Enhancing the Return of Investment via mobile enterprise applications is a concern for various business organizations investing in the digital platform. According to a study conducted for ROI calculation, the total revenue stood at a whopping $2.4 billion for 3800 applications.
The ROI value depends upon several factors and gets primarily influenced by the kind of business one is dealing with. While eCommerce apps that deal in shopping, tourism, etc. exceed a high-value, the free gaming app records a lower value.
Whatever one’s domain of business is, one can positively influence the ROI with smart strategies. Before we discuss the tips to improve ROI, let us look at some of the crucial aspects revolving around it.
Can you Calculate ROI?
Well, there are multiple ways of calculating ROI but for the sake of lucidity let us focus on the mathematical formula.
ROI is the percentage of Net return of Investment calculated on the base of the cost of Investment.
For example, if you have invested an amount of USD 25,000 for mobile app development of your business and able to generate a profit of USD 50,000 then the ROI calculated will be a staggering 200%.
Do you know the Present Scenario of Enterprise Apps & Effects of Covid-19?
The last decade and especially the last five years witnessed a steep rise in the number of business applications over Google Play Store.
At present, the Google Play Store hosts 2.8 Million applications while Apple Store hosts 2.2 Million Apps
The number is rising every day, and the application development market is expected to reach 95.2 Billion by the year 2025. With the world getting digitized business enterprises are actively investing in app development. The result is more than 3000 apps are released everyday world wide.
Shying away from the digital platform is no more an advisable option for SMEs and Startups as well. More number of business enterprises are joining the race to gain an edge over the competitors.
COVID-19 pandemic has depressed the economy of the world. The technology is best addressing the safety norms of avoiding crowds and safe distant communication. People seem to be more dependent on technology than ever before.
eCommerce applications are proving a smart alternative to users for combating the deadly virus transmission effectively. It has led to an increased dependence on the eCommerce platforms.
SMEs and Startups are more confidently investing in application development to combat the consequences of pandemic over the finances.
The famous quote by Bill Gates “If your business is not on the internet then your Business will be out of business” seems more impactful than ever.
Top 10 ways to enhance ROI of your Enterprise App
1. Offer Regular Updates
Do not expect your enterprise application to be impeccable in one go. Although mobile app development companies perform specific functional app tests, there is always scope for improvement in the final product. Peculiar bugs and scope of improvements are understood after the app gets in the hands of the users.
Have an open platform where the app users can offer valuable feedback aids in developing the basic guidelines of the update. You can also monitor the frequently accessed features of the app to provide quick shortcuts and hide the least used elements for a more intuitive customer approach.
2. Intensify Scalability
Scalability plays a vital role in the functioning of your business app. An enterprise-oriented application has to cater to the diversified needs & market pressure so strengthening the scalability of the application is a must.
Different hours of the day affect the traffic of your digital platform. For example, news-based apps witness a high number of visitors in the morning hours, while social media apps have high visitors throughout the day.
Your app must be scalable enough to provide the optimum levels of IT during usual as well as peak traffic hours. Any technical glitches may lead to a loss if visitors and poor UX affect your ROI. Microservices and APIs are standard ways of ensuring scalability for your enterprise app.
3. Strengthen Security
Sensitive data about the company gets stored on the application. Any breach of data can lead to loss of regular as well as potential clients to the company. According to top developer stats, 47% of the data breach is personal, and 21% are on credentials.
Ensuring greater security to maintain zero risks of a security breach is essential for developing a loyal customer base to the business. A user can never compromise with the privacy of data and strengthening it is a must to boost Return on Investment.
4. Offer Lightning Speed
A survey found 47% of respondents expect a webpage to load within 2 seconds. Gen Y has a more remarkable penchant for speed and quickly starts looking for an alternative when the application fails to respond promptly.
To enhance the speed performance, you can try compressing the images so that the size gets reduced and the quality remains good. Some of the app’s features tend to be superfluous and can be removed to reduce the weight of the app. Reusing the data templates means less number of templates your app has to load, which automatically boosts the speed of the app.
Having a lightning speed over the app can boost the conversion rate by up to 74 percent. An agile business application offers better UX (user experience), developing a healthy bond with the clients of the business.
5. Allow Bonding Time with the Users
Does your business app ask the users to Sign-up as soon as they open it? If the answer is in affirmation, then you are bound to miss on quite a few clients. Privacy is always non-negotiable be it Gen X or Y.
Allowing a user for intuitive navigation through the app and encouraging sign up process at a later stage is far more preferable than a quick sign up approach. A user feels more confident with sign up after having a taste of the application features, functions, and performance.
6. Ensure Smooth UI/UX
The user interface and user experience are primary to an application. Maintaining a natural intuitive flow is a must for smooth UX. They are essential to impress and gain the interest of the user from the start.
38% of users are lost when the content & layout of the website is not appealing to the visitors. While 48% judge the credibility of a business based on the page designs.
The stats throw a gleaming light over the essence of UI and UX considerations for any application or website.
7. Users Need Oriented Features
Based on the model of the application, whether B2B or B2C the vital features must be easily accessible to maintain a natural flow for the users of the app.
Real-time features like geolocation services, date, and schedule, etc. offer personalization to the clients and also develops a secure bond with the user. According to mobile app stats, 59% of users feel content with the application when it allows a quick purchase feature to them.
In-app purchase, message texting, and quick connectivity are some of the essential features that offer lead generation and enhance the Return of Investment of the business.
8. Social Media Integration
Social Media is a powerful platform for advertisement and gaining potential clients to a business. Showcasing achievements and advertising on the social media platform allows a greater reach to the audience.
It also enhances the visibility of the business. A business app may be meant for food, clothing, automation, rental services, etc. A mere presence on the social media platform gaining likes and views from clientele enhances the brand building of the business.
9. Offer Push Notifications
Simple notifications reminding the users about something they left midway increases the reliability of the business app. A user will need not worry about where to pick up from the last session or while switching apps for specific needs.
Notifications are versatile and cater to diversified needs like recalling the app users about a meeting, appointment, finalizing the product or offer, completing the payment, etc.
The greater the reliability, the higher the ROI of the business tends to be from the app.
10. Prefer Cross-Platform
Although Android owns a more significant share of mobiles, iOS also holds potential clients to a business. It is best to go for a cross-platform app to maximize the reach of the app. Xamarin, ReactNative, Flutter are some of the most widely used cross-platform technologies.
Using them for your app development will ensure the smooth working of the app on multiple platforms, including iOS, Android, iPad, Windows, etc. With cross-platform, you will have the added advantage of low maintenance costs as they get developed using a single code.
Furthermore, developers rely on reusable codes that significantly trims the development time and cost of the app. Cloud integration is also smooth in such apps. However, the app may suffer from performance issues due to a lack of compatibility with the native components of the device.
The return of Investment on your application depends on a series of factors. The crucial aspect is to offer a smooth customer-friendly experience to the users so that one never thinks twice before using your business app.
Offering all the essential features depending on the business model of the app is a must to enhance the ROI. IT companies in India ensure to develop enterprise software solutions targeting the ultimate audience that maximizes the ROI of the business.
In this article, I have tried and covered all the essential terms and aspects related to ROI. Right from the basic calculation of ROI, the article addresses the present scenario of business apps as well.
COVID-19 impacts have also been discussed, and the article ends with discussing the top 10 methods to maximize the Return on Investment on your enterprise app. I hope it proves helpful to the readers. For more such insightful articles, keep reading this column.