What’s the best way to make quick cash while working at a decent job that you can add to your portfolio as a graphic designer or a digital marketer? Taking up a gig, of course! Through the gig economy, you can broaden your experience and horizons while getting the opportunity to work with many different organisations, thus developing entrepreneurial skills before you even start a business. 

What’s the gig economy?

The gig economy is a job market system that generates revenue through short-term, verbal, or on-paper contracts between an on-demand employer and a freelancer or an independent professional. Characterised by quick jobs and tasks that include an exchange of the job well done for cash, the gig economy creates self-employment for thousands of independent workers. Unlike full-time employment, gigs are much more effective in creating a variable source of income for workers and a faster completion of jobs for companies or employers. Also, it’s much more freeing for both employees and employers since they don’t get bound by stringent employment contracts. 

How GenZ and Millennials are supporting the gig economy

The GenZ and Millennial generations are a technologically savvy lot who can easily adapt to the evolving gig economy. Unlike their predecessors, they are looking for fulfilling jobs that capitalise on their talents and that don’t entail troublesome work timings or commutes. GenZ and Millennials are willing to use the most advanced technologies for the smallest tasks like connecting virtually across borders, using productivity tools, or AI (artificial intelligence) based automation tools to get their work done more efficiently. Thus, they are supporting and raising the gig economy.

Consumer Tech trends in the remote working economy

The work-from-home or the remote working economy rests on the foundation of consumer technology. Consumer tech trends are encouraging more workers to take up gigs instead of a 9 to 5 job. 

Gig marketplaces

Gig marketplaces like UpWork, PeoplePerHour and Fiverr have been around for a while but now they are seeing a huge influx of gig revenue. Since they have become the go-to source for relevant jobs, these consumer tech platforms are being sought after by organisations who are now creating a verified presence on them to hire qualified gig workers. Now even social media platforms like LinkedIn are turning into gig marketplaces as gig workers are actively looking to connect with employers. 

Conference and meeting apps

We are all too familiar with Google Meet, Zoom, Microsoft Teams. But now with the rise in popularity of Clubhouse, social audio apps are quickly becoming platforms that are facilitating collaborations between gig employers and workers. 

Digital gig wallets

For gig and remote workers, the biggest concern is to receive timely payments and not get defrauded by employers who are looking to get free work. Digital wallets like Escrows and PayPal bind gig employers into a financial contract where they are obliged to pay half of the project cost in advance and secure the remaining half so that the workers receive the payment automatically post completion of the project. A lot of gig marketplaces are already using this technology. 

Virtual events platforms

Whether you are a gig worker or a remote worker, attending conferences, events, and expos, is a part of professional networking. Virtual event platforms are AI based tools to set up real-time conferences, and events that look like they are happening in real life. A lot of prominent national and international events and conferences like the Startup India International Summit and Viva Tech have taken place through virtual event platforms. 

Team collaboration tools

Team collaboration tools like Slack and Trello are consumer tech trends that allow gig and remote workers to organise their work effectively especially when there are multiple projects in the pipeline. Using these technology tools, anyone can have a professional workspace experience irrespective of who you are working for, even if you work on small gigs. 

How the consumer market was transformed

Open to all price points

The demand for consumer technology like Tablets, laptops, and wearables has become very high. Industries like ed-tech rely on these devices and manufacturers are drastically reducing price points for tablets and laptops of different specifications to cater to the rising demand. For example, a remote learning tablet or contactless digital kiosks at public places come with lower specifications and variable price points. Before the remote working and gig economy were prevalent, purchasing a tablet was expensive, but now it’s much more affordable for students and workers. 

Equal distribution of wealth and opportunity across the world

Imagine the teachers of yesterday who had decent paying jobs even though they lived in villages, Tier II or III cities. They were respected and received all the employment benefits. But suddenly, they couldn’t even go to school every day and their income source was cut off. But now, teachers can easily get onboarded on ed-tech platforms from remote villages and teach globally through consumer technology thus enabling equal distribution of wealth and opportunity to every corner of the world. Same goes with handicraft workers like village and tribal women. They can easily sell their goods on social commerce platforms like Meesho.