Mobile app development helps you provide more value to your customers, stand out from the competition, increase accessibility to your products and services, and communicate directly with customers.
Considering how pervasive mobile applications have become in today’s tech-driven world vis-a-vis the ease they bring to daily activities, it is almost impossible to separate mobile apps from the business world.
This article explains why mobile app development is so important. Read on to learn more about the benefits of mobile app development for business.
Why Mobile App Development is important In 2023
Technology is advancing at a breakneck speed, and also is the addiction of users to smartphones and other types of mobile devices. The average user spends about 5 hours each day on their phone. That is more time spent than eating, exercising and socializing with friends – and sometimes even sleeping.
According to Pew Research, 85% of Americans now own a smartphone. For those between 18 and 49, the figure rises to above 90%. Mobile devices have become the major medium of communication between marketers and consumers.
Businesses understand that the development of mobile apps and the personalization they offer have great potential and can provide numerous benefits and opportunities. The statistics prove it in practice: by 2023, mobile apps will generate over $935 billion in revenue.
Owning a mobile app, you enter the race for the attention of the largest audiences and the most lucrative benefits your business might gain.
Benefits of Mobile App Development
Business results of mobile app development depend on the industry, the size of the business and the set branding needs. However, its efficiency is undeniable.
The future of mobile is the future of everything.
To keep up with the future, learn more details regarding the benefits of mobile app development for your business.
Better customer communication
Poor communication ruins trust, while good communication generates profit. Mobile app development is a modern and effective way to establish contact with clients, interact with them and show the services or products that a company offers.
Tap into the benefits of mobile app development. That will help you grow your business while also gaining stronger brand loyalty.
Broad market reach
A mobile app is an effective marketing tool for building recognition for small and large businesses. Apps’ in-built features - like personalization, localization, geo-targeted, push notifications and more - help businesses expand targeting and scale their customer base. Sales grow, and so you make profits.
Mobile apps make it easier for small businesses to compete with larger corporations that are in the same niche. By investing in mobile app development, small businesses get more leverage to engage more customers while boosting brand awareness.
Businesses in different industries see an exponential increase in customer engagement and brand awareness after they release mobile apps. 50% of customers are more likely to purchase services or goods if they use a branded app regularly. Besides, after installing a business app, people will see their logo each time they use their mobile phones and memorize a favorite provider.
Improved customer loyalty
Cultivating customer loyalty is relatively easy with mobile apps. That is one of the most significant benefits of mobile app development for businesses.
The fact that customers can easily launch your app to access a service or make a purchase allows them to develop a closer connection with your brand. You can then build on this by promoting innovative customer loyalty programs to drive customer loyalty results even higher. As consumers continue to enjoy your service, you can be sure that their loyalty to your brand will increase.
Extra marketing channel
You can reduce your advertising budget and leverage your mobile app to send out more targeted ads to your customers. Ads placed in mobile apps by the same brand tend to be even more effective because you will be marketing to people who already use your products or services.
Aside from the benefit of saving you money, the added benefit here is that you won’t need to put in as much effort as you would have when you advertise on Facebook or Instagram or purchase display advertising across other networks.
Customer feedback source
In-app direct communication makes a collection of feedback extremely easy for businesses. Customers provide real-time feedback to you, and you can also react to comments in real time.
Compared to sending emails or calling a customer support officer, direct communications in mobile applications are faster and easier. It is less formal and gives the customer greater flexibility to communicate with your brand.
Your competitive advantage
If you are a small business owner with the potential to gain and retain more customers with a mobile app, you might not know what you’re missing until you develop a mobile app for your business.
Nearly all types of businesses have learned to leverage the importance of mobile apps in becoming a brand and niche authority. Currently, mobile apps for small businesses are not as common. The initial investment for developing a mobile app might be daunting, but it might just be the difference between your current revenue generation stream and an exponential increase in revenue.
The role of Mobile Apps by industry
Banking and finance
Mobile apps have totally disrupted the banking and fintech industries. It is estimated that there will be more than 3.6 billion online banking users by 2024. Reports also show that more than 76% of Americans have used an app of their bank during the last year, which shows the popularity of custom mobile app development among financial institutions.
Solvd has helped many companies in the financial sector to develop mobile app solutions for their brand. For example, we have built a QA department from scratch and provided infrastructure for test automation needs for fintech company NerdWallet.
Fitness and health
Fitness mobile applications have made it possible for people to participate efficiently in fitness programs without even leaving their houses. Fitness and health apps are very popular today, and the market is going to grow even further, reaching 30 billion in 2030.
If you were waiting for the right time to develop a fitness and health app, it’s now.
Solvd has vast experience in the development and testing of fitness and health apps. For one of the leaders in the market MyFitnessPal, we developed a fitness app containing many revenue-generating features. We also improved the platform’s code health to boost user engagement.
Business apps are the salvation for those who wish or need to work from home or work from anywhere in the world and collaborate with teams. So, in India, users spend 3 billion hours on business apps on Android phones. And at Accenture, they believe that having in-office meetings every two weeks is the most productive approach to working.
Zoom and Google Meet face a record-breaking audience influx. These apps allow companies to provide flexible working opportunities and effectively manage remote teams in times of lockdown. Thus, mobile software development teams can have virtual gatherings to discuss hotfixes, releases and urgent mobile app issues and take part in professional conferences and more.
Marketing and advertising
Marketing and advertising are two critical areas that have enjoyed the benefits of developing mobile apps. In 2022, consumers spent $240 billion on mobile advertising globally and $290 billion in 2021. The growth tendency in this niche will continue in the coming year.
You can employ SDK and social media insights to monetize your app and increase ROI via ad placement. Also, you can collaborate with celebs as part of your successful marketing campaign. If strategized wisely, employing outside marketing resources like this may help you revamp user acquisition approaches with increased channels of interaction with your audience.
Our team at Solvd has a very successful marketing and advertising framework in our portfolio, which perfectly shows the benefits of mobile app development. Within this framework, we supported the technical partnership and integration of the two platforms, CreatorIQ and Sway. By using our solutions, our clients managed to reach good productivity metrics.
It’s expected that consumers will be making 95% of their purchases online by 2040. Among the key goods and services they are expected to buy are music, video games, various electronic devices, fashion items, fitness and wellness services, cars and other transportation means.
Your clientele needs concise and informative mobile apps that may persuade them to stay with your brand. 64% believe that brands should focus on the quality of the customer experience if they wish to have them among their loyal clients.
Solvd has implemented many e-commerce solutions for businesses. For example, we built the front end and back end for the British start-up The Devout, a subscription service that offers vintage and designer brands.
The benefits of mobile app development for business are quite evident in the real estate sector. On the one hand, mobile apps allow users to find just what they want in less time. On the other hand, these mobile apps enable real estate companies to provide more refined search features and personalized results to customers and foster direct and real-time communication with prospects.
What happens to companies that ignore the needs of their customers? They fade away while their clients go to a competitor who is taking better care of them and to those who pay closer attention to their needs.
Mobile app development is not just one of the many available possibilities. It’s a must in the contemporary world.
Now that you know why mobile app development is important, the only thing that you need to do is to find a reliable and professional partner that can help you to bring your project to fruition.
Feel free to reach out to us at Solvd so we can help you achieve your business goals. We are a mobile app development services provider that has already built trust with SMB brands and enterprises. You can rely on us to build your mobile application of any complexity.