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Technology is Making the Gig Economy Happen

Businesses now have the capacity to plug into hundreds of thousands of gig workers on a moments notice thanks to the WeGoLook app.

As we think about the gig economy, and why it's catching on like wildfire, what catalysts should we consider?

After all, it's not like the gig economy is an entirely new idea.

The idea of temporary work arrangements is centuries old. So what's changed? 

With the rapid advancement of new technologies, being a successful temporary, or gig, worker is becoming much easier.

This is a good thing not only for consumers and workers, but businesses as well.

The Gig Economy Growth

The gig economy is one which allows users to share assets for mutual benefits. Buyers gain access to an asset such as a home, car, or labor, and sellers earn income. Simple as that.

With the constant advancements in digital communications and mobile technology, the gig economy is quickly becoming a seamless way of conducting business. 

The ever-growing success of the gig economy is backed up by some pretty impressive numbers. Big ones.

Consider that in 2014, roughly $15 billion in revenue was generated by gig economy companies. 

Experts predict that by the year 2025, that number will grow to an astounding $335 billion.

“We always overestimate the change that will occur in the next two years and underestimate the change that will occur in the next ten.”  --  Bill Gates

Making it Happen with New Technology

Back in the day as the internet took the world by storm, companies realized the necessity of an online presence. 

It became mandatory to develop a website for consumers to do business online. 

Fast forward just 10 years and it's a no-brainer for businesses to now adapt their websites to smartphones. 

Taking technology a step further, mobile apps are a booming billion dollar industry.

Technology advances in mobile technology have drastically increased both flexibility and efficiency

For instance, WeGoLook's mobile app instantly connects available jobs with gig workers.

Consumers have the ability to run their lives from a mobile device, and sellers gain the power to be their own small business.

Businesses now have the capacity to plug into hundreds of thousands of gig workers on a moments notice thanks to the development of these digital on-demand work platforms.

Pretty neat if you ask us!

APIs Are Doubling Down on Gig Economy Growth

One of the most efficient of digital automation tools is the use of an API. 

API, or Automated Programming Interface, is not new technology, it's simply becoming more advanced. 

APIs can move your data faster, saving time and manpower. Also, they allow otherwise independent systems to link and communicate with each other.

Particularly for businesses, APIs are becoming more of a necessity than a luxury

They are also drastically increasingly the efficiency and availability of gig workers and gig platforms. For more, here is a great discussion of WeGoLook's API.

The advancement of user-friendly interfaces increase speed, functionality, and improve the customers' experience.

In an age of consumer emphasis on instant gratification, this type of technology is mandatory.

Customers Back in Control

Customers these days want more control over how and where they spend their money. 

With the advancement of smartphone capabilities, mobile apps can handle everything from ordering to paying for services instantly.

Within minutes, consumers can order a ride, find a place to stay, or even leverage someone's time and labor.

Digital technology reduces search time and allows for smooth and instant transactions. 

Consumers are Noticing and Responding

In 2015, approximately 44% of U.S. consumers were aware of the gig economy. Further, about 19% of consumers used gig economy services.

The gig economy downright changes consumer behavior with the ability to immediately conduct a trade anytime and anywhere. 

As discussed, this is all premised on technological advancements such as mobile technology, digital marketplaces, and technical integrations.

At first glance, some businesses view the gig economy as cutting into their bottom line if people choose sharing assets over buying them.

On the flip side, consumers may be willing to buy something they normally wouldn't such as a larger house or new car, knowing it could benefit them by selling in the gig economy.

Virtually Changing Business

Of the approximate 70% of American adults who use a smartphone, studies show that about 53 million Americans currently work in the freelance and gig economy. 

By 2020, the same study shows that 50% of our workforce could be considered on-demand and remote gig workers.

This is a positive trend, and is all thanks to advancements in technology.

These numbers are expected to grow as the younger generation matures, and as we continue to innovate.

Not just for transportation and lodging anymore, gig economy services are expanding, virtually changing the way consumers do business and sellers earn a living. 

All from a mobile device.