In the year 2024, the odds of needing a phone in today’s society is significantly higher than just a couple decades ago. Whether it be ordering an Uber, using Apple Pay, or using an app for your favorite store, the importance of smartphones cannot be understated. Therefore, as a new startup, creating a digital presence is a very important step in vying for a customer’s attention and recurring business. But how can mobile apps benefit your business aside from just building your brand?
There are a couple ways to monetize mobile applications to provide your business with another stream of income. Firstly, you can offer subscriptions to your business via your app. This method helps to provide a short-term and recurring source of income, while also generating loyalty for your business. This loyalty also makes customers more likely to purchase from your business again, providing future revenue as well. In a similar vein, you can also offer in-app commerce capabilities. This attracts more customers and can incentivize customers to purchase more, and increases short-term revenue for the business.
Conversely, there are other ways to generate revenue from a mobile app that requires little to no customer interaction. One way is to implement in-app ads. While this is a more guaranteed form of revenue, it is only short-term revenue. Furthermore, ads can irritate and frustrate consumers, which can lead to less future-revenue. Similarly, you can choose to monetize app data from your customers. While this again provides short-term revenue, this too can drive customers away from your business if they disagree with this practice.
Regardless of which method you choose, there is profitability to be had within your company’s app. By 2027, the aggregate app purchases are expected to be $186 billion. This means that in-app spending is expected to grow 267% and the average revenue per download is around $9.46. Unfortunately, taking advantage of mobile applications is much easier said than done. So what’s the best way to go about getting a mobile app for your business?
Trusted mobile app development partners like Tapptitude not only have experience creating apps, but have product experts who understand the industry you’re in. Include the fact that these experts also have the experience of developing 100’s of apps and you get specialists who can help your application grow and scale alongside your business. Regardless of which industry you’re in, if you’re looking to create an app for your company, app development partners like Tapptitude are the way to go.
Source: Tapptitude