To say that we’re living through uncertain times is something of an understatement.
As we each adjust to a “new normal”, businesses are also trying to find ways to survive. Whether that’s taking a hard pivot to something new, or doubling down on what they’ve always done, navigating these waters is no easy task.
That said, there are a few things we can be certain of — even in the face of a potential global recession.
One of the things we’re most sure of is that mobile apps are going to play a crucial role in the future of business. In fact, investing in mobile app development right now might be the smartest move you could make as a business owner.
Here are five strong reasons why:
With a quarter of the globe unable to leave their homes as they used to, smartphone usage is spiking across all demographics. Whether it’s video calls with family, Zoom-powered barbeques, or the discovery of movie streaming in bed, the mobile space is seeing a veritable explosion of users across the board.
With data suggesting 80% increases in smartphone use, and even older generations investing in smartphones to stay connected, the potential market for a mobile app has just increased exponentially.
Recession and downturn are the results of one thing: reduced economic activity.
Put simply, there are fewer people doing business. If you’re willing to see the opportunity this presents, you’ll recognize that this is an excellent time to launch a mobile app and actually get it noticed.
Before the pandemic, Apple’s App Store would see over 1000 new apps added every single day. While there’s no hard data on how many are currently being added, it’s safe to assume that the number has dropped significantly.
The combination of a near-frozen economy and millions of people glued to their devices while on lockdown makes for somewhat of a golden opportunity. Given these market conditions — and the right mobile app developers, of course — it’s easy to see why a new, super engaging mobile app might do very well indeed.
One thing is quite clear about this downturn: brick-and-mortar businesses will be hit the hardest.
There’s simply no escaping the fact that digital businesses — and even those with clicks-and-mortar set ups — are more likely to stay afloat. With supply chains for retail and manufacturing businesses disrupted, and the general public being told to stay at home, the internet has become the one and only source of retail therapy.
And we could all do with some of that right about now.
A recession will hit everyone hard. But there’s no doubt that, if a business is looking to adapt to survive, then digital is the way to go. And, of course, with 50% of internet traffic now coming from mobile sources, it makes perfect sense to follow the mobile app development route.
Savvy companies have reacted quickly to the change in customer needs. Fitness apps are promoting like wild, and signing up more and more new users each day. And meditation app, Headspace, is collecting a lot of goodwill by offering free subscriptions to front-line healthcare workers.
With schools and universities closing, other apps have been able to support teachers, students and parents with the sudden overnight need for homeschooling.
The result? Close to two-thirds of all app categories have seen a global revenue boost since the start of April. Get your users in now, and they may just stick around for the long run.
As expected, this global crisis has led to a seismic shift in consumer behavior. Much of these changes are due to government restrictions, but they also offer critical insight into how markets might change in the coming months and years.
For example, huge numbers of people are now using video conferencing services, creating opportunities for those platforms (or new apps that incorporate similar features) to stake a place in their long-term repertoire.
Likewise, we saw — and are continuing to see — an immediate shift from high street shopping to online, meaning opportunities in the digital advertising space will naturally present themselves.
The restrictions imposed by virtually every government have resulted in a narrowing of many markets, which should translate to a more focused list of potential options for your business. Keeping a close eye on this market behavior is an excellent way to inform not only your future business strategy, but also any upcoming plans for a mobile app.
If you’re feeling the pinch of insecurity in these uncertain times, you’re not alone.
At Orbitum, we know you have questions — lots of them, probably. If you need answers about developing a mobile app, taking it to market, or just weathering the storm as a digital business, our team is here to help.
Drop us a line today and we’ll help your business tackle the challenges of this downturn through the power of mobile apps.