If you want to learn how business works first, you should understand the terms which are related to business. Among all these, the one which is majorly used is return of investment (ROI) which is a method of determining the efficiency of an investment. It is a key metric used to rank the attractiveness of the number of different types of investment alternatives and is expresses as a percentage. So, when a business spends USD 1000 per month on an advertising campaign also generates USD 2000 in return directly from the campaign, you get ROI by dividing 2000 by 1000 which is equal to 2.
Which shows that every single dollar spends on the campaign, the business earned 2 dollars. ROI calculation helps you understand what and all is working for you and what is against your business. Hence you can invest in areas where you can earn and generate more revenue.
ROI in App development – Remember of the last few times you purchased in-store or online? Most of us use our phones to pay for the purchase. The convenience of such purchase offer has attracted many people to online purchase which is in the result of boosting mobile commerce. As per the recent research, mobile commerce will reach USD 25 billion in 2020. Well, this trend helps the organization to realize the importance of mobile and their work applications. There are certain obvious advantages found in mobile app Development Company for business.
ROI in different types of apps and their steps involved in measuring for an app are given following: –
ROI in the development of hybrid as well as paid apps – Pay per download model works as the fastest way to obtain an immediate ROI for your app development. However, a given method is not received well by the users as they are not ready to pay an initial cost which they have not tested. Customers usually keep high expectation of such apps which are often not met hence resulting customers unsatisfied most of the times.
Not all the app is designed to make money directly. There is another way to monetize the apps rather than making customers pay for the first time. Different types of business models used for application, by following two among them have gained popularity among paid for apps.
- Setting the nominal price for downloading the app
In these types of the cases, the price for the downloading the app is usually kept very nominal so that the purchase for the customers is not very high such type of application development usually obtains a satisfactory ROI in the long run.
- Setting a high price for downloading the app
In these types of the cases, the price for the downloading the app is usually high for the app because they are sure that product will get sold. It applies in such cases where the ROI for the app is guaranteed other it can backfire.
ROI in hybrid app development – The hybrid app gives more possibilities for monetization hence they are found in ample amount in the market. Such apps focus on obtaining benefits after downloaded. ROI for these achieved from advertising, in-app purchase, subscription, and payments.
ROI in mobile app development – ROI accomplished in different ways in app development. Some companies even sell user information to third parties to generate revenue. Others analyse user behaviour and patterns within the industry. As long as the app providing the service which is useful to the customers, the app is a bond to obtain a good ROI.
Steps for measuring ROI for mobile apps
Objectives –The most vital step of all to know what you want to achieve from an app. It should start before the designing of the screens and before writing the code. Every mobile campaign can be measured by one of the two intended outcomes.
- Analyze your customer interaction: Focus on user acquisition and retention rate.
- Analyze your workplace efficiency: Focus on sales and marketing, assets management.
The mobile app developer should be clear about the business objectives of all stages of app development. Without proper implementation of this step, you may not be able to utilize your funds in the app development process.
App development cost -This step is essential because you need to ensure that you keep within the confines of the budget and do not consume may excessive resources in the app development process. Managing an account of the development cost is necessary because you need it to measure it against the key performance indicators as discussed.
Development costs generally include below costs
- Support and integration
We should also keep in our mind that as soon as the app is developed, there will need of a maintenance team which will add to the long term development.
Each app is a measurable KPI – Key performance indicators are business keys used to evaluate the factors which are essential for the success of an organization. Which is also different from one organization to another some may consider the net revenue as a KPI, while others might consider customer loyalty metric rate as a key performance indicator.
For a workplace efficiency, metrics will give you an idea about the performance of your app and its impact on your sales, to evaluate the maintenance costs and equipment uptime. These metrics will help your campaign efforts from multiple angles and help you maximize your results in a way you like.
Well, the bottom line is the market shifts towards a digital world too many businesses have come to a cutting edge to invest in mobile app development companies. Understanding and calculating the ROI of your app do not only increase the results also help to grow your business in the right direction.
Biometrics is nothing but a measuring physical characteristic to verify one’s identity, was once a form of cutting-edge technology seen only in futurism movies now it is becoming a large part of our everyday life. Whenever we get a new passport, a photo and signature need to be taken on documents, or a fingerprint is to be scanned to unlock smartphone devices. The use of biometric technology is growing exponentially of user authentication in industries such as mobile app development companies, government, retail, and now financial services.
Biometric technology gave an added layer of security beyond the simple password, characteristics of a person, including voice, handwriting, fingerprints, face, retina or an iris of the eye. Where biometrics still has its faults banker are increasing their user experience for the mobile banking of their users.
An Overview of Biometric
As millions of customers moved onto digital platforms for their banking needs, fraud has become a major concern for financial services. According to the study by Grand View Research, the global biometric authentication market is expected to grow significantly over the next five years. Biometrics of market size is expected to reach $24.59 billion in the next six years, and we will see a lot of growth in the banking sector. Here are some of the major market trends we will continue to see during the growth period which will impact the adoption of biometric technology in the banking industry.
Passwords are no more definitive
When many banks are ensuring that their customer data is safe, or secure still customers will be a risk of fraud. Such companies as Microsoft and Intel are beginning to recognize the pressing need for vital security and building biometric authentication systems into their future products.
Biometric single sign-on is a password management technology that protects data from unofficial clients. These type of forward-thinking companies are giving way for banks to enter the biometric space for mobile banking.
According to the research reports, over 30% mobile app development companies, will be using biometric authentication as a security system in a year. A growing number should be considered as an opportunity by the banks instead of a barrier. If mobiles can have this technology as a security measure, why can’t banks?
Security and Convenience
There are distinctive methods of biometric confirmation which foundations can embrace, for example, unique mark, voice, retina, heartbeat, facial acknowledgment, and so forth. HSBC as of late presented unique mark and contact Id sign-in to its portable keeping money application with numerous different banks to pursue. This takes out the torments of recalling passwords and enduring the feared record bolt after an excessive number of secret word endeavors also with this innovation, clients are given more prominent accommodation and security.
Acts as a Boon
Where their biometric authentication provides many benefits, there are still many questioners unwilling to adopt this new technology. Which is because of the face-threatening remark such as storage or privacy concerns, like any safety process. After releasing the Apple iPhone 5S with the fingerprint sensor, consumers have become comfortable with biometric authentication, also the fingerprints now have become a mainstream alternative to PINs or passwords.
Biometric identification can be obtained on mobile devices either through its built-in biometric sensors or attaching portable biometric hardware to it via a USB cable or through a wi-fi connection. Here are given following biometric authentication methods that banks are already taking advantages.
It contains more than 200 unique points of data which are saved in the institution’s database. Iris scanning is the most reliable way of authenticating identity.
Voice identification is the best if we compared with another when it come for authentication mode. HSBC has introduced to voice identification mobile apps and ATMs to allow complete there transactions without asking their password or cards.
Numerous mobile app development companies in Chicago have followed a methodology for their business for the security purpose which helps to authenticate their users at ATMs, as well as online or mobile banking. It is a type of authentication which is relying on the user like positioning or lighting of the face also help to make low effective security option.
Fingerprint scanning is the one which is accessible for authentication of mobile devices worldwide.
Vein Pattern Scanning
Vein pattern scanning is depending on the pattern of your veins in the palm, fingers, and eye to verify users. The vein patterns of each person are as unique as their fingerprints, which is not as easy to replicate. Now in the present financial sector, people are aware of the security which never gives assurance with any reliable method still have to choose vindication to protect their clients as well as themselves.
Biometric technology has taken a definite step in our lives it has expanded the security of our data, made each transition secure also has increased the velocity of a process in many supplications of our daily lives. In future we may see helping people for their medical health and following accordingly with that we may see where PINs no longer used for ATMs because of the biometric scanners.
Biometrics, a form of measuring physical characteristics to verify one’s identity, was once a form of cutting-edge technology seen only in futurism movies now it is becoming a large part of our everyday life. Whenever we get a new passport, a photo and signature need to be taken on documents, or a fingerprint is to be scanned to unlock smartphone devices. The use of biometric technology is growing exponentially of user authentication in industries such as mobile app development companies, government, retail, and now financial services.
The emergence of biometric solutions provides an added layer of security beyond the simple password, characteristics of a person, including voice, handwriting, fingerprints, face, retina or an iris of the eye, or a combination of these identifiers. While biometrics still has its faults, many banks are turning to this technology to enhance their user experience for mobile banking by offering users more security and convenience.
Do you feel that a mobile website is just not enough to enrich your business? Your assumption is not wrong though! You are going to have to really grab the attention of the smartphone generation and get them to use your mobile app. The question is: once you are done with the mobile application development, how do you spread the word about it? So, if you looking for some great ways to market your mobile app, you have come to the right page.
Are you an aspiring developer trying to build a unique mobile app which would ensure customer engagement and the required marketing measures? Well, you have got to stay stick to a number of yardsticks in this regard. Stumbling through mistakes are quite common among the developers and your expertise, as a developer, lies in how perfectly you manage to do away with the errors. However, still, just a mere idea is not enough to help you with the process.
Are you on the lookout for an effective strategy to re-engage your lost customers? Well, using push notifications is an effective way how you can ensure the same. Push notifications represent a great way to interact with your audience. Your mobile application development venture will remain unaccomplished unless you act smart. As per a recent study, a great percentage of smartphone users have push enabled on their devices, and these notifications can be utilized to benefit businesses in the following ways:
As a technology maniac, you must be well-aware of the term ‘artificial intelligence’. Involving a machine with the potential to copy intelligent behavior, AI allows the iOS users to get the best essence of natural language processing, machine learning, machine vision, knowledge management etc. So, if you are in the vogue to develop some new app and create a ripple in the industry, it’s time for you to roll your eyes through the post, as it’s going to take you through a new saddle, giving you a sound idea about the new technology on board namely ‘Artificial Intelligence’ and how it’s going to be beneficial in mobile application development.
Don’t you want your mobile app to go viral? Don’t you want to create a significant ripple in the market? You would surely want! So, what are the DOs and DON’Ts for the same? How would you even create a distinctive spell among your competitors? Well, this post is going to give you a sturdy idea about the same. Today’s mobile application development demands a lot of suppleness and your ideas always need a gamut of power tools to be converted into veritable apps.
Being the biggest technology in market, Mobile App ecosystem has now come up as one of the most hyped over concerns in the market. With a great variety of mobile app development trends reformulating the digital landscape in every innovative way, taking your business to a new height is no more a herculean task. Mobile apps are no longer seen as an additional investment; rather, it’s considered as an obligation.
Are you into delivering a gamut of mobile app development services for various business companies?? Is it a start-up? Or, have you been running the venture for a long time? Well, in either way, you might be receiving an end number of opportunities. Can you really afford being laid-back or easy-going even for a minute? The answer would definitely be a big ‘No’! Researches have shown that the biggest challenge involved in such business is not being able to figure out the real scope connected with the vocation.
With uphill of 2 million apps accessible in Apple’s App Store and Google Play Store, it can be a challenging to search the truly useful tools or fun games to play. Mobile app development companies have contributed immense efforts to make the smartphone a worth device in hands of users. Otherwise, without great apps, that $999 iPhone X you just bought is as good as a fancy paperweight.