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App installations appear to be picking up as smartphone users now have double the number of apps installed than they did in the previous year. According to data from financial services firm Synchrony, the average user installed four apps over the last 12 months.
Many of these apps were shopping-related or eCommerce apps, according to the report. Indeed, 67% of consumers downloaded a retailer’s app, with over half of consumers opting for retail apps because of a coupon or discount code. Almost 50% of consumers who downloaded a retailer’s app used it to make a purchase.
“In today’s competitive landscape, a mobile application is not just another piece of technology for retailers, it is a vital tool to engage shoppers with their brand. Done well, retail apps engage both in and out of stores with personalized experiences and easy credit solutions,” said Maya Mikhailov, SVP, Chief Marketing Officer, GPShopper, a developer of mobile apps acquired by Synchrony in 2017. “Consumers that use retail mobile applications are a retailer’s top shoppers. As such, they want their apps to be tailored to their unique shopping experiences and preferences.”
At the same time, retailers have adapted their strategies to respond to the trend with 47% saying they placed more focus on a retail app. In response, 83% of customers say they are happy with their app experience.
Additionally, 60% of US consumers now think that the average shopper will be using a mobile wallet by 2025 despite a slow adoption trend of mobile wallets. However, millennials are at the forefront of mobile wallet usage with 61% of them already leaving their wallets at home in favour of other payment methods.
Among the larger retailers, 75% have already integrated mobile wallet technologies.
Credit card features in-app are another area of mobile financing that consumers appear to be predominantly satisfied with. Indeed 53% of consumers are now using app-based credit card features and 77% of them are happy with the service.
The Synchrony 2018 Digital Study, was based on the answers of 1,255 respondents.
Source: Business of Apps
“Most would say it’s ‘up-teching.’ That is, adding technology to an existing, broken way of doing business. But we have found that a shiny new app is not the answer. Technology alone is not trans-formative if processes are broken — it can actually be a distraction for the actual problem. Injecting technology often make matters worse, and comes at a great expense. Our digital transformation practice evaluates the whole process, from innovation through commercialization, to help companies build pathways to profit, using technology as an empowering tool. A tool is only as good as the teams using it.”
“First, real-world experience. Lots of bruises, some broken bones and a few glorious trophies. I’ve been lucky enough in my career to have been involved with many different industries: software, healthcare, consumer goods, military, media — some companies on the way up, and some that failed miserably. I learned the most from the failures. Failure teaches modesty, persistence and that the answer lies in the field, not in the lab. I’m on the ground, talking to customers, learning the market. When I’m not talking to customer and clients, I’m walking the startup aisles at trade shows, learning as much as I can.”
“We start by lateraling — searching first for a solution, at least in part, from a completely different industry. Often, the problem may have been solved already, and at great cost. The challenge is focusing first on the mechanism of the problem, and less so on the granular details, and surface analogs. Most companies think their problems are unique or are so complex that is impossible to understand. But it’s not usually true. The supply chain for human tissue, for example, involves a massive amount of complex science, but as it turns out, an open source e-commerce platform can manage it perfectly. That’s thousands of hours of engineering, knowledge and testing under market pressure — inherited for free! It’s the same software I use to order socks.”
“With every new engagement, I have to put everything I think I know to the side and re-engage from scratch. Leave the assumed problems alone for a moment, and fully understand the customer experience. Everything else I do stems from that. Corporate tribal knowledge is often suspect, propagated myths about customers that they’ve never met. It’s like playing telephone with billions of dollars. You’ll never get the right answer purely from demographics, ethnographies, or a BI dashboard. Get with customers and show them products directly. Test, try and iterate in the marketplace. Put something as close to real as possible in their hands, as fast as you can. Watch where it fails, retool, and go again. And again. In the end, customer sentiment is not the most important thing. It’s the only thing.”
With 55% of total mobile publisher revenue generated from ads, app developers are increasingly looking to continued growth in mobile publisher revenue.
The report looked at top mobile game developers (90%), with a minority making non-gaming apps (18%) who were surveyed throughout EMEA (40%), followed by 34% in North America, 22% in APAC, and 4% in LATAM are finding revenue resources primarily from ads.
Outside of advertising, publishers are far more likely to make money through direct in-app purchases than they are from paid installs or subscriptions. In fact, in-app purchases was the single greatest individual revenue contributor cited, driving 39% of total publisher revenue.
Top publishers weigh in on mobile monetization and user engagement
A vast majority of publishers (87%) reportedly feel that rewarded video ad placements provide a positive user experience and in-app purchases was the single greatest individual revenue contributor cited, driving 39% of total publisher revenue.
The next most favorable ad units were those that are well-integrated (native), short in duration (interstitial display), engaging (playable), or modest in stature (banner display). The least favorable ads were those that auto-played before (preroll) or amongst (in-feed) content.
When asked which monetization methods were most effective, publishers reported that rewarded video ads, in-app purchase systems, and interstitial video were all highly effective. As these methods account for a majority of publisher revenue and also rank well with respect to the user experience, this sentiment was not all too surprising.
The most popular engagement methods used by publishers were achievements, push notifications, value exchange ad integrations, and in-app events. This suggests that users must be rewarded and reminded while content must be refreshed.
Source: The Drum