Small businesses or large organizations? A sound digital presence has become a necessity today given the increasing shift of users towards mobile apps for browsing businesses and purchasing products. It has been estimated that by 2020, the app downloads will reach a staggering 284 billion.
Let’s learn how businesses deciding to invest in app development is the perfect answer for their competitive survival.
Here are some important statistics covering the mobile usage worldwide.
- According to Statista, 61.2% of the entire mobile users worldwide used internet from their phones in 2018.
- As per comScore report, users spend an average of 69% of their media time on their mobile phones.
- Around 91% of smartphone users reach out for their smartphones to inquire something in the midst of an activity, according to a Google’s research on micro-moments.
Now, below are the figures related to mobile app downloads.
- The global mobile application business was worth a $108,440 million in 2016, and is estimated to rise at a CAGR (compound annual growth rate) of 19.2%, i.e., $311,249 million by 2023.
- According to Statista, the total mobile app downloads were 197 billion in 2017, and the number is likely to exceed 352 billion by 2021.
Apparently, quite a reason to invest in app development.
This takes us to discuss some key reasons on why companies, especially startups and entrepreneurs, should start investing in mobile app development.
Mobile is for everything
Besides the core benefits of connecting with various businesses and brands, the new mobile app technology has travelled that extra mile and are allowing users to make bookings, share locations, consume personalized content, and even travel the world through augmented and virtual reality technology.
Furthermore, small businesses have now have the liberty to rebrand their offerings through interactive, mobile-first features and diversify their customer engagement channels in a cost-effective manner.
Meeting the customers’ demand
With the number of smartphones users worldwide on course of exceeding the 2.5 billion mark by 2019, the preference to meet businesses online is also proportionally increasing.
As the above figures indicate the significance of app usage and download, consumers are using mobile apps more than ever to read a variety of content, stay connected with their favorite brand, and even conduct businesses and explore growth opportunities through digital media.
Creating a personalized channel
Answering why startups should invest in an app is not as simple wanting to enhance their customer base. But creating a personalized channel to engage with customers is something new businesses should really catch onto.
By acquiring the user profile information, businesses are able to engage with customers in real-time. A genuinely personalized communication medium is a big YES by your target audience for building your brand credibility unlike others.
Businesses are able to form deeper, lasting relationships when their app is incorporated with customer-centric, prompt features. Furthermore, powerful features like push notifications, geolocation, chatbots, etc. create a direct marketing channel facilitating straightforward interactions with the customers.
When the idea is to create engaging, tempting mobile moments with your audience. Why not invest in app development?
Introduction of instant apps
Due to the fact that small businesses need to spread brand awareness and a positive word-of-mouth. It is essential for them to approach the customers in the most convenient way possible, without bugging them with download-only option.
Instant apps is the answer! An instant or native app that doesn’t mandate the user to download and install the entire app on their phone is preferred. The idea is to offer a brilliant, respectful user experience without consuming much of their phone memory.
Speaking of benefits, instant apps allow businesses to have a better exposure, instantaneous feedback, a wider user base, social sharing, and an edge over others in the entrepreneurial battle.
Better consumer insights
Obviously, mobile apps give businesses a solid opportunity to understand the needs of their customer. Something that entrepreneurs need to get correct right from the start.
Businesses collect, evaluate and use valuable insights and make decisions accordingly. By acquiring information regarding customer preferences and behavior, apps provide businesses a competitive opportunity to refine their marketing strategy.
Apparently, the user motives, pathways, and the core identity of your users can help you make the right strategic decisions and invest marketing endeavors in the right place. In other words, app investment opportunities are immense!
While data-centric marketing activities alongside relevant consumer insights make way for a genuine personalized experience.
Streamline revenue channels
Yes, mobile apps increase revenue for a business, but streamlining the revenue channels is a different thing altogether.
Physical marketing and sales has been the traditional counterpart, but not without their share of problems and lags for any business. While mobile apps offer a more convenient, trusted process for bookings, payments, advertising, and other activities for revenue facilitation.
Furthermore, mobile apps are monetized quite easily through in-app advertising, in-app purchases, freemium, and paid apps. Hence, providing businesses a guaranteed opportunity to increase their revenue. Also apps are powerful enough to incorporate a plethora of new offerings and a new revenue channel without affecting your overall business strategy.
Real-time data analysis
Mobile app technology has the potential to incorporate as many features in the app as possible. As it stands, real-time tracking feature will tempt you to gather and analyze user activity and behavior data in real-time.
In-depth analytics reports will display powerful real-time data such as error rates, installation rates, daily users, daily sessions, in-app events, time spent, user retention, conversion rate, and more.
The above essentials are utilized in creating and delivering a personalized content, offers, deals, etc. to customers for their specific needs.
Customer service & support
According to SalesForce, around 70% of purchases are determined by the customer experience only.
Mobile apps offer a more convenient, efficient channel inviting your customers to engage and interact with your brand unlike ever. From allowing a simple access to information and product pages to a straightforward purchasing process, the point is to acquire a positive customer experience.
And when customer satisfaction peaks, sales will follow! Something that new businesses and entrepreneurs need to consider in order to survive and maintain a steady growth in the market.
Another aspect is the customer support. While small businesses need to incorporate a quality mobile app to provide an easy, prompt and responsive feedback channel to their audience. Obviously, one of the primary aims of any mobile app is to be readily accessible and intuitive in responding to the users.
The world is going all mobile, and there is no turning back! Irrespective of the industry or nature of a business, a well-designed, user-based mobile app is a must for retaining new customers and luring new ones. Why not invest in app startups? Companies, especially small business and entrepreneurs, need to start considering how a mobile-first approach should redefine their business strategy and catch the future opportunities all prepared.