Mobile Apps- An Effective Strategy to Retain Consumers
Mobile applications or apps have become an integral part of the average smartphone users. Apps not readily present on phones can be downloaded through app stores. According to Appster, the number of mobile app downloads is expected to touch nearly 254 billion as of 2017. These apps are currently made available on iOS, Windows, and Android compatible phones.
Mobile apps are seen as a strategy to attract and reach a wider consumer base. In addition, businesses can use them to increase their visibility and presence and to generate Ad revenue. For instance, Hotels Combined, a hotel search website, utilized search and Ad strategies to gain more consumers from July to August 2014. The increasing purchasing power of consumers as well as a renewed consumer engagement strategy by businesses is expected to culminate in a surge of downloads of mobile apps.
Revenue-Generating Apps to Witness the Highest Demand by 2025.
Majority of mobile apps have five major end users/applications, namely healthcare, fashion, finance, entertainment, and social networking. Social networking apps are a great platform for companies to place their Ads due to constant consumer engagement. To put this in perspective, the popularity of WhatsApp in 2014 led to the subsequent sales of smartphones that contained the app the following years.
Entertainment apps are witnessing a high demand from consumers due to the enriching content of games. For instance, CandyCrush had generated more than USD 1 billion in revenue for two consequent years (2013 and 2014). Pokémon Go could be the next cash cow for Apple due to the high appeal ofPokémon.
The global mobile apps market is anticipated immense growth from 2018 to 2025 (forecast period) finds a report made available by Innovation Market Research, Inc. The role of apps in aiding consumers in their daily tasks is expected to be the major market driver. The influence of social networking apps is expected to positively impact market growth in near future. The increased focus on security by developers and popularity of wearable apps are expected to increase market revenue by 2025.
The possible integration of augmented reality, virtual reality, and Internet of Things (IoT) may open up new avenues for growth. Development in accelerated mobile pages (AMP) and app streaming can play a key role in retaining consumers. Key market players includeGoogle LLC;Microsoft Corporation;Appster; and Apple, Inc.