Anything that grows fast also tends to attract lots of myths around it and mobile app market is no different. It is a $100 billion-plus market and has taken less than a decade to reach this astronomical figure. If you believe in these myths you would be doing lots of harm to your business. Here we list some of the most popular myths that you shouldn’t believe.
# Myth – We Don’t See Incentives in Having a Mobile App
Truth – Yes, there are thousands of businesses that don’t have an app. And with pride, they often say that not having website didn’t hurt their business and neither will not have an app. Well, the world has changed a lot in the last decade and benchmarking it the same way would be suicidal. Smartphones and their popularity have spread like wildfire and continue to do so. It is creating lots of new business opportunities and often at the expense of those who didn’t want to change. Don’t believe? Ask the phone-based taxi operators and they would tell you their sad tale.
# Myth – Mobile Bots Would Soon Replace Apps
Truth – Chances are you haven’t heard about mobile bots but there are several articles that are writing an obituary about mobile apps and how bots would completely do away with websites and apps. Yes, bots seem to be promising on paper but to say they would completely replace apps is similar to a prophecy that Steve Ballmer the then-CEO of Microsoft had made. He said that iPhone won’t get a sizable market share! So, don’t believe in every prediction you hear as mobile apps are here to stay at least for a decade and it’s a long time to make or break any business.
# Myth – App Market Has Saturated, No Scope for Growth
Truth – When people say app market has saturated what they talk about is the percentage of growth. It is true that we aren’t seeing the 100% or 150% growth year on year but the app market is still seeing healthy double-digit annual growth. In 2016 90 billion apps were download which is about 12 billions more than 2015. The same increase of 12 billion in 2012 would have constituted 125% increase! So you must see the absolute growth in the market and measure such a fast growing ecosystem in terms of percentage can be misleading.
# Myth – More Downloads means More Revenue
Truth – In the initial days, most businesses saw app downloads as a metric of success. More the number of app download and business took it as a signal of success and popularity. It was true for two reasons – first there were lesser apps and hence lesser competition and secondly, users had very little space on their devices and they downloaded apps they actually needed. This has changed and it is estimated that as of today 80% of the apps on any Smartphone are used once in 30 days! If you call that a success you can rest on your laurels or else pull up your socks and find ways to engage users and make them use your app more often.
# Myth – Small Players Have Little Room to Grow
Truth – It is true that the top 100 apps on iOS and Android account for more than 90% of the total downloads on these platforms. This very figure can seem discouraging for small players who wish to market a new app. But what is equally exciting is the fact that only a small fraction of the players have been able to retain their ranks among the Top 100 or Top 500 apps for a considerable period of time. The rankings are constantly changing with new players dislodging established ones. If you have a good business model and a great app you will taste success soon.
If you believe in these myths you would do a lot of harm to your business. So flow with the tide and create an app and it would play rich dividends in the future.