June 2022 – iView Labs

The Easiest Way To Launch An On-Demand Solution

In several studies conducted this year, the rise of the on-demand industry is clearly evident. The market size rakes an income of about USD 57.6 billion from US customers on an average each year. By 2023, the on-demand food delivery market is projected to reach $161.74 Billion. These numbers are not lost on emerging and existing businesses, as everyone wants to become a part of the incoming wave where customers rely heavily on on-demand services like Uber, Dunzo, Rideshare, and others. But what is the main essence of establishing your own on-demand app?

Many organizations prefer to curate apps from scratch, there is a huge market for on-demand solutions today. Owed to the ease it brings to business operations, companies are keen to provide an application that skips out lengthy processes like beta testing, development, and recalibration.

Businesses can save up on such operational costs by delegating the development aspects to a third party who can get the work done effectively. For instance, a company that seeks to create a digital presence requires an internal development team to build its website, web app, or application. However, it becomes a whole lot more convenient to let a third-party on-demand app development provider have the job done using their tailored approach. Just implement a white-label solution to solve all your problems with a simple few clicks.

The question that arises in such situations is how does a company go about launching an on-demand solution? iView Labs has the answer for you! Let’s look into six ways that can help you launch an on-demand solution that can immediately cater to your client’s needs- minus the hassle.

Six Steps To The Easiest On-Demand Solutions Launch

Conduct the Necessary Market Research

Today, the on-demand app and solutions market is one of the most lucrative avenues for businesses to delve into. Be it on-demand healthcare solutions, or delivery services, all of them are thriving due to the evolving consumer persona. Customer 2.0 puts convenience and ease of living above everything else. Hence, it is a good place to start your research to find ways that add to the comfort factor of your prospective and existing customers. For insight into what works and what isn’t working, save time by looking into your competitors. They can become a shining example for learning from others’ mistakes while refining your solution structure and concept in the early stages. From your preliminary research of the market and relevant industry, you’ll be able to form an informed decision regarding:

Any gaps and voids in the demand-supply bridge
The niche of your on-demand solution
The projected growth of such solutions
Consumer expectations and receptivity
Features and Functionalities
Your budget for solution development
Deployment strategy and timeline

Your Definition of Success

For every brand, success is measured in a unique way. Sure, your numbers can showcase monetary gains, but today, success is quite multifaceted. It can be defined as the number of customers served over a particular timeline, or the number of leads you acquire. If you’re a service-based company, the key decision-makers may use metrics like the Key Performance Indicators mentioned below:

Number of active users
Gross Margin
Burn Rate
Conversion Rate
Customer Acquisition Costs
Consumer Lifetime Value
Operational Costs to Revenue Ratio

It is imperative that these KPIs be defined early on in the process because they act as a yardstick to compare your monthly, quarterly, and annual growth. It will also help your teams collaborate in perfect sync to work towards these common goals. If you’re choosing a white-label partner for your on-demand app development solutions, conveying these success markers will help them tailor your app to perfection.

Go Cross-platform and Multi-version for Your App

Have you heard of the multi-channel approach for enhanced customer experience? In the present scenario, businesses need to approach customers at their level, which includes the channels they prefer to use the most. As per Statistica’s study on internet usage in April 2022, we’ve crossed the five billion internet users mark worldwide. This makes up 63 percent of the global population, which is a huge market to cater to. Additionally, the number of global smartphone users today is 6.648 billion.

If a business launches an on-demand solution only in a singular model, it is most likely to touch only a part of its ideal customer base. However, this can be changed if they choose to consider cross-platform integrations such as mobile-optimized web apps, desktop browser versions, and the app store. It improves your availability, thereby helping customers find you wherever they wish, from any device possible.

Get the Right Solution Partner On Board

One of the biggest tasks after research and choosing initial markers is to select the best possible technology partner. For white label solutions, organizations like iView Labs can help with end-to-end development, from inception to the launch and post-deployment. One of the best ways to hire an on-demand app development company is to book a demo with them to check your conceptual alignment with theirs.

Not only can this approach save you the costs of hiring specific professionals, but provide greater assistance in terms of a tailored approach. Setting up the terms of use, social handles, web domain, and app store approvals all become relatively hassle-free when the professionals have your back. Since they take care of the testing, modification, updates, and debugging, launch day would be a breeze while your team can simply assume control of the back-end.

Establish User Documentation and Guides:

What makes your on-demand app development process better than 80% of the competition out there? Make sure that your customers have the smoothest user experience. As we’re living in the age of digital transformation, user documentation can no longer be moved to the sidelines. Prioritize, creating an extensive knowledge base for your users, be it demo recordings, CMS guides, agnostic chatbots FAQ, or meaningful content. The key is to have all the resources they need ready so that the struggle is kept to a bare minimum.

Revise and Reroute

Post-launch, you’ll receive a lot of feedback from customers and users based on their clickthrough rate, retention rate, or even abandoned carts. For instance, your delivery app UI has been a bit too unfamiliar for users to find real-time updates. Your job is to find out what aspects of your on-demand delivery app development can be refined, and make the necessary adjustments. The first six months are usually dedicated to such fine-tuning after which the app will settle into a simple feature addition, user-experience enhancements, or debugging process per update.

Wrapping it All Up:

The journey may seem meticulous, but the diligence pays off. Curating a lucrative solution for your customer base can be made easier if you followed these six steps while formulating a strategy. Be it an on-demand cab development solution or an online dispensary you’re seeking to build, the bottom line lies in having the right technological support. At iView, we strive to make the process of launching an on-demand app seamless with our bespoke solutions.

To know more about iView Labs, kindly log on to our website www.iviewlabs.com and to get in touch with us with your queries and needs just write us an email on info@iviewlabs.com and sales@iviewlabs.com. Download the latest portfolio to see our work.

How to Ease the Burden of Operations in an On-Demand Solutions Industry

The COVID-19 pandemic has ushered in a new age of on-demand customer experiences characterized by unprecedented speed and efficiency. As customers around the world grow to expect immediate provisioning from their product and service providers, the on-demand economy continues to flourish. In fact, according to a recent PwC report, the market value of the on-demand app economy is expected to reach a staggering $335 billion by the year 2025.

With the overwhelming growth of the on-demand economy promising to create better business opportunities, the burden now lies on the Operations Team to achieve the necessary speed and accuracy for each delivery. The heroes working in Operations are solely expected to handle numerous issues that may arise in the on-demand business. This leaves them with a sense of ineffectiveness as challenges pile on. To lessen the burden of the Operations Team and enable them to make proactive decisions, sophisticated on-demand applications that integrate adequate technologies are a necessity.

On-Demand App Development Overview

For organizations aiming to enter and flourish in the on-demand economy, a well-crafted on-demand application is fundamentally integral. According to the U.S. Census Bureau’s American Community Survey, American consumers spend approximately $57.6 billion in the on-demand economy annually. These numbers highlight the immense recent growth of the on-demand industry. It is clear that massive value can be generated by developing a successful on-demand application.

An application developed for the on-demand industry requires a host of unique features depending on the exact service. Besides a visually appealing and friendly user interface, an on-demand app essentially requires order tracking features, a detailed map, order history, vendor profiles, recommendation engines, push notifications and multiple payment gateways for ease of use. Since monetary transactions are at the core of such applications, strong cybersecurity features are also a requisite. Other features such as reviews and ratings and in-app chatting further add to the appeal of on-demand applications.

To additionally ease the duties of the Operations Team, a real-time analytics feature to manage fleets is integral. Customer experiences are at the forefront of the on-demand industry. Thus, the Operations Team is expected to provide immediate solutions and unparalleled efficiency. A constant feed of relevant information can be leveraged to make real-time decisions, adding to the overall customer experience. Being able to analyze routes, traffic patterns and possible shortages in real-time can be a much needed feature to thrive in this industry.

Catching Up With Costs

The cost of developing an app for the on-demand industry is largely determined by the hours of work needed and the functionalities required. A custom on-demand app is widely expected to take anywhere between 2,670 – 3,720 hours to fully develop and deploy. The hourly rates in the U.S. for developing such applications range from $100 to $250 an hour. Hence, developing an on-demand application tends to be more expensive than the average software solution.

Globally, developing an on-demand solution application can cost anywhere between $53,400 for a single platform project to $930,000 for a refined cross-platform application with a plethora of features. Advanced technologies such as real-time insights, recommendation engines and in-app payment gateways take substantially greater time to be integrated into an application but are essential for large scale on-demand apps that cater to wider audiences. Sophisticated technologies, in terms of real-time insights and hyperlocal analytics in particular, have grown in prominence during recent times as speed, accuracy and efficiency become paramount characteristics for an enterprise in the on-demand market.

Guide to Creating Your On-Demand Business

Launching an on-demand business application requires you to follow a number of steps. The process includes designing the application, analyzing the market for opportunities, development and implementation of the app and then finally QA testing and stabilization. A few key imperatives are as follows.

Choose Your Market: The on-demand industry consists of a broad range of subdomains covering fields such as food delivery, retail, healthcare, groceries, cosmetics and taxi services. Before you enter the on-demand economy, identify your niche market and integrate the particular necessary features.

Identify the Target Audience: As per an HBR report, nearly 49% of on-demand service users are Millennials. The age group between 35 and 54 make up another 30%. Your on-demand app has to appeal to the audiences most likely to use your products and services, especially the Millennial population that dominate the on-demand customer base.

Start Locally: To create a successful on-demand application that is not only aesthetically pleasing but also successful, you have to begin at a local level. By catering to a smaller area and a denser population , you can test concepts, strategies and advertisements. This also allows you to test features individually and start with an MVP.

Find Your Features: As discussed earlier, the features you decide to include in your app are determined by your overall product and service portfolio. For a taxi service such as Uber, advanced solutions like real-time insights, traffic data, dynamic price calculations, fleet tracking and route optimization are all essential. The same features may not be necessary for a small scale cosmetics delivery application.

In Conclusion

In today’s on-demand world, the pressure to provide quality services is unrelenting. With ever-growing customer expectations, it becomes increasingly difficult for the Operations Team to provide accuracy and efficiency. Developing an on-demand application can be the optimal strategy to ensure your Operations Team has a strong backbone. Such applications enable your organization to thrive in this blooming new industry. By leveraging modern advancements with real-time, data-driven insights and integrating these features into a comprehensive application, your enterprise can scale up to reach unfathomable possibilities.

Clutch Celebrates iView Labs as India’s Top-Notch App Development Partner for 2022

This 2022, iView Labs will reach its tenth anniversary in the industry. Based in Ahmedabad, India, our team is passionate about helping our clients develop state-of-the-art products and experiences. In the span of a decade, not a single day passed that we lost our passion or commitment. We’ve remained unfazed because we love seeing our clients’ success and appreciation.

It’s because of our clients’ trust that we commemorate a wonderful milestone today. Just recently, iView Labs was officially ranked among India’s B2B leaders on Clutch! According to their esteemed Leaders Awards, our team is one of the highest-ranking app development partners in the country this 2022!

“This brings a lot of faith to us, we have been in the system and businesses of Tech with the right mindset to serve the customers with the right tech. This justifies the same.”

— Chief Executive Officer of iView Labs

For those who aren’t familiar with them, Clutch is an independent B2B review website designed to help browsers navigate different markets and industries. Every year, the platform takes a moment to spotlight the dedicated and outstanding leaders from all across the globe. One of the factors for these awards is client testimonials. The gracious reviews and honest feedback given by our clients helped us earn this incredible award.

It wouldn’t be right if we didn’t give credit and thanks to the people who played important roles in making this a reality — our clients, stakeholders, and teammates. iView Labs is proud to be where it is today because of your support. Thank you so much to everyone!

Rest assured that our team will continue to put our best foot forward to deliver astounding results. Want us to become a part of your growth journey? Get in touch with iView Labs today and tell us more about what you have in mind. We can’t wait to work with you this 2022 and beyond.

To get in touch with us with your queries and needs just write us an email on info@iviewlabs.com and sales@iviewlabs.com. Download the latest portfolio to see our work.

Why Every Finance Institution Has to Be a Fintech Institution

“Ignoring technological change in a financial system based upon technology is like a mouse starving to death because someone moved their cheese.”

~ Chris Skinner

A study conducted by the American Bank Chase highlighted that 4 out of 5 customers prefer managing their money using a smartphone instead of going to an actual physical bank. As modern technologies, ideas and inventions shape the field of finance, the financial institutions that continue to resist this inevitable force are sure to get swept away. Advancements such as artificial intelligence (AI), blockchain and the Internet of Things (IoT), mixed with an extremely volatile market and ever-changing customer demands, all play a critical role in redefining the services provided by financial enterprises.

Fintech symbolizes the harmony between finance and technology that is changing the way we transact everyday. Fintech app development and fintech mobile platforms have become globally trending topics. As customer expectations increasingly hover around technology-led services, any bank, insurer or asset management organization looking to stay relevant and thrive in the market needs to become a fintech institution.

Fintech Application Development

Finance companies aiming to compete in a highly digitized environment need to promptly develop and integrate fintech applications into their line of services. The ability to leverage devices such as laptops, tablets or smartphones to perform financial tasks and transactions has immensely shaped the modern user experience of the finance industry.

A research conducted by Finder.com predicts that approximately 78% of the United States millennial population will become digital banking users by the end of 2022. Furthermore, a study published by The Fintech Times suggests that the mobile contactless payment market will rise by 40% to reach a staggering $3.516 trillion by 2023, further increasing to $4.6 trillion by 2025. These numbers strongly suggest that fintech mobile app development should be at the forefront of every finance institution.

Fintech applications can refer to a wide range of products; banking applications that allow money transfers and bill payments, stock trading platforms, loan apps and even applications with an integrated payment gateway system are all fintech subdomains. The cost of developing a basic fintech application with a simple user interface generally ranges between $30,000 to $50,000, a potential bargain given the limitless heights this industry is expected to reach.

Starting a Fintech Application Development Company

In our post-pandemic era, the fintech market continues to grow year-on-year as digital money management, transfer and payment options gain greater relevance. According to a recently published Promontory Interfinancial Network survey, 76% of 543 senior management professionals in traditional banks fear the emergence and widespread acceptance of financial platforms such as Apple Pay, PayPal and Venmo. With the global economy embracing the wonders of fintech, now would be the ideal time to enter this blooming industry.

When you start your fintech company or begin developing an application fit for the fintech economy, there are a few integral steps that you have to adhere to.

Study Rules and Regulations: The fintech industry is heavily regulated by a number of complex laws, limitations and requirements. Being a part of this economy requires you to be well versed in privacy laws such as GDPR, the ePrivacy regulation and CCPA according to the state or country that you wish to provide your services in. In the modern fintech industry, there are a number of compliance practices such as PCI DSS (Payment Card Industry Data Security Standard), AML compliance (anti-money laundering), KYC compliance (know your customer) and digital signature certificate that need to be considered as well.

Discover Your Niche: The fintech economy consists of a plethora of subdomains ranging from cryptocurrencies and blockchain solutions all the way to simpler personal finance apps. Choosing the correct niche according to the audience you wish to target can be the optimal strategy in finding success in this industry.

Choose the Appropriate Tech Stack: After you decide on the type of service you wish to provide, the next integral step is choosing the appropriate tech stack to get you started. Deciding upon the programming languages, frameworks and databases heavily dictates the overall cost and time required for development.

Embrace Modern Advancements: AI is tipped to power 95% of all customer experiences in the next decade. Similarly, blockchain business value is expected to surge to over $3.1 trillion by 2030. Embracing these wonderful technological marvels is integral to fintech companies looking to leave a permanent mark in the industry. The future of fintech lies within these advancements.

Provide Personalized Services: The fintech market is largely dominated by software powerhouses such as Microsoft, Stripe, Paypal and Venmo. In order to succeed amidst this competition, personalized services to your audience can become a competitive edge. Newer companies such as Mint and Robinhood have focused on carefully crafted experiences and convenient applications for their target audiences in order to gain relevance in the industry.

Ensure Optimal Security: Security is the single most necessary feature for a fintech application. Since these platforms deal with large sums of money, customers expect their transactions to be fully secure. Aspects such as data protection and safety can be ensured by utilizing encryption techniques and cloud services.

Look to Constantly Improve: To initially test the waters, it can be a smart idea to develop and deploy your minimum viable product (MVP). This basic version of your app can be used to gather public feedback and recommendations. Constantly improving upon this basic product can yield immense benefits.

Key Takeaways

The future of finance is predominantly governed by technology. As modern advancements sweep across the finance industry, embracing this inevitable change is the only way to stay competitive. Transitioning from legacy systems to sophisticated technology-enabled fintech companies is critical for every finance institution.

With smartphones, laptops and tablets taking over all age segments, developing fintech applications and fintech mobile platforms has become a necessity. Customers demand increasingly fluent digital experiences and catering to these demands is the only way to remain relevant. Ultimately, this technological boom in the finance economy can provide immense opportunities for enterprises aiming to leave a mark, but those who continue to ignore this change are the ones to surely be left behind.