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 USA is going to reach 170 million.
So, now with e-Commerce horizon undergoing rapid growth, many retailers have begun utilizing the web to their advantage. After all, 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 number of 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 it’s 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:
- Internet shops: Among the most prominent branches, it is also termed as B2C (business to customers) service. In here, people can place orders and pay online.
- B2B (Business-to-Business): In here, businesses, such as wholesale dealing, manufacturing, trading exchange the goods or services.
- C2C (Customer-to-Customer): In here, the deals take place between the customers. For instance, there is eBay & other similar platforms.
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 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. Survey tells that average session length, on both platforms, Android & iOS devices, has experienced a rise by 174% year-over-year.
In case of 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 by the study by Google ZMOT (Zero Moment of Truth), 81% of the purchases made from smart-phones are spontaneous;
- 90% of the consumers tend to move between screen and devices to complete their purchase;
- 30% of consumers abandon a transaction owing to disappointing mobile experience;
- Each 100msec increase in the load time decreases sale chances by 1%;
- Mobile transactions are expected to be easier as compared to offline (by 51%) or the desktop ones (by 50%);
- Positive & satisfactory mobile experiences forms a good opinion of the brand for 61% of consumers.
As per the research conducted by Forrester, in the year 2015, these statistics were over $115 billion in revenue and in 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 meet customers’ 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 the 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 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 the 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:
- Wish: It is the main and most-visited website consisting of a wide assortment of products, such as clothing, cosmetics, bags, gadgets, etc.
- Geek Wish: This application specializes in hi-tech electronic devices and gadgets. Thus, here the customers can purchase smartphones, laptops, watches & other technically advanced products via this app.
- Mama Shopping: This app is dedicated to pregnant women and young mothers, as the options offered here are for the kids/children. The items may vary from child-care products and clothing to accessories that are available for buying through this mobile app.
- Cute Wish: Focusing on the accessories and beauty products, this online beauty parlor app is for girls as it offers a range of cosmetics, clothing, accessories, and makeup products to transform the visual appearance of women.
- Home Décor: This app is where one can find tonnes of home accessories. This Home Décor app allows homeowners to create an authentic home décor mobile app with exclusive interior products.
- Wish app for Merchants: This mobile app exclusively serves the retailers & wholesalers’ needs, providing them all access to all features & tools of app with the simple registration that keeps track of all purchases and transactions.
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 Wish’s success?
In terms of strategies, well there were quite a few and we have mentioned them all here.
- Offering large discounts;
- Balancing between the low prices and satisfying quality;
- Customization and personalization of goods’ categories in various applications;
- Displaying the goods in a right manner; thus targeting impulsive buyers (same way as supermarkets apply);
- Connecting the buyers & sellers without giving them permission to communicate directly with each other;
- Concentrating on the mobile platforms;
- Placing stakes upon the gazillions of unknown, but productive Asian providers;
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 seem 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 this low prices, people must be ready to a trade-off, what do you think?
Despite of this, Wish.com founder is very much optimistic, as he says, “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!
What are the features of a Wish-like Mobile App?
As it comes to the feature panels, basically there are three users:
- Customer: Front-end (Mobile & Web App User)
- Merchant: Front-end Web Panel User
- Admin: Web-based Backend User
Features of Customer Panel:
Features of Merchant Panel:
Features of Admin Panel:
Additional Features of a Wish-like Marketplace App:
- Manage Login Session: At this section, the Admin manages the login bonus for users. The one who uses the system actively will be getting bonus in the account wallet. The system captures the login session of each app user.
- Personalization: This feature enable users to get specific result based on the following factors (with API integrated required to fetch data), like Browsing Behavior, Location – GPS API, Culture, Festival, Order History.
- Manage Warehouse: Here, the Admin manages warehouse where the merchant inventory is managed. In this section, the Merchants send their own inventory for managing to ship. Once the order is placed, the remaining tasks are handled from the warehouse.
- Shipping: Here the system integrates shipping API for tracking shipment from the source to destination.
- Google Map Integration: Here the entire of store is displayed on map, where users can search for the store and the map will navigate them.
- App, PWA & Website: Here, the system is implemented on the website, PWA & mobile app, so that it is accessible on any device.
- Auto-Tax calculation: Here, the Tax calculation API is integrated with the app system that auto-calculates the tax for each of the products.
- Multi-currency Support: In this functionality, at the time of making the payment, the user is facilitated to convert currency, thus currency converter API is integrated to convert payment value as per select currency via Google currency API.
- Analytics & Reporting: Here in, the system analyses and tracks data using some of the API user & technologies. The system tracks User measurement, ad visitor, ads tracking, conversions, etc.
- Payment Gateway: In order to make online payment of product purchases, Payment API is integrated like Stripe, Braintree, PayPal, etc. Payment gateways are used as per restriction such as for specific country or worldwide.
- Cloud Storage: This functionality is useful in storing data on the cloud. Thus, the system is able to access and manage the data anytime, anywhere.
- CRM Integration: This functionality is useful in enhancing marketing via SMS, email, etc. The admin deals with user analytics, promotions, email templates communication.
- SMS Gateway API: This feature is useful to communicate with the client via SMS.
- CMS Integration: With content also being the core of this platform, thus this functionality helps the app user to read correct information of the system & know about the system.
Monetization Model of Wish-like Mobile App
What Wish.com does it that it makes a living on 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.
- Real-Time Analytics: Azure Stream Analytics, Spark Streaming, Apache Flink
- Cloud Environment: AWS
- Database: Mail Chimp Integration, Postgress, Cassandra, HBase, Mongo DB
- Universal Operating System: Debian
- For emails: Mandrill
- For Database Management: Datastax
- For Powerful programming: GWT
- Payments: Paypal& Braintree, e-Wallet, Stripe
- Phone, Voice & SMS Verification: Twilio, Nexmo
- Push Notifications: Push.io, Twilio
- Cloud Storage: For this, cloud storage server like Google Cloud Storage, Azure & Amazon S3 can be used. The storage server is crucial in the media platforms as it handles thousands of requests per second much efficiently.
- Content Delivery Networks (CDSs): In order to serve user experience, one requires using highly scalable CDN services in order stream media securely. For this, either one can configure its own media server or can use cloud streaming server to stream, like Amazon cloud front.
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. 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:
- Project Manager
- App Developers (Android & iOS)
- UX UI Designers
- Back-End Developers
- Database Expert
- QA Expert
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 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:
- U.S. Based Development Company: $50-$250/hour
- Eastern-Europe Based Development Company: $30-$150/hour
- India-Based Development Company: $10-$80/hour
Next, let’s find about the cost of technical aspects:
- Technical Documentation: $1000-$2000
- Front-end & Back-end Development: $9000-$12000
- UX/UI Design: $1500-$3000
- QA & Testing: $2000-$3000
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.