Being an entrepreneur, owning a business app is something you should consider. You may doubt if an app would help your business development and strategic management. How would a business app impact your ROI? Stats say that renowned organizations have upped their value by over 140% through their apps.
How would you proceed with your enterprise application development? What benefits one would have with a custom app development? Managing various projects are easy with project management software. Studies say that customer engagement in the eCommerce market has increased by fivefold through their apps. Before you indulge in custom app development, here are few facts about the app market that you should know.
Millennials love for consumer apps
Millennials love the internet. Studies say that the most dedicated app users belong to the age group of 18-24. The market demographics suggest that the millennials spend over 66% of their internet usage time on consumer apps. The speed-loving generation finds it convenient to use a business app. It’s always easier to open your mobile phone than the PC. This very fact is encouraging for a mobile application development company to proceed with their iOS or android app design and development.
The young generation is ready to spend over mobile apps
The app purchases among the millennials were zero in 2017. It’s then when business development companies gave great importance to custom app development and user experience. Studies say that about 1/3rd of the young generation purchase an app per month. One of the major reason is the clutter-free ease of browsing. Various eCommerce firms provide app-only offers, which encourages them to use the apps more frequently. Most of the apps do provide 24*7 chatbot support, which is a major attraction to the millennials. These are some important factors for mobile application development.
The platform matters
According to renowned digital marketers around the globe, the platform used in mobile app development matters. The user base of Android is greater than iOS users. However, reports suggest that iOS customers spend 2.5 times more on in-app purchases than Android consumers. While an average Android user spends about $0.43 daily on in-app purchases, an iOS user spends $1.08.
Asians are the spenders
A part of strategic management is to know the target location. Asians spend over apps more than anyone else, with a 40 times increase every month. North America is another prospective market. When it comes to spending over shopping apps and eCommerce applications, North Americans spend over 3 times of the Asians and the Europeans combined.
A personalized shopping journey on the app
Good customized user experience in the app is a natural attraction. The key is to run ads and other promotional strategies that showcase the behaviour, socio-cultural background and preferences of the target. Researchers and marketers say that there is a 27% more chance of conversion and in-app purchases when customized personal user experience is provided. Something to take care of your iOS and android app design.
Social media marketing
Why search for a better medium to promote your app when social media exists? Today, over 3.2 billion people, i.e 42% of the world’s population, are loyal to social media platforms. Promoting your app online makes the user instantly recognize it. Social media marketing plays a vital role in making the app trusted among users. Including like and share buttons in your app itself is a good marketing strategy.
High mobile data consumption is a risk
Sadly, this is true. Millennials tend to abandon apps which consume excessive data. Renowned brands like Facebook have introduced lite versions of their apps which would save data usage. Make sure to keep in mind the “lite” feature in your mobile application development.
The Push Notification
82% of mobile users expect to receive a push notification from their favourite apps. However, they dislike viewing irrelevant contents as a notification. Push notifications should not be always sales related. They should have some personal bond or emotions with the user. Market studies say that push notifications increase an app’s CTR by 40 times.
Discovering the app
Discovering a mobile app is not restricted to the google play store or iOS app store. Researchers say that just 40% of mobile users find out the apps via app stores. 60% of the app discovery comes via search engines, promotional ads, YouTube, social media marketing or any other platforms. Strategic management of your app requires you to make sure you to promote your app in all trending places.
Recurring in-app subscriptions
Users find it comfortable to spend and settle to a long term plan in an app rather than switch onto another. Offering them a profitable long term plan is the key. As far as the business, this increases the conversion rate, win back customers and increases the revenue from the customers.
The massive in-app advertising
As per the leading marketers, the in-app advertisement industry has a worth of a massive $155 billion, which is 62% of the total amount spend over digital advertising. Over 47% of the crowd watches in-app ads, which is more than them watching on PC or mobile. However, the key to successful in-app marketing is the relevancy and personalization of the ads.
The app market is massive and ever-growing. These are the basic facts acknowledged by key researchers over the globe.
Want to know more about mobile application development and enterprise application development? Feel free to contact us. We are one of the leaders in custom app development, rapid application development, iOS and android app design. Our skill and experience bring out the best in us while creating a great user experience for your business app.
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How big is the mobile app market?
The global mobile application market size was estimated to be at $106.27 billion in 2018. The app market is projected to reach $407.31 billion by 2026. The market is estimated to grow at a CAGR of 18.4% from 2019 to 2026.
How many mobile applications are there?
Studies say that there are over 2.6 million android apps and over 2.2 million iOS apps. An average smartphone installs 60-90 apps on their phone.
Why do most apps fail?
Most of the apps fail due to a lack of original ideas in mobile application development, lack of market research and ignoring consumer feedback. Poor user experience, improper testing and pathetic strategic management too account to the failure of an app.
What age group uses apps the most?
The so-called millennials, the people in the age group of 18-24 are the biggest smartphone users. An average millennial spend over 3 hours on their phones daily, while a person over the age of 55 spends under 2 hours on apps.