App Industry owes a huge potential to surplus your revenue in this highly competitive digital era. However, not every app can make you earn millions of dollars - a uniquely conceived idea needs to be conceived.
In this digital era, invading the mobile app development market is not that troublesome, however, sustaining for long and obtaining money out of it can be complicated. Further, the professional development of app requires experts in coding and UX. And development must be concentrate on complex integration with all system of the client, offering technical support and innovative mobile app development.
Market and Competitors
Today, it's apparent to infiltrate mobile application market, which has substantially grown over a year (Further expected to hit worth $6 billion by 2022). This has lead Fortune 500 companies, SMEs and start-ups to rush for the golden opportunity to expand further.
Millions of app developers, and in actual approx billions of smartphone owners, relying on mobile apps on daily basis and the companies that operate this ecosystem includes – Apple, Google and, to a minor degree, Amazon and Microsoft.
To best describes the mobile app ecosystem, we can gaze on the total app downloads statistics. This year 50 billion app downloads hit the market (approx 197 billion in 2017 versus 149 billion in 2016). Further, as per recent projection, the total app downloads is expected to grow 352 billion by 2021.
What can make you earn Money on Mobile Apps?
Suppose, you have created a perfect app and that treasured thousand of download by users in its initial months. But, are you sure, it will bring you income? Well, monetization strategy for an app is necessary for generating income.
This article sums up insights on the how and what temps user's to pay for an app and makes it easy to determine the future of the application based on its capabilities to earn money.
Potential for In-App Purchases
By offering freemium apps, app developers can make money. The apps and games are available for free download, however, for the additional usage, users can pay extra. In general, it involves apps subscriptions, or further payments to avail additional features, or even allowing users to pay for physical goods within their respective digital app.
Hence, in-app purchases have potential to accelerate the revenue. A recent study further claimed that 5.2 percent of smartphone users go for in-app purchase.
Image courtesy :https://www.mobindustry.net/tips-on-implementing-and-using-in-app-purchase-to-monetize-your-app/
How To Create A Successful App To Make Money Out Of It
Here, it's highly necessary to ensure how the user-experience matters, and is worthwhile for both the paying and non-paying users. Hence, the initial free experience should provide value to the users. For instance; the game or the apps must be intact, even though the users will not opt for an in-app purchase
Moreover, the additional value and features must be consolidated in the paid contents to enhance user experience. This tactic will entice more people towards the app for the endless usage in long run, thus increasing your ROI.
Streamline the Payment Option
There are many apps which have successfully excelled in the national barrier. For instance, it's natural that a game can be as popular in India can be highly praised in another country as well. In such scenario, mobile app development studios must understand the need for streamlining the payment process.
Restricting to Paypal or Credit card for in-app purchase can result in apps failure.
Image Courtesy: https://stripe.com/payments/payment-methods-guide
Adopt Continual Apps Optimization
Being an app developer, do not overlook that in-app purchase is reliant on conventional optimization. For instance; Successful freemium apps offer continual updates in the content and services to seed customer loyalty. This will prompt users engagement, leading to monetization.
Further, the use of data analytics benefits in generating value-added offering, allowing to appeal audience in a genuine manner. Further, make updates to notify the user base, in order to hit them back. Assist them in obtaining the in-app purchase on a continuous basis.
Creating a user-friendly platform allows strengthening acceptable and repeatable in-app transaction. Consequently, this will help in retaining users to generate lasting revenue.
Though the market is oversaturated but still endures promising future for apps. In order to produce money with an app, extensive market research is mandatory to determine the app’s niche and anticipate the target audience.
According, the right tools, development team and out-of-the strategy, may aid to accomplish the next big thing.
At Root Info Solutions, our engineering lead designs (UI/UX), advanced technologies (IoT, Chatbots, AR/VR), and creative approach make us distinguished from the competitors. We understand the board market and opportunities to make money with apps are endless, and so as the technology grows so does the potential. For instance; Smart TVs and smartwatches joined the industry thus confirming, open market application development enthusiasts.
Try Your luck WIth Us.