Why you need an app for your business. Specifically a mobile wallet app.
Are you considering having a custom app developed for your business? If you’re not, you should. Whether you are a large-scale enterprise operation, or even an SMB (Small to Medium sized Business), it’s something to consider as we are fast approaching 2014 and beyond. Why you ask would you or any business need an app designed specifically around your business and for your customers to use? For one, you and everyone else are reading this blog article with either a desktop computer, laptop, tablet, or a smartphone. How often do you, your family members and friends, or anyone for that matter go anywhere without a mobile device capable of reaching the internet ? Ummm, almost never. For better or worse, we are all connected for almost the entire day…every day. It is the new human appendage-2 arms, 2 legs and 1 device. Everywhere you look and everywhere you go, for better or worse (mostly worse) everyone has their nose and eyes in their phone or tablet. Like it or not, your customers use their phone and tablet for pretty much everything they do like checking the weather forecast, ski and snow conditions, restaurant reservations, stock prices, email, games, music, maps, and so on. We use apps for all this information. So why should you create an app for your business?
There are many reasons to create an app, the least of which is to think you will create additional streams of revenue. Just like utilizing social media for marketing purposes and not necessarily as a sales funnel, an app is another way to create brand awareness, brand loyalty, and an avenue to stay in touch and engaged with current and future clients 24 hours a day. But the real key is to make your app hip, usable, reusable, and solves a problem quickly for your customers. One of the more popular and successful examples of this is with Starbucks which created their first Starbucks app in 2011, and included a mobile wallet app within the application.
The wallet app included a rewards program called “My Starbucks Reward” which loaded stars or points that could be later redeemed for Starbucks product. It was hugely successful in that adoption rates were absolutely huge. Roughly estimates out to 10 million current users. It seemed everyone with an iPhone downloaded the app, loaded money into the mobile wallet, and paid for their coffee using only their phone. Estimates currently have it around 1 in 10 transactions at every Starbucks are through their app…or around 3 million transactions per week. That is called brand loyalty. Granted, this is an extreme case study in success of creating an app, but it should also make you aware of the possibilities of creating an app and a mobile wallet for your business. Not every business will need a mobile wallet attached to their app, but consider some facts and estimates some are forecasting.
According to a fairly recent report by Transparency Market Research, the global mobile wallet market is forecasted to reach $1,602.4 billion in five years, growing at a compound annual growth rate (CAGR) of 30.7 percent from 2012 to 2018. That means it will roughly double every 2.3 years. That’s the kind of growth I would like to see in my retirement account!! In other words, it can’t be ignored and business owners can’t bury their head in the sand anymore in regards to mobile wallets. One of our sister companies, iConnect POS, which is a mobile web & iPad point of sale app for businesses of all sizes, had InspireSmart create a mobile wallet app for all their clients and users of the POS (Point of Sale) application called ConnectMe. Customers can sign up for the ConnectMe app for free and immediately start using the app at your business. The ConnectMe map lists nearby businesses using iConnect or other POS 2.0 platforms that might be of interest to the user. ConnectMe stores all rewards points, gift cards, and receipts, making it easier for you to connect with your customers. The benefits are obvious as to why you would to create a custom mobile wallet app if you are a B2C business. But even if you are a B2B business, the benefits of creating an app for your clients apply in the same manner…brand loyalty, customer retention, and the option for your customers to conduct business with you on a mobile platform.
Here are some incredible stats in regards to the coming ubiquity of smartphone use globally:
> Worldwide mobile phone sales to end users totaled 455.6 million units in the third quarter of 2013
> Gartner analysts said global mobile phone sales are on pace to reach 1.81 billion units in 2013
So what’s a way to reach, and continue to reach all these people? Consider building a custom app. Here at InspireSmart, we not only offer custom software development and app solutions for companies like CareerBuilder, Crocs, VeriFone, and Village Inn, but we can also create a unified branding mission with your app and provide professional Denver web design as well.
For more information about having an app developed, mobile wallet creation, a website designed, or you have the need for some software development, please contact us at firstname.lastname@example.org or call us at (303) 630-9402.
We are always happy to answer any questions or provide you with a free consultation