passports as proof in case of dispute. Those digital services are becoming a ‘must have’ for freelancers who want to manage their business with affordable solutions.
A pricing adapted for this market
We understand at DocOnChain that the majority of freelancers in emerging markets are earning less than USD 10/hour, it is why the D.O.C Paperless SaaS collaborative platform offers the most competitive pricing, from a starting FREE plan to a full access at $9 per month (when your business grow), for a complete suite of collaborative services including secure messaging and video conference solutions to prepare documents and work with a network.
The Post-COVID-19 Future
The trend for companies to continue to employ freelancers will likely continue after the pandemic as organizations get used to working with them and continue efforts to keep fixed costs low as they try to recover from the crisis
Asia has become, and will continue to be, a big source of supply of freelance workers, with its expansive, young, educated, tech savvy, English-speaking workforce.
In conclusion, the gig-economy will be around for a long time to come. Asia will be a leading actor in this dynamic story and D.O.C Paperless will continue to innovate with low cost solutions blockchain protected, to serve this community.
Try now D.O.C Paperless FREE Plan to manage your contracts, agreements, invoices and receipts and boost your business in this complicate time.