Online shopping has become a recent trend as people are excited about the convenience and comfort of buying products online. The concept of an online marketplace is a simple yet highly efficient one. As time changes, the demand for eCommerce apps surges which assist people in ordering their favorite products and receive them on a specified date & time. Wish clone app development is one perfect example of the online marketplace platform, which is known for extremely low prices and a large variety of products. However, investing in e-commerce app development is a top-notch business idea in this digital age.
Developing An App Like Wish Is A Profitable Business
It is one of the leading eCommerce platforms, which was founded in 2010. In the initial stage, it offered a coupon bidding service. Later on, it transformed into an online marketplace platform. As of 2019, it is the third biggest e-commerce app in the United States. Its annual revenue generation is $1.9 billion.
In 2020, the net worth of the ecommerce industry was nearly about $431.6 billion. By 2025, it is forecasted to reach $563.4 billion. Undoubtedly, China holds the number 1 position in e-commerce and it is expected to stay in the same position even in 2025. These stats clearly indicate that entering the e-commerce industry with the Wish like app is a profitable one.
Core Features Of An Ecommerce App
- Catalog – Vendors have the option to add a catalog. It includes creating different categories, adding titles & descriptions, uploading product images, editing costs, and deleting existing products. This information helps the customers to know more about the product they want to buy.
- Create a profile – It is the mandatory feature in both the customer app and vendor app. This feature lets the vendors/customers sign up with the app using relevant details. Then, they have to link the bank accounts for a seamless payment experience.
- Easy checkout process – Customers choose the products to purchase upon searching them from the available products list. The chosen products will be saved in the cart for review. Once they confirm the order, the app displays various payment options to choose from. Ensuring the simple checkout process makes the customers shop more.
- Delivery tracking – This feature seems to be an essential feature in any eCommerce mobile app. Customers can check out the delivery status of their ordered products in real-time and know the estimated delivery date & time.
- Multilingual – This feature facilitates the customers to change the app’s language as per their choice. Providing multiple languages helps to get attention from diverse audiences when you want your app to go global.
- Suggestions – The app displays product suggestions based on the customers’ previous orders and searches history. However, knowing the customers’ preferences is necessary to run a successful business in the long term.
- Delivery date & time – You can allow the customers to choose a particular date & time for product delivery. This will diminish the back and forth of vendors, customers, and delivery people. Moreover, the chances of returning the products without being delivered will reduce considerably.
Business Model Of Wish You Should Be Aware Of While Starting An E-commerce Business
Wish acts as a mediator between customers and vendors. As time goes, it transformed into a bigger eCommerce platform that offers products at an affordable price. With the expansion of vendors and customers base, the platform increased the commission rate.
The app facilitates the customers to choose the products they like to purchase. After that, they can proceed with the checkout process with a few taps. Once done with the payment process, they can track the delivery status and determine the estimated date of arrival.
Stepwise Approaches To Consider While Developing An App Like Wish
Even though each app’s methodology is different, its development process is the same. The following simple steps will help you through the process of developing an app like Wish.
Step 1 – Idea formulation and confirmation
First, you should ensure that your business idea is worth investing in. However, knowing your target audience and understanding their needs is most essential when you start a business. Ensure that your app idea meets your customers’ demands. Determine your competitors and strategies they followed for enhancing their business. Feature-set is the core appeal of the app. Therefore, choosing the right set of features is necessary. Having a unique selling point will differentiate you from competitors.
Step 2 – Conduct Market Research
Market analysis helps to know the demand of apps you want to launch. Accordingly, you can frame your business plan. Once you define your business objective, you have to know your customer persona and draft research survey questions. You have to conduct a survey in an informative way. Performing market research helps to get a better understanding of your target customers, business opportunities, and competitors.
Step 3 – Build a Wireframe
Once you have crafted an app idea, it is time to implement it in reality. For this, everything you have to do is partner with a perfect mobile app development company like us. Discuss your idea with us. Then, we develop a wireframe of an app that will display the functionality.
Step 4 – Choice of App Platform
There are three common options available for app development, namely Native app, Cross-platform app/Hybrid app, and web app. It is your choice to opt for any one of these options depending on your requirements. You can decide the platform to launch your app based on your customer persona. When you want to target a larger customer base, it would be better to launch your e-commerce app on iOS and Android.
Step 5 – Development Phase
Now, it is time to give a proper structure to your app. This comprises back-end development, API integration, and front-end development. Consider choosing the right & recent technologies for app development. Notably, the technology stack varies depending on your requirements.
Step 6 – App Testing
In this stage, you have to ensure that your app is free from glitches, bugs, and errors. Testing involves documentation testing, functional testing, usability testing, UI testing, performance testing, security testing, and certification testing.
Step 7 – App Launch
Launching a beta version of your app helps to collect valuable feedback from your target customers. In case, if your app needs improvement, you can make necessary changes. Now, it is time to launch the fully-functional app in Google Play Store, Apple Store, or both.
Noteworthy Monetization Strategies To Consider For Generating Revenue From an e-commerce App Like Wish
Let’s explore the possible revenue-generating streams that can be adapted to generate income from an e-commerce app like Wish.
Commission Revenue Model
You can cut a certain percentage of the amount from the customers on each transaction they made for purchasing products. For instance, Wish follows the commission strategy by charging 15% of the total amount from the customers on each sale.
Premium Listing Revenue Model
You can charge the vendors for listing their products at the top. Making those products visible on the app will make the customers shop for those products. Featured listing is a great way for the vendors to gain more visibility for their offerings.
Listing Fees Revenue Model
Let the vendors list their products in the app. For this, you can set a fixed percentage of the amount to charge them. Ensure that you do not set a high price for collecting a listing fee because they may go with other online marketplaces to sell their products.
Other big players such as eBay, Etsy, and Alibaba are following this revenue model. On the other hand, Wish does not collect a listing fee from the vendors.
Advertising Revenue Model
Some of the multi-vendor marketplaces follow this revenue model for income generation. You can enable the vendors to display advertisements for a particular product on your platform to draw attention from a broader user base.
Membership Revenue Model
This revenue model allows you to get constant income from your app. You can set a particular percentage of the amount to charge as a membership fee from the vendors. Notably, this fee percentage does not rely on the vendors’ sales performance.
Make sure that the membership fee percentage does not exceed 40%. If so, vendors may switch to other affordable marketplaces for selling products. Wish is not using this revenue model for revenue generation. Amazon and eBay are exemplary examples of this revenue model.
Plan The Budget Of e-commerce App Development
Calculating the exact cost of the e-commerce app isn’t easy. It varies according to the individual business requirements. However, it mainly depends on the features and functionality of the app.
Other factors include app size, app complexity, company location, technologies, third-party service/app integration, app platform, etc. Time frame is one prominent factor that contributes to the e-commerce app development cost.
If you are keen on including more features on the app, the price will shoot up considerably. If you have budget constraints, consider integrating certain essential features in your app. Later, you can include additional features to make your app stand unique from your competitors.
Most importantly, opting for a multi-vendor Wish Clone Script is a pocket-friendly choice. It is a ready-made solution built using cutting-edge technology and infused with basic features. Contrarily, opting for app development from scratch is less expensive.
In a nutshell, your business requirements and needs will determine the app development cost. You can get a free quote from us to find out the exact pricing details.
In recent years, the eCommerce industry has been flourishing with the advancement of technology. Developing an online marketplace like Wish is quite a profitable idea. However, opting for the eCommerce script solution is a promising idea as anyone can start a business in a short time.