How mobile app technology provides utility to increase business ROI
With the rapidly changing world, it has become paramount for businesses to keep pace with change. From artificial intelligence to data analytics, the business sector has now seen a plethora of changes. It’s true for almost any business that whatever you do translates into revenue and sales.
In any case, there is nothing wrong with trying to expand the business and earn more money. Every entrepreneur strives in their own way to maximize profits, whether it’s the CEO of Apple Inc or a local vendor selling spare parts for smartphones. Businesses are exploring new ways to increase profits and control costs. One way to do this is through the use of mobile app technology which is available in both personalized and non-personalized forms.
Mobile application technology facilitates internal management as well as outward expansion of the business. The global explosion in the use of mobile apps has led the majority of businesses to focus on mobile apps over the past decade. Statista predicts that global mobile app revenue will grow by $295 billion between 2020 and 2025. From promoting their brand to increasing market visibility to gaining better customer insights, companies can derive value almost infinite using mobile app technology.
How Mobile App Technology Boosts Your Business
The dream of every young entrepreneur and startup is to gain global recognition for their brand. The conventional methods of success adopted by most entrepreneurs are very time consuming. While mobile app technology, one of the modern business tools, helps to accomplish the same job with less effort and time. Success in digital media now depends on smartphones. Their use has profoundly changed markets, modes of operation and business strategies at a surprising rate. Their use has profoundly changed markets, modes of operation and business strategies at a surprising rate. This is so because smartphones have become an integral part of customers’ daily lives. Entrepreneurs can therefore easily use this channel to position themselves more favorably in the market.
By streamlining business management
Productivity is one of the most important aspects of mobile app technology that helps businesses increase their return on investment. Productivity is increased through timely completion of work. There are robust and reliable apps for voice calls, one-to-one calls, multi-user conference calls, and chat sessions that make it easy to manage from anywhere. Work optimization mobile apps help schedule meetings, share attachments such as documents, spreadsheets, presentations, and pictures, or create reminder notes to seamlessly manage your work. The apps also provide real-time updates that make it easier to manage employees remotely.
The use of mobile applications works as a complete business solution. Some businesses use it to interact with potential customers, while others use it to converse with existing customers. It helps increase efficiency levels and promotes quick connections inside and outside the company. Since it is easier to work on smartphones, they help increase worker productivity and reduce paperwork. Inventory management and employee tracking can also be done using a mobile app.
For example, for a logistics company, mobile app technology can help them track the location of their trucks, pickups and deliveries and integrate invoicing and vendors with the accounting software of their choice. For other companies, mobile apps are useful for tracking tasks and communicating internally among team members.
By building market value and customer base
The custom business app helps to increase brand awareness and social media presence effortlessly. It demonstrates that the company is able to adapt to market trends and helps companies optimize resources by determining the needs of their customers.
With mobile apps, you can offer your customers unique features right from their phone. Plus, it can provide your team with a new challenge to continually improve the app for your users. It improves customer interactions and promotes brand loyalty. They offer non-stop access to customers, unlike physical stores which are open for a limited time. Brands like Amazon, Myntra and Nyka have seen unprecedented success with their user-friendly mobile apps, which facilitate seamless online experiences for customers. Customer insights from applications can help assess potential future growth and strategize accordingly to increase ROI.
By reducing costs and increasing revenue
As part of a long-term cost optimization strategy, employee productivity can be increased by increasing engagement, improving communication, reducing busywork, and streamlining data through the use of mobile apps. Additionally, by using advertisements specifically targeted to in-app transactions, businesses can earn profit from using apps.
These are just a few limited insights into how mobile app technology is helping businesses increase their return on investment. Mobile apps have revolutionized businesses around the world. Entrepreneurs use these apps to increase their ROI in many ways beyond providing products and services to their customers. Popular 5G technology and the immersive experience of augmented reality and virtual reality will further encourage businesses to adopt these solutions to stay relevant in the digital market.
The article was written by Navin Mishra – Director – Emerging Markets, Corient Business Solutions Pvt Ltd