Imagine for a second, you’ve just purchased your 60” QLED TV with surround sound. You buy the necessary TV license, get home and set it all up, and then the result was the choice of a couple of channels with poor picture quality and reception. Would you be pretty disappointed and wondering why you had spent so much on a TV?
So, you decide to do something about it and take the plunge with the extra expense of getting an aerial and/or an internet connection to go with your TV. Suddenly your TV and surround sound system are transformed into viewing and listening pleasure! A couple of channels becomes 100’s, you’ve got amazing picture quality and awesome sound.
Wow, you think, unbelievable what a difference that made! You’ve still got the same license fee cost, and you’ve still got the same electricity cost for running the TV, but for the small additional investment required for the aerial or internet connection your TV and sound system are able to realise their full potential. Suddenly the price tag on the expensive TV and sound system seem like they just might be justified.
Ok, so it’s obvious, nobody would buy an expensive TV and sound system and expect to get anything but poor results out of it without an aerial and/or internet connection. Nobody right? Well, I am not so sure, because right now 100’s of millions (probably over a billion) e-commerce website owners are doing basically just that. How and why? Because there are 100’s of millions of e-commerce business owners trying to compete in the online marketplace without a mobile app for their e-commerce website, which is literally exactly the same as the analogy of buying and running an expensive TV without an aerial or internet connection.
Consider this: as of 2023, global retail e-commerce sales have skyrocketed to an estimated 5.8 trillion U.S. dollars. With projections indicating a growth of 39 percent in the coming years, surpassing eight trillion dollars by 2027. The opportunity is immense. But to capture this potential, businesses need to align closely with consumer behaviour, particularly around mobile usage, which has become the predominant mode of internet access with an overwhelming 79.8% share of total internet usage.
Significantly, and here’s the crux, mobile users are not just browsing; they are engaging deeply, spending 88% of their mobile online time within apps, compared to a mere 12% on websites. Therefore, the question isn't just about having an e-commerce website, but it is about how to plug it in and connect it to the mobile user.
For many businesses, maintaining an e-commerce website is a substantial commitment of resources, encompassing time, effort, and energy. However, if you're only operating through a website, you're potentially targeting just 20% of your market, i.e. those who prefer using mobile websites. This is akin to incurring 90% of the effort and expense for only a fraction of the possible return. Remember the expensive TV with a couple of channels and poor reception?
Herein lies the strategic advantage of transitioning into a hybrid mobile app. Hybrid apps are applications that combine elements of both native apps and web solutions. This means they can be installed on a device like a native app but are actually powered by a website. This dual nature significantly reduces development and maintenance costs compared to native apps, while offering a user experience that rivals them. The hybrid mobile app is the ‘aerial or internet connection’ your e-commerce website needs to realise it’s full potential.
Leveraging your existing e-commerce website into a hybrid mobile app entails minimal additional costs compared to the creation of a completely new app. Since the hybrid app can utilize many assets of the existing website, the transition is not only cost-effective but also faster to market. This strategic pivot allows businesses to tap directly into the app-preferred customer base, which accounts for 80% of the e-commerce market potential.
Furthermore, hybrid apps integrate seamlessly with diverse mobile platforms and are easier to update. This means that you can maintain uniformity across different versions of your app without extensive additional costs, enabling you to deliver a consistent and engaging user experience.
As e-commerce continues to dominate the retail landscape, businesses that adapt by transitioning their operations to include hybrid mobile apps are better positioned to capture a larger share of the market. By aligning your digital strategy with the clear preferences of today’s mobile-first consumers, you not only extend your market reach but also enhance user engagement and potential revenue streams. In a world where digital adaptability can define business success, making the move to a hybrid mobile app isn’t just an option; it’s a necessity!
August 21, 2024 - BY Admin