“Urban Company is an at-home service-based platform. The company’s business model is simple, it connects customers with the service provider. It offers different services like spa, repair work, beauty, cleaning and more.”
Urban Company has truly revolutionized the concept of at-home services. Customers can avail services like beauty, spa, repair work, cleaning, and more from the comfort of your home. Urban Company valuation is growing, and it has become a household name because of its unique business model; it helps connect service providers with service seekers. It works like a car booking app once you have booked a cab, it comes at your doorstep to pick you up. Similarly, if you are looking for a beauty expert or a plumber, all you need to do is get in touch with Urban Company. It aims to deliver affordable and authentic services to the users.
Home services sector has always faced challenges when it comes to transformation. But Urban Company with its team of professionals has changed the scenario. Its business model ensures sleek connectivity of skilled professionals with service users.
To give immediate access to reliable certifications and inexpensive services to the customers.
Urban Company is an online platform that caters to the basic needs of the users. In its initial days, the company was like a search-and-find tool. Today, however, it has outgrown and has a list of professionals that serve users in real-time. Users can book their services using Urban Companys website and app.
To book a service, you need to select the service as per your requirement and then schedule it as per convenience. In addition, Urban Company also promotes the trained local business professionals and provides them opportunities to grow by allowing them direct access to customers.
The full-stack startup is capable of performing automated matchmaking through algorithms. The company also provides public safety to make the platform more trustworthy. It conducts background checks and police verification of all the service providers.
For services like plumbing, beautician, home maintenance the company accepts money from the app and then charges its dues to hired assistance.
The company pays lead generation and sponsored listing to the experts.
They do not charge the customers directly. Once the order is approved, the specialist pays a fee. If the service provider is capable of luring the customer to avail the service, then monetizing is a success.
The business model of Urban Company is a successful one, currently, the organization is using technologies like Artificial Intelligence and Machine Learning to improvise their services. With the help of technology, the app discovers data insights and patterns of the users.
The organization uses a four-way approach to earn money. This includes two categories: one is a booking section and the fixed pricing services accounts, and the second one is a non-booking or variable pricing services.
Approx. 80 percent revenue of Urban Company is generated through subscription. In the commission-based process, they charge the business owner with some percentage of the total price of the service.
This way they successfully provide customers with fast reliable services. The startup asks specific commission from each vendor as per their job.
Urban Company follows a strategy in which they charge specialists for lead generation and listing for the second group (interior designers, yoga instructors, or photographers). The process is like a reverse auction. This method allows the customers to spend their time in gaining a better understanding of the operation, they do not have to book the service instantly. A specialist must pay a fee if he wants to approve the request. Monetization depends totally on the specialist ability to convince the customers.
It provides a good way to sow the seeds of income. But the primary source of generating profit for Urban Company is through charging commission. The customer provides all his requirements in lead generation. Consequently, either the client can contact the service provider or vice versa.
By following this model, the popular service providing startup is increasing the number of serviceman customers looking for a particular service.
Note: You can read our blog for better understanding of on-demand applications and how they have transformed the service sector post pandemic.
Advertising is one of the leading ways of earning money for the Urban Company. Many big organizations, manufacturers, and suppliers use the platform to display their advertisements in return for the companys advertisement fees.
Urban Company valuation has increased greatly in recent years and is evolving consistently. The company is using artificial intelligence and machine learning to evaluate customers demand.
SynapseIndia has been in the industry for more than 20 years and our professionals comprehend the market as per its needs. Our team has pioneered in developing on-demand mobile applications. To know more about our services and quotes reach out to us.
Urban Company captures customers needs, manpower allocation, and then monitors everything which was challenging for the Urban Companys team. But now the company is utilizing technology to manage loopholes effectively. They are using methods supported by AI and ML to simplify the way decisions are made.