We’re seeing a new trend emerge in the form of the Flex Economy, where consumers can earn extra ‘top up’ income. The Flex Economy is represented by the app-based economy that every day provides millions of people all over the world the flexibility to live, work, and access food and essentials on their own terms. By Megan Neale, CIO, Limitless
Given the current economic climate, the need for people to have more financial security is more important than ever before. A recent study showed that Gen Z were saving 14% of their income on retirement, which is more than past generations. Therefore, the number of people opting to take part in the flex economy across a wider range of social demographics will no doubt accelerate. Younger demographics tend to be known for being more in touch with the tech-based world but over the last few years, there has been an increase of people across all demographics taking part in the app-based economy.
Are side hustles on the rise?
Generally considered an alternative way to earn additional income, a side hustle or a side gig is separate from your primary job. Side hustles aren’t part-time jobs either. The beauty of a side hustle is that you can work on your own schedule. A recent survey found that 76% of app-based workers were Millennials and Gen Z with more than half of this demographic using more than one app-based platform for work. Almost a quarter were 45 and above which shows that side hustles are popular in every demographic.
Having a side hustle is not a new concept. People have been taking side gigs for a long time. The phrase was coined in the 1950s when traditional jobs were scarce and people needed income.
However, the main difference between a side gig of the past and a side gig today is technology, as side hustles can be conducted via your phone alone. Not constrained to a worktable or office desk, you can operate from the comfort of your own couch, your favorite coffee shop, or even a park bench. In fact, this can all be done anywhere through apps on your phone.
There are also a range of side hustles in different industries that allow people to pursue different careers and be creative with their time. Some common side hustles include freelance customer service, social media management for small businesses, marketing roles, tutoring, online music lessons, administrative tasks and many more.
But how much is this trend being driven by the recession? While there are many reasons a person would choose to boost their income with a side gig, they are often necessary to make ends meet for many people.
This is especially true when wages remain stagnant and the cost of living keeps increasing. Individuals are juggling side hustles alongside their day job just to live a comfortable lifestyle. Bankrate’s survey showed that 3 in 10 working Americans with a side hustle say they need the extra income to help cover the cost of regular living expenses.
Consumers look at a company’s customer service as a key aspect for potential business with them. Many are likely to switch companies immediately after a bad customer experience.
This is where GigCX experts could play a pivotal role; GigCX is the term used for deploying a gig-based crowd of people to provide customer service via an app. This allows individuals to provide customer service from anywhere in the world.
Those who already have a demanding primary job, restricted schedules, or the inability to possess a vehicle are still able to reap the rewards of gigs as they can access the app from their phones and they have the ability to choose a time that is convenient for them. GigCX has become a fast-growing side hustle because of the multifaceted benefits it brings to brands, consumers, and Experts alike.
The increase in brands and businesses using a GigCX model is only going to continue to rise, with Gartner predicting 35% of the CX industry will be gig-based by next year. This allows knowledgeable consumers of those brands and services to earn extra income by becoming experts and helping to answer customer related inquiries through the platform.
It’s a win-win for both consumers and the Experts, as consumers will receive a higher level of customer service from someone who is very familiar with the company. Plus, Experts get to work for a brand they love and help people with issues they may have faced themselves.
The bottom line
Side hustles can be a helpful tool and allow for extra income and different lifestyles. As the flex economy becomes more prominent, side hustles will increase. Whether this is due to ease of technology or the cost-of-living crisis, GigCX can help people dive into a side hustle and increase their income at a time that is convenient for them.