Just before world had come to terms with websites snatching away the business of local stores, world shunted the websites to go for applications. Slow but steadily, mobile apps have become the major platform for the businesses to communicate with their customers.
“There are 2.3 billion active smartphones today. The market of Mobile Apps is of $45 billion and it is slated to grow at the CAGR of above 17% to $80 billion by 2020.” Source: Newzoo.
If you can analyze what type of smartphones are in use and who all are using it, you can approach the right people to offer your products or services.
Apple devices lead the chart with 34.8% market share and Samsung is second with 23.3%. So if your mobile app is available on iTunes Store, it has potential to reach around 35% people with high-end smartphones. But if the app is available on Google Play Store, it can reach 65% people with android devices.
Entertainment Apps generally monetize through subscription services where interesting content is introduced at regular intervals.
Gaming apps earn money by applying a one-time download charge. Apart from them, there are thousands of apps which can be downloaded for free. These apps actually connect the regional sellers and service providers to their potential customers. Such apps can earn by advertising, apart from generating App revenues from consumers.
Interestingly, all regions have significant share of local businesses in the top grossing apps. Among the non-gaming apps, Social Networking and Dating apps are the most sought-after apps, followed by entertainment, books, education, productivity, photography, medical and health & fitness apps.
There is a trend called “Mobile First” approach, because of surge in the no. of companies that have remodelled their business according to mobile and they adapt it for other platforms. Mobile Apps are slated to be the primary medium of offering products and services. And businesses around the world are re-launching themselves through mobile applications.
One must understand the mobile consumer, socio-economic status and their behavior patterns; to truly grasp the “cut the cord” generation. To jump into the Mobile App arena, there are a few basic steps that you must define, for the application to be successful.
The Mobile app developers like SearchNative put emphasis on studying these factors before designing and developing the application. A well-designed app can bring a fortune to your business.
As the economy is going digital, the payments are done on the mobile. Gone are the days of window shopping at the malls, now people spend more time browsing on smartphone every day. At the end of the day, your business should be there, where your customer is looking at.