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What’s the first thing you think of when it comes to decorating your house or buying a piece of furniture? Perhaps the tedious work of visiting one store after another in order to locate the perfect piece of furniture for your home.
For those people, home decor apps like Wayfair are serving as a great way of comfort by allowing them to explore and choose the right piece of furniture for their home online using their smartphone.
This Online convenience has helped to not only make life easier for customers but also lead to various furniture businesses achieving the success they always yearned for.
In this blog, we are going to present you with a comprehensive guide on Wayfair app development including Wayfair-like app development features and the cost of developing a similar app like Wayfair.
Let’s get into the topic by talking about what is the Wayfair app.
Wayfair is an e-commerce company based in the United States established in 2002 to provide users with thousands of products for every room of their home.
Since 2002, Wayfair has spread beyond the United States and into other countries such as Canada, Germany, and so on.
Whether you are after the furniture, rugs, lighting, electric appliances, kitchen, bed & bath, Wayfair has all the products you need to build the home of your dreams.
This is a short description of what the Wayfair app is. Now let’s have a look at how the popularity of apps like Wayfair is emerging.
We now live in an era when our shopping habits are shifting from physical stores to digital stores and we are more likely to purchase things online.
This shopping trend is proven to be highly beneficial for the online furniture industry. This will result in over 208.2 billion dollars in the U.S. furniture e-retail revenue by 2025 after it was valued at 132.7 billion dollars in 2021. Wayfair accounted for the largest share of the online furniture shopping market growth.
Image Credit: www.statista.com
Here is what Wayfair’s active customer base looks like.
According to Wayfair, it had around 31.19 million active customers in 2020, an increase from 20.29 million in 2019. (Source)
Image Credit: www.statista.com
Furthermore, Wayfair has experienced an increase in the total number of annual orders delivered by the retailer.
61 million orders was the number of orders Wayfair shipped in the fiscal year 2020, up from 37.64 million in the previous year. (Source)
Image Credit: www.statista.com
This is how Wayfair is setting new milestones with every passing year.
By taking the above factors into consideration, it is evident that developing online furniture and other home decor delivery apps like Wayfair is a lucrative decision to step into the world with enormous revenue opportunities.
There are three different types of business models on which you can choose to build your online furniture shopping app like Wayfair.
We have presented you with an overview of each of these models so that you can make an informed decision.
This business model has come out as a great option for those who own a furniture store or a chain of stores.
You will be able to showcase your furniture online to reach a wide audience base if you build an online furniture shopping app on this business model. Customers can place orders online and make payments using a secure payment system.
As opposed to targeting customers, if you want to target smaller businesses that also sell furniture, then this is the ideal solution.
You can build a B2B online furniture shopping app where small businesses can explore the range of the home decor products you offer and can place orders in the bulk.
In this model, you simply connect the different home decor suppliers with the customers by giving them a marketplace that works as a bridge between them.
In such a marketplace, different suppliers can list out their products. In this way, the customer can explore similar products from different suppliers to choose the most suitable one for them.
Whichever Wayfair app development model you choose, your primary concern will be to generate the maximum ROI for your business.
So, before you take a further step on the Wayfair store development, it is worth learning how you can monetize the app to make revenue from it.
We have listed a few different business models that you can consider:
Wayfair derives most of its revenue from its product sales, you can also do the same with your Wayfair-like app.
Products are purchased from the brands at low prices, and then they are sold on the application at a high price and the company makes a profit out of it.
Not every one of us knows how to assemble the different pieces of furniture, hence they require professional help to do so.
The installation of furniture is also a significant source of revenue for Wayfair. When a customer checks out, they have the option of adding installation services and that will add a significant amount to the cart that will go to the Wayfair.
Just like other online shopping marketplaces like Amazon and Flipkart, home decor apps like Wayfair are also opting for in-app advertisements to generate revenue.
Wayfair allows sellers to place their advertisements on the application and charges a good amount of money to them.
Whenever a customer makes a payment using a credit card then a certain amount of interchange fee is applied. A small portion of that amount is received by Wayfair for promoting the card to its user base in addition to the credit card issuers.
The mainstream of any mobile application is its features, so selecting the right ones is vital to making sure your mobile app is well adopted by a global audience base.
In this section, we outline the features of Wayfair’s home decor app categorized into three categories i.e. user panel, home decor app store panel, and admin panel.
The user panel is accessible to the customers and offers them the complete view of the different products listed on the application, lets them add the most appropriate one to the cart, and enables them to make payment online to place the order.
Home decor store panel is meant as a way to allow Wayfair store owners to manage their online store effectively.
You are going to play the role of the admin for your Wayfair like an online shopping mobile app. You will have access to plenty of the features that will ensure the smooth working of your application.
Now, you have covered a long way in your journey of how to develop a home decor or online furniture shopping app like Wayfair. I think it is the right time to have a discussion about the cost of Wayfair app development.
The cost of app development is determined by a variety of factors, including:
Since all of these factors vary from one application to another, so does the cost of developing an online furniture shopping app.
To obtain an accurate estimation, we recommend you consult with a home decor app development company along with your project requirements.
After reading this blog post, it is fair to say that developing an online furniture shopping app like Wayfair is a worthwhile decision.
We have shared all the knowledge you might need to pursue your idea of Wayfair like app development, but still, it is recommended to hire a mobile app development company to implement your application with the latest features and powerful tech stack.
In terms of mobile apps, Konstant Infosolutions has a team of experienced mobile app developers who go above and beyond to understand your business needs and bridge the gap between success and your goal.
The short answer is yes. The market for online home decor apps like Wayfair is on the surge of growth. By the year 2025, the market for online furniture shopping is expected to become an economy of 132.7 billion dollars. Hence developing such mobile applications has huge market opportunities.
Being indulged in the IT industry for more than 3+ years, I aim to offer up-to-date and latest knowledge on different technologies and trends setting the market. This is what I love to do. When I'm not working, I like to be near the outdoors surrounded by greenery.
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