Entrepreneurs Guide to Creating An Online Furniture Store Like Wayfair
Entrepreneurs Guide to Creating An Online Furniture Store Like Wayfair
Last Updated on July 12, 2022
It is admirable and noteworthy to note how e-commerce apps have changed the way people shop. Using e-commerce applications has made it easy and completely flexible to order the items you need for everyday use online. Users have fascinating possibilities to browse millions of products in addition to a number of intriguing features.
The widely used e-commerce app Wayfair fully satisfies all contemporary furniture and fixture needs. The Wayfair app has a number of intriguing features that were purposefully added by the app development company. You may quickly browse a wide choice of home furnishings and accessories in different fashions and price ranges.
In addition to this, the app contains a number of incredible features that enhance the experience for users. This article will show you how to create an app similar to Wayfair and what variables you should pay attention to throughout the full development lifecycle.
What is Wayfair?
A global e-commerce website, Wayfair Inc., was once CSN Stores. The US-based business has its corporate headquarters in Boston, Massachusetts, as well as warehouses and offices across the US as well as in Australia, Ireland, the UK, and Germany.
The business started out in 2002 as CSN Stores, which only sold a few pieces of furniture including stereo racks and stands. The website developed over the following few years to become the biggest online store for home goods like furniture, as well as for travel accessories, toys, and pet supplies. The site grew from a single website to over 250 separate stores selling a range of goods.
Nearly ten years after the website’s founding, its creators decided to consolidate all of its locations and rename it Wayfair. This was in 2011, and by 2012, the website had millions of products available in numerous categories, designs, and price ranges, bringing in an annual income of over $600 million.
Through its five separate brands—Wayfair.com, AllModern, Birch Lane, DwellStudio, and Joss & Main—the company features more than 7000 suppliers and offers more than 7 million products as of 2013.
Popularity Of WayFair App –
We currently live in a time when we are more likely to buy products online and our buying habits are changing from physical stores to digital stores.
It has been demonstrated that the online furniture industry would greatly benefit from this shopping trend. By 2025, the U.S. furniture e-retail industry will generate more than 208.2 billion dollars in revenue, up from a 2021 estimate of 132.7 billion. The expansion of the online furniture sector was mostly driven by Wayfair.
Wayfair claims that in 2020, there were around 31.19 million active consumers, up from 20.29 million in 2019. Additionally, Wayfair has seen an increase in the total number of orders that the site delivers annually.
Wayfair shipped 61 million orders in its fiscal year 2020, an increase from 37.64 million the year before.
This is how Wayfair continues to surpass itself with each passing year.
When the aforementioned considerations are taken into account, it becomes clear that creating online furniture and other home decor delivery apps like Wayfair is a profitable choice to enter a market with abundant revenue prospects.
Why Should You Invest In Furniture Store Mobile App?
An offline furniture store is a tantalizing thought, but if one chooses to forge an online commerce route, it would cause complete havoc in terms of revenue generation. You may get a good picture of how the online furniture commerce industry has developed and how it will continue to shatter predetermined boundaries by looking at the figures below.
In the United States, the furniture industry generated a staggering $304.3 billion in revenue in 2018. Although it has already exceeded the goals set for it, its revenue will continue to rise in the years to come.
The furniture industry is expected to grow at a rate of 0.2 percent each year from 2018 to 2021. This amount might appear tiny at first, but when we consider the $304.3 billion it amassed, we can estimate that it will grow by a whopping $60 billion annually.
Different Business Models For Home Decor App Like Wayfair
You can base your online furniture purchasing platform, a la Wayfair, on one of three potential business models.
In order for you to make an informed choice, we have given you an overview of each of these models.
- Single Home Decor Business Model
For individuals who run a furniture store or a network of businesses, this business model has proven to be a fantastic choice.
If you create an online furniture shopping app based on this business model, you will be able to present your furniture online and appeal to a large audience. Online orders and payments can be made by customers utilizing a secure payment system.
- Business Model for B2B Home Decor
This is the best option if you want to target smaller businesses that also sell furniture as opposed to focusing on customers.
You can create a B2B online furniture buying application so that small businesses can browse your selection of home decor items and place bulk orders.
- Home Decor Marketplace
Over 14 million products from more than 11000 international suppliers are available on Wayfair.com. By creating an eCommerce mobile app for home decor like Wayfair, you can also eliminate the gap between buyers and sellers. You might need to make the buyers and sellers apps independently for that purpose. Additionally, there is an admin panel where you can monitor and control the entire virtual furniture purchasing operation.
How To Monetize Your Wayfair Like App
Your top priority will be to maximize your company’s return on investment, regardless of the Wayfair app development strategy you select.
Therefore, it is worthwhile to discover how to monetize the app in order to generate revenue from it before moving further with the Wayfair store development.
Here are a few other business models you might want to take into account:
- Product Sales
You can make similar money with your Wayfair-like app like Wayfair does by selling its products.
Products are bought at a discount from the manufacturers and then sold on the application for a premium price, generating profit for the business.
- Installation Services
The various furniture parts require expert assistance to assemble because not all of us are skilled in doing so.
Another big source of income for Wayfair is the installation of furniture. Installment services are an option that customers have when checking out, however doing so will significantly increase the amount that is added to the cart and sent to Wayfair.
- Advertisements within apps
Home decor applications like Wayfair choose in-app adverts to generate money, just like other online marketplaces like Amazon and Flipkart.
Wayfair charges retailers a significant sum of money for the right to display their adverts on the platform.
- Interchange Fee
A fixed amount of the interchange fee is charged each time a customer uses a credit card to make a purchase. Wayfair receives a tiny percentage of that sum in exchange for advertising the card to its customer base in addition to the credit card companies.
Steps To Building An App Like Wayfair
Step 1 – Identify Your Goal
Setting a goal and sketching it out is necessary before beginning the app development process. Setting up a goal is a great way to demonstrate how your software works. List the features you plan to incorporate into your app and examine how they work together to provide the intended outcome.
To describe the objective of the app, you don’t need to employ sophisticated technology; a simple notepad will do. Additionally, it’s not necessary to overburden your app with functionality. Add one, but make sure it functions well.
Step 2 – Carry Out A Market Research
The greatest method to keep ahead of your rivals is to examine the current market for gaps or flaws. Many times, developers skip this stage without realizing that doing market research reduces the likelihood of making mistakes.
Additionally, talking to potential clients might help you figure out exactly what they want from a product like your app. Understanding the needs of your consumers will help you create an app that meets their expectations.
Step 3 – Sketch Out A Mockup
Draw a quick diagram of the various modules, UI elements, and their interactions before you begin programming. It is merely how your software is laid out. No advanced technical knowledge is required. Just a preliminary draught illustrating the goals the app would try to meet.
It aids the developer in virtually exploring the program and viewing how data flows through it. The easiest technique to present a virtual representation of the app when working with a customer is by using mockups.
Step 4 – UI Designing
We are now in the app’s actual view. If you’re excellent at it, you could create the app designs on your own, but if not, you should hire a graphic designer. If you choose to create your own designs, you can use existing templates for mobile apps. But be wary of the usage and rights restrictions. When it comes to graphic design, programs like Photoshop, Sketch, and Affinity Designer come in quite handy.
Step 5 – App Development
It’s time to start writing the app’s front-end and back-end code. You can now plan and create the app based on the features you identified in earlier sections. To make the process of developing apps easier, you can use a variety of tools and frameworks.
The front end of the app is where users interact with it in real-time. The data that is fed to or retrieved from the app is then stored in the database on the back end. To make the app capable of operating efficiently, you must integrate the front end with the back end.
Step 6 – App Launch
You can now launch the app on the PlayStore after finishing the designing and programming process. You must first log in as a developer, then upload your app using AppBuild after giving users a brief overview of it.
The application would either be accepted or refused after review and scrutiny (if it disregards certain rules). You’re done at this point. You finally see your app appear on the PlayStore after the arduous process of app creation.
Step 7 – Market Your App
You can now launch the app on the PlayStore after finishing the designing and programming process. You must first log in as a developer, then upload your app using AppBuild after giving users a brief overview of it. The application would either be accepted or refused after review and scrutiny (if it disregards certain rules). You’re done at this point. You finally see your app appear on the PlayStore after the arduous process of app creation.
Traits Of A Successful Online Furniture Store Application
- Friendly and Simple UI
Customers will interact with your app’s user interface for the first time, therefore you should make sure it is incredibly user-friendly. This will give them an exceptional user experience.
On your app, users should be able to quickly and smoothly find everything they’re looking for. Customers are more likely to remember your app and choose to return to it in the future if your interface is appealing and concise.
- Flawless Photography
Users can only relate to the furniture product through the images of it, so photography is essential to internet commerce. Try to get images of the product from every aspect you can, as this will make it much simpler for customers to decide whether or not to purchase furniture. Furniture should be displayed and priced in such a way that customers can’t help but purchase it.
- Provides All The Necessary Details
Customers should be properly educated on all the different types of furniture so they can make an informed decision. Information about the type of wood used in the furniture, a guide to the dangers the wood faces, and instructions on how to maintain the cleanliness of the furniture are all included. Giving them the right information about the furniture will set you apart from the competition and develop a base of devoted clients for you.
- Provides Customization Options
A frequent occurrence is when a buyer rejects a product they initially liked because of an odd design they thought was present in the item. Customers are far more likely to purchase an item if we give them the choice of altering that specific design and customizing it to the product they want.
- Provide interior Design Consultation
The stakes of the app will increase to a new level if the furniture app owners include the attribute of giving an interior design consultant. Interior design professionals arrange the purchasers’ homes so that the furniture they are purchasing has the most impact. This act will also build a rapport between the seller and the customers, drawing them back to the app repeatedly in the future.