E-Commerce or electronic commerce business means selling, buying or making a transaction over the internet in the digital marketplace. That marketplace provides products or services to the customers. This system is integrated with a secured payment gateway to facilitate product purchases and financial transactions.
Now eCommerce market demands the transformation of brick-and-mortar stores into an online marketplace. From this concept, the eCommerce Business App Development idea comes in.
From customization to creating a great user experience, a couple of eCommerce apps, create a great impression among the users. They are eBay, Amazon marketplace, Netto-app, Amazon Prime, Netflix, YouTube premium, and many more.
Global market size:
The global market size of the e-commerce business was valued at USD 9.09 trillion in 2019. It is predicted that it’ll grow at a CA GR of 14.7% from 2020 to 2027. Digital content, travel and leisure, financial services, and e-tailing among others constitute a variety of e-commerce options that are now available in Mobile App Development.
Therefore, most business persons want to step into the mobile apps sector by focusing on eCommerce app development. When they are planning to develop such apps, the prime question they mostly want to know is how much does it cost to build eCommerce app.
But, before app development for eCommerce, you should know how your eCommerce business generates highest revenue in 2022 via mobile app.
5 possible revenue streams of an eCommerce business:
The eCommerce business is classified based on their revenue models. There are ranges of option through which eCommerce app development industry can make money. Here, we’ll explain 5 possible revenue streams of an eCommerce business.
You can charge a commission from the advertisers who showcase their ad on your app platform and redirect your traffic to their site.
Some eCommerce businesses, like Netflix, YouTube Premium, and Amazon Prime earn revenue by charging a subscription/membership fee from buyer and seller to access the services like watching movie, listening music, reading books, etc available on the application.
You can predefined a percentage on each product which is sold on your app by different sellers. This is the most guaranteed and popular revenue model.
Due to high level of competition that vendors/sellers want to pay more to showcase their products and services on top. You can earn from them by featuring their product on top.
You can make partnerships with other third-party websites and serve as their affiliate partners. In this way, you can redirect visitors to those sites and earn commissions whenever the redirected visitors purchase something from those sites.
How much does it cost to build eCommerce app?
The cost of the eCommerce app development largely depends upon the goals and revenue models of your business.
Every eCommerce applications stand on three main pillars- User Panel, Vendor Panel and Administrator Panel. The general features of these three panels mainly regulate and maintain the entire function of the app.
The user panel features are used by customers, whilst the vendor panel features help retailers provide goods to clients without any hassle.
If you want to stand out in this highly competitive E-commerce market, you have to add some advanced features to your app. They are as following.
• Innovative UI/UX designs
• Push Notification
• Sign Up with Social media or G-mail
• Chat bot for 24*7 Customer Support
• Role-Based Dashboard
• Real-Time Analytics
• Using AI
Important Tech Stack for eCommerce apps:
Selecting the right Tech Stack for the eCommerce app development is one of the most concerning points for startups. Here, we discuss some important Tech Stack for your business.
• Android: Kotlin, Java
• iOS: Swift, Objective-C
• iOS Mobile Development Tools: App Code, X Code
• Cross-platform Programming Tools: Flutter, React Native, Xamarin
• UI Frameworks: Swift UI, UIKIt
• Databases: MongoDB, MySQL, PostgreSQL, Firebase by Google
• Storage: Firebase storage, AWS
• Payment Gateway: PayPal, Brain tree, Stripe
Any good eCommerce App Development Company in India charges $15 to 25 per hour. Again the final cost to eCommerce business app development depends upon a few major factors.
Wire frame Costs:
Developing a wire frame for a unique screen generally takes 1-2 hours, and a supporting screen might take half an hour. The wire frame cost of an app with 2-3 screens goes up to $500 and for more screens, it varies between $ 1500 to $ 2500.
UI/UX Design Costs:
The approximate time to design UI/UX is 120hours. Thus the cost of UI/UX design begins from $2000 to $2500. It may rise to $30,000 for high complexity applications.
The development cost depends upon the complexity and the additional features of the application, developers’ location the number and skill of developers. Generally, the average time of developing E-commerce app is 600 to900 hours and the estimated development cost ranges between $10000 to $30000. If you add some advanced features, it’ll cost $80000.
Testing and Deployment costs:
The testing time of the app usually takes around 12-15% of app development time. If the time for designing the app takes 600 hours, the testing time will be 90 hours. The average testing and deployment cost is $1000 to $20000.
When you go to calculate how much does it cost to build eCommerce app, you should also consider some additional costs like Google Play store/Apple app store costs, maintenance costs, hosting and payment gateway costs.
On average, we can say that the total cost of app development for eCommerce ranges from $30,000 to $200,000. This depends on the app complexity, features, and all the factors.
You can estimate the cost eCommerce business app development when you’ll get a clear idea of how eCommerce Businesses generate the highest revenue in 2022 via Mobile apps. If you want to think about the app development for eCommerce, you should contact eCommerce App Development Company who can give you estimated cost for eCommerce business app development.