Mobile apps aren’t a new development in the modern-day technological space. However, there is a renewed conversation concerning their role in business and society day by day. Therefore, there is a lot to discuss mobile apps. As I was brainstorming what to write about concerning mobile apps, as there’s a lot to discuss, I got my light bulb moment. A client sent me an e-mail. He wanted to know whether, aside from a website, it’s necessary to develop a mobile app for his laundry business.
It isn’t the first time a client was unsure whether mobile apps were necessary to achieve their business goals. Whether mobile apps would give their business competitive advantage is always doubt. In addition, companies, including mine, strive to achieve their goals at minimum cost. Therefore, it would be a waste of resources investing in developing and maintaining a mobile app. Yet, it would only result in a slight competitive advantage.
Before proceeding further on this discussion on mobile apps, allow me to drop some statistics. First, According to Statista, the current number of smartphones used in the world today is 6.648 billion. This translates to slightly over 83 per cent of the global population. Mobile penetration is still low in certain parts of the developing world; therefore, this is an alarming statistic. Are you still questioning whether mobile apps are relevant to your business? It doesn’t end there.
Estimates suggest that by 2025, 72% of all internet users will solely use their mobile phones to access the web. Lastly, Mobile Apps Downloads have increased by 23.3% since the COVID-19 pandemic, and they account for close to 70% of digital time spent on smartphones. These statistics show us the extent of usage of mobile apps, and the numbers will increase annually. I hope these statistics have helped clear your mind if you were wondering whether a mobile app is necessary for your business. As I mentioned at the beginning of this article, there’s a lot to discuss on mobile apps. Today I’ll focus on the industries or nature of business where I feel they are necessary.
E-commerce can sometimes be a vague term. Nowadays, most businesses conduct commercial transactions, especially with the COVID-19 pandemic still ravaging the world. By e-commerce, I’m referring to those businesses that operate online retail stores. Estimates suggest that by 2024, e-commerce will account for 21.8% of total global retail sales. In addition, about 70% of consumers download the merchant’s mobile app. The last shows us a consumer preference for mobile apps when shopping for goods online. I will discuss in another article the competitive advantage mobile apps give to e-commerce companies. So, please stay glued to our blog and while you’re at it, CHECK OUT our products and services.
If you’re in the hotel and hospitality industry, mobile apps are necessary. Let me be more specific. Hotel and lodging facility owners, leisure and recreation facility owners, travel and tours companies need mobile apps. Once again, I will use statistics. 42% of people globally have booked a hotel on a mobile device (Hotels.com). In addition, 70% of last-minute hotel bookings are made on mobile devices (Intelity).
Clients are satisfied when they can access information concerning prices and bookings and later pay, without too much difficulty. Mobile apps enable them to access all they need in one place. Furthermore, clients often have queries concerning a variety of issues in hotels. A mobile app allows potential clients to access all the required information and later chat to customer service to get the relevant answers. As a business owner, you expect to satisfy a potential client as fast as possible to increase conversion rates. In addition, there is a growing trend of digital keys and entrance tickets. Clients prefer spending the least amount of time checking in. Mobile apps cater for this need.
Gambling is sometimes a bit of a taboo topic, especially in this part of the world. Africa and Kenya particularly have experienced exponential growth in online betting. Increasing internet penetration and reducing internet costs have been this growth’s primary influence. The majority youthful and digitally savvy, yet unemployed population has also embraced gambling. This has created the necessity of mobile apps for online gambling companies. I’ve already highlighted several mobile usage statistics. Therefore, if you’re looking to venture into the gambling world, a website isn’t enough. Set money aside for mobile app development and daily maintenance.
I am not a financial expert. Therefore I won’t dwell too much on the difference between digital finance and Fintech. You can learn more about the differences here. However, I will try to give a simplified summary of the difference. Digital finance mainly concerns banks and all companies involved in the lending and borrowing of money. Digital finance enables people to conduct financial transactions online.
Mobile apps are a necessity as they ease the transaction process. Take the case of transferring cash from one bank account to another. The individual needs a summary of their current bank account balance, the option of transferring the money to another account, and a record of the transaction and remaining credit. Mobile apps ensure clients can conduct transactions anywhere in the world comfortably. Laptops are bulky. In addition, people travel everywhere with their smartphones instead of their laptops. This also applies to companies dealing in stocks and cryptocurrency trading. Clients need a central place to analyze their stocks and conduct transactions anywhere, anytime. Mobile apps offer that convenience.
Fintech refers to the various technologies that are developed to improve financial services. Some examples include stock analytics, budget trackers and credit reporting software. People are constantly making financial decisions. They need the option of navigating through data at the palm of their hands. You can learn more about how mobile apps create more value for fintech companies.
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