Taskmo witnessed Remarkable 220% Year-Over-Year Revenue Growth, E-commerce and Fintech are driving the gig economy: Taskmo Gig Index

Taskmo, a gig discovery platform announced 220% year-over-year (YOY) revenue growth for the fiscal year 2023.

Taskmo has worked with 200+ brands and 1000+ projects across the country, Taskmo has successfully completed 2 million+ tasks with the help of over 75,000+ gig workers till now. Clients range from start-ups to Fortune 500 companies including Amazon, Flipkart, Tata Group, Reliance, Paytm, Bajaj Finance, Byju’s, Uber, Meesho, Ola, Swiggy, Zomato, SBI, Airtel, ITC, Bharatpe, Phonepe, and BigBasket among others. Taskmo is currently serving across 10,000+ pin codes in the country.

Taskmo has witnessed over a 55% rise in gig workers’ participation within the last year. The demand for gig workers has increased by 5X, as in June 2022 the demand was 40-45 million whereas in May 2023 the demand has raised up to 200 million.

According to Taskmo Gig Index (TGI), a tool showcasing monthly demand and supply trends in gig work across the country, the Ecommerce, Quick commerce, Fintech, and FMCGs sector have shown the highest demand by offering gig work in the last year.

Commenting on the gig job trends for the year 2022-2023, Prashant Janadri, Co-Founder, Taskmo, said, “The rise of these sectors, driven by technological advancements and changing consumer preferences, has created numerous opportunities for individuals to engage in flexible and on-demand work arrangements.” He added “E-commerce has experienced exponential growth, especially with the increased adoption of online shopping and delivery services. This has led to high demand for gig workers in areas such as package delivery, last-mile logistics, and warehouse operations.”

As per the Taskmo Gig Index, demand for gig workers rose across Ecommerce (up 25 percent) and Quick commerce, (up 35% percent) sectors, driving the highest job opportunities in the past month. The percentage has increased given the upcoming Great Indian Sales and Prime Day Sales on Amazon and Flipkart.

In the last year, the gig market witnessed a mounting gig job demand in the e-commerce sector, fostering a similar trend for job roles such as last-mile delivery executive roles, pickers, packers, sorters, customer support, field sales executives, and quick commerce sectors. With the growing demand and popularity among the youth for the gig economy, Taskmo has witnessed a 220% YOY revenue growth.

E-commerce leads as the growth driver for delivery executive roles

The pandemic-led consumer buying behavior has built significant growth in platform usage and digital payments. In the past few years, these trends have been adding to the sprouting demand for gig workers in quick commerce and E-Commerce industries, which continue to gain momentum over the year.

Other FMCG companies such as Britannia & ITC oversee FMCG hiring (up 8 percent). Similarly, HDFC, CRED, Paytm, Amazon Pay, Dunzo, and Zepto top the chart across Fintech and Quick commerce sectors observing job demand (up 6 percent). Edtech (up 5 percent) and Foodtech (up 4 percent) industries have also experienced steep demands for gig workers on leading platforms such as Byju, Swiggy, Zomato, etc.

Following the growth of the e-commerce sector, job profiles such as last-mile delivery executive’s hiring increased by 18%, followed by a 15% growth for the Tele-callers role. In addition, the Index observed a positive month-on-month hiring trend for the gig job roles such as Business Development Executives (7%), Digital and Brand Promoters (6%), telecallers (4%).

Youth participation increased by 20.1%

For teenagers, the gig economy is a major attraction over full-time employment due to the flexibility and independence it has to offer. The gig economy is creating better work opportunities by making them accessible to work across the globe and making work more adaptable to the changing needs and demands for flexible lifestyles. It gives workers the freedom to choose when and where to work and at the same time determine working hours according to their convenience. According to a report, currently, youth participation in the gig economy is more than 68%.

“As the concept of gig is finding wide acceptance, there is a surge in participation of youth, who are preferring to take up gig job roles. The career paths of young professionals today would look nothing like that of the 2000s. Gig helps individuals explore their true potential, talent, and preferences. Younger generations are also more open to exploring varied opportunities. It’s good that they do not want to limit themselves to work that comes with boundaries,” said Prashant Janadri, Co-founder, Taskmo.

Business development executives, field sales executives, last-mile delivery executives, digital promoters, and telecalls are the top roles for which youth are getting hired. Tier-1 cities like Bengaluru, Delhi, Mumbai, Hyderabad, and Chennai are the major employers of youth in gig jobs because of the opportunity it has to offer. Tier 1 cities are the hub of companies, headquarters, and offices; it eventually increases the demand for blue-collar and white-collar gig workers.

Demand in Tier 2 and Tier 3 markets continues to grow.

The overall gig hiring boosted in Tier 2 cities (up 28 percent) and in the Tier 3 market (up 23% percent) as prominent recruiters strengthened their presence in these markets, promoting a trend of hyper-local recruitment. Amongst all the monitored cities, Bhopal outpaced Tier 1 cities, with a 35% rise in gig hiring demand, followed by Mysore (up 28.4 percent), Vadodara (up 24 percent), Pune (up 18 percent), and Coimbatore (up 14.5 percent).

While the overall hiring speed has declined in the Tier 1 market, the city-specific figure showcases moderate hiring activity in markets such as Bangalore, Delhi, Mumbai, Hyderabad, and Kolkata.