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As businesses evolve, we are seeing new innovative and out-of-the-box start-ups emerging every day. We are now surrounded by ground-breaking startups and SMEs that have found a substantial amount of success post the pandemic using new strategies and technologies.

(In this article we are going to focus on one out of many business models, technologies, and strategies each that are experiencing growth and success lately)

White Label Service

In 2020, the white-label market amounted to around $158.8 billion in the United States alone.

(Source: Statista)

Since the fallout from the COVID-19, a huge number of new businesses have found success especially through white label products/services that are marketed directly to consumers via e-commerce websites.

With White labeling gaining a lot of popularity and multiple small-scale to large-scale organizations opting for white label platforms/products for their customers, you might be wondering…

What does White Label even mean?

We’ve got you covered!

To put it in simple terms, a White Label is a product or a service made by one company that is rebranded and showcased as its own by another company. In terms of products, often white label products are usually the ones that are mass-produced generic items sold by many sellers as their own. When it comes to services, corporations use white labels to offer a service without investing in the creation of the technology or its infrastructure. Lots of companies outsource or use white-label services to provide services to their clients without investing in developing their own. White labeling of services is still relevantly new and has gained a lot of popularity since the pandemic hit. White labeling services include digital marketing solutions, website development, Mobile application development, UI/UX design, and much more. For example, White label mobile app development for business professional service providers who necessarily do not have the infrastructure or development team can easily fill the gap and can help to expand their client base.

We now understand that in this miscellaneous world of endless possibilities, businesses now need flexible solutions to execute real-world problems.

Since the pandemic hit, teams around the world are scattered and are successfully managing to work independently by pushing scalable businesses and solutions forward.

One such scalable solution that has been getting a lot of attention lately is Micro-front ends.

What is micro-frontends?

Micro frontend

To understand the principles of micro-frontend architecture let’s deep dive:

Let’s say you and your team are keen on building a responsive web app but integrating all the new features into your existing code can create havoc and it would just be difficult to find an easy place to even start. Or maybe you just want multiple teams to work on a single project simultaneously to scale your development, but this will lead to nothing but chaos. These problems affect your ability to efficiently deliver high-quality experiences to your customers.

Micro-front ends are a composition of features that are owned by independent teams and give them the ability to build an app with zero dependencies. This allows different teams to have different business areas to care about. Teams can be cross-functional which enables them to build an end-to-end feature from database to UI. An application is broken down into smaller micro apps, bound by its visual content. Every part of the micro-app has its data and own encapsulation style. They don’t share any global state; hence it can be deployed independently. Here is a diagram that will give you an idea about the Micro-front end.

As we have broken down the white label business model and micro front end technology.

Let’s now move on to a prominently leading strategy:  

Loyalty Programs

Loyalty Program

Many product-based and service-based companies use loyalty programs to retain their existing customers. It is simply a reward-based marketing strategy to make customers buy from your business frequently.  This doubles marketing actions without harming the budget.

Loyalty programs bring along advantages including:

  • Attracting Customers: Consumer behavior studies show that customers make purchase decisions that are highly based on emotions. Customer loyalty benefits appeal to consumers’ emotional side and are a highly effective way to gain customers.
  • Retaining existing customers: According to a study done by Forbes, Loyal consumers spend 67% more on average than new ones. This just proves that retention is one of the most cost-effective ways to scale.  Loyalty programs ensure your customers keep coming back and spending more.
  • Building Brand advocates: Your retained customers not only bring you more but also brand awareness which attracts more customers. Research shows that 86% of engaged consumers spread word of mouth and an astonishing 92% of people trust word of mouth.  
  • Growth: It is no secret that ultimately Loyalty programs boost business growth. Businesses today focus on acquiring new customers but forget about their existing clients. Studies show that loyalty programs foster growth in the long run.
  • Understanding of your Target Audience: Loyalty programs provide vital market research, which is beneficial for any organization to understand their users’ purchasing behavior.

It is no secret that loyalty programs are an effective marketing tool, they increase growth, help you to retain existing customers, and increase your brand reputation.

How can you build a loyalty program for your business?

No worries! We got you covered!

All you need to do is plug in a loyalty program to your existing application, without any hesitation. Don’t know how?

We at Techspian can help you at every stage from developing an extensible white label for your loyalty platform to plugging in a micro application to your main application, without disrupting your current business goals and dependencies

Write to us at sales@techspian.com to learn more.

 

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