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The Rise of Mobile Payments: Transforming the Way We Shop Online

Nataly Komonova — Tue, 07 Nov 2023 07:25:07 +0000

It is crucial for online business owners to have a deep understanding of their customers’ preferred conversion methods and where they are more likely to convert. As mobile payments continue to gain popularity, the fintech industry is rapidly evolving and providing a diverse range of payment options through smartphones and other mobile devices. In this article, we will explore the strategies that business owners should consider to minimize the rate of abandoned mobile shopping carts.

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Popularity of Mobile Payments

Mobile payments provide a seamless and convenient way to make transactions. Gone are the days of carrying bulky wallets or rummaging for cash or credit cards. With mobile payment apps installed on their devices, users can make payments with just a few taps, whether it’s in-store, online, or through peer-to-peer transfers.

Global mobile payments predominantly include digital wallets like PayPal, Apple Pay, and Alipay, although there are several other alternatives available. Approximately 50% of global e-commerce payment transactions were made using mobile wallets in 2022.

Well-known payment methods such as Apple Pay, Google Pay, and PayPal offer customers the convenience of a streamlined checkout process across multiple websites. Instead of repeatedly entering their payment details for each online purchase, customers can enjoy a more seamless and efficient user experience. By logging into their regularly used account, which is often already stored on their device, customers can swiftly complete their transactions without the hassle of reentering payment information each time.

Advantages of Mobile Payments

There are numerous advantages of opting for mobile payments, benefiting both consumers and businesses alike.

Enhanced Security. Mobile payments offer additional layers of security compared to physical cards. Utilizing features such as Touch ID, PIN inputs, and tokenization, they provide a higher level of protection against potential fraud or unauthorized access.

Peer-to-Peer Payments. With P2P payment apps, it becomes easier to settle payments among friends and family members. Mobile-to-mobile payments enable seamless transactions for cash gifts, splitting bills, and sharing utility expenses without the need to wait for checks to clear.

Swift Transactions. Contactless mobile payments can be completed within seconds, significantly faster than traditional methods like card swiping or cash transactions. This swift transaction process helps keep the queues moving smoothly, especially in busy stores or crowded environments.

Convenience. Unlike cash, which individuals may not always carry, mobile phones are almost always within reach. Mobile payments eliminate the need to dig through wallets or make visits to ATMs, providing a hassle-free and convenient payment experience for customers.

By embracing the benefits of mobile payments, individuals can enjoy enhanced security, seamless peer-to-peer transactions, faster payment processing, and the utmost convenience in their financial transactions. Similarly, businesses can cater to the evolving preferences of their customers while streamlining payment processes and improving overall efficiency.

Payment Methods via Phone

Digital Wallets. Digital wallets, such as Apple Pay, Google Pay, Samsung Pay, and PayPal, allow users to store their credit card, debit card, or bank account information securely on their mobile devices. To make a payment, users simply need to unlock their device and hold it near a contactless payment terminal. Some digital wallets also support in-app and online payments, enabling users to make hassle-free transactions.

Mobile Banking Apps. Many banks offer their own mobile banking applications that allow users to manage their accounts and make payments directly from their smartphones. These apps often provide features like transferring funds, paying bills, and sending money to other individuals through peer-to-peer payment services.

QR Code Payments. QR code payments involve scanning a unique QR code displayed by the merchant to initiate a payment. This method is commonly used in apps like WeChat Pay and Alipay, which are popular in countries like China. Users scan the QR code with their smartphone’s camera, enter the payment amount, and confirm the transaction.

Peer-to-Peer Payment Apps. These apps, including Venmo, Zelle, and Cash App, enable users to send and receive money directly to and from their contacts or friends. Users can link their bank accounts or debit cards to these apps and easily split bills, reimburse friends, or make payments in various social or casual settings.

Mobile Carrier Billing. Some mobile service providers allow customers to make purchases and have the charges added directly to their monthly mobile phone bill. This can be particularly convenient for digital content purchases, such as mobile games, apps, or digital subscriptions.

In-App Payments. Many mobile apps offer their own integrated payment systems, allowing users to make purchases within the app itself. This is commonly seen in e-commerce apps or food delivery apps, where users can securely store their payment information and complete transactions with just a few taps.

Mobile Point of Sale (mPOS) Systems. With the advent of portable card readers that connect directly to smartphones or tablets, small businesses and individuals can easily accept card payments on the go. These devices, often provided by companies like Square or PayPal Here, allow merchants to process payments using their mobile devices, making it convenient for businesses that operate outside of traditional retail settings.

Cryptocurrency Payments. Some mobile wallets or payment apps now support the use of cryptocurrencies as a form of payment. Users can store their digital currencies in these wallets and make transactions using QR codes or other cryptocurrency payment methods.

Popular Payment Services

Square

Square service enables you to sell in various ways, including in-person, over the phone, online. Square also provides features to track customer preferences, feedback, and inventory management.

What sets Square apart is its versatility. You can process credit card payments using magstripe, chip cards, and contactless readers, as well as popular digital wallets like Google Pay, Apple Pay, and Samsung Pay. Additionally, businesses have the option to manually enter card details for virtual terminal payments, eliminating the need for a physical card reader.

Square is designed to support both individuals and small businesses with user-friendly tools, while also offering customized plans for larger organizations. Some of the features provided by Square include a mobile card reader, near-field communication (NFC) capabilities, ACH payment processing, a point of sale (POS) system, fraud detection, bank transfers, electronic payments, subscription billing, reporting and analytics tools, support for partial payments, receipt management, offline access, and SSL security features.

Stripe

Stripe is an online payment processing tool designed for internet businesses. It provides a platform for setting up marketplaces, accepting payments globally, and establishing recurring billing for customers.

One of Stripe’s notable strengths is its technology-focused approach, which encourages developers to integrate with the system using real-time webhooks. This developer-friendly platform reduces the time spent on maintaining legacy systems and allows businesses to prioritize enhancing the customer experience.

As an online tool tailored for internet retailers, Stripe is highly scalable and suitable for businesses of any size. Its versatility enables business owners to accept payments in more than 135 currencies, facilitate global transfers, manage subscription services, and even create crowdfunding platforms. By utilizing Stripe, you can provide your customers with a wide range of payment options.

WePay

WePay is a payment processing service that allows businesses to accept payments online. It provides a platform for merchants to seamlessly integrate payment functionality into their websites or applications.

One of the key features of WePay is its ability to facilitate secure transactions. It employs sophisticated risk and fraud detection measures to ensure the security of both merchants and customers. Additionally, WePay offers KYC (Know Your Customer) and AML (Anti-Money Laundering) compliance tools to help businesses meet regulatory requirements.

WePay also focuses on providing a seamless user experience. It offers customizable checkout experiences and supports various payment methods, including credit cards, ACH (Automated Clearing House) transfers, and digital wallets. Merchants can easily set up recurring payments and invoice their customers through the WePay platform.

WeChat Pay

WeChat Pay is a mobile payment service offered by WeChat, a popular social media and messaging app in China. It allows users to make payments for a wide range of goods and services directly from the WeChat app.

One of the key features of WeChat Pay is its convenience. Users can link their bank accounts or credit cards to their WeChat Pay account and seamlessly make payments through the app. It offers a variety of payment methods, including scanning QR codes, quick response (QR) code payments, in-app purchases, and peer-to-peer transfers.

WeChat Pay also provides additional features to enhance the user experience. For example, it offers loyalty programs, discounts, and cashback incentives to encourage users to make payments using the platform. Additionally, WeChat Pay provides services like bill splitting and red packet gifting, which are commonly used for social interactions and celebrations.

Venmo

Venmo is a mobile payment service that allows users to send and receive money through a simple and convenient app. It provides a seamless platform for peer-to-peer payment transactions, making it easy to split bills, pay friends, or request payments.

One of the key features of Venmo is its social aspect. Users can connect with their friends on the app, view and like each other’s transactions, and leave comments. This social feed creates a more engaging and interactive payment experience, resembling a social media platform.

Venmo also offers split payment functionality, which enables users to divide bills and expenses among multiple people. This makes it convenient for sharing costs for group activities or splitting bills at restaurants.

Swish

A Swish service refers to various offerings related to Swish, a mobile payment system commonly used in Sweden. Swish allows users to transfer money directly from one bank account to another using their smartphones. Here are a few examples of services related to Swish:

P2P (Person-to-Person) payments: Swish enables individuals to send money conveniently and instantly to friends, family, or acquaintances. This can be done by selecting a recipient from the contact list and entering the payment amount.
Online and in-store payments: Many businesses, both online and offline, have integrated Swish as a payment option. Customers can make purchases using the Swish app, which is linked directly to their bank accounts, making transactions quick and secure.

Charity donations: Swish is widely used for donating money to charitable organizations. Through Swish, users can easily contribute to various causes by sending money directly to the organization’s designated Swish number.
Peer-to-business payments: Swish also allows for payments between individuals and businesses. This can be used for settling bills at restaurants, paying for services like haircuts or repairs, or making purchases from local vendors who accept Swish as a payment method.
Splitting bills: Swish provides a convenient way to divide expenses among a group of people. For example, if a group of friends dines together, one person can pay the bill and immediately receive individual payments from each person using Swish.

Alipay

Alipay is a widely used digital payment platform in China, operated by Ant Group. It offers a range of financial services and is known for its convenience, security, and extensive features.

Alipay allows users to make cashless payments using their smartphones. It supports various payment methods, including scanning QR codes or barcodes, using NFC technology, or entering payment details manually.

Alipay is integrated with numerous e-commerce platforms, enabling users to make purchases online easily and securely. It offers buyer protection and a streamlined checkout process for a seamless shopping experience.

It’s important to note that while Alipay is primarily used in China, it has expanded its services in some international markets and can be used for cross-border transactions in certain regions. The availability of specific features may also vary depending on the user’s location and the partnering financial institutions.

Payment Services for the CS-Cart Mobile Application

Paying through a mobile application is akin to paying through a mobile browser, but using a mobile app brings additional benefits as it provides a more tailored experience within a closed system. When users download a mobile app, they are often offered bonuses and incentives, creating an enticing environment for in-app purchases.

Furthermore, by saving payment information within the app, users gain the convenience of seamless transactions with just a few taps. Whether they’re purchasing e-books, shopping online, grabbing a cup of coffee, or settling bills, the app simplifies the payment process and enhances the overall user experience.

When you purchase a CS-Cart license, you gain access to a native mobile application that seamlessly integrates with your store. This ensures that your store’s design appears visually appealing on all mobile devices, and the overall performance is optimized for faster loading times compared to the mobile web version.

With this mobile application, data synchronization occurs in both directions. Any changes you make, such as adding or removing products or adjusting settings, will be reflected instantly in the application. This eliminates the need for duplicated settings and saves you from double-checking your inventory in both the desktop version and the mobile application.

In summary, the CS-Cart platform, coupled with the mobile application, provides an optimized and synchronized experience, allowing you to efficiently manage your store across various devices without the hassle of redundant tasks.

And if the delivery methods in the application are similar to the browser version, then the payment methods are different. The following payment options are currently available in the application:

PayPal Express Checkout;
Offline payments.

Our Experience in Developing Integrations for Mobile Applications on CS-Cart

Developing mobile applications is crucial for businesses in the e-commerce industry, and the demand for customized app development remains high. We understand the significance of meeting the needs of online business owners and ensuring a seamless shopping experience for customers. That is why we prioritize the development of our own integrations with various payment services. By doing so, we enable businesses to offer their customers a flawless and convenient payment process through our mobile applications.

GoWholesale

This project is a high-volume marketplace operating on a B2B model, offering a diverse range of products. Sellers on this platform consist of manufacturers and wholesalers, while the buyers are retailers and resellers. Given the nature of B2B transactions, the average invoice value is typically substantial. Therefore, offering installment plans to buyers has proven to be an excellent solution.

By default, CS-Cart already integrates with the payment service provider Stripe, enabling installment options. However, this functionality was not initially available in the mobile application. To address this, we developed our own integration for the client. As a result, Gowholesale can now offer even more businesses and resellers the convenience of paying in installments through the Klarna and ClearPay systems provided by the Stripe aggregator. Whether using the desktop version or the mobile application, purchasing on installment is now just as easy and accessible for our users.

Elit

Elit is a specialized marketplace catering to medical organizations and doctors. With a network of physical stores, they offer a wide range of products, including medical equipment, consumables, furniture, and even customized medical clothing. Also Elit accepts corporate orders from clinics and dentists, serving both individual customers and legal organizations.

Considering the specific requirements of the Russian market, PayPal may not be the most suitable payment service. Offering multiple payment options is important not only for customers, but for business too. Therefore, we’ve developed integration with Robokassa to provide a diverse range of payment options within our application. Clients can now conveniently pay using various methods, including bank cards, QIWI, and Yandex Pay.

In addition, we have included integration with the Podeli service, provided by Alfa Bank. This allows Elit to offer installment plans specifically designed for corporate clients with significant transactions.

Garage

The Garage marketplace provides customers with an extensive range of car acoustics and audio equipment products and accessories. The Pay Keeper payment service has already been introduced on the site, and the company has established internal processes.

Since the introduction of a new service requires a new contract and new transaction processing procedures, it was necessary to extend this payment service to the mobile application as well.

Pay Keeper is an integrator that accepts and processes various types of payments, including bank cards, popular Pay services, as well as QR codes. Additionally, it serves as an integrator for most banks, allowing for a wide range of payment methods and bank connections.

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By providing customers with as many payment options as possible, you increase the likelihood that customers will stay with you rather than leaving for competitors. Don’t hesitate to connect us to making your business application better!

The post The Rise of Mobile Payments: Transforming the Way We Shop Online first appeared on Cart-Power.

Top Ideas for On-Demand Service: Key Features

Cart-Power Team — Thu, 14 Sep 2023 05:29:32 +0000

Have you ever wondered how people can get anything delivered or services provided with just a few taps on their smartphones? Well, it’s all thanks to the on-demand service marketplace! This business model is revolutionizing the way we live, work, and consume services.

Simply put, the on-demand service marketplace is an online platform that connects customers with service providers through a mobile application. This model has been around for a while now, with the likes of Uber, Airbnb, and Foodpanda leading the charge.

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The history of on-demand service marketplace can be traced back to the early 2000s when companies like Grubhub and Seamless started offering online food ordering. But it wasn’t until the launch of Uber in 2009 that the world really took notice. Since then, the on-demand service marketplace has exploded, with new entrants across various sectors popping up every day.

Today, the on-demand service marketplace is a booming industry with no signs of slowing down. Consumers love the convenience of having services delivered right to their doorstep, and businesses love the potential for increased revenue. From transportation to grocery delivery, beauty services to home repairs, the on-demand service marketplace has something for everyone.

Market Size and Growth

The On-Demand Service Marketplace has risen as a profitable business model where service is immediately and seamlessly provided via the internet. The emergence of such marketplaces can be attributed to the vast digitalization of industries in recent years.

The global On-Demand Service Marketplace was valued at $85.1 billion in 2019 and is projected to grow at a Compound Annual Growth Rate (CAGR) of 23.8% from 2020 to 2027. One of the dominant factors contributing to this growth is the rapid increase in demand for services that can be accessed and delivered with a click.

With on-demand service marketplaces permeating various facets of society, from food delivery to home services, it is evident that this segment is taking the world by storm. Another contributing factor to the growth includes the usage of smartphones, which enhances the accessibility of these services.

The On-Demand Service Marketplace has also created job opportunities for individuals who function as service providers. As a result, people can make ends meet by freelancing from the comfort of their homes, which leads to increased consumption and increased revenue for on-demand marketplaces.

It is projected that by the year 2027, the global on-demand service for taxi and food delivery will contribute to the majority of the marketplace growth. As more people discover the convenience of these services, it is no surprise that on-demand service marketplaces will continue trending upwards.

Key Players in the On-Demand Service Marketplace

There are several key players in the on-demand service marketplace, with each of them catering to specific sectors. These players have successfully disrupted traditional markets and continue to grow at an exponential rate. Let’s dive into the six of the most popular players in the on-demand service marketplace.

Uber: The ride-hailing giant has revolutionized transportation and made it easy for people to move around the city with just a few clicks on their phones. They have also expanded their services to include food delivery and on-demand staffing services.

Airbnb: The platform has completely revolutionized the hospitality industry, allowing people to rent out their homes and properties for short stays. They have also expanded their services to include unique experiences and exclusive events.

Go-Jek: A pioneer in the Southeast Asian market, Go-Jek started as a ride-hailing service but has since expanded its services to include food delivery, medicine delivery, house cleaning, and more.

Foodpanda and Zomato: Both of these companies are major players in the food delivery sector, providing customers with access to a wide variety of cuisines from their favourite restaurants.

Swiggy: This Bangalore-based startup is a mobile food ordering and delivery platform that connects customers with local restaurants, cafes, and other eateries.

Grab: This Southeast Asian ride-hailing giant has expanded its services to include on-demand food delivery, logistics, and mobile payments.

These players have significantly changed the way people consume goods and services, and their impact on the market is only expected to grow. As the on-demand service marketplace continues to evolve, it will be exciting to see what new players enter the scene and how the existing ones adapt to the shifting landscape.

Top Ideas for On-Demand Service

On-Demand Grocery Delivery

One of the most popular on-demand service app ideas is a grocery delivery app. With the busy lives that people lead today, the thought of standing in long supermarket queues and lugging heavy grocery bags is not exactly appealing. That’s where a grocery delivery app comes in. It allows users to conveniently order their groceries from the comfort of their homes and have them delivered right to their doorstep. From fresh produce to pantry staples, users can browse through a wide range of products, create shopping lists, and schedule deliveries at a time that suits them. This app idea not only saves time and energy but also provides a seamless, hassle-free shopping experience for users.

Key Features: Users can easily create shopping lists, customize their orders, and choose a convenient delivery time. This app ensures reliable and efficient deliveries, with dedicated drivers handling the transportation of groceries. It’s a win-win situation for both users and businesses. Users can save time and effort, while local grocery stores can expand their customer base with ease.

Target Audience: The target audience for this app is vast, ranging from busy professionals who don’t have time for grocery runs to elderly individuals who may find it challenging to carry heavy bags. The market potential for this app is immense, considering the increasing demand for convenient and time-saving solutions in our fast-paced lives.

On-Demand Home Cleaning

Cleaning the house is a task that many people dread. Whether it’s the never-ending pile of dirty dishes or the mountain of laundry that needs to be tackled, cleaning can be time-consuming and exhausting. However, with an on-demand home cleaning app, users can say goodbye to their cleaning woes. This app allows users to easily book professional cleaners who will come to their homes and take care of all the cleaning tasks. From dusting and vacuuming to mopping and organizing, the cleaners will ensure that the house is spick and span. With the tap of a button, users can schedule a cleaning session at their convenience and enjoy a sparkling clean home without lifting a finger.

Key Features:
– The app allows users to schedule cleaning appointments at their convenience. No need to worry about finding a good time for the cleaners to come over. Just pick a date and time that works best for you, and they will be there.
– Users can also customize their cleaning preferences. Whether you want the whole house cleaned or just certain areas, you can specify your requirements in the app.
– The app provides real-time updates on the cleaner’s arrival time. No more waiting around all day wondering when they will show up. You will know exactly when to expect them.
– The app offers secure payment options, making it easy for users to pay for the cleaning services. No need to deal with cash or worry about leaving money out for the cleaner.
– The app also allows users to rate and review the cleaning professionals. This helps ensure quality and accountability, as well as helps others make informed decisions when choosing a cleaner.

Target Audience: The target audience for the on-demand home cleaning app is vast. It caters to busy professionals who don’t have the time or energy to clean their homes. It also appeals to individuals who simply don’t enjoy cleaning and would rather outsource the task. Additionally, it can be a valuable solution for elderly or disabled individuals who may have difficulty with physical tasks.

On-Demand Fitness Training App

In today’s health-conscious world, fitness is a top priority for many people. However, finding the time and motivation to hit the gym or attend fitness classes can be challenging. That’s where an on-demand fitness training app can make a difference. This app allows users to access a wide range of fitness training programs and personalized workout sessions from the convenience of their homes. Whether it’s yoga, pilates, HIIT, or strength training, users can choose from a variety of workouts that suit their preferences and fitness goals. They can also connect with certified trainers who will guide them through their fitness journey and provide expert advice. With this app, users can stay fit and healthy without ever stepping out of their homes.

Key Features:
1. Personalized Workout Plans: Trainers can create customized workout plans based on the user’s goals and fitness level. This ensures that each session is tailored to the individual’s needs and provides maximum results.

2. Virtual Training Sessions: In today’s digital age, virtual training sessions have become incredibly popular. Users can book virtual sessions with their trainers, eliminating the need for a physical gym and providing flexibility in terms of time and location.

3. Progress Tracking: The app can include a feature that allows users to track their progress over time. This not only keeps them motivated but also provides valuable insights into their fitness journey.

4. Nutrition Guidance: Along with workout plans, the app can also offer nutrition guidance from certified dieticians. This ensures that users have a holistic approach to fitness and can make the necessary dietary changes to support their goals.

Target Audience: The target audience for this app primarily includes individuals who are looking for convenient ways to stay fit and improve their overall health. Whether it’s busy professionals who can’t commit to a regular gym routine or individuals who prefer personalized training over crowded fitness classes, this app caters to their needs.

The market potential for an on-demand fitness training app is huge. With the fitness industry expected to reach $105 billion by 2023, there is ample opportunity for entrepreneurs to tap into this thriving market.

On-Demand Beauty Service

Looking and feeling good is something that everyone desires. However, finding the time to visit a salon or book a beauty appointment can be a challenge. That’s where an on-demand beauty service app comes in. This app allows users to easily access a wide range of beauty services in the comfort of their own homes. Whether it’s a haircut, a facial, a manicure, or a massage, users can browse through profiles of skilled beauty experts and book appointments at their convenience. The app offers a seamless booking process, ensuring that users can pamper themselves without any hassle. With this app, users can enjoy salon-quality treatments without ever leaving their homes.

Key Features: The key features of this app include easy booking and scheduling, real-time availability of beauty professionals, and a wide range of services to choose from. You can browse through the profiles of various beauty experts, check their ratings and reviews, and select the one that best suits your needs.

Moreover, the on-demand beauty service app caters to a wide range of beauty demands – from haircuts and hairstyling to makeup, facials, manicures, and pedicures. You can even book special packages for weddings, parties, and other special occasions.

The app is not just for the ladies; it also offers grooming services for men, ensuring that everyone can look their best with just a tap of their finger.

Target Audience: The on-demand beauty service app appeals to busy professionals, working mothers, and individuals who simply value convenience and quality. It is ideal for those who want to save time and effort by bringing professional beauty services directly to their homes.

On-Demand Pet Care

For pet owners, finding reliable and trustworthy pet care services can be a concern. Whether it’s dog walking, pet sitting, or grooming, pet owners want the best for their furry friends. An on-demand pet care app solves this problem by connecting pet owners with experienced and trusted pet care providers. Users can easily schedule services for their pets, track their activities, and receive real-time updates. Whether they are at work, on vacation, or simply busy, pet owners can ensure that their pets are well taken care of. With this app, users can have peace of mind knowing that their pets are in good hands.

Key Features:
Firstly, you have access to a vetted and trustworthy network of pet caregivers. Gone are the days of worrying about leaving your pet in the wrong hands.
Secondly, the app provides real-time updates and notifications, so you can keep track of how your pet is doing throughout the day.
And let’s not forget the convenience factor – you can schedule pet care services according to your own schedule, whether it’s a one-time booking or a recurring service.

Target Audience: The target audience for this app is pet owners who lead busy lives or travel frequently. Whether you’re a working professional, a frequent traveler, or simply in need of some extra help with your pet, this app is purrfect for you. The market potential for on-demand pet care services is huge, considering the increasing number of pet owners and the growing demand for pet-related services.

On-Demand Tutoring

Education is a lifelong journey, and sometimes, we need a little extra help along the way. An on-demand tutoring app provides just that. With this app, students can easily connect with qualified tutors who can help them with their studies. Whether it’s math, science, language, or any other subject, students can find tutors who specialize in their areas of need. Users can schedule tutoring sessions, have one-on-one video calls with tutors, and receive customized lessons and study materials. This app not only helps students improve their academic performance but also provides them with the flexibility to learn at their own pace and in the comfort of their own homes.

Key Features:
1. Instant tutor matching: Students can quickly find a tutor who specializes in their desired subject and schedule a session at their convenience. No more relying on outdated directories or struggling to find the right tutor through word-of-mouth recommendations.

2. Real-time communication: The app facilitates seamless communication between students and tutors through built-in messaging and video calling features. Students can ask questions, seek clarification, and receive immediate feedback, fostering a more interactive and engaging learning experience.

3. Progress tracking: The app allows students to track their progress over time, enabling them to identify areas of improvement and set goals. Tutors can also monitor their students’ progress and adjust their teaching strategies accordingly.

Target Audience: Students of all ages, from primary school to university level, can benefit from the personalized guidance and convenience offered by the app. Additionally, parents who seek additional academic support for their children and working professionals looking to upskill can also be a part of the app’s user base.

The market potential for an on-demand tutoring app is immense. The global private tutoring market is estimated to reach a whopping $177 billion by 2026.

Future of On-Demand Service Marketplace

One of the most significant trends in the market is the growing demand for personalized experiences. Customers expect on-demand services to tailor their experience to their individual needs. Companies that can use data to personalize the delivery of their services and provide more bespoke experiences will likely do well in the market.

Another trend to keep an eye on is the rise of voice and chatbot interfaces. With the popularity of AI-powered voice assistants like Siri and Alexa, on-demand service providers are looking to integrate voice interfaces as part of their services. Users want to be able to order a pizza or book a ride by just speaking to their device.

In terms of expected innovations and advancements, we can expect to see improvements to the overall on-demand experience. Companies will likely invest in new technologies such as artificial intelligence and blockchain to help streamline the ordering and delivery process. These advancements will not only improve operational efficiency but also enhance the customer experience by reducing wait times and improving overall service quality.

As the on-demand marketplace grows, we can also expect to see emerging opportunities in niche markets. We’ll likely see more specialized on-demand marketplaces – catering to specific niches such as luxury products or eco-friendly services. With lower barriers to entry, startup companies can also get into the on-demand marketplace game by focusing on specific niches or markets that have been overlooked.

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The post Top Ideas for On-Demand Service: Key Features first appeared on Cart-Power.

What You Need To Do Before Drafting The Technical Specification

Cart-Power Team — Fri, 05 May 2023 07:52:22 +0000

The wishes of the client and the technical implementation of the project are involved in the development and implementation of the e-commerce site. Ideally, the desires should coincide with the technical implementation, so that the client gets what he ultimately wanted. To do this, you need to find out all the wishes, collect all the requirements from the client and describe them in the technical specification for developers. And in order to create technical specification, there are such things as: a brief, a description of business requirements, functional requirements.

On the Internet you can find many articles with examples of different requirements. In different companies, these documents may be called differently. Their content and order of creation may also differ, as each company describes its experience of interacting with customers.
Let’s figure out what is what? How to explain to the client what needs to be done? What requirements to collect before meeting with the developers and start developing an e-commerce site faster.

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What Are Business Requirements? Example

Business requirements are the backbone of any project. They focus on the needs and goals of the business, defining what tasks the project must solve in order to succeed. These requirements include goals and objectives, critical success factors and expected benefits.

They include:

Information and data about the company. Scope of business, main competitors, customers, main advantages, business documents regulating the activity of the industry.
Information about the target audience. It is necessary to clearly understand who will be the site visitors. Segment your audience into groups using data on gender, age, regions of residence, habits and hobbies. This will allow you to understand for what purpose visitors will visit the site.
Information about competitors. What functionality does the competitor’s website offer, what are their advantages, what pricing and assortment.
Specify the purpose of the site. This can be an expansion of the geography of sales, an increase in customer coverage and, as a result, an increase in conversions and profits.
Define website performance metrics. By what indicators will you understand that the site helps to achieve your business goal. These can be: ROI, conversion rate, number of leads, etc.

Example:
For a travel booking site, part of the business requirement may be to provide opportunities:

For visitors – they can choose and book hotels, excursions in a selected geolocation, find car rentals, find and book tables in cafes and restaurants. If necessary, pay for services through the site.
For vendors – place their services on this sales channel and promote for greater efficiency.
For the site owner – it is to attract more vendors, partners, creating a unique platform and increasing the conversion and profit from the site.

It is important to clarify business requirements at the very beginning of the project life cycle so that the business team and the development team are on the same wavelength. They serve as the basis for determining the appropriate platform, the scope of the tasks, and the development of the project plan.

Without a clear understanding of the business requirements, the project budget can get out of hand or lead to incorrect results.

What Tasks Help To Solve The Described Business Requirements

Clearly formulated business requirements solve the following tasks:

They help the business team and developers to clearly understand what should be the output, what is the main goal of the site.
They help to determine in the future with killer features, without which the goal of the site will be unattainable.
They help to prioritize subsequent requirements in order to wisely spend the budget.
They help to save time and budget for development in order to prevent a large number of improvements.

What Are Functional Requirements? Example

Functional requirements collect information about how a website, online store or marketplace should work. What should happen with the actions of different site participants and how the system should react. For example, how the functionality of booking a hotel, registering on a website, searching for a suitable tour, etc. should work.
Description of functional requirements will help developers to think through the architecture and create a roadmap for the development of functionality.

Important sections of the site for which it is necessary to describe the functionality

Let’s briefly analyze the sections using the example of a travel and vacation booking site:

1.Home page: this is the main page of your site, a business card. According to it, the user should immediately understand what the site is about, how to get into the catalog of services, where the search bar with the necessary filters is located, where to click to enter a personal account or create it. You also need to consider whether the page will feature ad units, promotional offers, service groups.

2. Search: if the site involves a wide range of services, then it is necessary to provide filters for each of them. But the choice of the required dates, geolocation, the number of travelers is important for all categories.

3. Search results page: after users enter their trip information, they should be redirected to a page where they can view a list of all available flights, hotel rooms, car rental options, cafe selection, restaurant selection, excursions and other travel options, matching their criteria.

4. Catalog of services: it involves different sections of the site, through which the user will navigate depending on the purpose of the visit. Its width and depth is limited by your business goals and requirements.

5. Product / service card: includes a description of the service with photos, reviews, available dates, cost, the ability to contact, leave a request, purchase / book a service.

6. Hotel Booking Page: Users should be able to view all available hotel rooms, their amenities and prices. They should also be able to select their preferred accommodation option and enter their personal information in order to book a room.

7. Flight booking page: If your site offers flight booking services, you should create a separate page for this. It should display all flights available to the user, as well as their prices, departure / arrival times, airports and stations of departure / arrival, information about the carrier, possible transfers, travel time. Users should be able to select their preferred flight and enter their personal information in order to book a flight.

8. Payment Page: Once users have selected a service, they should be redirected to a secure payment page where they can enter their payment details to complete the booking process.

9. Confirmation Page: Once users have completed the booking process, they should be redirected to a confirmation page that displays all the details of their booking along with a confirmation number.

10. User’s personal account: in it the user can specify personal information, choose convenient payment methods, link a card, view the history of purchases / bookings.

11. Personal account and admin panel for the vendor: the vendor must be able to add and edit their services, upload and download documents, manage promotions and sales, process orders, answer customer questions, have access to sales analytics on the site and other reports.

How To Write Functional Requirements?

One approach to writing functional requirements is that you describe the behavior of users depending on their role on the site. These are the so-called user stories.

User stories answer three questions:

Who is the user?
What action does he want to take?
What is it for him?

Roles on the site can be:

Visitors to the site – can search for the necessary services or view available information. Visitors and buyers on the site can be both individuals and legal b2b.
Sellers or vendors are individuals or legal entities that place their services on the site.
Administrators – manage the smooth operation of the site, arbitrate disputes between sellers and buyers, make settlements with sellers, notify vendors about placing an order.
Moderators – they can moderate and verify sellers, and are also responsible for moderating content on the site. Check for spam, track user behavior, prevent fraud.

Example:
A visitor on the site wants to register as a legal entity in order to pay for services on the site through an invoice.
The functionality should provide for separate registration for individuals and legal entities, filling in information for invoicing in the user’s personal account.

What Is A Website Technical Specification?

Website Technical Specification is a document that describes all the requirements and characteristics for creating a site. This document is compiled by developers based on the requirements that are collected from the customer. It describes the technical functionality for the backend, frontend, all integrations, system and infrastructure requirements, and product testing approaches.

In our practice, there are two scenarios for the development of events:

The client has business and functional requirements. Then the development company clarifies these requirements and transforms them into technical specifications.
The client has no requirements. Then a brief is held, business tasks are described, functional requirements are drawn up and the Tech Spec is drawn up.

The prepared Tech Spec is agreed with the client and is an integral part of the contract.

Thus, if the client needs to start development faster, then it is necessary to think over and draw up not a technical task, but business requirements, describe how the site’s functionality should work.

Why It Is Important To Describe Requirements?

Firstly, it is necessary in order to get exactly the product that the customer needs.
Secondly, clearly described requirements save the customer’s budget, as they allow you to do what you need the first time.
Thirdly, after describing the requirements, the cost of developing a site may change in the same way as the launch time.

The Main Mistakes In The Preparation Of Project Requirements

1. Vague or overly detailed description of requirements. The wording should be clear and mean the same for all participants, and the result can be evaluated or measured.

For example:

“A clear checkout for the buyer” is vague, and the assessment can only be subjective.
“Checkout for the buyer must contain a progress bar” – in this case, it is clear what developers need to do.

2. The requirements do not include automation and scalability. Often this is due to cost savings, but in the end it can lead to the wrong decision.

For example:
The client’s project is currently small, and administrators can handle order processing manually, which involves data reconciliation. But as the number of orders grows, the operational burden on administrators will increase or more of them will be required in the state. The problem could be solved by setting up automatic verification of the downloaded data.

3. Excessive immersion in descriptions and numerous edits. This does not mean that there should be no edits at all. But as you perfect the description of the requirements, you must keep the goal in mind. And the ultimate goal is to launch the project. Clear business requirements will help you stay on course.

4. Choosing an unsuitable technical solution. The choice and implementation of any services and integrations should be a reasonable decision, and not the wish of the customer. The main task of the services is to comply with all customer requirements and technical compatibility with the platform on which the site is created.

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Conclusions

1. In order to prepare for a meeting with the developers, you should think over and draw up business requirements for the project in advance. Formulated business requirements will help determine the main functionality for launching the site, budget and development time.

2. Describing the functionality of the site by sections, use the User Story method. It implies a description of the user’s behavior, depending on his role on the site. Keep in mind what goals users of the site should achieve.

3. Functional and business requirements will help create a quality Technical Specification for the development of an e-commerce site, as well as help avoid corrections, which will save your budget.

4. An analyst can assist in the preparation of functional and business requirements. He will make a single vision and understanding of the site for the customer and developers.

The post What You Need To Do Before Drafting The Technical Specification first appeared on Cart-Power.

Features for the Top Notch Ecommerce Mobile App

Cart-Power Team — Fri, 14 Apr 2023 12:36:13 +0000

A mobile application is one of the ways to increase customer loyalty, make the user experience more personalized, and offer functionality that is only available through a mobile device. Today we will tell you why ecommerce needs a mobile application and what it should contain.

Why Does an Online Store Need a Mobile Application

While games, business services, and education are the most downloaded category of mobile apps, the growth of e-commerce through mobile apps is also on the rise. In 2021, ecom app revenue reached $3.56 trillion. This is 22% more than in the previous one. Downloads and usage of e-commerce apps have grown over the past two years since the coronavirus era.
Top popular mobile applications are led by Amazon, eBay, Wish, Wayfair marketplaces and on-demand services marketplaces.

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In a world where convenience is paramount and shoppers are always on the go, a mobile app can add value to online shopping. Therefore, online businesses, by investing in a mobile application, gain a competitive advantage. This is an opportunity to increase customer satisfaction and loyalty and ultimately increase sales.

Mobile Development Options

Mobile application development has several options to choose from: native development, cross-platform or hybrid, web version of the site, progressive web application or PWA.

Option 1

The first option is to develop a native application. It involves building an application specifically for a specific mobile platform using programming languages such as Swift for iOS or Java for Android.

Option 2

The second option is hybrid app development. In this case, it is supposed to create a single source code that works on multiple platforms. This is achieved using frameworks such as React Native or Flutter.

Option 3

The third option is web application development. It is the creation of a mobile website that can be accessed through a web browser. In this case, the interface and the entire client part adapt to the screen size of the mobile device. We wrote earlier about how to make the mobile version of the site correctly.

Option 4

Another option is a progressive web app (PWA). PWA visually and functionally transforms the site into a mobile application, but it works through a browser. Its icon can be installed on the phone’s home screen and it will also send push notifications. But still, this is not a full-fledged application, but rather a hybrid of a site and an application.

Each option has its advantages and disadvantages depending on the requirements of the project. Ultimately, the choice of developing a mobile application depends on the goals of the project and its feasibility.

The Main Advantages of a Mobile Application for an Online Store

Mobile apps are taking online shopping to the next level. The app is becoming an indispensable tool for the ecommerce industry. The main advantages of a mobile application for an online store can be summarized in five points.

Easy and Convenient Access to the Store

First, mobile applications provide fast and seamless access to online shopping. Customers can shop, view and find products, leave reviews, and even virtually measure a product with just a few taps. The mobile application makes online shopping convenient anytime, anywhere.

Personalized Offers

Secondly, mobile applications create a personalized experience for every customer. The application saves the history of browsing, purchases, identifies and analyzes the preferences of buyers. These features allow you to provide more relevant search results and offer customized product recommendations.

Separate Loyalty Program for Users

Third, mobile apps help build customer loyalty by providing exclusive offers and discounts exclusively to app users. This incentive greatly increases the likelihood of repeat purchases and customer retention.

Own Communication Channel

Fourthly, mobile applications create their own unique communication channel between the online store and customers. And thanks to push notifications, communication is always prompt. For example, notifications about new offers and order statuses keep buyers up to date.

Data Analysis

Finally, mobile applications allow you to analyze data for an online store. The app generates valuable insights into customer behavior that helps administrators make informed decisions about product placements, marketing campaigns, and offers.

A mobile app enhances user experience, increases brand awareness, and helps engage and retain customers.

Basic Functionality of the Mobile Application of the Online Store

The main task of the mobile application of the online store is to make the user experience so that it is easy for customers to interact and make purchases. To do this, it must have:

Easy Registration

The registration/authorization process should be fast and efficient so that users can access the features of the application as soon as possible. The registration form should only ask for the required information and clearly indicate the required fields.
For the convenience of users, the application should offer registration options through social networks, Facebook, VK, Twitter, Google accounts, Apple ID, which will simplify the registration process. Be sure to have a clear and concise privacy policy that describes how user data is collected, stored and processed.

Personal Account

When designing a user’s personal account, think about what information you will need for analytics and what information the buyer needs. The main goal is to make navigating, updating and setting up a profile as easy as possible, and interacting with the application’s functions as easy as possible.
For example, access to the order history allows you to quickly make repeat purchases. And it will allow you to analyze the preferences of the buyer in order to offer recommendations and promotions.

Product Catalog and Product Search

If the product range is large, catalog navigation should involve sorting and filtering products. The ability to quickly find the right product is an important advantage of a mobile application. Modern smart search should offer autocorrect, synonyms, hints, ignore characters. After all, entering the desired name of the product from the screen of a mobile phone is not always convenient.

Ordering and Payment

Buying in one click allows you to perform a minimum of actions to complete the conversion. This tool is suitable for making impulse purchases. But users should be able to add an item to their cart and return to shopping later. Auto-save items in your shopping cart. Then the buyer will not need to re-search for goods to continue shopping. This will help reduce the bounce rate.
In addition, the capabilities of a mobile phone make the payment process as convenient as possible. Offer different options: e-wallets, bank cards, QR codes, Apple Pay, Google Pay.

Product Recommendations and Push Notifications

Give buyers the opportunity to interact more with the application. Create wish lists and offer personalized recommendations based on added, viewed and purchased items. Keep engaged and notify via push notifications.

Chatbot and Communication Via Messengers

Automate communication with customers through chatbots. So you will be in touch with customers 24/7. Artificial intelligence technologies will allow bots to instantly identify customer data, anticipate questions, and accurately predict products of interest. All questions of interest, such as: deliveries, returns, payment methods, etc., transfer to the chat bot. You will save time and money for your administrators.
Use the advantages of the phone: call the manager, leave a review, go to instant messengers – all this can be done with the click of a single button.

Cutting-Edge Features of a Mobile Application for an Online Store

AR Fitting Rooms

According to research by Engine Creative, 76% of consumers are willing to buy more if AR product browsing is available. Many companies are already using this technology: IKEA allows you to try on furniture in your interior, you can try on Converse sneakers and sneakers, Nars and L’Oreal use social media filters so that customers can choose the right shade of cosmetics.
And that’s not all that you can implement through AR technologies: interactive instructions, animated characters with previews of books, games, interactive portals and much more.

Voice Commerce

Voice commerce is a feature that allows you to order the goods you need with voice commands. In mobile applications, voice assistants are just starting to gain momentum. Assistants like Marusa from VK, Alexa from Amazon help to interact, enliven the shopping experience.

Gamification

To diversify the experience of buyers and make shopping more interesting, add elements of the game, gamification to your application. In this case, the duration of the game or the characters do not play a major role. The main motivation for playing in an online store is to get a reward. Provide bonuses, discounts, coupons for completed tasks.

Closed Clubs

Creating your own rewards program incentivizes users to download your app to receive great personalized offers. Most offline stores are now refusing physical customer loyalty cards and transferring them to a closed club, creating a virtual card that can only be used through the application.

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Conclusion

A mobile application for an online store gives a powerful competitive advantage to businesses and the ability to conveniently shop for consumers. When creating and designing an application, you should remember that the basic functionality should be distinguished by a simple logic of work.
Focusing on the convenience of users, keep in mind the benefits that the functions of a mobile device can provide: quick access to instant messengers, the ability to call at the touch of a button, registration through social networks, access to the phone’s camera.
By creating a unique user experience through the application, an online store can expand the audience, form a loyal attitude towards the brand, and increase the chance of repeat purchases through modern features.

The post Features for the Top Notch Ecommerce Mobile App first appeared on Cart-Power.

How To Launch A Successful MVP. Step By Step Plan

Cart-Power Team — Mon, 19 Dec 2022 06:25:53 +0000

In the previous article, we talked about the main benefits of creating a Minimum Viable Product. This approach to creating a product will help not only quickly develop and launch it, but also find out the needs of the audience, purchasing power, and check out ways to monetize it.

MVP will help to avoid unnecessary costs, as the project is launched with the minimum necessary capabilities. The functionality highlights the main thing for solving the client’s problem. In other words, if you want to create a website for rental housing, then it will be vital:

Possibility to place ads;
Leave a request, make a reservation for a specific date;
Pay;
Contact administrator.

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Some statistics

Approximately 40% of startups become profitable. And in the first half of 2022, investors around the world have invested about $250 billion in startups.

In Russia, in the first half of 2022, the volume of attracted investments fell sharply. But despite this, this period became a stage of transformation both in the strategy of start-ups and in investing in projects. Import substitution is actively developing, suppliers and delivery channels are changing. Private investors become drivers, Business Software, ECommerce, Transport & Logistics become priority investment segments, preference is given to young projects at early stages.

And yet statistics say that about 90% of startups fail. One of the main reasons is the inconsistency of the idea with the requirements of the market, the second is the lack of funds for financing.
How not to end up in the startup graveyard and launch a really successful MVP?

PoC, RAT, MLP, MVP?

It is not uncommon for Minimum Viable Product to be confused with other hypotheses testing approaches. Let’s separate the flies from the cutlets.

PoC or Proof of Concept serves to prove an idea, a concept. For this, it is not necessary to develop a product. To check that the future project is interesting to the market, you can use surveys, make a small landing page and collect lead applications from the announcement. PoC serves as a preparatory stage and a small guarantee that the future product will be of interest to the audience. The MVP is already offering the product and testing it.

RAT or Riskiest Assumption Test checks the most risky assumption, a product can also be created for this, but they follow the cheapest path. The main tasks in the RAT approach:

Make your wildest guess.
Check it out in the cheapest way.
Get feedback, make a conclusion to include the hypothesis in the MVP or not.

How to use RAT? See below

MLP or Minimum Loveable Product is a bit broader than MVP, it serves to win the loyalty of the first buyers. You create a product in order to stand out from the competition and find advocates for your brand. This is still a minimal version of the product, but in this version you will pay more attention to the interface or shopping experience.

Below we have compared all approaches, with an example:

Stages of creating an MVP

So, the main stages in the development of MVP can be identified as follows:

1. Determine the goal
Your service, product or service should be a solution to some problem or close some task. Ideally, it should also be interesting to the buyer. Figure out how your product should help customers.

2. Research the audience
To better understand who you are creating a product for, segment customers into groups and describe their portrait:

age;
income level;
marital status;
habits and hobbies;
interests;
ways to search for information;
how customers make a buying decision?

Segmentation will help you better understand what motives and incentives will encourage your audience to convert on the site, what drives them when making decisions. Having found out this, you will understand what functionality is worth working on, and what can be postponed for now.
For example, the target audience that buys equipment for yachts lives in private houses, they have their own berths and, when making purchase decisions, they are guided by the reviews of acquaintances and YouTube videos. Therefore, the ability to watch videos, reviews will be an important advantage.

3. Analyze competitors
Find out if there are similar solutions on the market. Who are your competitors, what functionality do they offer, what are their main features. Serpstat, Popsters, search by key queries, industry ratings, analytical reports on the venture market will help you here.

4. SWOT analysis
Once you have a specific audience, competitor offers and the main goal of your product, make a list of your:

Strengths
Weaknesses
Opportunities
Threats

Strengths and weaknesses reflect the internal characteristics of the product itself. Based on them, as well as external factors, it turns out what opportunities your product has, what potential it has, what threats or risks the product may face.
Make a map of risks and rank each of them, depending on the likelihood of the event occurring and the consequences that the event will entail. Prepare a strategy to prevent these threats, plan for weaknesses, and use opportunities to the maximum.

5. Describe the Customer Journey Map
Look at the product from the customer’s point of view. The customer journey is the course of action on the site that the user must complete in order to purchase a product or use a service. CJM shows how the client will interact with the site.
It should be not only short, but also convenient. There can be several user path scenarios and they can describe not only actions, but also the way of thinking and emotions.
To get more than just a sales funnel, describe the actions that relate to both visiting the site and the stage after the sale. CJM will help you find out at what stages you need basic functionality, at what additional ones, what page prototypes will be required.

6. Highlight the main thing in the functionality
This will help to prioritize and divide the work into stages. To create a minimal product, you need to highlight the functionality, without which the product cannot cope with the solution of the client’s problem. For example, buy a product, find and select a hotel for booking. Developing additional functionality may turn out to be an unnecessary investment, since after the launch you will receive feedback and will know exactly what exactly needs to be added and where.

7. Approach to development
Depending on the detailed terms of reference, budgets and the degree of involvement in the development, choose the appropriate way to work with the development team. This could be Scrum, Kanban, or a mix of approaches to improve the product as feedback comes in.

8. Testing
MVP should be tested regularly. Testing internally will help to release the product without errors. Testing on real users will help to collect the first feedback to find out how the current functions work adequately.
After the launch of the MVP, it is also necessary to constantly test in order to technically improve the product.

What mistakes should be avoided when creating an MVP

1. Excessive idealization.

The main task of an MVP is to launch a product quickly in order to test hypotheses. When working on the minimum functionality, do not forget that it should perform the main task. This means that if you need a buy function, then there should be a button, a shopping cart, a checkout, and payment methods. Functions such as compare products, offer analogues, collections and accessories are aimed at upselling. You can work on them after you are convinced that the market is interested in the idea.

2. Minimal does not mean unfinished.

MVP saves your budget by limiting the development of quantity, but not the quality of functionality. To get reliable test results, your minimum functionality must work well. Otherwise, buyers will refuse the product not because of its uselessness, but because of the difficulty of acquiring it.

3. Ignoring feedback.

Respond to feedback in a timely manner to avoid shortcomings. To do this, use quantitative metrics:

dynamics of the number of users;
average time spent on the site;
conversion rate or number of paid users.

And also conduct qualitative research to get emotional and detailed feedback. We wrote more about metrics in a previous article.

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The post How To Launch A Successful MVP. Step By Step Plan first appeared on Cart-Power.