Driven by the increased adoption of smartphones, the introduction of 5G networks, and the growing affluence of consumers, the Indian e-commerce market is projected to reach a value of US$ 200 billion by 2026, a significant rise from 2023, exhibiting an annual growth rate of 51%, the highest in the world.
The Indian e-commerce industry has been on an upward trajectory and is expected to surpass the United States, becoming the world’s second-largest e-commerce market by 2034. That is the reason why you should have an E-commerce app for your business.
What is an E-commerce App?
E-commerce is defined as the buying and selling of goods and services, including digital products, over digital and electronic networks. Electronic commerce (E-commerce) draws on technologies such as mobile commerce, electronic funds transfer, supply chain management, Internet marketing, online transaction processing, electronic data interchange (EDI), inventory management systems, and automated data collection systems.
E-commerce entity acts as a facilitator between buyers and sellers on a digital platform. multiple sellers interact with buyers and sell goods and the marketplace charges commission from sellers.
Types of E-commerce apps
There are mainly four types of E-Commerce apps. Discussed below are the same:
- Business to Business (B2B) – The selling of products between the manufacturer, retailers and wholesalers is called the B2B model of e-commerce. Here, the customer is not involved in the transfer of products or goods
- Business to Consumer – This is the generally used online portal where the e-commerce company sells directly to the consumer
- Consumer to Consumer (C2C) – The best example of this is OLX, where the consumer can upload their old products and resell them directly to the buyer. There is no interference from the manufacturers or retailers
- Consumer to Business – When a person designs or creates something new, they can sell it to the e-commerce company for further sales. This is called the Consumer to Business model
Benefits of E-commerce App
- The process of e-commerce enables sellers to come closer to customers, which leads to increased productivity and perfect competition. The customer can also choose between different sellers and buy the most relevant products as per requirements, preferences, and budget. Moreover, customers now have access to virtual stores 24/7.
- e-commerce also leads to a significant reduction in transaction costs for consumers.
- e-commerce has emerged as one of the fastest-growing trade channels available for the cross-border trade of goods and services.
- It provides a wider reach and reception across the global market, with minimum investments. It enables sellers to sell to a global audience and also allows customers to make a global choice. Geographical boundaries and challenges are eradicated/drastically reduced.
- Through direct interaction with final customers, this e-commerce process cuts the product distribution chain to a significant extent. A direct and transparent channel between the producer or service provider and the final customer is established. This way, products and services are created to cater to the individual preferences of the target audience.
- Customers can easily locate products since e-commerce can be one store set up for all the customers’ business needs
- Ease of doing business: It makes starting and managing business easy and simple.
How can e-commerce app development transform your business digitally?
In recent years, the number of smartphone and internet users has increased. In the online market, businesses are growing rapidly. Let’s discuss how an e-commerce app can transform your business.
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- Competitive advantage: customers want easy access to e-commerce platforms. The fast and reliable platform is an app, the app gives a more enhanced user experience than a website. Having an app can give you an advantage over your competitors.
- Better customer reach: The number of smartphone users is greater than any device. The fast network connection gives the users easy access to the app. You can reach a large customer base by using an e-commerce app.
- High conversion rates: via the app, it’s easy to navigate and make an order.
- Enhanced user experience: On the app, the user experience is better due to the high refreshing rate and app functionality.
- better customer service: On mobile, users can contact customer service anytime, anywhere which leads to trust building. Further, it will increase in repeat customers.
Steps to Develop an E-commerce App
- Research: the first step is to research about your customer segment and user behaviour, which are important to target your customers. Research about the app functions, UX/UI interface, chatbot options etc.
- Set the goals: set your business goals. Ask yourself these questions – What problems am I trying to solve? Who am I selling the product to? How do I understand if it’s successful?
- Choose the right platform: choosing the right platform, like an Android app or iOS app and what kind of technology you should use is necessary as it will have an impact on customers and your budget.
- Define future set: You already have user input, professional perspectives, industry trends, and the desire to surpass your rivals, so you have a better idea of the issues your product has to address and the features that will appeal to customers.
- Create UX/UI design; A great UX/UI design will give your customers an interactive experience, and it will lead to higher conversion rates.
- Build MVP: MVP aims to learn what users think of the product, cut development time, reduce risks, and allocate resources more efficiently.
- Gather feedback: try to get feedback from your customers and testimonials.
- Iterate: This is the last step to perform.
How supportfly can help you in e-commerce app development?
At SupportFly, we specialize in developing a wide range of e-commerce stores tailored to meet the specific needs of your business. Whether you are targeting consumers, businesses, or niche markets, we have the expertise to create a platform that drives success. As –
- B2B & B2C Marketplaces
- Social ECommerce
- Ticketing & Booking Platform
- eCommerce Aggregators
- Actions & Bidding Portals
- Saas eCommerce Solutions
Conclusion
If you want to stand out from the crowd in this competitive world of digital business. You must have an e-commerce app to reach customers. A better app can deliver
Having an eCommerce app creates many opportunities for your business, from fast access to users to a competitive advantage. We also looked at top players in the eCommerce industry, and now you have some trends to follow. But the bottom line in the overall eCommerce app development process is focusing on the customer and finding the best user-oriented solution.