Top App based business ideas to start in US for better ROI
The world has seen a bizarre time since the start of 2020. It would be rightful to say that technology has played a massive role in helping people get through the toughest of times. A time where everyone was frightened to take a step outside, on-demand apps provided for all the basic human needs.
- Why should you invest in an online app-based business idea?
- Which are the top 5 app ideas that can account for a healthy ROI?
- Things you should take care of before investing in an app idea.
Why should you invest in an online app-based business idea?
Top 5 App-Based business Ideas for Best ROI
Augmented Reality (AR)
Augmented reality or AR in the simplest of ways is the enhanced version of our physical world that adds other visual elements, sound, and sensory stimuli via technology. By 2023, the market for AR-based apps is approximated to be around 70 billion USD.
AR has presented us with various of its gifts like location-based Google Maps, and Google Lens that have simplified our search experience. Snapchat filters, gaming marvels like Pokemon-Go to training future Surgeons are some of the recent feats that AR has achieved.
AR has gained a lot of traction by improving the product presentation for online buyers. For example, IKEA, the largest retailer for ready-to-assemble furniture, now uses AR to help you place furniture items from their catalog in your living room. You can click pictures of your living room and see if the furniture you wish to buy compliments your room or not
So, AR can be used in different industries and can take the user experience to a whole nother level. Investing wisely into AR with a sound development team will yield you great returns once you find your niche.
On-demand apps have taken the world by storm. They’ve proved to be the most useful apps in the times of the Pandemic. Whatever you want – a cab, groceries, food, or even package delivery, everything can be availed in a clap.
Such a convenience had never been enjoyed in the previous times. A new range of on-demand services like Glovo is consuming the market by helping their users deliver anything ranging from a key you forgot to buying the things you need from a store and delivering it at your doorstep.
To create a successful on-demand app you need to do a thorough analysis of the market, spot a specific urgency or inconvenience, or need, and then capitalize on the same. Once you figure out what your users want and are willing to pay for it, you can serve them with an MVP to test your app potential.
We bring a mobile and web development company that does recommend creating MVPs to test if your application should be built or not. You can check out our blog titled “How to validate your dream app idea by developing an MVP”
Artificial Intelligence (AI)
AI is an Industry 4.0 tech that allows the devices or computers to learn from previous experiences, adjust, and learn from new data inputs. AI enables computers to learn from massive amounts of data to help them improve their performance and perform desired tasks.
The most subtle and efficient use of AI can be seen with this ‘Appointment Scheduling’ app ‘X.AI’. This app offers an AI assistant named ‘Amy’ who will help you set your appointments. A plugin will appear at the end of your mail as soon as you download the app. Using that you can ‘CC’ the AI assistant ‘Amy’ and specify the day of the meeting and time that works best for you. Amy will ask your colleague their preferred time and day and schedule an appointment that works for both of you. Isn’t this a cool app to use?
AI also has many other applications like chatbot development, where bots can learn user queries and answer them promptly. On-demand, eCommerce apps, and the likes are already stretching the boundaries of how the use of AI can be maximized to improve user experience.
‘Alexa’ an AI assistant developed by Amazon is the most evident example of a successful AI application. In January 2019, Amazon announced that it has sold over 100 million Alexa-powered products. The pre-requisites of developing an AI-based device or software is time. Learning through example, the development of the AI used in the app X.AI took almost 3 years but the convenience it’s providing to its users now makes it worth the effort.
Fintech apps have bridged finance and tech and are giving tough competition to the banking apps. The tech giant Google got the party going by introducing GPay in 2011 and was then followed by many other renowned names. As per expert surveys, there has been a 30% growth rate in fintech apps in the last few years.
Fintech apps appeal to a wide range of finance-related industries. Fintech can be used to create:
- Stock trading apps
- Peer to Peer Payment Apps
- Insurtech Apps
- Wealthtech Apps
- Trading Apps and many more.
Fintech apps are changing the way users interact with the world of finance. They introduce convenience and speed to conventional practices of dealing with money.
Let’s understand the same through two examples of apps that have made it big in recent years.
Paytm was founded in India in 2010. It began its venture as an e-wallet that allows a user to make all kinds of bill payments like electricity, gas, fixed-line, mobile recharges, and the likes.
With the announcement of demonetization in India in late 2016, the market opened up for Paytm. Today Paytm is the go-to app for people in India to make payments. In previous years, Paytm upgraded its fintech app with eCommerce features and is generating a healthy revenue from the same.
Paytm generates a healthy revenue of 278 million USD annually and is one of the first fintech unicorns from India.
M-pesa is a joint venture that was founded in 2007 by Safaricom and Vodafone. It has made money transfers in Kenya as simple as sending a text. One doesn’t even need a smartphone to use M-pesa. M-pesa repurposed the sim cards and how they can be used.
Looking at the numbers, a whopping 48.7 % of Kenya’s GDP has been processed over M-pesa and around 93% of the Kenyan population has used M-pesa at least once.
The success story of M-pesa proves that brainstorming ideas and targeting appropriate audiences for your business can earn such healthy ROIs.
Educational apps have changed the way traditional learning was being imparted to students. Also in the challenging times of the Pandemic, the education apps have made us realize the importance of tech in education.
Education apps can be divided into many sub-types. Some of them are:
- Stock trading apps
- Memorization apps
- Gamified Learning
- Informative apps
- Apps for teachers
Education apps present the users with anytime-anywhere convenience which also accounts for a convenient schedule. Along with this, the user gets access to a wide spectrum of courses and teachers to learn from. On online education platforms, the user is free from the limitation they face in terms of course selection in institutes or colleges.
The combined number of education apps on Google and Apple app store exceed 600k. So, it’s evident that the competition is cut-throat. But on the other hand, according to the predictions made by Statista, the e-learning market worldwide is expected to reach a whopping 243 billion by 2022.
So, if you have an interest in investing in the education market there has never been a better time than this.
Things you should take care of before jumping to Mobile App Development
When you think of creating an app the first question that you should be asking yourself is Why create this app? Do I have the right motivation or reasons to build this app? Most individuals who want to create a business out of apps are either tired of their current jobs or want to do something where they don’t need to answer to anyone anymore or want to earn more money from it.
These may be their desires talking or important reasons for them to switch their jobs but not an appropriate reason to create an app. If one loves helping people or wants to change how certain services are availed or is an evident expert in something, these are the right reasons for creating an app.
Passion without intelligence can prove to be dangerous
Having a passion for something can be highly motivating, there are no two ways about it. And you should create something that interests you. But cultivating your passion with intelligence is of supreme importance if you want to create a business out of it.
As your passion doesn’t answer important questions like which idea to invest in, how to monetize it, or how to sell yourself to your niche. So, you must introspect your idea well or seek help from friends or colleagues. You can also try professional IT service providers who can assist you by offering learned suggestions or advice and help you create a better product.
You must study the market completely before putting your foot down. Your ability to research and extract meaningful data out of your research will determine a lot about what future your app idea holds.
The primary part of your market research should be managing user expectations. You should learn what the user expects from you and deliver exactly that. It doesn’t matter what you want to give to your users, if they don’t want the same thing all the hard work that you put in will go to waste.
Create an MVP
There is a myth that floats around the creation of MVPs. It’s an evident belief among people that MVPs are created to test the technicality of code or how well the app performs when subjected to real-time situations. Well, both of the preceding theories are incorrect.
MVPs are made to check if such a product or service should be built in the first place or not. So, you should opt for an MVP to learn how people respond to your product, extract valuable data from it, and make sound decisions based on the data you receive.
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