Times have changed. And this is the era of the Internet Revolution we are in. We constantly witness the impact of the internet on our daily lives and the online marketplace is one of them, assisting people with the products that hold significance in their daily lives. Needless to say, it changed our lives for the better. Did you know that almost 150 million customers made the purchase for at least one article using shopping mobile apps or web browsers And going by this pace, it is expected that by the year 2019, the mobile e-Commerce market in the USA is going to reach 170 million.
So, now with the e-Commerce horizon undergoing rapid growth, many retailers have begun utilizing the web to their advantage. After all, the web holds a special place in everyone?s heart and it has its advantages to use it to your disposal. Meanwhile, this ease to select quality products & services within home confines has allured a large number of customers to e-commerce websites and web applications.
Hence, today more retailers have come up with their e-Commerce startups. There are a few names that are already prominent in this arena, like that of Wish, and most new startups consider Wish as an inspiration, as they make endeavors to earn a reputable status for themselves in the market. Despite having giant contenders like eBay, Alibaba, Amazon, and others, Wish shopping site successfully carved a niche for itself in the cyber market and hence enjoys the accolades coming its way.
E-commerce share of total global retail sales from 2015 to 2021
Understanding the e-Commerce Target Audience
Basically, e-Commerce is about purchasing and selling of good via the electronic channels, which are mainly three, like:
Meanwhile, despite the number of popular and giant internet platforms like Alibaba, eBay, and Amazon, Wish tends to be gaining more and more popularity among the masses these days.
Market Statistics of Wish marketplace
So, do you know that the Wish e-Commerce marketplace is shining bright in the mobile market arena as well In fact, as a survey by Flurry reveals that lately, the growth of shopping apps have been significant and a lot faster as compared to another application category. The survey tells that average session length, on both platforms, Android & iOS devices, has experienced a rise by 174% year-over-year. In the case of the Wish marketplace, it offers a specific mobile app for everything, so it changes how the customers find something, choose it, and decide to buy.
Here, let's find a quick note on the new behavior patterns that have been acquired as the consumers:
As per the research conducted by Forrester, in the year 2015, these statistics were over $115 billion in revenue and this year, it climbed to $142 billion this year.
Introduction to the Wish Marketplace
One of the largest shopping platforms, Wish was developed by Context Logic in San Francisco and it offers a large number of products to the audience to pick from. The Wish mobile app was created by Danny Zhang and Peter Szulczewskito to meet customer's preferences as they create a Wish-list. The app collaborates with retailers and wholesalers, offering an attractive bonus to customers. This way, customers can enjoy purchasing a range of products from clothing, accessories, electronic goods, fragrances at discount rates.
As per the co-founder Peter Szulczewski, their aim with Wish-marketplace is to be Google AdWords for the retailer, and as the state that they are reaching closer to their goals so far, all over United States market. Wish marketplace app connects merchants with customers across the globe. At present, there are more than 100 million customer accounts & 100,000 merchants, who are selling roughly 40 million items for the sale.
Mainly, the appealing part of the Wish-marketplace app is its Pricing. On the platform, everything from clothes and wearable to smartphone cases can be found with price 50%-80% lesser than the average. Yes, that that's really is the best thing about the Wish marketplace.
The tonnes of discounts & bargains it offers on just everything sounds amazing to all of us. Today, this platform is not just a simple Wish-list, as it now has transformed into this gigantic online shop that collaborates with both the retailers & wholesalers. Also, most of these items are unique and can?t be found at Walmart's shelves. To have a better understanding of the intricacies of e-Commerce marketplace app development like Wish, continue reading.
How does Wish Marketplace app work?
Besides the low prices & bonuses and tonnes of items, this platform relies on impulsive buyers. This is why it seems like a never-ending list of articles that are grouped into categories. The Wish mobile app comes for both iOS & Android platforms. Also, the developers involved in the app creation process built 6 projects which are related to Wish. So, how does Wish app work? Well, the fragmentation as per the particular topic simplifies the search procedure and makes the user experience much more personalized. Like, they took Facebook with its Messenger, which excludes all unrequired features. These projects are:
This way, in order to ensure that each of the users can find exactly what they require, the Wish marketplace app uses numerous personalized filters that are built on a base of the questionnaire that is supposed to fill in at registration time. However, despite which category you pick, you'll always see some extra-category items that were not even mentioned by you. So, that?s another advertising Szulczewski's trick and it certainly seems to be working.
What strategies worked in favour of Wishs success?
In terms of strategies, well there were quite a few and we have mentioned them all here.
Irrespective of the fact that Wish online shop presently has more than 350K of 1-,2- & 3-star reviews in the Google Play (with most of them being associated with their long terms of delivery), the average mark of Wish is 4.5, as compared to the Amazon?s 4.3. Still, this number of unsatisfied clients seems to be surprising, as this platform enables purchasing items 50-80% cheaper than one could pay at local malls. So yes, maybe customers are annoyed with the time of delivery. They often wait for two to three weeks, and this often causes a lot of complaints.
But still, when buying at these low prices, people must be ready for a trade-off, what do you think? Despite this, Wish.com founder is very much optimistic, as he says, Do we think we're going to be the second or third trillion-dollar-a-year marketplace, says Peter Szulczewskiwith a certain sense of conviction. While many might be amazed at this kind of assuredness, there are others who are curious whether this kind of prognosis may even prove true. Well, guess one has to wait to see it!
What are the features of a Wish-like Mobile App
As it comes to the feature panels, basically there are three users:
Features of Customer Panel:
Features of Merchant Panel:
Features of the Admin Panel:
Additional Features of a Wish-like Marketplace App:
Monetization Model of Wish-like Mobile App
What Wish.com does it that it makes a living in the e-Commerce arena by keeping 15% of the price of each purchase made by the user. The monetization scheme, thus, differs from Alibaba and Amazon, as they tend to charge 15% on top of purchase's cost.
Required Technology Stack:
Right technology implementation is a must for developing featured rich Wish Marketplace app. Therefore, for crafting out the polished app and for making it abreast across the industrial niche, the technology is certainly the one that is required to be selected very smartly.
How to pick e-Commerce Marketplace Mobile App development Company
If you are successful in finding the right e-Commerce Marketplace Mobile App Development company, then you will be able to successfully craft a sophisticated and feature-rich at a reasonable cost. There are numerous app development firms out there that offer great services all around the globe. Do you have to simply ensure that the mobile app development team that would work on your app is high-experienced and well-qualified and then you are good to go?
Required Team Structure:
In order to create an app like Wish, you need a set of professionals, like:
How much it Cost to create a mobile app like Wish
Well, calculating the exact development cost of a Wish-like mobile app is quite difficult. Mainly, the cost to develop this kind of app depends on three factors like a number of platforms on which the app is to be developed, size & complexity of the mobile app, and the country where the app development company is located, as different countries have different hourly rates, like:
Next, let's find about the cost of technical aspects:
After adding up the overhead expenses, the app development cost will be somewhere near $10000-$20000 for a single platform (either iOS or Android). Meanwhile, if you are keen on adding more features to the app, then the cost will shoot up to $25000 when you get an app developed in India, thus it is still a reasonable amount.