Although lots of people dream to be an entrepreneur, it used to be difficult to achieve before the arrival of the internet. However, developing an eCommerce platform in today’s technology-intensive world is within the scope of everyone.
Moreover, online shopping has become one of the most popular reasons for people to use the internet. According to the Global eCommerce Forecast 2022, the eCommerce market sales will surpass $5 trillion for the first time despite its slow growth this year. By the end of 2025, the sales will exceed $7 trillion!
From the data, it is clear that the eCommerce marketplace is the most profitable option for online retailers. And if you are new to the eCommerce industry and want to be a part of it for the first time, it is important to clear the basics before moving into the planning and production stages.
Without further ado, let’s get started!
What is an eCommerce Platform?
In eCommerce, products or services can be bought and sold over the internet. A leading eCommerce platform provides customers and sellers with the ability to sell and purchase products from the comfort of their homes.
An eCommerce platform provides targeted marketing, persistent and personalized experiences, and improved customer service with a glance at customer transactions and interactions across the platform. It is used by consumers to explore and discover products of their choice, add these products to the cart, choose delivery options and payment methods, and proceed to checkout.
eCommerce Selling Statistics
With the regular growth of eCommerce, businesses get new opportunities to bond with their target audience. By using a well-developed eCommerce platform, one can provide remarkable and convenient shopping experiences to their customers.
Why do we believe eCommerce web apps can be beneficial to your business? Well, we will let the stats speak for themselves.
By 2023, online sales will account for 22% of global retail sales.
As estimated by Statista, the sales in eCommerce stores will reach 22% of retail growth worldwide by the year 2022, in contrast to 14.1% growth in 2019.
Although some of the growth rates are driven by the creation of more and more eCommerce platforms, the majority of it is due to the shifting shopping trends. Using the benefits of this global marvel, business owners can offer customers the chance to buy a product they want whenever they decide. By using international shipping and sites, they will also be able to reach out to clients overseas.
In 2021, a 14.2% increase in eCommerce sales was estimated.
Based on the statistics by The Census Bureau of the Department of Commerce, eCommerce sales have increased by 14.2% in sales. Moreover, eCommerce sales in 2021 accounted for 13.2% of total sales with $870.8 billion.
Customers have moved more and more to online shopping in recent years, which makes it easier for business owners to develop an eCommerce platform that offers high-quality shopping services while building loyalty among their customers in this post-COVID world.
Retail eCommerce sales by country, 2022-2025: CAGR (Compound Annual Growth Rate)
Brazilian retail e-commerce will have a CAGR of 20.73% between 2022 and 2025, according to Statista. Global e-commerce retail CAGR was 11.35 % during the same period. But remember, some product categories are more popular than others when it comes to online shopping. So choose the category that is prevalent to attain good revenue for your business.
Benefits of an eCommerce Web App
Although there are several benefits that an eCommerce web app can offer to a business, some of the major reasons why you should have one for your business are:
- eCommerce platform allows you to reach your targeted audience worldwide which isn’t possible with brick and mortar stores.
- To establish a physical store you have to pay loads of money either to rent or buy a store. Store design, signboards, equipment, staff, inventory, etc. are some of the upfront costs of these stores. However, you don’t need any of those and simply go for a dropshipping eCommerce store with virtual storage that will reduce the costs to establish your startup.
- Using eCommerce platforms, you can create a unique and personalized shopping experience for the customer through videos, stories, social media, email marketing, etc. This will convince the customers to buy products more often than they would have at an offline store.
- When customers buy from the sellers on marketplaces like Amazon or eBay, they are not aware that you are the seller. However, if you build an eCommerce store and work on building brand authority, customers will not only remember you but also visit your store whenever they need something ensuring direct revenue.
- Another advantage of the eCommerce platform is 24/7 availability. Moreover, by running ads on different social media platforms you can attract customers day and night, giving you a competitive advantage.
- With an eCommerce platform, you can generate revenue through impulsive buying as 80% of the youth are inclined to make purchases online based on vibrant colors, attractive product photography, and scarcity techniques like countdown timers, limited stocks, etc.
How to Build an eCommerce Web App Step-by-Step
Developing an eCommerce platform is way easier than you would have imagined. Although there are multiple eCommerce platforms like Oberlo, Shopify and WooCommerce using which you can create your own eCommerce website, creating a custom web app by hiring experienced developers can prove to be more secure and reliable.
Additionally, you can build an eCommerce platform like Shopify that others can use to build their website and generate revenue from them.
The right steps to build an eCommerce platform are as follows:
- Determine your business goals and objectives
- Select an ideal eCommerce platform approach – off-the-shelf or custom
- You can choose whether to host your website on-premises or in the cloud
- Outsource experienced development team from companies like Decipher Zone Technologies
- Choose the right technology stack
- Develop the platform and add products
- Add secured payment gateway
- Test, review, debug and deploy your online store in the production environment
Cost of Developing eCommerce Platform in 2022
The cost of developing an eCommerce platform depends on different factors, while some of them could be set up within a few hundred dollars, others can cost hundreds of thousands of dollars.
Professional developers will work on the frontend, backend, UI/UX design, databases, hosting, different panels, etc for developing eCommerce services and custom eCommerce web applications for your business.
However, the exact cost cannot be stated without evaluating the requirements and goals you want to achieve through the eCommerce platform in 2022.