CEO, OneGold & APMEX.
In 2020, the retail market looks vastly different than it did even five years ago. Consumers are looking for new ways to purchase their favorite products. Whether it’s a website, mobile app or social media, companies are getting more creative in the ways they can deliver their product to their customers in quick, easy and cost-effective ways.
For my company, OneGold, that’s where our mobile app came into play. It joined the 91.9% of free apps available for Apple users and the 96.4% of Android users, respectively.
The finance app industry is experiencing growth in global adoption, from 16% in 2015 to 64% in 2019. Fintech is the fastest growing mobile app category and accounts for 5% of app downloads in 2019. Consumers downloaded 204 billion mobile apps in 2019, up from 140.7 billion app downloads in 2016. That is 204 billion opportunities.
Even though companies might have robust desktop websites, mobile apps allow them to reach a diverse audience. According to the Pew Research Center, 96% of Americans now own a cellphone of some kind. Unsurprisingly, people between the ages of 18 and 49 make up the largest percentage of ownership, with an average of 94% owning a smartphone. However, the 50 to 64 group isn’t too far behind, with an average of 79% owning some form of a smartphone.
Reach a little bit of everyone.
An app allows you to offer your customers unique features, accessible right from the palm of their hand. It can also provide your team with a new challenge to continually expand and innovate to improve the app for your customers.
Since our mobile app launched, we have seen increases across all our platforms in registrations (up 1,064%), new customers (up 794%), sales revenue (up 938%) and orders (up 960%) — you name it. These numbers are trending upward, and we expect to see a continuation of growth.
Fill your customers’ needs.
For investors, time and convenience are key. Quick and easy solutions are becoming more and more popular as opposed to traditional methods of investing. We are always coming up with new ways to provide our users with what they need quickly, whether that be custom market alerts, market news, portfolio management or buying gold, silver or platinum. Our mobile app also allows users to link their bank account, which enables them to swiftly transfer funds back and forth.
Be the best in your industry.
Design your app with your customers in mind. Give them things no one in your industry has. For example, we blazed a trail providing our customers with the ability to redeem their holdings for physical products right from the mobile app. We expanded our payment options and allowed for direct linking to bank accounts. Also, we made it fast and easy to shop; it takes less than five seconds to make a purchase.
Build your brand.
According to a 2019 survey, it was found that more than 57% of consumers in the U.S. used a mobile app to find out more information about a product or service, with more than 51% of those inquires leading to a conversion. It was an extremely important feat for us to find new channels to build brand recognition, and our mobile app allowed us to do just that.
We don’t know what the future market has in store. The evolution of technology will continue to challenge companies to innovate to better suit the needs of their customers. As customers transform the way they shop, we must continue to provide inventive solutions to suit their needs.
Our mobile app changed the game for us. And it can do the same for you. You can look forward to not only keeping up with the market’s demand for a more accessible shopping experience but also pioneering new and exciting ways to expand your mobile app for the needs of the future.
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