Mayank Pratap

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Co-founder of EngineerBabu.com | Writer at Entrepreneur, Hackernoon | Helped 100+ founders build awesome Web & App products| 30+ funded, 2 selected in YC 16 & 17

The Girl Who Won’t Take No For An Answer

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Aditi Chaurasia

Originally Published at SHEROES.
Written By Kanika Gautam.


The odds were stacked against her, but this ‘entrepreneur in making’ had already decided to script her own success story, this is how it started:

In Garhi Malehara, a small town near Khajuraho, Madhya Pradesh, Aditi Chaurasia was born. A rebel at heart since her early days, she opted for an English medium Co-Ed school even if it came with a wave of resentment and criticism from relatives and neighbors alike. After finishing school, Aditi tried her luck in medicine, but luck didn’t favor her and she lagged behind by a small margin.

Dreams Taking Shape

With the dawn of 2009 things started looking up for Aditi. She met her then friend, now a business partner and soon to be life partner Mayank. Mayank encouraged her to follow her heart and pursue her entrepreneurial dreams and soon began her first venture – Titliyan Creation, a handmade cards portal.

Unfortunately, despite the tremendous success of her first project she had to give it up when it was at its peak. Success was kissing her feet, yet Aditi had to shut down Titliyan Creation due to certain personal reasons and the butterfly withered back to her cocoon.

Reminiscing about that difficult phase Aditi said,

“I encountered the typical Indian mentality of our society. If I was not doing a job or getting married then my life was not on the right path.”

Saying NO to NO

Feeling stonewalled, Aditi succumbed to the societal pressure. In the days that followed Aditi juggled between jobs yet, her heart was set on the much-coveted entrepreneurial path. The teaching gig she undertook became a source of constant dissatisfaction and dejection. She knew she had to do something, as giving up wasn’t an option for this fearless rebel.

With Mayank’s technical skills and support by her side, she decided it was time to charterer unexplored territories and thus the dynamic-duo conceptualized ‘EngineerBabu’. EngineerBabu is an IT services company that develops websites and mobile applications.

EngineerBabu Homepage

In the early days of EngineerBabu Aditi kept her work under wraps. However, soon the company launched by 2 founders blossomed into a team of 50. Aditi’s name echoed in renowned platforms including but not limited to Rajasthan Startup Fest, Startup Conclave (Nepal), Women Tech Makers by Google. She was written about in popular online as well as offline portals like The Cosmopolitan, Asian Entrepreneur and many more.

Amidst all the success and fame she still longed for support from her near & dear one’s. The newspapers were talking about her accomplishments and she was presented the Leadership award of excellence By DAVV University. As luck would have it her parents saw an article in a popular magazine featuring their daughter. The conservative mindset was challenged and they began to realize that their daughter was spirited, fearless and above all a SUCCESSFUL ENTREPRENEUR.

Words of Encouragement for Budding Women Entrepreneurs

With their brainchild EngineerBabu thriving, Aditi is often asked for her opinion on entrepreneurship and the disparity it entails. On this delicate subject, she candidly spoke –

“If a woman decides to pursue something different then she is judged. As women, we are expected to get married, have children and look after the household. Our wings are cut at every step. I encourage women to stand up for themselves in every aspect of life. The society needs to accept that a woman can succeed in any field of work. When the world changes its outlook towards women, I’ll call it the best day of my life.”

– said Aditi.

From medicine to MBA she shuffled through many streams, but in the end, she listened to her heart and today she’s counted amongst the top 100 women entrepreneurs and top 25 Women Influencer by popular online platforms. To steer women towards a career in technology Aditi has come up with another remarkable venture called SheConnect that trains and encourages women through workshops and training sessions in IT and tech domain.

Aditi’s road to success wasn’t a runaway victory. She moved forward with gumption and gusto and defied all odds to realize her dreams. Her advice to budding women entrepreneurs is “Be persistent and remember you can achieve any goal with perseverance and tenacity.”

Ellen J. Barrier’s famous quote – “Her power of perseverance is as that of an eagle. She soars above her challengers.” rings true when we see it through the eyes of entrepreneur extraordinaire – Aditi Chaurasia.

Also, if you are from Indore, that’s where SHEROES will be hosting its first Summit to celebrate #takecharge women and the joys attached to taking charge.


Originally Published at SHEROES.
Written By Kanika Gautam.

5 Things to Keep in Mind for Building an eCommerce Website

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Things to Keep in Mind while building an eCommerce Website

It seems like you have finally decided to push the pedal on creating your eCommerce website.

Look no further, as you have arrived at the right destination.

Whenever you’re about to begin a large project, it’s good to gather all your ducks in a row before you start. Building an eCommerce site constitutes a lot of moving pieces. Thus, one needs to consider a variety of factors before jumping in head first. 

From user engagement to site performance – It is one thing to design a simple website, but developing an eCommerce site comes with its series of challenges.

Firstly, eCommerce websites are built not just to inform and showcase your brand online; they are primarily built for customers to shop. Hence, designers need to ensure that the site is easy to use and intuitive to make sales.

Without sales, the whole website will lose its purpose.

So, before you begin, consider reading this article thoroughly as it can serve as a holy grail to bring your ecommerce product dreams to reality.

1. Select an ecommerce or web hosting platform

If you are a small or medium-sized enterprise and aren’t looking for a customized platform – Then to save time and money, select a popular ecommerce platform.

I recommend Shopify, Magento, OpenCart or BigCommerce.

MUST READ: Best eCommerce Platform for Small Business – 2019

Most developers are quite familiar with these, making it easy to integrate WordPress plugin, payment processing, etc. The platforms also come with a range of customizations.

Additionally, these ecommerce platforms come at a reasonable price.Ecommerce Platforms & Price

2. Reverse Engineer Successful eCommerce Websites

One of the most ingenious ways to create an ecommerce website or product that generate leads, drives traffic, and converts visitors is to reverse engineer what is already working for the other ecommerce sites. Learning from those who are already excelling in the domain is a sure shot way to ensure that you create a functional platform which is lucrative for your business.

But, how can you do that?

To understand what your competitor is utilizing, you can go to Ahrefs (or other competitor analysis tools such as SpyFu, Similar Web, or SEMrush) and type in your own website’s URL or that of your competitors’.

Once you do that, try finding out how they’re getting their traffic, what keywords they’re ranking for, what keywords they’re bidding on, etc.

3. Open source or SaaS – Choose wisely

Depending on a variety of factors – such as your company’s current and future needs, as well as budgetary and other constraints – you’ll have a significant decision to make as you dive into the world of eCommerce:

Should you use an open-source or a SaaS platform to house your online store?

Let’s compare:

Open Source eCommerce Software SaaS-based ecommerce software
More technical work required Lesser technical work required
Set up takes time Faster Set Up
Complicated to use Easier to Use Overall
Allows full control Less Control
No additional costs Hidden Costs
Hard to Use Easy to use
Lots of Maintenance Requires comparatively maintenance
Expensive Cheaper

If you don’t require a much-customized online store and want to instead focus your energy & time on running and scaling your venture instead of managing technology – you’ll be more content with a SaaS platform. It will save you considerable time and money while allowing you to focus on achieving your business objectives.

If you have the pockets to hire a developer, and want a highly customized shopping experience, then open-source will be a viable bet for you.

4. Finding the Right Tech Partner

Choosing the right tech partner is a critical step to ensure your product succeeds, especially if you are from a non-technical background.

eCommerce can get tricky at times. Some problems arise which could only be handled by experienced developers, thus you must hire a partner who has an experience of working in this domain.

Going for a jack of all trades isn’t really a good idea here. Also, solely hiring a developer won’t suffice. You will require an eCommerce domain expert to fulfill your requirements.

Owing to the fact that ecommerce is a massive entity in itself; it would be foolish to hire someone on the basis of their work in other domains. A developer who is good with designing ride-hailing or dating apps won’t necessarily be good in developing ecommerce applications. 

Check out our award-winning ecommerce application right here.

5. Clear and Easy Navigations

Make sure you have clear and easy-to-follow navigation at every step of the purchase. If a user doesn’t find the product or services they were looking for, they aren’t going to spend long looking for them on your website. After all, they have plenty of options to choose from.

Aim at retaining the user by providing them with a clean and clutter-free experience.

Keep in mind the following pointers and you’ll be good to go:

• Match Your Design with Your Products

Keeping your design coherent with what you’re selling will complete the overall feel and look of your site. While designing, make sure that everything from text, images, color schemes, perfectly aligns with your website.

For instance, If your website is selling toys, your design should look fun and colorful.

And if your website is trading gadgets, the theme of your design should look modern and techy.

For instance, this e-commerce website which buys and sells Captain America merchandise uses a design that matches their products perfectly.

Planet Superheros Captain America
Source: planetsuperheroes.com

• Proper Product Showcase and Descriptions

The purpose of your ecommerce site should be to sell products; thus it is essential to highlight your products on your website. When showcasing items, always ensure that you’re using high-quality images that will grab user’s attention. The larger the images, the better. By showing good quality pictures, your customers will visualize how well the product looks in real.

Myntra Product Showcase
Source: myntra.com

For better usability, choose a layout that emphasizes your product on every page. Don’t give them a hard time finding the page for “Accessories” or “Shoes” if they’ve already looked or clicked on a similar product.

• Easy Checkout Proces

Besides from allowing transactions to be swift and anonymous, an eCommerce site should also make it as compelling as possible for consumers to check out their items. The more straightforward this process, the more motivation your customers will have to make a repeat purchase. So don’t create too many pages for checkout.

Try to create a single-page process while not being too overwhelming for consumers.

• Payment Options

Payment Mode
Source: myntra.com

I’ve observed several eCommerce sites that deny users to pay with Paypal or with other kinds of payment aside from Visa or Master card. Now with the introduction of a Unified Payment Interface, you need to ensure that you provide ample payment solutions in order to cater to a wide range of shoppers. By considering your consumer’s payment preference, you can increase their motivation to shop thereby boosting your sales in the long run.

 


Questions to ask an agency when developing an eCommerce site

Many non-technical customers we encounter are concerned majorly about two things,

“Cost & Time”

But this is definitely not the correct approach to follow. Firstly, you should give clear instructions of what you are trying to build (Clear Requirement Document) and ask other questions like the following.

  • Building the portfolio
    • How do you determine the price of the project
    • How big is your company and how long have you been in the market?
    • Can you provide instances of websites you’ve developed in the past?
    • Do you hold any case studies that showcase the effectiveness of your sites
    • Do you have a project manager who will take ownership of my website when it is being created
    • Is there an ongoing cost to maintain the website, and if so, how much?
    • What standards and practices do you use to ensure that the site is responsive to different devices and is optimized for search?
  • Analytics and reporting
    • Are you willing to set up analytics for me?
    • What tools and solutions do you use for site’s analytics?
    • What eCommerce metrics do you advise we track?
    • How can we trace what products are performing best
    • How can we trace what channels are performing best?
    • How can we track how customers are using our site?
  • Website features
    • How do I create a discount or voucher code for my customers?
    • Will I be able to personalize the prices based on user groups?
    • Can customers review the products?
    • Can you develop a “WishList,” “Notify when a product is available,” or “Back-ordering” features?
    • Will the consumers be able to change the quantity of an item in their cart from the cart page?
    • Will the website possess a “dashboard” where users can update their information?
  • Search engine optimization
    • Do you incorporate keyword research as part of the website build?
    • Is site-wide HTTPS included as part of the build?
    • How do you optimize page speed, especially on catalog and image-heavy pages?
    • Will you implement Schema markup for my site?
    • Will you include a blog on the website? If so, will they be on the main site or sub-domain?
    • How will you deal with dynamically-generated pages?
  • Tech Questions:
    • Which technologies will be adopted in frontend?
    • Which technologies will be adopted in the backend?
    • Are you going to make Native Android & Native iOS Apps or Hybrid?
    • Which server will be used for hosting?
    • How will you ensure the security of the website?
    • How much time would be required to implement changes, if needed?
    • What happens if the server is down?
    • How do you ensure protection from hacking and phishing attempts?

Wrapping Up

An ecommerce site can completely transform your business. It can not only boost your sales but can also establish your enterprise globally – That too without the pain of going through opening a brick and mortar store.

It is true that creating an e-commerce website requires a lot of sweat, time, effort, and expense. However, if you know the right techniques, a good e-commerce site cannot just boost sales, but also retain more long-term customers than you could ever expect.

Our team at EngineerBabu prides themselves in designing some of the best ecommerce solutions for businesses globally. Our cherished Australian ecommerce customer Frankgreen has won numerous awards, like the Best Design Award for not one, not even two, but three consecutive years!! Our other ecommerce application Ondoor (an online supermarket app) went on to garner more than 100k downloads in record time.

Contact Us right away for a free consultation! 

We hope that you found this post helpful. Let us know in the comments below what you would like to learn next about.


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“E-Prescriptions” – Making Patient Care Effective & Efficient

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E Prescriptions

Physicians are notorious for their handwriting. Patients face a tough time going through a paper-based prescribed medication. Nearly a decade ago, Electronic Health Records (EHR) brought a change in the way doctors prescribed treatment. The EHR platform enabled them to update medication details.

With the introduction of regulatory acts like HITECH (Health Information Technology for Economic and Clinical Health) and advancements in health IT solutions; pharmacists could receive prescriptions electronically. This act even made e-prescriptions mandatory in certain health situations. Combining providers and pharmacy systems reduced medication errors and paperwork.

Electronic prescriptions have been an essential part of the ambulatory care unit enhancing safety, quality, and timely healthcare processing. E-prescriptions are a computer-based, electronically filling of prescription forms and transmission of same from the caregiver to the pharmacy.

The electronic prescription substituted paper and faxed prescriptions owing to its accuracy and on-time care delivery features. For any ambulatory care unit, a significant portion of prescribing happens according to the outpatient setting (meaning- facility that does not require hospitalization of patients). Outpatient setting views a considerable number of patients that comes on a daily basis for check-ups and thus this setting holds a great need for e-prescriptions.

Recommended Read: Latest Innovation in Healthcare 2019

E-prescriptions have gained tremendous popularity and are growing rapidly not because of the technological advancements, but because of the significant benefits it delivers to caregivers and patients. Though still at its nascent stage, e-prescribing is at its highest in the United States. Some controlled substances prevented physicians from e-prescribing, but after DEA (Drug Enforcement Agency) implemented rules for e-prescribing of controlled substances, the physicians and pharmacists started utilizing the same.

Many hospitals and healthcare establishments have switched to e-prescriptions for patient treatment. Initially, e-prescriptions were termed as a no-brainer, as it was computer ordered and people were doubtful whether they could read a physician’s handwriting. The records and reports lead to a net positive effect of e-prescriptions; as they fulfill medical adherence. Lucidity is one of the most critical element of e-prescriptions that delivers an expansive patient safety advantage.

Evolution of E-Prescriptions

E Prescription Chatbot
E-Prescriptions have come a long way. AI controlled chatbots are increasingly being adopted for prescribing medicines for general ailments.
Courtesy: dribbble.com/travishall

In the beginning, e-prescriptions were designed to assist pharmacies to save the delivery time of staff and other overhead costs along with fast & easy medication process. But gradually, it seemed that electronically filling of prescription forms, and sharing the same through electronic medium proved valuable in streamlining efforts and enhancing process operations at the pharmacy. As soon as these benefits came to the knowledge of the pharmacists, they were quick to adopt health-related IT solutions that manage e-prescriptions.

It was by the year 2008 that the pharmacies were open to e-prescriptions.

Conversely, care providers were at a backhand to embrace e-prescriptions, as the process did not seem quite effective for them as it was for pharmacies. But looking at the decision support and timely care features offered by e-prescription solutions; physicians too made their mind to adopt the same.

E-prescriptions evolved as it offered providers with enhanced patient safety by making better clinical decisions, reduced costs, and an improved workflow. The World Health Organisation reported that more than 50% of patients around the world do not complete their prescribed medication, which had a negative impact on patient health contributing to prolonged hospitalization, re-admissions and even leads to patient death.

Introduction of e-prescribing has managed less legwork for patients making it convenient for them to get their prescription. E-prescriptions have improved medication adherence of patients.

Benefits of E-Prescribing

Benefits of E-Prescriptions
Image Courtesy: media.empr.com

E-prescriptions can either be standalone applications or platforms for ambulatory care units or can be integrated with the existing Electronic Health Record (EHR) systems. The reason many healthcare providers consider the integration of e-prescriptions with EHR is that it contains patient data such as clinical information, lab orders & pathology results, and clinical decision support system. If an e-prescription is a part of EHR, it becomes convenient for physicians to access all patient information and at the same time, he can share e-prescription with the pharmacist, ensuring efficacy and accuracy of treatment.
Enlisted here are some of the many key benefits of e-prescribing.

  1. Prevents medication errors
    Many times it has happened that pharmacists tend to dispense wrong medicines due to incorrectly reading the handwriting on prescription and the pharmacists delivered medicines which sounded familiar to one mentioned. For example, Brillinta and Brintellix are different drugs but sound familiar, while the former is used for the coronary syndrome, the latter treads depression.

    If these two are confused, may lead to patient death or any severe symptom. E-prescriptions in such cases are of a positive impact. E-prescription can eliminate medication errors that occur due to handwriting mistakes. Also, e-prescriptions allow physician and pharmacists to access a patient’s previous medication and reduce the chances of dispensing wrong medication.
  2. Automates Clinical Decision Support
    Almost all the drugs available in the market comes in multiple forms and in various strengths. Traditional prescriptions always suggested the combination of drugs and the dosage details. However, e-prescriptions caregivers are prompted to fill in the complete form which includes details like, dosage, strength, route, and frequency of medicine intake. The e-prescription form also provides a drop-down list with a dictionary of standard drugs and standard parameters to select from; to check dosage and additional therapy alerts.

    E-prescription applications assist in lessening the risks linked with filling & generating prescriptions; helping in better clinical decision making. Genomics is the best example of a robust clinical decision support system. Genomics determines the effectiveness of a prescription of any patient based on their genetic codes. Tools like this also perform disease profiling through which it is easy to identify any patient who is at risk of developing a particular symptom. This helps physicians to make informed decisions at the point-of-care.

  3. Speed Up Medication Process
    Traditional prescriptions or paper-based prescriptions may tend to lose medication history, making it difficult for clinicians and physicians to track medication details. Also, the entire process of tracking medical records was manual which made it difficult to reconcile medication information. With e-prescriptions, a patient’s medication history can be instantly accessed. Every drug to drug interaction is saved in application memory. E-prescription applications fetch data from pharmacy benefit management and EHR platforms, to speed up e-prescribing.

  4. Instant Notification & Medication Alerts
    E-prescribing assist physicians in gaining full visibility of the allergies and previously prescribed drugs; as everything is documented & stored within the application. E-prescription also provides alert to the providers if the newly prescribed drugs may cause any severe symptoms. Instant notifications through e-prescribing help physicians to provide alternate medication, suggest substitute therapies and treat any allergies on time.

    Recommended Read: How is Technology Transforming Healthcare at Home
  5. Track Complete Medication
    As mentioned at the beginning of this article, traditional prescriptions do not guarantee patients are completing the prescribed medication. Handwritten prescriptions provide no effective method to track if the prescription is fulfilled. Some other reasons could be patients have lost the paper, cannot afford any prescribed drug, forgot to fill the prescribed form or might have started feeling better and hence stopped medication.

    E-prescribing helps physicians to track whether patients have filled prescription forms and if in case it is not done, the providers can counsel on medication management. Also, e-prescriptions allow providers to understand the frequency of filling prescriptions for any particular controlled drug so as to stop possible drug mishandling.

  6. No Delays as No Lost Prescription
    When patients receive prescriptions from the doctor chances are that they may forget to fill their medication intake, may never fill details or may have lost the paper. In such cases, the patient needs to, either revisit the physician to rewrite the prescription or visit the pharmacy to get the details from pharmacy management data. With e-prescribing, the prescriptions are directly sent to pharmacy leaving no chances of errors from the patients.

  7. Greater Patient Satisfaction
    E-prescriptions allows expediting the filling in prescriptions and reduced visits to pharmacies. Since refills are faster, there is less waiting time for patients to hear from physicians, and thus improving process satisfaction.

  8. Single Workflow Prescribing
    Traditional prescriptions never spoke about controlled drugs in single-paper prescription history and required a separate prescription for controlled substances, that went to special mail-order pharmacies or retail outlets. The entire manual process of managing prescribed controlled drugs and conventional drugs was very tedious.

    E-prescribing software allows providers to send e-prescriptions to special mail-order pharmacies, through the same workflow as the regular drug pharmacies. The single workflow interface makes the process more efficient, enhance patient satisfaction, support medical adherence and create patient convenience.

  9. Better Utilization of Staff Time
    Prescription refills requests are a burden for the healthcare staff. The clinical staff and physicians had to send several follow-ups to patients for a prescription refill, taking a lot of time to and fro. Sometimes, despite these efforts, the staff does not receive filled prescriptions and end up creating new ones. E-prescription enables healthcare providers to review, verify and share as many refill information within seconds. Also, the e-prescriptions allow staff to perform an emergency refill in case the patient is in transit and left with no medication.

  10. Reduced Re-hospitalization
    The notifications and alert feature in e-prescribing software make healthcare provider track any adversarial reaction of drugs on any patient that leads to hospitalization. E-prescribing reduces re-hospitalization as it ensures timely filing of prescriptions.

  11. Enhanced Medical Adherence
    Medication adherence is the proper conception of treatment by patients. Patients tend to stop taking medications once they feel better or may end up reducing the dose of prescribed medication. E-prescribing enables faster filling of prescriptions increasing better medication adherence.

  12. Faster Verification of Medical Insurance
    Traditional prescriptions and outstanding medical bills need to accompany together for insurance claims. Manual verification of prescribed drugs and billing invoice of similar drugs takes a lot of time and effort. E-prescribing software tallies the prescribed drugs and pharmacy invoice and authorizes the purchase for insurance claims.

E-Prescription Adoption & Considerations

Prescription Adoption and Consideration
Image Courtesy: dribbble.com/arcade

There has been a significant increase in e-prescribing adoption over the past few years. In case any healthcare organization has still not implemented e-prescribing solution,

Almost all the hospitals and clinical systems that already have EHR will go with the decision of e-prescribing solution implemented so that they can connect with pharmacies in their network. There are some questions that hospitals and other healthcare providers should consider while looking to implement e-prescribing integrated with their EHR:

1. Will the physicians use e-prescribing along with EHR?
EHR allows the physicians to update patient medication details. However, it cannot transfer the same information to the pharmacy for faster treatment. Thus, clinicians & providers are less likely to use e-prescribing.

But if e-prescription software is integrated with the EHR system, the caregivers will definitely intend to e-prescribe as it enhances the quality of patient care.

2. How secure is the health information network?
This is another critical question to check with the software network provider about system and security. It is extremely essential that the network is compliant to HIPAA and other regulatory compliance so that sensitive patient information is kept protected.


3. Which security network is used by pharmacists?
Since the pharmacies, retail and mail order outlets are the external elements for hospitals and healthcare givers; it is essential to keep a tab on the network they are connected through. E-prescribing is sharing of sensitive drug details pertaining to specific patient-id. Hence one should ensure secured network for implementation of EHR and integration of e-prescription solution with same.


4. What is the acceptable transaction fees for any payment done on a platform?
When a patient receives medication from pharmacy through e-prescribing, some networks charge for transactions done on platforms or directly charge medi-claim providers for the same. One should clarify the charges before implementing e-prescribing with EHR.


5. What are the steps to suggest e-prescription to patients?
The elderly population is less likely to go with e-prescriptions as they are more comfortable with paper-based prescriptions. It is essential for the caregiver to train the elderly patients about the e-prescription use and benefits.


Wrapping Up

Even if the above considerations are taken care of, there still lies a debate on the usefulness of EHR if e-prescribing is added as a vital functionality. The healthcare staff feels that the utility of EHR may reduce with the arrival of e-prescriptions.

But since it is about improved patient care and quality health services; the hospitals and clinics have thoroughly adopted e-prescribing. The collaboration of pharmacists and healthcare providers have engaged the patient as an essential component. E-prescriptions shared with patients via email and other channels; provide patients with more flexibility to shop from a pharmacy of their choice.

There has been a significant gap in healthcare practices due to non-adherence. With e-prescribing, the system builds a bridge between providers and pharmacies to improve the overall process and ensure patient safety. E-prescription processes also provide transparency in the price of the prescribed drug and re-routes a prescription to some other pharmacy if the patient is not satisfied with pricing.

E-prescribing makes the medication management process effective and improves ambulatory care workflow. E-prescribing is changing healthcare delivery by reducing prescribing errors and saving on healthcare costs.

EngineerBabu has a track record of designing and developing numerous healthcare products. We have been able to successfully automate 120 hospitals with our solid expertise in this domain.

Check out our portfolio, right here

Consult us, if you are looking for a tech-partner who can take your product to the next level. 


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How to Enhance Your Payments Usability- Instantly!

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Enhance Your Payment Usability
Image Courtesy: yrityksille.elisa.fi

When the word “Usability” pops-up, quite often users confuse it with – “User Experience”.

The usability of any product shapes its user experience, and thus, usability is a part of UX. Usability is not just the comfort of using a product, but a lot more about user satisfaction, a website being aesthetically pleasant and engaging.

Online retailers previously overlooked the checkout page optimization and focused only on optimizing the front end, design and product alignment on their website. This made sense because what the user came across was the front end, that convinces the user to make a purchase.

However, when it comes to conversion, it is the website checkout page that needs to be optimized in terms of product specifications & call-to-action buttons specifically.
This is where an online retailer risks the sales & revenue.

What is The Importance of Usability?

Before we jump to what usability involves, it is essential to understand as to why it is important. Well, many a time, it happens that a user browses through a particular website but does not proceed with purchasing. The reason for such an action is quite simple; the product is not usable, and hence, the UX is terrible. If the users are unable to attain their goals effectively and are dissatisfied; they will undoubtedly move to the competition to achieve their goals. This is why usability matters.

Benefits of Payment Usability
An effective, efficient, engaging and easy-to-use payment platform is essential to ensure usability.

Any product or business would not want to lose its customers to competitors. Thus, the designers of any product, website or app aim to ensure that their products are usable and are at lesser risk to the abundant alternative solutions in the market. Usability is a result of a user-centric design approach that determines in what way and why a user would accept a product and based on this, evaluates a product for its use.

For a product to be usable, it must have these characteristics:

  • Effective- That is when a product supports the user while working. For example, while filling up card details in the payment section; the user is prompted only for a valid debit card. This helps in reduced data entry errors and assists users with correct task completion.
  • Efficient- This term might confuse users with effectiveness, but it has a lot to do with the speed of the task performance. Efficiency is how easily a user can navigate through product and find it usable to access. The user can browse through any device, desktop or mobile.
  • Engaging- This is solely dependent on how attractive and gratifying a product is for the user. Here, the aesthetics plays a very crucial role. Well-set page layouts, readability, and easy navigation takes user in the right direction; making the product highly interactive and engaging for the users.
  • Ease-of-learning – If any business aims to make a product bestselling, the key is to provide a good product learning experience to the user. Almost every product comes with upgrades and newly added features for the comfort of users. The more a user is updated and learned about the product, the more likely he/she is to use it.

Usability of the Payment Process

Mobile devices, high-speed data communication, and online commerce are creating expectations that convenient, secure, real-time payment and banking capabilities should be available whenever and wherever they are needed.

– Jerome Powell

Since we now understand what usability is, it will be convenient to get to the element which assists in enhancing usability. Online payments these days are not a new thing, but the way it is escalating; usability matters a lot. Every user wishes to make payment conveniently, especially when it is through mobile devices or desktop applications, and this is why a simpler and convenient payment solution is required.

An Ideal and Usable payment platform
An ideal usable payment platform.
Image Courtesy: dribbble.com

Payment usability is a critical element for online businesses. It is difficult to find customers, market them the products and persuade them to the checkout process; but what is more difficult is to keep the user spirit throughout the payment process. It is reported that a non-user friendly payment checkout-page leads to shopping cart abandonment. This shows why it is essential to provide users with an effective and efficient check-out solution. The manner in which a checkout page is designed can significantly impact the customer experience.

Statistics reports that almost 21% of the online users abandon their online shopping due to long and tedious check out process. Also, 24% of the online buyers are reported to get distracted while making payments. This clearly defines that payment and usability are more closely connected than one can think.

If the users find no way to pay, they will have no way to buy.

Hence, it is advisable for online businesses to accept payments through various payment methods be it a credit card, debit card, net banking or UPI for that matter. This ensures that the user can pay through any option they are comfortable with.

Previously, banking institutions were the only secured check-out (offline mode) option but with the technology getting its root in online purchasing & payments; mobile wallets, payment through wearable devices, tokenization, mobile payment apps are some of the secured payment mediums available for the ease of users. To keep up with the interest of users in fast payment, all a business needs is an improved payment experience with a considerably lesser number of transaction steps. This is the reason why one-click payments are trending these days, making payment process effective and efficient.

Providing users with a bunch of payment options might complicate the checkout process. Hence, here we enlist the ways to improve your payment usability:

1. Check-Out Design for Users
Many a time while shopping online, a user is navigated to a third party page for the checkout process which may cause trust and credibility issues. A checkout section that is designed in line with the website theme enriches the transaction experience. The elegant & modern user interface with customer perspective tells that the checkout page belongs to the particular website; thereby building trust and user satisfaction.

2. Single-Click Payment
This is one of the most effective and the very basic of payment usability. Reduced number of steps to the payment process may lead to an instant conversion. These days, the conversion is very much possible with the “one-click payment option”, which is available with the option “remember my card details” for faster checkout. Selecting this option saves customer data and recalls the next time a user makes a payment.

For example, if any user pays through credit card the first time, he/she can choose to save credit card details (credit card number and card expiration details). The next time when the same user makes a purchase, the saved details are loaded and asks for CVV number to authenticate the transaction — this single-click payment option assists in faster conversion and better user experience.

3. Automatic Logo Display
When a user inputs first four digits of his/her card number, the logo corresponding to the card type appears automatically, with security logos. This display of familiar logo ascertains the user that the transaction or payment method is acceptable. This enhances the likeliness of payment completion, saves time and ensures more friendly payments. The security logos or security badges also add to the trust of the user during payment processing.

4. Auto-filled forms
When you ask for too much of information from user every time they visit your site for purchase, you are likely to lose a customer. It is advisable to endow customers with a quick and easy check out process. Elements like pre-fill or auto-fill based on pin code, city, and state, can make the process easy for returning user. Also, auto filling the name field of credit/debit card section also makes it simple for customers to transact. Ask for only the essential information, and you will never drop out a customer.

5. Clear Error Indicators
While check-out, if the user needs to enter information multiple times and only a red outline appears asking to re-enter the field; may cause a user to abandon the checkout and move to competition. Hence, it is recommended to provide explicit error instruction aside the red error box so that the user understands what is wrong with the input. For some errors like wrong password, merchants can also provide a hint that helps to enter the correct information.

6. Always Display Amount
Some e-commerce websites hide the actual payment amount while the user enters payment information at the checkout section. And when the actual payment appears or is deducted, it can annoy the user. Hence, it is always recommended to display the actual amount to be paid by the user, so that there are no surprises for the user.

7. Clear Call-to-Action buttons
A generic call to action such as “Go” and “Ok” does not explain well. Instead, use a call to action that explains the process such as “Pay Now”, “I’m ready to pay”, “Proceed to pay” etc. Such call-to-actions eliminate distractions and helps in faster checkout.

Some Other Aspects of Payment Usability

Mobile Experience

Mobile Experience, UX
Image Courtesy: dribbble.com

With the rise in mobile phone usability, users now not only purchase from desktops but prefer smartphones for convenience. This user behaviour has connected payments through mobile devices, and here too payment usability is utmost important. With almost every e-commerce merchant supporting mobile channel, users look for simpler mobile payments options. In this case, speed and usability along with less information input are essential to users.

For anyone who is aiming business growth, the best of mobile payments experience for a user is:

  • One-click payment
  • Minimum inputs
  • Less typing in small screen
  • Eliminate extra steps
  • Mobile friendly design and navigation

Customized Payment Gateway

Customized Payment Gateway
Courtesy: dribbble.com/johnyvino

If you are a business that feels that your payment form is unpleasant, but at the same time you do not wish to spend on redesigning it as it is an expensive affair, a customized payment gateway is your option. A tacky checkout section may reduce conversion and hence, you should look for a payment gateway that is responsive and can be easily integrated with your website. A responsive payment gateway allows the user to pay from any device and can be easily customized to fit your site.The more natural payment process is the likeliness of returning users exponentially improves. While choosing a payment gateway provider, always look for the one that:

  • Provides fastest and easiest checkout
  • Supports payment form with multiple languages
  • Allows to pay on your site instead of redirecting to the third party

The simple checkout for users impacts any business. Payment usability not only concerns user experience but also assist in conversion growth. Many businesses lose their customers at the end of purchase cycle; hence it is mandatory for a business to provide users with a smooth checkout and a better buying experience. For a smooth and flawless payment screen, all a business owner needs to take care of, other than the above-mentioned aspects, is to carry out usability tests for bugs and unexpected crashing of apps.

Applications Offering Smoothest Checkout UX

Many ecommerce websites offer a smooth checkout feature and are considered the finest for payment usability aspect. A convenient checkout allows either one-time registration or allows check out as a guest user, making it easy for the user to pay.

Here goes our list of some of the finest ecommerce checkout sections:

  • Amazon – The frequent users of Amazon would agree that the checkout process with a desktop as well as the mobile app is truly convenient. Like all other ecommerce sites, it requires user details such as billing and shipping address, preferred payment method at initial purchase. But once you are registered, it’s just a three-step checkout.
  • Myntra This Indian fashion accessories and online clothing store offers a great UX. It also offers users with a three-step checkout similar to Amazon. However, the difference is Myntra checkout section displays almost all the payment methods available credit/debit cards, net banking, UPI, mobile wallets and even cash on delivery mode. For UPI payments and net banking, it redirects the user to a secured payment gateway which displays theme similar to Myntra theme retaining user trust and credibility.
  • Dominos One of the most technically sound and well-adapted ecommerce application is that of Dominos. The app is timely updated and works well with the changing customer behaviour. The best part of Dominos checkout is that it does not ask for registration, save payment details for returning customers. Along with this, if a user forgets the password, it can still order using email id. The application does not force to reset the password and then continue to order.

The Final Word

Having mentioned all the aspects of payment usability, it is quite evident that your checkout page is the crucial part of your online business. Unless you convert your users into customers, you cannot achieve sales and revenue online. The payment stage is level where trust is essential. A slight distraction or error can have a serious impact on your online store sales. Along with aesthetics, user feedback too plays a vital role in minimizing errors, reduce friction on the page and optimizing checkout section.

The key to better payment usability and the best of user experience is to streamline the checkout page. Ensure that as an online store, you offer all the available payment options to customers endowing them with the smooth user journey throughout the buying cycle- from initial user visit to sales conversion.

Our solutions have helped our customers scale their business to tremendous heights. Our dedicated team ensures that customer’s requirements are addressed at each and every step of the development lifecycle.

Check out our portfolio, right here! 

Leverage our solid domain expertise in developing elegant and simplistic payment gateways for your products and Contact us right awayif you are on the lookout for a tech-partner.


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Coordinated Care – The Rise of Communication Tools & Mobile in Healthcare

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Coordinated Care

Health and Science are facing their biggest challenge due to their inability in having a smooth communication. The whole ecosystem of healthcare involves many different entities including the doctors, patients, researchers, government, etc. When the communication between all these entities is disturbed knowingly or unknowingly, there’s a high risk of ineffective working.

The significant flaws due to poor communication are a result of the ongoing methodologies in the healthcare system. An answer to this is the current leading technology which holds the capabilities to share the data seamlessly and allow users to consume information and process it for obtaining a better solution to existing problems.

There are many reasons why the healthcare industry is being affected by ineffective communication, some of which are as follows:

1. Healthcare or Medicare providers such as doctors, caregivers, social workers, and nurses go through a lot of situations where the lack of communication puts them in trouble. According to estimates, the statistics state that around 30% of healthcare malpractices in the period of 2009-2013 are a straight result of communication gap. 

Though there’s no reason for the providers to do this intentionally, the number of growing healthcare requirements, increasing patients and cases, complex information recording systems as well as the inability to interact is making the overall ecosystem suffer for the worse.


2. Competitiveness among the hospitals is leading to a lack of information sharing which leads to miscommunication and sometimes even no communication at all.

According to an Accenture report, in U.S. hospitals, a loss of around $12 billion a year occurs due to poor communication.
These numbers do not even include the extra costs that are incurred in follow-ups and second opinions on the treatment of the patients after leaving the hospitals. 

3. Medicine and healthcare highly depend on quality research. It is the study, research, hypothesis and practical implementation of solutions that have taken the medical field this far.
However, due to the lack of a secure and a shared common communication channel, researchers aren’t able to share their work correctly.

These statistics and data if appropriately shared could lead to a lot more progress regarding the understanding of what’s working and what is not, and eventually, practical methods and procedures can be implemented properly. In such cases, researchers need to come forward and communicate their ideas openly, to make people aware of the latest advancements.

Ineffective Communication
Inefficiency in communication is a serious contingency leading to inefficient management, which further leads to loss of lives.

4. Healthcare is a sector that needs a considerable involvement of government and its authorities in one way or other. However, reaching out to people who can be a bit intimidating, as in most cases, the authorities are mostly too busy to focus on every general healthcare issue.

Sadly, for the spectrum of broader issues and chronic diseases doesn’t get the attention that they need due to this system. Solutions and research that could get funded by authorities and lead to better outcomes go unnoticed most of the time. This creates negativity amongst health experts and researchers involved, as their efforts are not appreciated.

5. Another vital facet where communication suffers is the 
EHR vendors and companies. High-edge businesses and competition don’t run well hand-in-hand so to keep the competitive edge on their sides; the EHR vendors refuse to share data. Moreover, considering the interoperability factor, hospitals don’t share their records too as they have a fear of risking their significant incentives if they do.

Additionally, EHR vendors also wish to protect their proprietary technology at substantial levels, and since they are accountable to hospitals and not to patients, they find no value in revealing data or communicating openly from a patient’s betterment perspective.

What Exactly Is Care Coordination?

Coordinated Care
Source: dribbble.com/OliwiaP

Care coordination refers to the process of synchronizing a patient’s healthcare data and communicating it effectively between providers, specialists, and vendors. Coordination, as the word suggests, is to keep the details and updates in a manner that every member of the process is on the same page. And when it comes to healthcare, care coordination plays a significant role as many people are involved in the overall treatment of a patient, and when all these people are not sharing data as well as understanding, everything can quickly turn into chaos.

Coordinated health care aims to improve the standard of health outcomes by making sure that the information and care from disparate sectors are delivered seamlessly, thus reducing the overall healthcare costs by removing useless and repetitive procedures and tests.

Following are the five major elements of coordinated healthcare:

  1. Smooth accessibility concerning healthcare providers and services
  2. Effective care plan implementation methods
  3. Data transitioning between providers
  4. Dedication towards a patient’s healthcare needs
  5. Easy and understandable information

Since coordinated care plays a vital role in the healthcare ecosystem, healthcare providers are implementing it in all aspects. Primary as well as long-term care is being embedded with options of coordinated care for better treatments.

Here’s how care coordination is working on improving all the levels of healthcare:

1. Primary Care Coordination

Patients with chronic diseases like diabetes and high cholesterol need special care. To accomplish this, some providers have already adopted a new approach called Guided Primary Care. In this model, an expert registered nurse works with the patient for care and coordination purposed. These nurses are specially educated to deal with patients having multiple chronic diseases or conditions.

In the guided primary care approach, the specially educated registered nurse assesses the patient at the most basic level and develops a care plan with the primary care providers according to the patient’s care requirements. The nurses also coordinate with specialty care and ensure that no aspect of required patient care is missed or taken lightly.

The model of this research was developed by researchers at the John Hopkins University to address the need for elderly American patients. In a study, this kind of coordination care method was responsible for decreasing the healthcare costs by 11%. Moreover, such approaches have also shown good results in achieving a reduction in hospital readmission records.

2. Acute Care Coordination

Another care coordination approach that speaks for itself, is the acute care coordination approach. This is suitable for patients with acute health issues such as a stroke or heart attack as such patients are in dire need of additional care, as the problem in most of the cases is unpredictable. Emergencies like heart attack or strokes can happen anytime and anywhere, and in such cases, patients are often taken to the nearest hospitals rather than the ones that are in their regular network.

The risk of data redundancy, communication breakdowns as well as errors is highly escalated in such cases. Therefore, it becomes increasingly important to ensure better-coordinated communication and healthcare for such patients. Acute care coordination that focuses on communication between provider-handoffs is an essential factor for success according to studies.

In such a process, the patient gets care even after he/she is discharged from the care facility. Moreover, the coordinators performing acute care ensure proper and smooth care transition in the form of follow up calls and visits, updating prescribed medications with patient’s pharmacy, etc. Once the patient is released from the hospital, acute care coordinates continue to follow-up on a regular basis to keep a close eye on the patient’s progress. Acute coordinated care is aimed to help the patients and reduce the rate of hospital re-admissions etc.

3. Long-Term Care Coordination

Rehabilitation recipients might often require moving along between long-term care and post-acute care facilities regularly, as per the necessary level of care according to their condition.

According to an AHA study,
” A majority of patients admitted to post-acute care are later transferred to a second post-acute setting.” The patients in such cases are mostly are seniors with memory issues, mental health problems including physical ones too in some cases. Therefore, long-term coordinated care is the right solution in such cases to update care plans and manage medications and transfers.

With the success of this model, many licensed social workers or care coordinators work with patients who need this kind of coordinated care. They understand the patient’s condition and care plans while ensuring that the patient is cared for to meet the effectiveness of the treatment. Moreover, the coordinators also ensure to provide referrals and support according to the facility for the patients, in order to give them the best quality of life treatment.

Current State of Coordinated Care

As per the NEJM Catalyst Care Redesign Insight Report, the healthcare organizations are utilizing the coordinated care practices at different rates. Some of the statistics concerning care adoption are as follows:

  • Patient’s care was fully coordinated between healthcare settings- 7%
  • Mostly coordinated- 30%
  • Somewhat coordinated- 53%
  • Not coordinated- 10%

Despite the continuous implementation of coordinated care initiatives by healthcare providers, challenges such as lack of uniformity, communication gaps among providers, etc., remain. For care coordination to work effectively in healthcare, team support and communication is highly valuable. Proper infrastructure, resources and a supporting culture with synchronization between different teams and people are what makes coordinated care successful.

How Can Technology Improve Care Coordination

In the current medical and healthcare practice, the doctors and experts are used to working in silos. Nobody holds any clue of what the other person is doing, which leads to loose communication and medical haphazard. Since the approach is fragmented, it also turns out to be more expensive and inefficient for the well-being of any patient. A solution to all these problems is simply coordinated care. And to achieve that, systematic changes in the inside system need to be implemented.

New and updated technology solutions can help achieve this as they can quickly provide information, such as, which doctor is assigned to which patient, and the medical records of the patients as well. This could be more beneficial for senior citizens who often need someone reliable to take care of their health.

Here are a few ways in which technology can improve coordinated healthcare.

1. Electronic Health Record System (EHR)

An EHR is taken as the basis of any coordinated care effort. It is a system that allows caregivers and providers to work smoothly through integrating and organizing the patient’s health-related information while ensuring proper and timely distribution among doctors and practitioners.

Electronic Health Record Adoption
Electronic Health Record Adoption Trends

The technology embedded in EHR systems allows it to run and operate on its own without the requirement of any human being. Once the system is set up and commanded to perform, it has the power to distribute information automatically, at the same time ensuring the data privacy of the patient. For senior and elderly patients, this turns out to be more useful particularly as they might need to visit multiple doctors for different purposes. Care coordination allows the patient to get all the details in one place and saves them from recalling all the reports while visiting different doctors.

2. Computerized Provider Order Entry

Computerized Provider Order EntryComputerized Provider Order Entry (CPOE) is a technology system that is designed in a manner to replace the paper-based ordering system of hospitals. These systems allow the people to write all orders, maintain online records for medicines and review the changes for every order with ease as they are stored electronically.

CPOE also provides safety alerts in case of entry of unsafe orders such as duplicate drugs. The technology behind these systems provides the physician with the ability to enter medication orders along with other procedures, and tests into a directly communicating system.

The CPOE systems can also perform the function of ensuring coordination amongst caregivers and doctors by checking the consistency of orders between different doctors and how these orders are working out for patients. It also allows automation to take gear in the process and ensures better and safer medicine.

3. Interoperable solutions

Interoperability in healthcare refers to the ability of different systems to communicate and synchronize with each other. These solutions apply to multiple technologies which allow practitioners, doctors, and nurses to conduct open communication. Currently, medical records sharing systems don’t offer the best value when it comes to data sharing as they were not built for that purpose initially.

Interoperability may include multiple policies, services, technology standards or compatibility of software. Aligned adequately with technology, it leads to, more efficiency, time-saving, malpractice risk reduction, increased care coordination, improved research and fewer unnecessary tests. With care coordination improving with interoperable systems, healthcare, on the whole, can lead to better satisfaction for patients and easy management for the providers.Benefits of Interoperability in Healthcare

Benefits of Care Coordination

Coordinated care is highly beneficial from providers angle as it allows them to achieve all three goals, namely, better patient care, low costs, and improved community health.

Care coordination benefits providers in the following manner:

  • It allows them to operate at top of their credential. Doctors can get more quality time to care for their patients, as patient care coordinators (PCCs) can handle or help the doctor’s care team with a wide range of patient care related tasks.
  • Help them with better management concerning team utilization. Care coordination provides doctors as well as other care members of the team to focus on proactive care, rather than react to high-charged acute care episodes.
  • Allows patients to participate in their self-care. Patient care coordinators can participate with the doctor as extensions and stay in close connection with the patient. Communications on a regular basis allow patients to engage better and focus their attention on preventive actions for better health.
  • Allows providers to participate in value-based contracts with higher confidence. Most of the value-based healthcare models demand providers to showcase and prove the ongoing quality improvement, satisfaction levels of patient and reduction in costs. With coordinated healthcare, these goals can be achieved with better structuring.

The Way Ahead…

If healthcare organizations are looking to improve the quality standard of the services provided while reducing the care costs, it is high time to consider care coordination as the key element. Care coordination is the most effective strategy to achieve the three primary goals of the industry – improved care, reduced cost, and patient satisfaction.

Not only is it effective for better outcomes but also for improving the overall practices for value-based payment models. Though the current technology still needs more advancement to experience smooth care coordination among the systems, the first step is to initiate the process at the initial level and accept it for the betterment of the overall ecosystem and the patients.

With an extensive portfolio of developing several successful products in the healthcare domain, we have proven our mettle numerous times. 

That’s precisely why we understand the ins’ and outs’ of this realm and how to scale your business to tremendous heights.

So, if you are on the lookout for developing a cutting-edge technology product then look no further, contact us asap!


Recommended Read: 

How is Technology Transforming Healthcare at Home

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Video Courtesy: youtube.com/ted


The world today;
Is experiencing a dramatic change in age demographics. Considering America as a prime example, it is estimated – In the year 2019, the group of people of age older than 65 will outnumber the group of those younger than fiveAs life expectancy increases, the number of people living with different chronic conditions and functional impairments, for instance, dementia, diabetes and the inability to manage household chores with growing age are further increasing.

People belonging to the “old age” group are more likely to suffer from chronic diseases and require more care and attention. In such times, the need of the hour is to discover and develop solutions that ensure people’s healthcare expectations, preferences as well as their needs. This leads us to envision the potential of ‘healthcare at home services’ that can benefit people of all age groups to take care of their medical situations independently with ease.

With rapidly progressing technology, the potential for transforming healthcare at home will also grow tremendously. Healthcare organizations and institutions will be able to provide exceptional levels of patient care along with the comfort of home. This will promote greater patient satisfaction and improvement of cost control in healthcare services. As per M&M, home healthcare is expected to reach $349.8 Billion from $227.5 Billion by 2020 globally, at a CAGR of 9.0% during the forecast period.

Healthcare Demographic across USA

Elderly and ailing patients might not have the resources and energy to visit doctors every now and then, which consequently leads them to choose the option of healthcare at home. Due to this, healthcare companies are always competing with each other in the race to adapt to the increasingly digitized world.
Specifically talking about the US, the healthcare organizations are well aware of the issues prevailing such as the need for increased care for home treatments of the aging population, mostly due to mobility and budget issues. The only savior that can aid in such a situation is technology, given that it is implemented correctly.

While working with technology, it is vital for home healthcare organizations to choose the right option to achieve the desired results, such as increasing efficiency while providing patients with the utmost care and affordable solutions.

What Constitutes the Spectrum of Home Healthcare?

Other than providing healthcare services for the elderly, healthcare at home is also useful for patients who need constant medical care and treatment once they get back to their homes from the medical facility or hospital. Home healthcare makes it possible for people to receive a variety of medical services in their homes. Healthcare at home can be beneficial for people dealing with different conditions. Whether the patient is an individual recovering from an illness after a hospital stay or someone who is disabled, old or suffering from a chronic disease, healthcare at home can be the right option in such situations.

Healthcare at home allows people to get any kind of treatment available; be it therapeutic or nursing or even routine medical assistance. According to a survey by Canadian Home Care Association, with the aid of healthcare services at home, there has been a decline of around 72% in emergency department visits, this has also resulted in the reduction of hospital admission rates.

Healthcare at home comprises of the following factors:

• Home Assistance
The primary focus of healthcare at home is for people to get medical support at home rather than spending time in a medical facility. Healthcare at home allows people to get the freedom of staying at their residential facility rather than opting for long-term nursing care at hospitals. With home assistance, medical professionals can assist patients who are incapable of conducting daily activities with help for tasks like food preparation, basic housekeeping, and emergency measures. This can be done until the patient can do all such tasks by themselves.

Home assistance also allows medical professionals to take care of medical and psychological assessments while allowing individuals to learn about pain management, disease education, and physical therapy, etc.

• Home Care Agencies
Home care agencies keep their focus on providing medical expertise in the form of healthcare professionals at a patient’s home. In such cases, medical professionals or doctors are sent to a patient’s house to treat their injuries or illnesses. Once the health condition of the patient is restored, the need for medical professionals end and their services are discontinued thereafter.

• Home Health Care Workers
Other than expert doctors, there are certain cases where other medical professionals are involved in home healthcare programs such as nurses, physiotherapist, nutritionist, occupational therapist, etc. The demand for such professionals is expected to significantly increase in the next decade as people of all age groups are growing more conscious of healthy lifestyles.

Benefits of Healthcare at Home

Healthcare at home can be beneficial for many reasons including but not limited to the following ones. Even when the patient is not in a condition to visit the hospital, home healthcare professionals can be of great help. They are specially trained and qualified to provide treatment while assessing the safety as well as risks at the patient’s home itself. They can also offer simple suggestions and corrections for the patient’s well-being, such as the medicines to keep in handy for emergencies or recommendations for immediate ambulance assistance etc.

Numbers don’t lie, and looking at the above infographic gives a clearer picture as to what the future holds for Home Healthcare Services
  1. Activities of daily living are supported in-home care too. These activities can include any basic necessity such as bathing, medicine reminders as well as grooming, etc. Such facilities allow elderly patients to get regular help along with their personal care requirements while maintaining a high quality of life for them.
  2. Expert nursing care at home is one of the significant benefits of healthcare services at home. Skilled medical professionals can carry out specific critical medical procedures at home with the help of supervised nurses who are certified and hold knowledge about technically advanced medical equipment. Healthcare at home allows your loved ones to get the personalized care that they need at their doorstep.
  3. Dietary and nutrition support is a part of home healthcare. Patients who suffer from certain diseases and are discharged from the hospitals after treatments, often grow very weak as they lack nutrition. Their problems can worsen with ageing, illness, and injury. Healthcare at home may include dietary and nutritional counselling along with home-cooked meals that can prevent your loved ones from lack of nutrition.
  4. Multiple medical prescriptions can turn to be confusing. Home healthcare experts can help your loved ones to consume the right medicines at the right time to control their medical conditions and prevent the intake of wrong drugs.
  5. When home care is provided to patients with chronic health issues such as diabetes or pneumonia, clinical trials have turned out to be better with fewer complications according to researchers. Healthcare at home can result in better health outcomes. Moreover, home healthcare allows patients to get treated in a better manner as it provides one-on-one support for individuals. Such personalized and skilled care strengthens the bond between healthcare professionals and their clients.

What’s Driving this Change in Home Healthcare Services?

Companies focusing on providing home healthcare services rely on automation heavily as it allows to ensure that the technology used in the process remains invisible and will enable them to deliver the best care for the users. Due to this factor, more and more home healthcare providing companies are discovering the potential value of automation and optimization as they need to stay competitive in the field.

Automated appointment scheduling is one of the examples of automated processes that result in increased efficiency. Leading technologies like Artificial Intelligence can help healthcare businesses in providing better organized patient-centric services.

Source: isalushealthcare.com

For instance, medicines and equipment required by the patients can be determined in real-time with technology. Along with this AI can allow the feature of predictive caregiver scheduling and appointment duration along with predictive routing for travel in case of emergencies. It can also improve customer service through predictive cancellation to avoid no-show appointment prevention.

The whole purpose of automation in home healthcare is to streamline the overall processes such as scheduling and providing services as and when needed, along with all the necessary equipment, thus, improving the patient care at an accelerating pace. This way, all the hassle of fixing random appointments can be eliminated while increasing the productivity of the overall system.

Recommended Read: Blockchain in Healthcare: Opportunities, Challenges, and Applications

The power of the latest ground-breaking technologies like Blockchain and AI can change a lot in the healthcare sector as by resolving current issues and helping patients to get the best experience when it comes to home healthcare. Healthcare organizations are getting aware of the benefits that technology can provide them such as finishing basic tasks and saving time.

5 Technologies Reforming Home-Healthcare

1. Sensors
According to Kalorama information, sales for remote patient monitoring was estimated to around $29.7 Billion in the year 2014 out of which a good part of the demand was accounted for home healthcare facilities and services. Eldercare providers have picked up interest in the home healthcare treatments rather than shifting people to another treatment facility.

As per the trend, sensor technology could be placed in home premises, around doors, windows as well as the patient’s appliances and equipment. These sensors can provide alerts to caregivers in case of any abnormal activity.

They can also track and send notifications if the patient misses their meals. This can be particularly important for patients dealing with diseases such as Alzheimer’s. Such patients can remain at home, and their activities can be monitored via mobile healthcare apps as well as sensors.

2. GPS
In cases of emergency, such as when senior citizens are away from home for a long time, GPS tracking can help their families, healthcare workers or law enforcement bodies to locate them quickly. Technologies with features such as mobile alert services also allow these devices to follow a hybrid approach that enables people to find the elderly even in places where GPS might not be available such as garage parking and indoors. It can also help by automated calling for assistance in case users fall.

Moreover, in need for emergency health services, there can be a difference of life and death concerning calling the closest emergency squad and rapid dispatching. GPS tracking becomes and much-needed option in emergency business service.

3. Remote Monitoring Tools
Regular health monitoring is not an option but a necessity when it comes to elderly patients. Many devices are available these days which can be connected to smartphones to help reduce the costs as well as the time that is consumed when it comes to doctor visits in endangered health situations.

Technology has enabled different options in the form of fitness bands that can keep a regular track of sleep, diet, number of steps, etc. Along with these, there are many other devices which can be used for the purpose of tracking and measuring glucose and blood pressure levels along with heart rate monitoring and other measurements. Such tools allow the patient’s family members as well as nurses and doctors to keep a detailed track of their daily healthcare needs and eliminate the need of calling a doctor time and again.

4. Big Data
Home healthcare relies highly on the data available from multiple resources and its analysis to gain vital insights for the right kind of treatment. Some home health services analyze data in massive amounts and use their outcomes to take preventive measures even before a medical situation can turn into a problem.

Big-data enabled sensor can detect the regular activity levels such as sleep patterns etc. and inform the caretaking authorities to take immediate action concerning any abnormality.

5. Telehealth
Telehealth systems are a boon to the healthcare industry as they provide people with the ability to use phones and other digital systems to connect patients with doctors and specialists. Moreover, the promising advances in these systems can help the disabled or elderly citizens from traveling to-and-fro to healthcare facilities. Devices such as smartphones and iPads with a simple internet connection can make it easier for the people to implement telehealth and make results easier to understand. They allow doctors to monitor patients from different places and share the outcomes in real time.

3 Applications Driving Healthcare Innovation

Constantly evolving mobile technology has led us to implement new and improved ideas to reality. Healthcare mobile apps are a big revolution in the industry as they have made our work more accessible and improved the rate of efficiency.
Following is a list of some of the healthcare applications that are rapidly transforming the healthcare industry for good.

1. Doctor-On-Demand:
Doctor-on-demand is a mobile application that allows the patient to get a consultation with their doctors through video calling. The application uses the concept of telemedicine to provide the patients with an on-demand doctor in situations of urgent care.

Source: dribbble.com/babuma

Certified physicians offer their services for urgent care, chronic conditions, preventive medicines, medical advice, etc for both medical care and mental health.
The app could also be helpful in non-emergency situations like flu and cold, respiratory issues, allergies, back pain, and UTI.

2. HealthTap:

A live screen capture from HealthTap
Source: dribbble.com/joshshiau

The application allows a patient to fix a virtual medical appointment with a doctor or to get some answers to their questions. It provides a convenient way to access healthcare from real doctors for 24*7, through consultations via video, voice or text. The app also has a knowledge library of around 700,000 topics and articles for people to read and learn about healthcare on their own.
It uses an AI-powered symptom checker for one-to-one recommendations and guidance.

3. Microsoft HealthVault:
Microsoft HealthVault is a digital service as well as a mobile app that offers a patient the freedom to keep their medical records updated and safe. The patients can also share these records with digital professionals securely in the time of need. The system is exceptionally suitable for patients with chronic diseases as they can keep a proper track of their routine health metrics.

HealthVault stores and maintains health and fitness information and addresses both individuals and healthcare professionals.

It also allows patients to set healthcare goals, track progress, and discover health trends.


Concluding View

Healthcare at home sure has a lot of potential but it can only be leveraged if the technologies are utilized in an effective manner.

Crucial data such as patient history should be managed properly and researched for insights and understanding without compromising its security.

People need to believe in technologies in order to adapt and use them in daily lives. Trending names like Blockchain and Artificial intelligence can bring a revolution in the healthcare industry with emerging use-cases and a proper understanding on how they can be used at their best for patients, doctors as well as the overall healthcare ecosystem.

 

Digital Transformation in Finance

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Digital Transformation in Finance
Transforming Finance One Step at a Time

Digital – the buzzword used or over-used for quite some time now, brings in a huge impact on the financial & banking industry. Digitalization or Digital transformation is nothing but the restyling of financial services.
Right from customer services to machine learning, from Artificial Intelligence to mobility; the finance industry is modified from complex, time-consuming operations to a more simplified structure and right at the helm, leading this transformation lies Revolutionary Financial Technology (or FinTech) Companies.

Digital transformation is utilizing technology such that it re-creates into efficient operations & processes. Digitalization is not a replacement to the traditional systems but utilization of technology to make the existing system or services significantly better.
So, what exactly is the difference between digitization and digitalization?

People often get confused in these two terms. So, what exactly is the difference?

Many find them similar but Digitization is the process of storing, converting, processing or transferring information in a format recognized by computers.
Whereas, Digitalization is the change in social, business and economic behavior on the adoption of new technology
.
The essence of digitalization is the way consumers, businesses and the government adopt & incorporate technology to collaborate with systems, processes, people and the entire business community.

One of the best examples of digitalization is the 
Apple watch.

Source: uxinmotion.net

The Apple Watch is a perfect specimen to understand digitalization, it shows how a normal watch can be transformed into a watch with a phone, messaging and internet capabilities.
Another good example is the mobile numbers linked with Aadhar Card (Unique Identification Number for residents of India) which in turn is coupled with the financial account of consumers.

However, it is not only technology but the changing corporate scenario, business processes, and operating culture, that drives digital transformation to success.

The financial projects eyeing digital transformation are long-term, massive in scope and comes with risks too. Though many consider digital transformation a hype or the confusion, it does involve a sincere & serious change in business spectrum. Since the time digital transformation entered the finance domain, there have been many surveys and research to understand the importance or impact of the same. Digital transformation technology calls for an investment in hardware, software and sometimes even in products or services.

Gartner survey with financial executives from huge corporate establishments revealed that 62% feel digital transformation is a management initiative while remaining consider it as a part of optimizationAlso, many companies are keen on investing in technology that can speed-up their businesses. In fact, companies opt for investing in digital transformation to differentiate from their competitors.

Impact of Digital Transformation on Finance

Digital disruption has heavily impacted a variety of habits and behaviors of the professional world. Technology combined with smartphones and the internet provides numerous benefits to the customers as well as to financial establishments. Previously the implications of digital transformation were unknown as people were concerned about the transition from manual to the digital world. However, the scenario has changed now. With tighter regulations and changing customer demands, the financial applications and systems have become nimbler and progressive.

For financial establishments,
digitalization is more than just adopting technologies such as cloud, big data, social media or mobile. It is aimed more towards creating new business models to develop an eco-system where all markets & consumers could participate.
Thus, organizations focus more on capitalizing with new and emerging technologies that help them in positioning and transforming the teams into high performers.

Digital transformation enables digital tools to enhance productivity & efficiency and change of hard paper documents to secured PDF or HTML formats. The days with an application form and product sheets are gone. The sales team & field officers are now empowered with smartphones and other portable devices where information can easily be displayed. Many financial services providers have embraced digital transformation. However, many companies have taken hold up approach of observing the developments and then decide on investing in digitization.

Digital transformation comes with its share of risks, and hence a setback approach is a safer route.

Digitalization has positively impacted the economic growth and has accelerated the growth of innovations. Many are on for a debate that there is no economic growth, but the signs of potential positive impact are quite visible; the best examples are the mobile banking apps, mobile money, and e-wallets.

Source: theninehertz.com
With the introduction of banking apps; Mobile Money and E-Wallets have taken a center stage in Finance all across the world.
Source: theninehertz.com

Enlisted here is the importance of digital transformation on financial sector:

1. High Standardization: Finance functions are always considered as high performing. When these are integrated with technology systems with standardized processes and data; leads to a high standardization.

2. Highly Automated functions:
Adoption of new technology tools lead to higher process automation for services such as money remittance, procurement orders, invoice generation, and KYC verification.

3. Faster Performance: 
With the adoption of big-data and other machine learning tools in finance, it is easier to predict and forecast budget allowing teams to finish month-end cycles before time.

4. Insight-driven functions: Digitalization has modified financial models in such a way that the resources concentrate more on deriving insights rather than focusing only on transactions.

5. Improved customer and employee experience: The same level of information is available with customers and employees and thus less chaos in transactions.

6. Better Service Delivery: The legacy systems integrated with new technologies have changed the finance’s operating model. The structured processes have improved service delivery.

Along with the high importance, the major priorities & challenges for financial services and banking establishments over the world that would impact their business includes strategies listed below:

  1. Acting in line with the regulatory requirements
  2. Reduced costs or improved margins for retail business operations
  3. Improved customer segmentation
  4. Enhancements in services, product designs, and promotional channels
  5. Migration from physical or legacy channels to a digital platform
  6. Integrating the legacy systems with new technology following all compliance and guidelines

Financial organizations now implement these strategies and they can digitally transform and automate their processes. The impact is such that there has been a drastic improvement in performing customer operations in a lesser time-frame. The automation has lead financial companies to meet regulatory deadlines, achieve operational and transactional risks and still stay competitive by investing in technology.

Digital transformation has assisted in automating monotonous tasks, management of compliance and accounting & operations functions which include accounts, reports & analysis. Digitalization also reduces the possibility of cyber risks and minimize errors that occur due to the execution of robust strategies.

Critics response to Digital Transformation

Despite the positive impact of digital transformation, critics believe this is a wonderful opportunity for tech vendors to restyle their services & products and sell them in the name of digital transformation.
Well, another critical point to note here is that none of the tech guys spend their working hours digitally transforming or innovating, but instead spend time in programming, coding, and development. However, critics do not realize that this coding, programming, and development is what makes a system perform in a particular manner. The technology drives these systems and hence the transformation.

Why digital transformation matters in finance?

Digital transformation may only seem to be a buzzword, but as they say, there is more to an iceberg than appears on the surface, there is definitely more to our story of digital transformation as well.
The concept of digitalization assists financial service executives in altering the already set rules, and the economic growth is quite visible. The customer-facing mobile apps are the best examples. The increasing number of people relying on the mobile and online banking applications, the financial and banking services are on a race towards digital transformation. The more convenient an application is for customers, the more is the digital transaction and financial growth.

For banks and credit card companies, providing a mobile customer experience with no downtime and faster transaction process is of higher importance. The other financial establishments such as capital markets, funds, and equity market utilize big data and automation tools for data analysis and high-performance computing to track milliseconds of transaction data.

Progression from Digitization to Digital Transformation

A closer look at both the examples reveals that the business is capitalizing on technology to improve customer experience.
The primary aim of digital transformation in the financial sector is to be more customer-centric.
In financial services, competition is not just with other financial services providers but with anyone offering a real technology and consumer experience. The focus while digitizing financial services or while developing financial mobile applications should be to make the customer’s lives easier. Here, it is essential to make a point that digital transformation is not a technology strategy but a business strategy that makes business swift and quick to respond to the market.

Digitalization has unlocked newer opportunities in the banking, credit and capital market functions of the financial domain. There are multiple branch locations, and it is hard to keep a branch right next to the consumer; hence mobile apps that keep your office straight in your hands. Having said this, many financial institutions still rely on their legacy systems that run on IBM frames and are built on COBOL.
These systems, however, cannot be upgraded or updated as the developers too have moved to the newer technologies. It is a considerable challenge for some financial services companies to pull out the data and get on to the modern technology-based system. Other than the integration of the legacy system with advanced technology, the keenness to embrace digitalization by company workforce was also a challenge. But with the disruption in existing services and products, it is essential for companies to focus on acquiring new skills and technology.

The key to surviving in a digital environment is to adapt and adjust to the changes. CIOs take this responsibility to adopt the changes and lead the transformation. Though the right technology will outgrowth the efficiency, it is the workforce that ensures successful implementation.

Digital tools meant to support financial functions

The digital tools meant for financial services industry focus more on improving and updating the existing competencies and core systems. There are other exponential tools too that are intended to deliver new capabilities.
The growing technologies disrupting the financial system includes:

Cloud
The benefit of adopting cloud in finance is unquestionable. Cloud brings further acceleration and swiftness. Cloud technology in financial services expedites new digital workflows enabling effective interdepartmental collaboration or collaboration between business and third parties. The financial institutions use SaaS-Based cloud applications for business processes such as HR and accounting. As the workforce and the team heads get comfortable with the application, it gets integrated with the core systems.Financial services/solutions find security & compliance as crucial problems.

Cloud Adoption Concerns in Financial Services
Source: slideshare.net

However, with cloud-enabled applications, it is easy to scale data for critical functions such as credit scoring, consumer payments, statements and billings for essential account functions. Also, data speed is vital for financial firms to stay competitive and in effect. Financial services industry is the primary target for cyber criminals, owing to sensitive personal information. The quickness of cloud safeguards the critical data, digital financial assets, and user information while protecting the employee performance.

Robotic Process Automation
One of the hottest entry in the financial services vertical is the robotic process automation. Financial establishments work on multiple technology systems and process robotics assist in automating transaction processing and communication across various systems.

RPA efficiently replaces human involvement and consequently reduces human errors in the process.

Process robotics address the key challenges of the financial sector and can be effectively utilized for:

  • Billing and collections operations & accounts receivable functions
  • Journal entry, allocations & adjustments, inter-company transactions
  • Reporting-financial as well as external
  • Budgeting, Planning & Forecasting
  • Treasury processes

Process robotics will enhance the functionalities of legacy systems by lessening inefficiency and addressing the manual intensive activities. Although Process Robotics is at a testing state at a few organizations but is working exceptionally well to support legacy systems.

Data Visualization
When it comes to communicating across multiple departments within the financial organization, data visualization is the key to attain insight. Business executives have an enormous amount of data but communicating in regards to same was an issue.

Data Visualization is the key to attain meaningful insights.
Source: dribbble.com

However, with data visualization, one can easily track and predict organizational performance. The financial sector is considered as the data hub. With data visualization, the analysts can explain complex data, trace intersections of information and present details based on this analysis that helps in forecasting organizational performance.

It is estimated that more than 65% of people are visual learners. Data visualization technique provides decision makers with detailed visual data illustrations so that they can understand the analytics through visuals and make informed decisions.
Data visualization can also help the financial sector in identifying new and additional trends for interactive features and more profound insights. In fact, data visualization is used by the financial leaders to track KPIs- financial and non-financial both. Also, these financial leaders improve team performance by correlating the KPI metrics and data analysis.

Advanced Analytics
Today, there are several different channels through which the customers interact with their financial services provider. Because of the multiple channels, there is a load of customer data being collected by financial organizations. This data can be effectively leveraged using Artificial Intelligence or advanced or predictive analytics to gain insight into consumer behavior. Advance/predictive analytics can assist financial establishments to optimize their processes thereby reducing costs.

Predictive Analytics
Predictive Analysis is best used in applications such as Fraud Detection. The dashboard of predictive analytics reports prompts and provides notification on anomalies in transaction data. Other than detecting the anomalies, the advanced analytics software can assist in collecting, cleaning and analyzing raw data. The analytics also assist in identifying customer trends by predicting marketing efforts and analyzing customer past and present online behavior using machine learning algorithms.
Advanced Analytics improves a variety of finance functions and assists financial leaders in achieving insights such as:

  • Improving supply chains
  • Revenue Forecasting
  • Identifying the trouble spots
  • Fraud detection

The combination of human judgment with automation and advanced analytics provides an ethical oversight to the business.

Cognitive Computing
Cognitive computing is yet another constant disruption in finance. It is the technology that makes use of natural language processing, machine learning, speech recognition, and computer vision to stimulate human thinking. For financial organizations, it is essential to collect, analyze and use data to improve decision making. 

An idea inspired by cognitive computing. While chatting or performing financial transactions through cognitive computing, the avatar responds in different facial expressions according to the content of the conversation. It makes it appear more like a face-to-face conversation, enhancing the facial expression/emotion that is usually missing.
Source: dribbble.com/phoenixjah

Some of the basic elements of cognitive computing are:

  • It enables financial organizations to obtain personalized information about the customers and use the same to notify about payments, bills, and other reminders. Cognitive computing also offers suggestions regarding exceeding customer payments and other intelligent automation services.
  • The cognitive computing also ensures the creation of conversation interfaces for placing customer queries and responding to them. Chat-bots are the best example of AI-powered digital assistants, developed to respond to customer queries thereby improving consumer services and CRM.
  • Robo-advisors too are a part of cognitive computing but are not AI-powered. The Robo-advisors use algorithms to read through data and come up with a suitable suggestion.
  • Cognitive technology works similar to human thinking but is considered as key to security. Protection of financial data is vital; hence cognitive computing is the solution.
  • With complex laws and regulations within the financial sector, poor knowledge of data policies can make finances a challenge for customers. With cognitive computing, real-time updates on rules and real-time implementation of the policies help in keeping policy documents updated and encourage good compliance.
  • Cognitive computing has enabled real-time trading analysis and improved trading systems so that customers can be served faster and better.

Cognitive computing has been beneficial for both the company and customers. Apps enabled with algorithms, machine learning, digital advisors and improvement in cyber security have positively impacted customers to manage their finances.

In-memory Computing
With financial companies dealing an enormous amount of data, higher transaction volumes and increasing compliance; there arises a need to address real-time data analysis challenge. If it is finance, it has to be high performing, but with enormous data load, the efficiency can be at stake.
The massive amount of trading and accounting data calls for a robust infrastructure, with high speed of transactions and in real-time. In-memory computing platform addresses these challenges. The information is stored in the main random access memory of specialized servers. This means that it eliminates the delay while retrieving data from servers.
The 24-hour mobile banking pile up huge data and at the same time the regulations, exchange rates, interest rates, share prices, etc. are also required to be updated. The in-memory computing platform offer users with real-time information and calculation. It also provides information around commodity trading in real-time at an excellent speed for the users to experience a never before financial experience.

Blockchain
One of the most trending digital tool these days is Blockchain. With the advent of Blockchain technology, the financial services industry is considered to have entered into a new digital era. This new technology has changed the way we think about transactions and has revolutionized the economy. Blockchain technology stands out of all the technologies that have disrupted the finance vertical.
Blockchain powers decentralized digital currency also called as cryptocurrency.

Recommended Read: How is BlockChain Revolutionizing Finance  

In Blockchain technology, encrypted blocks of data are considered as currency and are shared during transactions. Blockchain technology makes use of advanced encryption techniques to verify currency and transaction. Blockchain technology ensures that only the authorized users who own the part of Blockchain can edit the data using the private key.
Smart Contract is one of the most attractive applications of Blockchain technology. It automates the execution of commercial agreements and transactions. As Blockchain technology entertain no middlemen, smart contracts are considered more secure than the traditional agreements that adds up cost for the middlemen. It is also believed that the Blockchain technology will assist in fraud reduction, enable one time KYC process, efficient & cost effective trading, and many more.

The technology may sound a promising one, but still many challenges need to be addressed to transform the finance and banking sector with Blockchain technology completely.


Concluding View

It is just a matter of time before we see the described technologies disrupting the financial sector. With consumers becoming smarter and more demanding,

It is essential for commercial establishments to undergo digital transformation to appeal, capture and maintain the attention of consumers.

 

Top 10 Fintech Companies Transforming Finance in USA

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TOP 10 FINTECH COMPANIES IN USA

FinTech basically refers to technological innovation in the financial services sector.  The ultimate role of FinTech companies is aimed at utilizing technology as extensively as possible for easing out various financial processes. Active engagement of industry experts in this promising industry has led to the development of new technology.

Basically, FinTech involves the use of computer programs and other technologies to support and disrupt banking and financial services. It is utilized to aid companies, business owners and consumers for the effective management of financial operations and processes with the aid of specialized software and algorithms. The most popular FinTech companies have been structured to threaten, challenge and eventually uproot the traditional financial service providers by providing fast and reliable services. FinTech seeks to answer financial mysteries through technological innovations such as AI and Blockchain has led to a transformation of the internet economy. Here is everything you need to know for understanding intricate details of FinTech companies.

Why you need a FinTech Company for your business?

Online platforms in financial technology can be driving force for the growth of businesses by leaps and bounds. For instance, FinTechs can help credit unions and banks build a thriving B2B business without any hassles. It can majorly contribute by enhancing efficiency, reducing costs and downtime.  This, in turn, can be directly proportional to increased productivity and better utilization of available resources.

Evaluating the pros and cons can help you make the right choice according to your requirements. The key to choosing the right partner for your business will revolve around measuring certain compliance, risk tolerance, and customer service factors. In short, your FinTech partners should operate under the same high standards so that they can manage your processes without tainting your reputation. Here are a few things you need to know as to why you FinTech partner is indispensable for your business:

  •    Minimized risk and maximized positive impact:

First and the foremost factor which you need to consider is an easy identification of what is missing from your current offerings to the customers. It is quite possible that your customers aren’t really looking for a new service or solution. All they yearn for is a better and efficient access to products they already have.  Hence, finding the right partner will help you improve your streamlined processes and existing product line. This, in turn, can significantly impact your approval time and underwriting positively. In this way, the needs of your customers will be fulfilled and result in lowering of your risks.

  •    Increased transparency:

Ensure that you choose a FinTech partner who is completely transparent in their offering. Advertisements can often be misleading when very few loans qualify at that rate. Make sure that your lending platform partners are willing to share their actual APR range of loans. Always remember that your customers expect you to be very responsible for the service the partner provides. Thus, never compromise on these intricate details otherwise you might stake your reputation for no positive results.

  •    Demand built-in compliance:

With an increase in compliance costs, you should seek FinTech partners which already possess built-compliance technology which can help you mitigate the risks and improve your savings. You can choose those partners which are working under the same banking standards as you, with a regulated protocol and uniform processes. Their ultimate goal should be to help small businesses grow exponentially without ruining their credibility in the market. Built-in compliance technology can thus play an instrumental role in driving down the overhead costs.

Hence, choosing the right FinTech partner can turn out to be a blessing in disguise. You need to stand out in the crowd in the competitive market by improving your efficiency, delivering speed and providing low-cost loans. Technological advancements in the finance sector can help banks accelerate their working processes. But, you need to be cautious as not all FinTech companies will share the same principles, standards, and goals as you. Thus, study the market trends properly before you step out in the market to choose your right FinTech partner.

Top 10 Reputable FinTech Companies For Your Business:

   1.  Stripe

Stripe Fintech Company

Valued at a whopping $9.2 billion, this fintech pioneer ‘s mission is to transform the workings of internet business. Founded in the year 2010 by Irish brothers, Patrick and John Collison, Stripe has achieved indefeasible feats by supporting online transactions for various bigwigs like Uber, Google, Spotify and more. Its ultimate goal is to ease out the process of secure and fast payments. It provides APIs to clients so that integration of online payment systems with their websites and apps can be smooth. Apart from that, it aims at building flexible and powerful tools for internet commerce.

Stripe’s unmatched functionality and meticulously designed APIs help create the best possible products for users. Undoubtedly, it is a one-stop destination for the creation of subscription services, crowdfunding platforms, an e-commerce store and more. This technology company builds economic infrastructure for the internet by helping out businesses of every size. It combines a payment platform with applications that put revenue data at the heart of business operations. Millions of world’s innovative technology companies are scaling efficiently by building their businesses on Stripe. No wonder, Stripe has occupied the top positions in the Top 10 list of FinTech Companies.

2.  Sofi:

Sofi Fintech Company

Sofi has made a mark in the FinTech industry by helping people achieve financial independence. It follows a unique approach to offering lower interest rates and lending to encourage big savings. Sofi has brought the necessary disruption in the US personal banking sector, by putting the consumer first. With student loans mounting up and credit scores going down, acquiring money from a bank became a tedious task at hand.

It established itself in the market by targeting student loan refinancing for Standford MBAs. But, with time, it moved forward with providing personal loans, mortgages and wealth management. Currently valued at $4.3 Billion, the company has grown exponentially in a short span of time. Founded in 2011 by Mike Cagney, Dan Macklin, James Finnigan, and Ian Brady, the company has explored various economical alternatives for students depending on loans to finance their education.

  3.  GreenSky:

Greesky Fintech Company

David Zalik, a child prodigy who began attending college at 14, founded GreenSky in 2006 in Atlanta, Georgia. GreenSky stands tall in the market among other FinTech companies as it specializes in consumer finance marketplace. Their areas of expertise include Retail and Home Improvement. They have built their customer base in over 50 states of USA. They strive to transform small businesses and consumer credit mechanism by enabling pervasive and affordable access to financing.

GreenSky has funded over 12 billion loans and worked with more than 1.7 million customers. Apart from that, it is in collaboration with over 14 large banking institutions which aim at granting loans to customers through an easily accessible mobile app. GreenSky also financially supports medical procedures that may not be included in insurance such as cosmetic surgeries, dental assistance, visionary care, pet medical services and more. It has emerged to be a sought-after alternative for credit cards. In this internet driven era, where people are used to getting everything done with a single click, the instant lending option by GreenSky is changing lives for the better.

4.   Credit Karma:

CreditKArma Fintech Company

Founded in the year 2007 by Kenneth Lin, Nichole Mustard, and Ryan Graciano, this company has proved to be an emerging player in the Financial sector. Its ultimate aim is to provide free access to credit scores and reports to its reliable customers. Also, you can viably make informed financial decisions by seeking the advice of their experts. Credit Karma holds great years of experience in providing financial management and free credit services.

Some other areas of its expertise include monitoring unclaimed property databases, free tax preparation and recognizing and disrupting credit report errors. It receives most of its revenue from targeted advertisements. It generates customers’ credit scores and reports from Transunion and Equifax with weekly updates. This customer credit data is then analyzed by the company in order to recommend financial products to the users. Any purchases of the financial products bought through Credit Karma recommendations generate revenues for them in terms of commissions paid by the banks. Also, its massive social media campaigns have helped it to gain recognition all over the world. In 2015, it began its MyMoneyStory online campaign encouraging people to talk about personal financial problems and issues openly and share stories of their financial woes, a rarely discussed topic in American society. No wonder that it has occupied the top charts in the Top 10 list of FinTech Companies.

5.  Oscar:

Oscar Fintech Company

Founded in 2012 in New York City, Oscar strives to use technology to humanize health care. Its founders namely Mario Schlosser, Josh Kushner and Kevin Nazemi aimed at establishing health insurance company centered around the patient, engaging members and guiding them to the right care. In an attempt to make healthcare simple, smart and user- friendly, Oscar has hidden all the complexities of the process behind a simple and accessible user interface. It offers all its members free 24/7 telemedicine visits through their Doctor-on-Call Service.

A Concierge Team, comprising of three care guides and a registered nurse capable of handling everything from customer support questions to clinical coordination, is assigned to each of its members. It provides direct appointment scheduling and a clinical dashboard bringing all of the patient’s medical histories on a single platform. Today, Oscar drives the highest levels of engagement in health care, helping over 250,000 individuals and businesses from startups in Brooklyn, New York to bookkeepers in Bouldin Creek, Austin – take charge of their health.

6.  Avant :

Avant Fintech Company

Founded in 2012 by Al Goldstein, John Sun and Paul Zhang, it started with the aim of lowering the barriers and costs of borrowing. This Chicago based online money lending company strives to make the process of loan transaction smooth and user-friendly. Its founders Sun and Zhang graduated from the Y Combinator startup program in 2012 and wanted to build their business, Debteye. The application process for the business loan was tedious and, lead to frustration and desolation for them both. They decided to start Avant with the aim of making loan processes easier for other people.

Avant uses custom technology and analyzes customer data to provide personal lending and credit scoring options. While most of the lenders look at the financial history of the customers, Avant focuses on what they can achieve in the future. They study the behavioral and emotional patterns of the customers and not just their financial reports in order to provide them tailor-made lending options.

7.  Zenefits:

Zenefits Fintech Company

Zenefits is a promising American company which was founded by Park Conrad in 2013. It aims at providing cloud-based HR software as a service to its clients. Multiple HR services such as health insurance, payroll compliance, paid leaves, stock management options are taken care of by Zenefits. It follows a hub-and-spoke model for generating revenue. The cloud-based software service(hub) is provided to the customers for free thereby making it easier for the business to import all the employee information in Zenefits. It makes money through the spokes such as Health Insurance and Payroll by acting as a middleman between the companies providing those services and its clients. Therefore, it generates revenues in the form of commission. Zenefits has helped small startups tremendously by automating HR processes for them. Its network is spread in Tempe, Chicago, Atlanta, and Vancouver. Its goal is to bring technological disruption in an industry where usage of dot-matrix printers and fax machines is preferred.

8.  Prosper:

Prosper Fintech Company

Prosper was founded in 2005 as the first peer-to-peer lending marketplace in the United States. Since then, Prosper has facilitated more than $13 billion in loans to more than 850,000 people. It is an online platform which encourages people to invest in a way that is financially and socially rewarding. Borrowers can apply online for a fixed-rate, fixed-term loan between $2,000 and $40,000. Individuals and institutions can invest in loans and earn attractive returns. Prosper handles all loan servicing on behalf of the investors and matched borrowers. Prosper Marketplace is backed by leading investors including Francisco Partners, Sequoia Capital, Institutional Venture Partners and Credit Suisse NEXT Fund.

Founded by Chris Larsen and John Witchell, it maintains a full public database of all loans issued through its marketplace on its website. This database and all market statistics can be accessed and evaluated for analysis of loan performance over time. It follows a transaction-based business model, charging customers a nominal fee for each transaction. It verifies the borrower’s identity before processing loans and manages every stage of the process.  For the first three years of its existence, it followed a variable rate model functioning as an E-bay like online auction marketplace. In 2010, it filed a new prospectus at the SEC, altering its business model to use only pre-set rates determined exclusively by a prosper formula. Instead of auctioning for rates in an unmoderated and sometimes unfair auction process, lenders have to just make a simple choice now. They can invest at the rate assigned to the loan by Prosper’s loan pricing algorithm or not invest at all.

9.  AvidXchange:

AvidExchange Fintech Company

This American FinTech company provides automated payment solutions and account payable options to medium-sized businesses. AvidExchange was founded in 2000 by Micheal Preager. Catering mainly to real estate, financial services, energy, and construction sectors, it aims to make the process paperless and hassle-free. It provides electronic invoice capture, invoice approval workflow, invoice and bill payment reporting, utility bill analytics and payment solutions, centralized invoicing processing, account payable solutions and accounting system integration software solutions. It eliminates the outdated manual processed that lead to fraud, delay in payments and painful audits. Comprised of a family of 800 employees, AvidExchange witnessed a 3-year growth of 285% in the year 2017.

AvidXchange strives to give you the power to reduce processing costs, accelerate approvals and eliminate paper with more transparency into, and control over, spending than what you have ever had. AvidXchange gives you the power to automate manual tasks and spend your time doing more valuable tasks. Purchase-to-Pay (P2P) automation is all about eliminating manual processes and becoming more effective and efficient.P2P Automation streamlines the entire process from purchasing all the way through payment for enhanced reporting, optimal spending and better budgeting for your entire organization. Their leadership team is comprised of a representative from every functional area of our business. Their experts aim at creating strategies that can help your business grow manifold.

10.  Robinhood:

Robinhood Fintech Company

Robinhood is a mobile-application based service allowing an individual to invest in publicly traded companies and exchange-traded funds listed on U.S. stock exchanges without paying a commission. The billion-dollar enterprise was founded by Vladimir Tenev and Baiju Bhatt. In order to keep the fees down, the company has no storefronts and provides no additional tools. Aptly named after the popular fictional character, it is helping the less economically privileged grow by using and betting on rich people’s money. The fintech app has eliminated all brokerage fees that have traditionally been associated with initiating a buy or sell. It earns money through its Robinhood Gold accounts for premium members and by collecting interest from cash holdings and stocks just like a bank. The app is simple and clutter-free making it easy to use for everyone. Robinhood’s platform has fed directly in the application that links out to some popular free resources such as MarketWatch and Seeking Alpha, providing you all the necessary information you need about the market.

Conclusion

We can expect Fintech start-ups to engage with the established industry contenders and focus more on the customer experience and services in the digital era. In the long run, Fintech will have to invest more in innovation techniques, risk management, and partnerships through collaboration. This will be of great aid to both the banking sector and Fintech companies. It also needs to innovate its business models and find their place in the B2B sector. Furthermore, Smartphone would prove to be an important distribution medium for engaging with customers in the future.

Also, traditional financial contenders can explore the growth opportunities through new monetization models. And banks will have the benefits from the financial technology company ’s knowledge to develop the insights about the needs of their customers. Interpersonal relationships, on-demand, and smooth transactions are what new age customers are looking for. Therefore, the opportunity is huge for Fintechs to add value by employing big data, artificial intelligence, machine learning to the financial services.

Fintech is constantly developing and maturing and many fundamental tasks still need to be explored. NIFA is willing to work together with every country to strengthen communication and cooperation, to learn from each other, and to jointly promote fintech worldwide. With fintech firms, central banking is not an issue as lenders and borrowers are matched with each other to make a more stable credit exchange. It has the potential to completely change the way banking functions. FinTech is taking the age-old method of borrowing and lending without the existence of separate institutions and is challenging the territorial habits of traditional insurance and banking services.

 

How to build an app like Airbnb? (Airbnb Clone)

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Airbnb Clone

What do we look for while travelling to a new place? We look forward to a new thrilling experience but at the most economical rate. Imagine that you can find all of it on one platform, A Home away from Home.

What is Airbnb?

Airbnb is a travel app which provides a platform for apartment rental opportunities all over the world. Airbnb serves as a tempting marketplace for owners of property and people seeking short-term accommodation. Airbnb has changed the way people tend to look for apartments. It provides captivating opportunities for property owners and travellers. This digital platform serves as an interactive environment for people i.e. the Hosts who earn by renting their property to guests who are looking for affordable accommodation. Airbnb is functional over 190 countries worldwide. That’s the major reason that in no time, it has completely conquered the global market.

Airbnb business model canvas

Major associates:

  • Host –  People who own a house or property and want to lease/rent them. Airbnb receives Commission from hosts upon every booking.
  • Guests – Travellers,  families going for a vacation and or official work who want to stay comfortably at affordable prices. They receive a commission from guests upon every booking.
  • Freelance Photographers – Airbnb has a varied network of freelance photographers in most of the cities across the globe. Once the host lists their place on the portal, these photographers are hired to take high-quality pictures of the property. They are directly paid from the Airbnb portal.

Target audience

  • Travellers who need a simple affordable place
  • Business travellers
  • Travellers with families
  • Travellers looking to explore new places.
  • People looking for extra income who can hosts to earn.

Channels of Distribution 

  • Website
  • Mobile app on both iOS and Android platforms
  • Digital marketing
  • Social media
  • Promotions

Cost Structure

  • Maintenance of the online platform
  • Employees (Airbnb has over 2000 employees)
  • Online payment platforms like to MasterCard, Visa, and PayPal
  • Marketing and promotional activities
  • Insurance

According to the latest stats, the company now has:

  • Over 100 million users
  • 640,000 hosts
  • Around 2 million listings
  • 500,000 guests stay per night via Airbnb
  • 10 billion miles of travel to Airbnb destinations
  • 191 countries and 65,000 cities Airbnb are actively involved in.
  • Estimated revenue of $900 million

Dribbble: Bad Taste. for DWTD

Required features to be included in an App like Airbnb

Guests/Travellers

  • Log-in / Sign-up – The users are supposed to log in with their pre-registered ids or create a new account by filling their details like name, number, etc. they can also sign in via their email address or social media channels.
  • Manage account – Edit, manage and update personal profile information like email id, mobile number, date of birth, gender, permanent address, etc. The account password can also be changed.
  • Chat and push notifications – Like any other messaging app, Airbnb provided instant notifications for chats.
  • Search Filter – Users can look for desired accommodation by filtering their travel like Dates, room type, price range, required amenities etc.
  • Host interaction – Users can communicate with their host via messages even before booking their stay. They also have the liberty to accept or decline offers and create new requests.
  • Payments – Users can select the payment method and can access the receipts and pay details of the transaction. They can also view every transaction history. They can switch to the desired currency too.
  • Create wish lists/Saved – Missed out a place due to high rental or non-availability. No worries, you can wishlist them and get notified if the rental falls.
  • Booking – Also, the booking done by a user can be checked. It can a past cooking or an upcoming one.
  • Coupons – Coupons can be used during checkout. These coupons can be earned by referral codes.
  • Maps – Airbnb simplifies the booking process with maps. They help in showcasing the location with rentals, around the area the user wishes to stay in.
  • Help – Users can view the FAQs sections and ask for help in case of any confusion with the booking or in case of seeking any booking or hosts related help.
  • Rate and Review – Users can share their experience with the hosts by rating and reviewing them.
  • Sharing – Users can invite friends to through social media accounts to download the app.
Airbnb Clone
Dribbble: George Vasyagin

New Additions

These features can also be added to make it stand out even the more.

  • Receive SMS-notifications – Users can receive messages to notify them about their booking and also promotional offers.
  • Supplementary – While making an app like Airbnb, more social media channels and payment methods can be integrated with it.

Hosts App

  • Registration – The Host can fill in their details and register themselves by listing their vacant property.
  • Log-in or Sign-up – The hosts are supposed to log in with their pre-registered ids or create a new account by filling their details like name, number, address etc. They can also sign in via their email address or social media channels.
  • Manage Personal page and profile information – Edit, manage and update personal profile information like email id, mobile number, address, etc. The account password can also be changed.
  • Manage listings – The listings i.e. the property details like the amenities available and pricing can be handled under this section. New pictures can be uploaded whenever required.
  • Booking Listing – All the upcoming bookings can be seen in a systematic way, in form of a calendar view. Each date of the month will showcase the bookings.
  • Request – This is a passage for accepting or declining the user’s request for your space.
  • Messaging feature – Hosts can freely communicate with their guests through the chat feature. They can revert to all the queries of the guests even before booking or confirming their stay. Create and send new requests to guests.
  • Rate and review guests – Each guest can be rated and reviewed according to their behaviour and conduct.
  • Account Details – This helps in adding or removing information in the account.
  • Help – Guest can view the FAQs sections and ask for help in case of any confusion with the listing of their property or in case of seeking any booking or guest related help.
  • Sharing – Hosts can invite friends to through social media accounts to download the app.
  • Booking History – All the previous bookings and the payments received can be tracked down here. Also, the revenue generated can be estimated.

Admin Panel

  • Dashboard – The admin dashboard to view all the users registered(new and old), hosts(new and old) and the photographers.
  • Manage new listing – All the new listing uploaded are scrutinised and processed further. The admin panel provides the liberty to edit, add or delete listings, according to the need.
  • Booking History – All the previous and new bookings can be checked here. There’s also an update on the current status of each reservation. These can also be edited, updated or deleted.
  • Feedback and complaints – All the feedbacks provided by the guest and hosts can be viewed here. Any complaints with regard to the hosts or guests can be processed here.
  • Insights – All the details of the previous and current activities can be observed here. These detailed insights help in future decisions.

The technology required for building an app like Airbnb

Dribbble: Johny vino™

Programming languages – Ruby, JavaScript, HTML5, CSS3
Application Framework – Ruby on Rails
JavaScript Framework – React.js
Automation Frameworks – RSpec, Capybara, PhantomJS
SQL data storage – PostgreSQL
Global Payment – Braintree
Messaging & Communication – Twilio
Cloud Storage – Amazon S3, EBS
Cloud Hosting – Amazon EC2
Voice and SMS API for SMS, Voice and Phone Verification – Nexmo

Know the major Competitors

With the growing popularity of Airbnb, there are several more who offer short-term home rentals platforms out there. We have covered the most prominent, Airbnb like hosting platforms. Check out these alternatives!

Homeaway

Homeaway has over a million listings around the globe and its presence in 190 countries. It is considered to be the main competitor of Airbnb as it provides all the services that Airbnb offers and also has its own insurance program. it’ owned by Expedia and it operates regional sites like VRBO, TravelMob and VacationRentals. It has a lot of upscale listings.

FlipKey

Flipkey is a major company run by TripAdvisor. It has a large number of users and the highest quality manual verification program by the websites employees. The “vacation rental marketplace,” as called, has been expanding with almost 3,00,000 properties in about 160 countries. It doesn’t offer shared rooms but has unique property filters like dog-friendly, kid-friendly, or waterfront property.

Roomorama

This Singapore-based vacation rental company may not be as large as Airbnb but offers about 80,000 properties worldwide. All their apartments and homes are instantly bookable. They focus mainly on the security and claim all their hosts are 100% verified. The guests can take advantage of local deals and perks which is not yet a feature at Airbnb.

How much does it cost to build an app like Airbnb

It is a task to analyse the cost of development of a mobile app like Airbnb. The entire design of the app is split into several parts based on the specifications required. The cost of development of a popular app like Airbnb depends on the following factors:

Airbnb Clone

The size of the team
If the team is small and functional, the process can go smooth. Let’s say, the project manager handling more than his part. Else, other than a designer and developer, a lot more people like project manager, system administrator, quality assurance member will be required in the team.

The number of platforms the app is being built for
The cost of building an app like Airbnb fluctuates based on different platforms. iOS, Android both need different app screens to adjust the app too. All this is decided based on the target audience, device environment, etc. Moreover, android app development takes a little more time than iOS as it has more devices to be tested against.

Features and Functionality of the app
Another important factor in development is the features and functionalities one wishes to incorporate. Basic features like past booking history, reviews, and ratings, data of the hosts, communication between the host and traveller, etc. occupy a lot of space and result in a surplus charge.

Design of the app
Airbnb being a big app, has to look good to attract the customers all around the global market. It should leave a long lasting impression on the mind of the viewer to lure them into making reservations. The app should be easy to use and the design has to be engaging. Another aspect os the design is whether its standard or customised. New,  unique visuals can be added instead of the stereotype backdrop. New designs will definitely shoot the development price.

Developers
The most vital point is, where are you looking for the developers. The place or location of the developer is one of the deciding factor. Also, the cost will vary based on the experience of the developer and his/her expertise.

In-app purchases and any other special features.
Any technical complexity that you desire to add, be it simple, medium or high, will affect the costing. Different features like geolocation, data sync, booking calendar, in-app calling, etc. will definitely give a raise to your budget.

Above, was just a basic analysis of the factors that might affect the cost of development.  To determine the pricing of the application, an estimated development cost will be calculated with the approximate time required for creating each feature. The development time is calculated in hours and the rate per hour varies from company to company.  Each company has its own rate per hour. I am considering an average price of development per hour $30, based on worldwide standards. Now let’s assume we are building an app solely for iOS platform.

1. The Team

A minimum team will include:

  • 1 UI designer
  • 1 iOS developer
  • 1 backend developer
  • 1 project manager
  • 1 Quality Assurance Engineer

The app architecture

Airbnb Clone
Dribbble: Sarah Chudawala

Next, we determine the app architecture. Every project commences with initial action steps. We can calculate the hours per step by diving the app into different components based on the overall app resources, modules and technical base used.

  • 20 hours – Project setup
  • 20-25 hours – REST API implementation
  • 10 hours – Database model
  • 10 -15 hours – Implementation of services and libraries

Development effort estimation

Registration/login feature – The basic step is registration so that the user will be able to access the app. To start using the app, it would be seeking the agreement of the user with the conditions and policies besides the other fundamental details. This would consume around 10 to 12 hours.

2. User Profile

The user profiles will be of two kinds, guest and host (owner of the place). Both have to create their profiles by filling in their personal details like-

  • Name
  • Gender
  • E-mail address
  • Birthdate
  • Telephone number
  • Permanent living address
  • Personal description

3. Filters

The listings and search filters can be used by hosts as well as users. A host can add information on the house type, room type, accommodation details, photos, pricing, etc. if user is looking for a place to stay in, they will require details about housing like location, check in and check out dates, house type, and size, amenities, host language, photos of the home, price range, etc. as this feature is vast, developers can take up to 24 hours to build it.

Dribbble: ueno

4. Accommodation Description

After the filtered have been chosen, a wide variety of search results will pop with various options and description of the rooms you wish to stay in. The variants are as follows-

  • Photos
  • Map with the location
  • Accommodation
  • Host Profile
  • Amenities offered or available
  • Rating
  • Reviews
  • Price
  • Terms and conditions
  • Available dates

5. Maps

Maps allow the users to freely search for a perfect location, check various spots on the maps, and spot a place to stay. Map localisation helps to see the routes, neighbourhoods, and amenities in proximity to the location. All these help in choosing the desired place to stay in.

6. Settings

The users can customize and configure their preference under this feature. The settings menu allows you to control the following functions-

  • Push notifications
  • SMS notifications
  • Updates on rental options in a specific area
  • Conversation with the host(messages)
  • Wish-lists
  • Payment method and currency

7. Invite Friends

A user can easily invite a friend to download the application and join it.

8. Add to Favourites

This is a fundamental feature by which the user can bookmark certain results and add them to favourites and view them later.

9. Translate Feature

This feature helps the user to translate the description of the rooms into their preferred language. It is enabled through the Google translator,  the text is sent to google translator and translated into the chosen language.

10. Guide Feature

This personalized feature shows the sites and neighbourhoods around the chosen location.  It shows the locations around that can be visited.

11. Property Listing

Once you sign up as a host, you need to fill in all the required details, the app will show you the approximate rent you can charge for your house/apartment/room.

12. Backend

The server-side part of the app is very crucial as the product requires time to configuration from both client and server side. The client side is how it will virtually interact with a user and the server side includes its functionalities, server connections, etc. the backend is the most time-consuming part of the entire process.

So, what’s our grand total?

Airbnb Clone
Dribbble: Ueno

After having dealt with all features and modules, we have reached an estimate of the development cost. each a total cost of $28140 – $30840. Which is approximately $29000 – $31000 considering the $30 per hour as the average rate for counting the cost. However, this can vary depending on the mobile app development company and the technology they use. Moreover, the hourly rates differ from country to country.

After looking at all the aspects and stages of development, we may say building an app is not an easy and swift task. However, if all the things are lined up in a proper manner, not only will it be super successful but also very affordable. In case you have some queries about the cost of building an App Like Airbnb, let us know your exact requirements here and we will let you know the estimate.

EngineerBabu, being an experienced app development company, Airbnb-like apps are now just a piece of cake for us.

If you wish to hire our team of experts, we are just a call away!

Our clients are highly innovative and we respect them for coming up with innovative challenges for us. Spare some time to know about our creative solutions to various technological challenges with our case studies here.

Did you hear what our clients have to say about us? Get to know us better by reading the work experience of our clients with us.

Here is our complete library of innovative mobile apps which we have developed for our clients across the world. Feel free to ask for a demo and we will help you with it.

We would love to be your app development partners. Please drop a detailed inquiry about your requirements and our team will get back to you as soon as possible to discuss further on the development.

On a scale of yay to nay, how helpful did you find this guide? Please share your views in the comment section below and we would appreciate your efforts.

Did we miss out on an aspect or two? We’d love to expand our knowledge.


 

How to Build an Awesome eCommerce App? A Complete Guide to Developing an eCommerce Mobile App

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ecommerce app

A Complete Guide to Developing an eCommerce App

Shopping Spree, Shopaholic, Fashionista, and what not! All thanks to Social Media Platforms for bringing in the fact that people love to shop; irrespective of the time; irrespective of the place.

With the touch of digitization, the entire brick and mortar commerce arena revamped itself into eCommerce, wherein people started shopping online with the very ease provided by their devices, that too in the very comfort of their home.

eCommerce website, what once was a revolution has been commemorated by eCommerce mobile application. Indeed! eCommerce mobile apps with the slogan, “Shop on-the-go” are reigning over the smart users and their smartphones today.

Amazon, the biggest player in the eCommerce game along with its counterfeits Alibaba, Myntra, Snapdeal, have become an integral part of people while malls and supermarkets are being lowered to “Selfie zones”, “window shopping fads”, and “Check-in” hangouts.

Who would want to spare the precious time of their weekends, standing in long queues at the billing counter, waiting for their turn while France is playing against Croatia! Well, with eCommerce mobile app, all they could do is shop and yet never miss the game.

That’s eCommerce mobile app for you!

Image Source

Who doesn’t have a dream of running a successful business with customers crowded all over the shop? eCommerce mobile app can be your dream come true business as you can target the customers from across the world and you don’t have to travel to market for your brand; that’s an added advantage.

Recently, there has been a great rise in the demand to build an eCommerce mobile app. Every single day, startups are getting into the eCommerce business and all they target is mobile-first, website-second!

Cutting it short, if you are an aspiring eCommerce businessman, you have landed on the right page. Let me tell you, developing an eCommerce mobile app is not a very big deal today, especially with the nascent of tools and technologies playing around.

And the future of eCommerce, AI and VR technologies are decked up to renovate the eCommerce ecosystem completely with unforeseen features like virtual changing room. Must say, even the future of eCommerce is way too bright and now is the time you should seriously consider building your very own eCommerce mobile app.

To start with, it is important that you define your eCommerce business goals with utmost clarity. What type of eCommerce mobile app do you want to launch your business – Android or iOS? What is your product going to be? Who is your target audience? Which brands are you targeting?

Once this is sorted, you can move to the next important step which involves defining the right features for your eCommerce Mobile Application.

Features are the reflection of your USP. That is going to make all the difference for your target audience. Basically, they are but the deciding factors of whether your revenue grows or flows away to your competitors. Hence, it is important to plan the features for developing your eCommerce mobile app.

Below is a list of features extracted from the successful eCommerce Mobile App and you cannot afford to miss any of these:

A Simpler Registration Process

As easy as this sounds, it can be an exhaustive one for your customers and they might simply choose to uninstall the app with pages and pages of information to fill in. Who’s got time anyways

Ensure an easy registration process. With everybody having a Social Media Account today, you can enable sign up and login with two clicks at maximum and your customer is on-board! Plus, an extra brownie point for learning their preferences through their digital age on their Social
Media Accounts!

Supports Multiple Payment Options

Let’s say, you have a big fat customer who mostly shops online and visits your eCommerce mobile app to give it a try. After dumping his stuff into the cart, he realizes you do not have the payment option that he prefers. You just lost a big customer. And many more who prefers the payment option that your app does not offer.

To play safer and smarter as an eCommerce businessman, you have to open the doors to the most popular payment methods. Credit card, debit card, net banking, and eWallets being at the top, ensure that you subtly push your customers towards using your app’s in-built wallet.

Push Notifications

Your customers have their needs and want, you have the required supply to fulfill them but how to bridge this gap of communication? Push notification is the key!

Push Notification is one of the most important features that map the success of an e-commerce mobile app. They enhance the customer engagement as it keeps them informed about the referral, discounts, sales, promotions, and offers, to keep them coming back for more. This, in turn, provides you with the opportunity to cross-sell and up-sell for getting you better profits.

Social Media Integration

Don’t tell me that you do not want ALL the attention of your customers. You even want their social media time. And your demand is justified considering the fact that you are running a business.

Not only for one-tap login, Social Media integration will ensure that your eCommerce mobile app is right in front of your customers wherever they are; chatting on Facebook, Tweeting on Twitter, or pinning on Pinterest. This will also help them easily share your special discounts on their social media accounts. What better than word-of-mouth marketing and user-generated content!

Complete Synchronization

You have your eCommerce website and an eCommerce mobile app. You have come up with a very exciting feature that is sure to strike a chord with your targeted audience and take their buying experience to the next level. But you have to launch this feature before your competitor does. You want better time-to-market but with edits to be made in both the portals separately, time seems to have stopped. What would you do?

Speed up the process by getting our eCommerce mobile app synchronized with the website. Save plenty of time, beat the competition, and increase your sales.

Google Analytics

It’s just been a while since you launched your eCommerce business. You think you are faring well so far. But keeping your gut feeling aside, how do you gauge what is working for and against your business?

Ok, like every time, Google has the answer you want with Google analytics. Optimize the use of Google analytics to find out how your customers are really finding to be on your mobile app with the help of real-time data. Know which product of yours need a different packaging, what offers can make an appealing combo, and which demography is resonating well to your business, all this with Google analytics.

Review & Rating

Don’t shy away from the fear of getting bad reviews and poor product ratings. A wise businessman is the one who is open to both criticism and learning.

Empower your customers to review and rate your app and its features. The possibility is, the products that you are offering are nowhere in the wish list of your buyers and reviews will help you achieve this sense of realization. Again, after improvements do not delete the negative feedbacks, rather thank them and show what steps you have taken. This will make them feel important and who knows they will stick to your brand like forever!

Wishlist Button

It’s the end of the month. The salary is one week away and your customers don’t want to miss out on what they have recently found out. They want to buy it, not now but definitely after a week. Let wish list play its share.

Wishlist, at times, can be a savior to your sales. It helps your customers to save products they wish to buy later. Plus, you get an edge over knowing the preferences of your buyer and personalized offers and SOLD!

Easy Checkout

All the enthusiasm and energy of your customers is gone in making their choices and adding items to cart. Now’s the tough part – the payment!

To ensure that they do not abandon the cart, build your checkout process as easy as possible. Help them save their card and e-wallet details and take them faster through the payment gateways. As said earlier, your customers hate to wait in the billing queue, don’t let them wait with virtual billing system as well!

There are myriads of eCommerce mobile apps already in the market. You need to stand out from the crowd and these features will help you make a move. If you follow a customer-first approach by providing them the utmost ease to shop, you will easily be able to retain your customers. On the other hand, when your competitor has an amazing experience to offer in reference to features, your customers will be inclined to them.

In this situation, the smart way is to build an eCommerce mobile app with the right features and avoid any fluff that could possibly take away your customer engagement rate.

Make them feel that you understand the issues they face while shopping with other mobile app and the solution. Give them the value of the time, energy, and money they spend using your mobile application. This is the only important key to win over your customers and has an upper hand over your competitors.

Things to Take Care of While Building an eCommerce Mobile App

ecommerce app

Right from conceptualization of what USP of your eCommerce Mobile app is going to be to launch a Beta Version, there are many important aspects that are to be taken care of.

With time, experience, and analytical skills, I have collated a complete guide with elaborated information on the important aspects of app development.  

If you are a first-timer, you might feel the hardship right from the beginning. You might even end up scraping the entire business idea. But do not drop yet. We are here to help.

The basics of any eCommerce mobile app remain the same. All you need to add is that pinch of your branding and the spark of your USP to make your business stand out and stay at the top in the Google search engine results. Some of the fundamentals that you should consider basic while building an eCommerce mobile app are:

  • Easy navigation
  • UI/UX with right features
  • Visual appeal
  • Brands integration if at all you are into multi-store eCommerce
  • Inventory management

Here is an ideal step-by-step process for creating and launching an eCommerce Mobile app that you should follow in your trail to run a successful eCommerce business:

Keep in mind your eCommerce business goal even before you begin with the development process. Know what uniqueness you bring in or what issue you are going to solve for your customers with your eCommerce business.

Do not go “all in” with the launch of your business. You need to know what works and what doesn’t. You need to know your real-time buyers. You need to know what gender you should target. You need to know a lot! Start small but concrete. Make expansion only when your business is ready. Get help from talents and app development experts to upgrade your business version. Take a look at this guide to outsource the best app developers.

In the urge to following the ABC’s of your eCommerce business, do not forget the M for Marketing. You need to reach out to your potential customers to help them reach out to you.

Attract them with on-boarding referrals, convert them with your USP, close your sales by keeping them engaged, and delight them with information about the products they need and you offer.

Ultimately, it all depends on the quality of development. Hire experts that are passionate about their work as much as you are about your dream eCommerce business. Retain them by providing them the perks and incentives that are best in the industry.

Key Aspects for eCommerce App Development

ecommerce app

Before proceeding any further, let me give you a detailed glimpse of the key aspects to focus on while developing an eCommerce mobile app:

Market Analysis and Buyer Persona:

The basis of an eCommerce mobile app development lies in determining the buyer persona for your business. Ask yourself, “ Who are you selling your products to?” Accordingly, carry out your research for your target audience.

Analyze the behavior and patterns of your target audience. Know their digital age and their likes & dislikes. This will help you create your app as relatable as possible for them.

Know your Competitors:

Extract a list of your competitors. Create a separate list of what they are into and what makes them the obvious choice for the buyers. Do not duplicate their features or their business model, rather research well about the business model and make the maximum out of your analysis.

Choosing Technology:

Know the ins and outs of your business so as to decide on the technology to create your eCommerce mobile app. Keep an eye on the budget of development, know your inventory and select the CMS, database, framework, and most importantly the backend and frontend languages to code your app.

If you want a better time to market, go for the hybrid app, if you want sustainability, go for a native one. Similarly, you have to decide whether you want to launch an Android app, an iOS app or both at the same time, keeping in mind the device usage of your target audience.

UI and UX Design:

Give your brand the voice it deserves by soothing color schemes, appealing visuals, and smooth transitions for your customers from one page to another. Create options for your logo and leverage it to the optimum. That is going to be your business’ identity for your target customers. Play with the subconscious mind of your customers by leveraging smart branding tactics for creating a lasting impression.

Cost of Developing an eCommerce mobile app:

ecommerce app

Ultimately, it narrows down to whom you are investing and how much you are investing. Without a doubt, the budget is the front of the mind concern for the app development. To save you from this budget dilemmas, I have created some pointers for you to remember while going forward with app development:

  • Features: Whether you want to launch your eCommerce app with MVP, or a mixed bag with MVP and advanced features, or a full-fledged eCommerce mobile app with advanced features.
  • Android or iOS? The price tag of iOS is on the higher side, decide what device you want to be primary for your business. You can always scale your business later.
  • The low maintenance expensive backend development or the low budget high maintenance third-party APIs.
  • A better time to market with hybrid app development or better sustainability with native app development? Make your choice wisely, you are in the business game for a long run.
  • Outsourcing the resources has a visible effect on your budget and so you need to be very careful hiring them.

Again, a number cannot be projected with respect to the cost of developing an eCommerce mobile app as there are variables. However, to be as helpful as I can, I have put down an estimate on the basis of the trends I have witnessed considering the generic app development scenario.

  • If we consider the most basic version of the app with only the MVP features and simple UI/UX design, the projected price can go to $60,000 just for development. However, there is very little support and maintenance required.
  • If we consider a mixed bag of basic features including a few advanced features, the price an go up to $60,000 to $80,000.
  • If we consider the app to be developed with advanced features, then the price can be as high as $80,000 to $120,000.

Outsource Developers for eCommerce Mobile App Development:

website cost, ecommerce app

On the basis of your scope of work, you would want to outsource resource and skilled developers for building your eCommerce mobile app.

There are many different types of pricing model that you could choose from – time-based, scope based, fixed price and fixed time pricing model, or dedicated resource hiring.

Dedicated Resource-based Hiring

When opting for a dedicated resource based hiring, ensure that you know the scope of work and that you are not paying for an extra resource.

To develop a basic version of your eCommerce mobile app, you will need –

  • UI and UX designer
  • 2 – 4Developers
  • Quality Assurance Engineer
  • Backend Developer
  • Project Manager

To develop an advanced version of eCommerce mobile app, you will need –

  • Team Manager/Project Manager
  • UI/UX designer
  • 3 – 4developers for each platform
  • Quality Assurance Engineer
  • 2–3 backend developers
  • Admin panel developer

After this virtual tour to developing an eCommerce mobile app, are you ready to step into the real world with real hiring of skilled resources for your to-be-real eCommerce mobile app?

Having helped in weighing all the angles of your eCommerce mobile app, we can be the partners in your endeavors with our rich experience worth boosting. We believe in work than words. Have a look at various case studies that are being written every time we faced a new challenge and the creative solution we provided.

Nothing better than a client talking to a client. Know what our clients have to say about our work and achievements.

Yet not convinced? Here we are with practical and live applications that we have created for our clients. You can go ahead by testing these apps, who knows you might find your perfect app development partner!

We would love to be a part of an eCommerce mobile app development.

Please drop an inquiry about your needs and our experts will get back to you as soon as possible to make your eCommerce business possible.

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Lastly, for this all-in-one comprehensive piece that was specially created to guide you to the right business path, don’t forget to clap it once, twice, or till your heart’s content.