In today's fast-paced digital landscape, it can be difficult for small businesses compete with the big retailers as new technologies emerge and consumer expectations change. Big brands have bigger budgets, resources and a robust e-commerce strategy that SMBs lack; however, smaller retailers can embrace e-commerce and invest in digital capabilities to stay agile in today's retail environment.

Development and launch of a e-commerce application can be a beneficial business decision to stay relevant and provide a new revenue stream for SMBs. Having a strategic, clear e-commerce business plan and using the right tools can help an app be successful, profitable and grow brand recognition in the market.

Challenges for SMBs

First, we must recognize that while there are many great opportunities for small businesses when it comes to emerging technologies, they face many unique challenges stemming from today's economic, political and digitally-focused environment.

SMBs are built on small, tight teams with an entrepreneurial mindset; however, many lack the digital skills and talents needed to grow their business. Most don't have a team of engineers or software developers to help them build one e-commerce platform. Further, SMBs should be open to changing their business model by embracing technology, rather than fearing it. Change can be difficult for many owners who have operated their businesses for decades; however, it is necessary to stay relevant and competitive in the industry.

Related: 6 Benefits of Having a Mobile App for Your Business

Opportunities with e-commerce applications

For SMB retailers, there is an opportunity to expand their business online to create an extension of their store in the digital world through an e-commerce website or app. In 2024, 58% of small businesses don't have a mobile app, with 28% planning to develop one in the future. There are significant opportunities here for small business marketers to reach their audience in a new, simplified way and take advantage of the fact that most consumers own and constantly have a smartphone in hand.

or dedicated application because a business can strengthen a brand voice, create brand recognition, increase loyalty among customers and keep a small business competitive. This may sound like an expensive undertaking for SMBs; however, by choosing an e-commerce app you own instead of an online marketplace, you won't face the added fees that some marketplaces charge per month or per sale.

Creating an e-commerce business plan

You wouldn't go on a summer vacation without booking your flight and hotel, doing a little research on your destination and packing your suitcase, right? The same can be said for creating an e-commerce business plan. Doing some background research, laying out what you need, and identifying operational objectives and details can be helpful not only for SMB owners, but also for investors or other team members who can help launch of an e-commerce business on the ground. A well-thought-out plan provides clear direction and goals, can identify potential risks, helps allocate resources, and can attract investors for outside support.

How to launch an e-commerce app

Once an e-commerce business plan has been completed and completed, now is the exciting point of building an e-commerce store. First, find a team with the skills and experience needed to bring an idea to life. This team will assist in the design process, project management, quality assurance and to do the heavy lifting in the development phase.

Next, identify which platform the eCommerce business site will live on whether it's an app or a website. Think about the products or services you are selling and consider what your target customers might prefer. That said, many consumers today prefer in-app purchases due to its intuitive nature and ease of use, and almost 74% of retailers agree that mobile apps are driving profitability.

Related: From luxury to necessity – Why your business can't afford to be without a mobile app

E-commerce applications

If an SMB is going the app route, it can be scary to think about development processtime and budgeting. Thankfully, there are many no-code software development tools that use AI so that business owners with little or no coding experience can build their own retail apps. This tool can be a guide in the development process, managing the process from start to finish. Custom features such as secure payment processing, product recommendations, customer reviews, loyalty program integration and more. Plus, SMBs will have access to customer data to see their habits and preferences, allowing you to tailor their in-app experience and ultimately drive sales.

Overall, SMB retailers need to stay nimble in today's market and invest their time and resources in growing their e-commerce business. They face many unique challenges and uncertainties; however, by having a definite plan that leads back to their vision, they can set themselves up for success in expanding and growing their online business footprint. With a mobile e-commerce platform, SMBs can generate revenue, stay competitive and understand their customers in a new way.