This year’s recession has hit our economy hard, we see layoffs all around us, and the unemployment rate is rising. During this time businesses of all sizes get affected very badly. As a business owner, you should consider how to stay alive and remain competitive. Thus, businesses can get benefit from having a mobile app during the recession, since it allows them to remain competitive and save on cost. It also helps in retaining customers and the talented workforce of the organization. Additionally, mobile apps offer businesses the opportunity to track user behavior and record the data of the customer for further purchase decisions, they also help to trace the campaign performance to decide on growth strategies. By leveraging the power of mobile apps during recession businesses can create interesting customer experiences while saving their money and increasing ROI.
In this article, we will look at why now is the right time to launch or upgrade your business mobile app and discuss how mobile app help in retention and maximize your profits in difficult times.
Reasons why businesses should invest in the mobile app during the recession:
During the recession, there are a very limited number of resources available and businesses need to make the most of their money. So, investing in the mobile app is the perfect solution.
Here are some reasons to invest in a mobile app:
- Cost Efficiency: Creating an app for your business is much less costly as compared to the traditional method of reaching your potential and current customers.
- Brand Visibility: With the help of apps, you don’t need to limit yourself to locals. You can reach and explore new markets around the globe with the help of the apps, with increased visibility you can drive more sales from new markets and survive in difficult times.
- Reduce employment cost: one of the fast ways to minimize cost is to reduce employee spending. A mobile app help to automate the process and streamline task and make it easier for the employees to work efficiently.
- Better Insights: By collecting data about your customer through the app, you can collect valuable insights about your customer like where they are lying in the sales funnel, behavior, and preferences of your customer. So, this will help you to make better decisions related to pricing and marketing campaigns.
Mobile apps help lower the Training and development expense:
During the time of economic recession, when organizations are looking for ways to cut costs. But training and development are also important not only for the freshers but also for the old employees. As a result, the need for E-platform software has grown. Through this app, employee training should now be less time-consuming. LMS (learning management system) is the core element of digitalized employee training. Through this, we can collaborate between trainer and trainee, can assess training results, track progress, and many more. Many organizations adopt their portals for learning and development.
- Training videos
- Surveys/ Quizzes
- Virtual conferences
- Courses app
All of these and more can be easily added to your app. You can also do recruitment through these apps. Which will be less costly than your traditional method of hiring and training and development process.
Mobile apps boost employee retention rate:
One more benefit of having a mobile app during a recession it can help you to boost your employee retention rate. Businesses can’t afford to lose the talented workforce of the organization. If you provide your employees with the latest technology and timely perks which make them, feel valued and appreciated then why would a talented workforce will go somewhere else? By, investing in a mobile app you have to show you are committed to their success and growth. With the help of mobile apps, you can offer a digital feedback system so that employees can get real-time feedback on their performance. With the help of the app, they get direct access to payroll and benefits information. This also helps them to get updated on the latest changes in the organization and helps them to stay connected with the company. This can also help employees to collect all the important documents and resources.
Mobile apps increase sales and revenue:
A mobile app makes a big difference in your sales number during a time of recession. A quality app can help you engage a greater number of current customers and help you to attract new customers. In this digital era, customers prefer to shop online rather than go to shops. So, this is the chance for you to provide an awesome mobile experience to your customers through your app, you can increase a greater number of sales by engaging with your customer’s preferences. With the help of the app, you can create a personalized experience for your customer. This can also provide them with lots of options to choose the best for them and help your customer to purchase so easily without any hassle. You can also update your customer through notifications about new service offerings, discounts, offers, and many more. Mobile apps are the best to build a long-term relationship with your customers.
Mobile apps boost customer retention:
Mobile apps help businesses by giving a boost to customer retention. Through the mobile app, the customer gets to know about your services and your brand. Today’s businesses are getting more sales through app only because it is easily accessible from anywhere. And if you provide optimize shopping experience through the app, customers will do repetitive purchases. This app also helps to create a customer loyalty program and also helps to collect all the feedback through review options. You can also analyze their usage patterns that how they are interacting with the interface. This can help to create good content for your app. Posting relevant content on your app helps your customer to get better knowledge about your services or product.
Mobile apps are future-proof for recession and beyond:
Mobile apps are the future-proof strategy that can continue to serve your business for a long period even after the recession period or economic breakdown. Mobile apps can be an effective way to reach your customer and make sure your business is open for business. Mobile apps help to streamline processes and provide access to data from anywhere. The current economic breakdown has created problems for many businesses and customer and employee has to adjust to a new way of working. But mobile apps help your business to survive in difficult times by providing all the information about current marketing trends, providing your customer convenience, understanding your customer demographics and purchasing behavior, cutting your cost, and many more. With the right mobile app, businesses can take advantage of these opportunities and evolve their market in this recession.
Mobile apps are a powerful tool to help your business to stay ahead and survive in a recession period. By using the right tech, you can make the most out of uncertain times by investing in a mobile app specifically that will help to boost your business and capture all the latest market opportunities.
Recession is a very tough situation for any business but if you have the right tools, you can turn challenging situations into an opportunity, and you can build that most powerful tool with EOV an industry-leading software company. EOV is the perfect platform to create amazing mobile apps that will surely help you to survive in the recession period. So, take control of your business during a recession – create your quality app with EOV today.