Fiverr International Ltd. (NYSE: FVRR), the company that is revolutionizing how the world works together, today released its Spring 2023 Business Trends Index, a collection of trending searches for services on Fiverr’s platform. Among the millions of searches on the marketplace, these services saw the largest percentage increase over the last six months.
Rapid shifts in the world of technology, coupled with an uncertain economy, have tested businesses’ ability to quickly adapt and evolve. Business leaders have shown they are eager to pivot their organizations and are looking to the latest platforms, technologies, and talent to elevate their businesses. This theme unites the top three trends that emerged: (1) Businesses are increasingly aware of the performance value of short-form video content, specifically on YouTube, (2) there is growing interest in leveraging generative AI tools, such as ChatGPT and Midjourney, and (3) e-commerce operators are looking to strategically elevate their business to compete in an economic downturn, leading to demand for Etsy and Shopify related services.
“While many business leaders are confronting the challenges of an unstable economy, never before have there been so many advanced tools and technologies at their fingertips,” said Hila Klein, COO of Fiverr. “The data we uncovered underscores their willingness to embrace nascent platforms, such as generative AI tools, and explore new strategies to keep their organizations competitive. It also reveals the key role freelancers play in providing business leaders with the skills and external expertise they need to quickly integrate these platforms and re-strategize, helping organizations of all sizes grow and evolve.”
These are the trending global searches over the past six months:
Short-form video content dominates social strategy
TikTok disrupted the market with short-form video, and now other social platforms such as YouTube and Instagram have created their own short-form video features. YouTube Shorts has emerged as a major revenue channel for brands and creators alike, surpassing 50 billion daily views earlier this year. The index data shows business leaders and marketers are investing more in this channel and similar platforms, taking advantage of the ad potential and exposure of short-form video. Given the dramatic growth in popularity of YouTube Shorts specifically, searches for “YouTube Influencer” alone increased by 145%.
- YouTube Shorts Video +64,624%
- Instagram Reel Editor +4,760%
- TikTok manager +1,445%
Integrating AI technology
As businesses have become aware of new opportunities to advance through AI, searches for AI-related services on Fiverr have skyrocketed. The number of searches for “ChatGPT” in the last six months is comparable to searches for “Facebook” and high-demand services such as “Product Design.” Many companies are exploring ways to integrate AI into their business platforms and working with skilled freelance developers to build custom solutions. Since the beginning of the year, earnings for freelancers offering technical AI services—such as AI app development—were responsible for the majority of revenue for AI-related services overall.
- AI Art +6,967%
- AI +1,088%
- Artificial Intelligence +56%
Etsy and Shopify businesses strategize to keep customers shopping small
While the full impact of the global economic downturn remains uncertain, there are signs consumers have become more price-conscious and are cutting back on spending. Business owners are looking for experts to help them tailor their strategies. Searches for freelancers with expertise as strategists on Etsy and Shopify saw a major uptick, as business owners look for guidance on how to draw in new and retain existing customers in a challenging market.
- Etsy Sales +5,348%
- Etsy Digital Planner +2,366%
- Shopify Manager +1,065%
Fiverr’s Business Trends Index also breaks down the fastest-growing searches for businesses in Australia, France, Germany, Israel, the Netherlands, Spain, and the U.K. A country-by-country breakdown is viewable here.
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