I just read the news about Fiverr’s latest product update from the 2024 Summer Product Release, and I can confidently say it’s set to revolutionize the platform!
So, what made Fiverr stand out in the first place?
I was freelancing for a decade, and at some point I tried Fiverr but eventually moved on. The marketplace model never appealed to me—I prefer offering my services without the productization concept Fiverr is based on.
Nearly 90% of my freelance contracts have been hourly, mostly through Upwork—one of Fiverr’s biggest competitors.
Why Hourly Over Fixed-Price?
Hourly contracts pay for the actual time spent working, not just the end product. I’ve had contracts with hundreds of hours logged, whereas fixed-price deals were typically one-time or very short-term engagements.
Why is this?
It might just be me, but the services I offer don’t fit well into a productized model. Hourly contracts offer the flexibility and fairness I need.
This is the main reason I never liked Fiverr as much as Upwork.
Hourly Rates: The Best Fiverr Product Release
When I read about the introduction of Hourly Rates, I thought: THIS is the missing piece of the puzzle. It always has been!
This is what Fiverr’s press release says:
“Fiverr Pro freelancers will, for the first time, be able to tackle bigger, long-term, and ongoing projects by offering a new way to engage with their customers. The new hourly rate hiring option allows businesses to choose how they work with freelancers that best suits their organization’s needs. This new flexibility is valuable as a job evolves over longer periods of time and for recurring consultations.”
As you can see, even Fiverr’s official statement highlights that Hourly Rates cater to “longer periods or time for recurring consultations.” This is precisely what was missing all along, at least from my perspective!
This change is significant and could encourage many clients to shift from Upwork to Fiverr for specific services. At the very least, this update offers more choices for both clients and freelancers!
Neo : Fiverr’s own Artificial Intelligence Tool
You have probably heard about Uma, Upwork’s Mindful AI, launched 3-4 months ago.
This was Upwork definition of UMA:
“Introducing Uma, Upwork’s Mindful AI
The Spring 2024 Update is headlined by Uma, Upwork’s Mindful AI. Developed on top of industry-leading large language models (LLMs) and customized with Upwork platform data, Uma underpins key experiences in the hiring and matching process that are critical to businesses and freelancers discovering each other, getting started, and completing more high-quality work.” (Upwork Press Release)
I have tried Uma myself and found it similar to ChatGPT in a sense that its content isn’t particularly Upwork-specific. However, from what I’ve seen, Uma doesn’t seem to offer candidate selection in the way Fiverr’s Neo does (if the screenshots I saw are accurate). (check this article)
This Neo definition as per Fiverr:
“Neo. Trained on Fiverr’s unrivaled data set, Neo understands how to get customers what they need. The expansion of Neo into the search experience is similar to talking with a knowledgeable colleague and explaining what outcome they want, with Neo doing the heavy lifting. Serving as an expert guide helping to provide more context for a project, Neo narrows down criteria, asks relevant follow-up questions, and introduces users to the freelancers who can get the work done, providing updated search results as your conversation evolves. Neo™ is now available widely across the marketplace to elevate the business experience.” (Press Release)
I saw in the article how a user asked Neo to recommend a seller based on specific profile criteria and got the results in seconds!
This is both amazing and a bit scary. How can AI decide our fate as freelancers?
This is becoming a reality, whether we like it or not.
However, we’ll only be able to judge its efficiency once we start seeing real feedback from users. This process might also be unfair to many rising talents.
Even Uma has sparked intense debates in the Upwork subreddit community!
The Introduction of Business Partners
The next major Fiverr Product Release update is the Business Partners feature.
While Upwork freelancers and clients are already familiar with a similar feature, Fiverr is catching up with the competition.
Instead of struggling to hire multiple freelancers on your own, you can now use Fiverr’s Business Partners to handle it for you!
However, we all know how this service performs on Upwork—human selections often miss the mark.
Let’s hope AI does a better job! Can it? Only time and user feedback will tell.
This was a summary of the major Fiverr Product Release updates and how they will impact freelancers and clients.
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