Why Emerging Markets? For the simple reasons of foreseeable growth and more money. Developing countries, also termed as a synonym for emerging markets, are leading the global growth.
As per Morgan Stanley Capital International, developing market involves India, China, Czech Republic, Hungary, Mexico, Colombia and many more. These markets are most remunerative for smartphone manufacturers and mobile phone application development companies.
Smartphone manufacturing titans mostly focus on the developing countries to launch their products for higher profits.
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Choosing emerging markets such as India and China provides mobile companies a huge scope of opportunities to widen their business and earn profits. The key point is a larger population. Emerging markets are rapidly growing market in the world. These markets are different and big which intimidate app developers around the globe. If you plan to replicate the same mobile app strategy in both the developed and developing country, think again. You need a proper research and data to learn in-depth before kickstarting your new app or product in emerging markets.
Challenges of Emerging Market:
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Multi-languages in emerging countries, although English is mostly used by educated and corporate society, make it difficult to understand the approach.
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Each country has its own culture and lifestyle. For example, e-mailing is a primary tool of professional communication in the states and India while China relies more on WeChat like platform.
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Difficult time-zones to maintain and function an app.
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Flexibility in payment methods depending upon commonly used payment modes in that specific region. For example, Uber follows the cashless mode of payment in Paris whereas, in India, Uber app lets you pay via cash.
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Mobile network connection cost in emerging countries are comparatively higher than developed ones.
Developed countries like U.S. and Australia are saturated and highly expensive to operate a new app or product, while countries like India and China are pouring with business opportunities. Both the countries have made it to top 20 list by GDP growth and Forbes article in 2016 published that China economy will take over the U.S.A by 2018. These countries literally are emerging markets as they have the largest population in the world which means the majority of the population are middle-class and youngsters. Young people are more open to trying new things and eager to stay connected. Hence, giving the largest potential market for app developers.
Basic agendas to follow for an app developer before entering into an emerging market:
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First and foremost, you need to understand the needs of the users in any country. You would need a support local native consultant who has a relevant experience, understands the culture and right contacts in the market to develop and launch an app.
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Think through your idea and research as much as before investing time and money on it.
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Initially, you need to practice patience . Don’t rush into releasing the whole package of your product right away. You need to understand the local ideology app with a minimum viable product(MVP) development technique.
If you understand the path well and invest your time and money in a proper research and development, you are going to reap the fruits of your hard work. BluEnt is a mobile app development company with the team of skilled app developers in India and across the globe. We can use our skills to develop an app in both developed and emerging countries. If you want to seize user attention in such markets, we are game. Reach out to us for more.
Maximum Value. Achieved.