“Did you know Airbnb made a whopping $8.4 billion annually in 2022 and is one of the most profitable startup in vacation rental industry?”

Maybe you had an idea about the numbers! But ….But you might not know that Airbnb was started because the founders didn’t have the money to pay their rent. Strange, right? Read the full article to know the complete story.

As per the internet News Company Globe News Wire, the online travel market size is expected to grow at 14.8% CAGR, i.e., $1835.6 Billion by 2030. The pioneer in the space is Airbnb which covers 20% market share in the vacation rental space.

Now you also want to build an app like Airbnb to create an impact but how do you do that? Honestly, developing a website like Airbnb requires in-hand experience with varied programming languages and frameworks, which might not be possible for everyone. A better way is to look for professional website development companies with relevant experience, a good team, and robust customer support. How to find such companies? The answer is this article which covers all the queries related to how to develop an app like Airbnb and related topics.

What is Airbnb?

Airbnb is a travel vacation Rental Company based in the USA that allows property owners to rent out their spaces to other people. The company operates as a marketplace for hotels, private properties, & homestays, and guests can book rooms, spaces, entire villas, and cottages at an affordable price.

The company is valued at over $100 billion and has over 14000 employees worldwide. With more than 5.6 Million listings in over 100,000+ cities globally, the company has served 300 million guests since 2008.

Airbnb Statistics

• Airbnb currently has about 5.6 Million listings and 4 million hosts.
• 6 guests book an Airbnb every second on average.
• One guest typically stays for 4.3 nights in an Airbnb
• The platform has booked over 1 billion stays till now

The Airbnb Story – From $80 Rent to $100 Billion Valuation

Renting The Air Mattresses: Airbnb started as a simple idea in 2007 in San Francisco when two guys, Joe Gebbia & Brian Chesky, couldn’t pay their rent. The duo came out with an interesting idea to rent out their living room with 3 air mattresses along with breakfast for their guests. They made a simple blog website with a map called airbedandbreakfast.com, and their first guests were 2 men & a woman paying $80 each.

Launching the Site: Once the guests left the place, the founders gave thought to the idea and brought their ex-roommate, Nathan, as a co-founder to build their site and launched it in SXSW, getting them just two bookings initially.

Funding: In 2009, the company got its first funding of $20,000 from Y Combinator. However, the company was still making $200 a week and not growing much. One of the reasons they found was photos of the properties were not nice, and they took photos themselves.

The Growth: One week later, the company started growing, making $400 weekly. The turning point came when a famous drummer rented an entire house. Then Airbnb raised $600,000 in a seed round from sequoia capital; in 2010, the company rose $7.2M, and in 2011, the company raised $112M from several investors, including Ashton Kutcher, and the rest is history!!

Key Components of Airbnb’s Business Model

Key Partners: Airbnb’s key partners are their stakeholders, hosts, properties, travel managers, investors, photographers, hosting providers, corporate travel partners, experience providers, guests, and more.

Key Activities: The core activities for a company like Airbnb are sales & marketing, customer service, management, platform, app, and website development, and ensuring trust & safety to guests. It is essential to develop a smooth platform for the best user experience, and the best way to do this if you are not tech-savvy is to hire mobile app developers with relevant experience.

Value Propositions: Value propositions for Airbnb vary for different parties. For hosts & hotels, it is income generation, ease of listing, & booking system. For guests, low cost, unique & varied location options.

Revenue Streams: Airbnb earns its revenue by charging service fees per transaction from guests, commission charges from hosts, experience providers, & hotels.

Key Resources: Airbnb or any company’s core key resource is its employees. Some other crucial resources are platforms, mobile apps, patents, & brands.

Cost Structure: Key costs for an app like Airbnb are infrastructure, customer support, PR & marketing, legalities, payrolls, cost of acquiring resources, and payment processing charges.

Mind Blowing Fact – Airbnb is present in 97.95% of the world covering every country on earth except the North Korea, Iran, Sudan, & Syria.

How Does Airbnb Work?

Airbnb works majorly for two users, guests & hosts. The platform connects travelers with hosts who want to rent their homes, apartments, or rooms. Here’s a basic idea about how the platform works for different parties to help you build apps like Airbnb:

How does an App like Airbnb work for Hosts?

Step 1 – Registration: Hosts register themselves on the Airbnb platform to create their profile. The registration process includes providing a phone number, an email ID, and interests & hobbies. If you are an existing user, simply log in onto the app. The platform will also verify your identity through phone & email verification before your property listing goes live.

Step 2 – Listing the Property: Hosts can list their properties for rentals on Airbnb by providing details about the property, such as facilities, number of bedrooms, number of washrooms, accommodation type, etc. Hosts can also set their own prices and availability dates.

Step 3 – Bookings: Once your property listing is live, guests can book the place. Hosts have the option to accept or reject the bookings. Note that hosts receive their payments 24 hours after the guest checks in. Airbnb holds the payment for 24 hours to ensure guests’ stay quality.

Step 4 – Communication: Hosts can solve any guest concerns, answer their questions, or communicate with them through the platform website or app.

Step 5 – Check-in: On the day of guest check-in, the host has to provide them with property access or instructions for self-check-in. Generally, hosts meet the guests in person and greet them on the day of check-in.

Step 6 – Payment: Airbnb releases the payment to the host 24 hours after the guest checks in to ensure the quality of the stay for a guest. Hosts can withdraw their balance or keep that in their Airbnb account for future bookings.

Hosts Fact – Did you know more than 55% of Airbnb hosts are women and has earned over $600 million.

How does an App like Airbnb work for Guests?

Step 1 – Sign Up: Go to the Airbnb website or app to create your profile using your email address, phone number, or social media account. If you are an existing user, simply log in. Once logged in, you must complete your Airbnb profile by providing basic information such as name, profile picture, ID card, and other details.

Step 2 – Search for a Place: Once the profile is completed, you can search for a place to book. There are several filters to use in the app, such as price range, location, accommodation type, etc. Users can view photos, shortlist places, and even read reviews before booking a place.

Step 3 – Booking: Once a place is finalized, the user can submit a booking request to the host. Your request will be accepted or rejected within 24 hours, and you will get a push notification or SMS for the same.

Step 4 – Payment: Once accepted, the user has to pay for the stay. You can pay through cards, net banking, and other online payment methods. The platform holds the payment for 24 hours to ensure the quality of the stay.

Step 5 – Accommodation: Once the payment is made, the user has to arrive at the property and check-in. One can contact Airbnb customer service or the host in case of any inconvenience.

Guest Facts – A big portion of Airbnb guests age between 25 & 45.

Top Rivals of the Airbnb Vacation Rental App

Booking.com

Booking.com is one of the prominent rivals of the popular vacation rental app Airbnb. Unlike Airbnb, which only lists homes & apartments, Booking.com lists homes, hotels, apartments, and motels, in over 100,000 locations worldwide. The company is a pioneer in the space and was founded in 1996 and currently has more than 28M listings.

CouchSurfing

CouchSurfing also offers services like Airbnb and does exactly what the name says. The platform allows users to explore the city with a local man and stay at their place for some charge. While this might sound a little dangerous and unsafe to some people, some consider it as an experience. However, CouchSurfingalso facilitates authentication through the app to ensure the legitimacy of the host.

Oyo Rooms

Oyo is one of the largest and best hotel booking apps, which was started by Ritesh Agarwal in 2013. Initially, the company was only in hotel booking, but with time, it has ventured into other niches, including renting private rooms, just like Airbnb.

Flipkey

Flipkeywebsite is another home rental marketplace with some noteworthy features, like instant booking system, search & filter options, hassle-free & secure payment, listed user’s information, and property information. The platform also has over 300,000 rental holidays listed.

HomeStay

Homestay platform is a marketplace & allows the guests to stay with the host in their houses and is a major competitor for Airbnb type apps. The feature has its own benefits and disadvantages, some people like it, some don’t; but the platform aims to provide the user with a local city experience.

Revenue Model for Apps like Airbnb

Airbnb earns revenue through 2 fee structures for stay – a host-only fee and a split fee. Airbnb charges the fee to run smoothly, cover operations costs, and provide 24/7 customer service.

1. Split Fee Structure: The charge is split between the guest and host.

Host Fee: Airbnb charges a flat 3% charge from Hosts on the booking total and is charged from the payout.

Guest Fee Structure: Airbnb charges up to 14.2% fee from guests of the total booking subtotal. The charge depends upon several factors.

2. Host-Only Fee Structure: In this model, Airbnb charges the entire charge from the host/hotel and typically ranges between 14-16%. Note that charges for longer terms might be less.

Key Features of Vacation Rental Apps like Airbnb

An app like Airbnb has three major users in the system, i.e., host, guest, and admin.

Features for Host Panel

1. Listing: A non-negotiable feature for a host of the property will be an easy-to-use listing feature. The feature should have options to upload good-quality pictures and update essential information about the property, location, language, and number of guests they would be able to accommodate.

2.Rating: Ratings and reviews should be displayed on the guests’ host profile or property listing.

3.Profile Creation: Another essential feature will be the log-in/Signup feature for the property’s host. They can update their information, such as phone number, email address, profile picture, etc.

4. Payment: A payment panel will be helpful for the host to view transaction history, receive payments, update their bank details, etc.

5. Booking Panel: A panel to manage booking requests is also essential for the host. They can accept or decline a booking request or view the guest information to make a better arrangement for them.

Guest Panel Features

1. Account Creation: Airbnb provides its user with a profile creation feature for its guests. Users can log in/sign up to their account using their social media handles or email Ids. The feature lets users update their profile picture, phone number, address, etc.

2. Filters: This feature is useful for finding the best-suited property for the user. Filters like location, accommodation type, number of rooms, washrooms, etc., are some basic filters.

3.Messaging: This feature allows the guest and host to communicate with each other. This can be used to get some more information about the property or solve any query.

4. Notifications: This is another essential feature that helps guests to be updated about their bookings, news, and instant alerts from the hosts/property.

5. Rating: This allows guests to rate their experience at the property or with the host.

Admin Panel Features

1. Dashboard: The dashboard is the primary feature of an Airbnb app admin panel. It allows them to manage their bookings, update the information, check analytics and reports, and facilitate amenities for guests.

2. Promotions: This allows the admin to promote their property or run coupons for their users to boost their sales. Promoted properties receive more visibility than an ordinary listing.

3. Reporting & Analytics: This feature allows the admin to track their listing and take the necessary actions. It includes the number of views, clicks, ad spent amount, number of bookings made, etc.

Advance Features for Superior User Experience

Voice Search: This feature will allow the user to search with a voice assistant. It is a hand-free help to the user for searching for a place to stay.

Weather Forecast: You can also have the weather forecast feature in apps like Airbnb. This will help both the guest and the host, the host can make the necessary arrangements, and the guest can plan their accommodation accordingly.

Currency Converter: This feature will help the users who are booking a stay out of their countries.

In-app calls: This feature shall facilitate smooth communication between the host and the guest. The guest can resolve their queries with the host or mention any special requirement, and the host can also confirm the guest’s booking.

Apart from these 4 points, there can be several other advance features one can include in an app like Airbnb, such as:

• Language Assistance
• Location Navigator
• Loyalty Programs
• CMS Integrations
• Advanced Analytics
• In-app Documents Management
• Third-Party Integration Services

Steps to Make an App like Airbnb

1. Identify the Market: The first step before you go for developing the platform is identifying and understanding your target audience. It is also important to document the idea & brainstorm to understand the market. You need to analyze the demographics, your USP, audience interest, and more.

2. List Down Features: The second step is to jot down the core and additional app features. You might need to come up with some unique features that will offer you an advantage over others.

3. Choose A Platform: The next step is to choose the appropriate development platform that best lines up with your objective. You need to decide whether you need a mobile app, web app, or while you need it for iOS or android, or both. Make sure to choose the best tech stack for website and hire the best mobile app developers for your application.

4. Choose a Solution Type: You need to select whether you want to get a custom development platform or a ready-made solution can work for you. Both of them have their pros and cons; while a custom development solution is user oriented and can offer more features, a readymade solution is cost effective and less time consuming.

5. Front End Development: Once you have chosen a solution type, the next step is to get your front end application design done from professional developers. The app’s interface should be user friendly, easy to navigate, and attractive. Airbnb’s front end is built on React and to have a robust UI/UX, you also need to look for some react native app development companies.

6. Backend Development: Once the app’s design is ready, it is time to get the features and application backend done by a good mobile app backend development company. Developers use different frameworks and choose the best tech stack for website that integrates better features & benefits on the platform.

7. Testing: Once the backend & frontend of the platform is done, it is time to test the app. It is essential to find & fix programming bugs and ensure smooth working before launching it.

8. Launching the App: Once the mobile app backend development is done, the platform is now ready to be launched for the public on several application platforms like Playstore & App store. Make a launching strategy and plan it accordingly to ensure the app success.

9. Updates & Monitoring: Your work is not finished after launching the app. The platform needs regular updates, bug fixes, and monitoring to ensure smooth running. Customer feedback helps in getting the usability tested.

What Tech Stack is Required to Develop an App like Airbnb?

This was the Airbnb tech stack, and if anybody wants a website similar to Airbnb, one can choose the best tech stack for website as per his requirement. You can consider some good Ruby on Rails development companies to build an app like Airbnb.

How Much Does It Cost to Develop an App Like Airbnb?

The Airbnb app development cost depends upon several factors, including the features & functionality you need, the technology stack chosen, the price of the Development Company, etc. Below are some of the most important factors to help you understand Airbnb mobile app development cost breakdown:

1. Team Size
2. Backend Complexity
3. UI/UX Design
4. Location of the Development Company
5. Technology Stack Chosen

The Airbnb startup cost difference between in-house vs. outsourced developers is significant, and the rational way is to look for some good Android app development companies. Considering all the factors, the cost to develop another app like Airbnb shall be $20,000 – $30,000 if you go for a single platform with basic features. Furthermore, to build an app like Airbnb for iOS & Android, both with advanced features, can go up to $50,000 – $70,000.

Final Words

Airbnb has proved to be a successful business model and many startups have followed the platform’s path. Developing an App like Airbnb is a challenging and time-consuming task, but at the same time, it can prove to be fruitful. One also needs to make sure to offer features & functionalities above Airbnb to make a position in the market. A better way is to consider some good Ruby on Rails development companies offering affordable solutions. Here is a list of top mobile app development companies in India that have been in the industry for years, have a good team, and offer robust services.

The post How to Develop Apps like Airbnb: A Complete Guide appeared first on Top ITFirms - Result of In-depth Research & Analysis.

“Want to develop a payday loan app like Dave? Here is a complete guide on how to develop an app like Dave.”

An instant cash app like Dave makes it possible for you to take out a small loan from your next paycheck before you receive it. It has proved particularly useful when you have an urgent need for cash, preventing expensive overdraft fees.

A Motley Fool report says that there are over 11 million users of the Dave app. The growing user base of the Dave app perfectly demonstrates the demand for peer-to-peer money lending apps.

The success of an app like Dave is an inspiration for aspiring entrepreneurs and many of them want to replicate it by developing an app similar to Dave.

If you are also inspired by the success of Dave, then this blog is meant for you. Here in this blog, you will have all the information you need to turn your Dave app development vision into reality.

Let’s start with the basics first.

What is a Dave App?

By far the most common use of the Dave app is to provide users advance cash from their paycheck before they receive it in order to cover unexpected expenses such as car repairs, gas bills, medical expenses, etc.

The most common benefit of the Dave app is that it doesn’t ask for interest against the amount borrowed. Rather than interest, the app makes money from its monthly subscription fee.
The repayment policies of the Dave app also keep users first. The users can set the repayment according to the date of the paycheck. If the salary gets delayed, no worries, Dave will make sure that you have enough funds in your bank account before making any deductions to your bank to prevent you from being charged an overdraft fee.

Also, Dave won’t charge any late fee but put all your next request advance cash on hold until you clear the previous debt.

How does the Payday Loan App Like Dave Work?

Dave makes the process of browning the loan from the application a lot simpler. Users need to install the application on their smartphones. Sign in on the application by providing the bank account details. After the successful verification of the details submitted, the user will be able to borrow the amount decided by the application up to $100 per pay period. While withdrawing the loan amount, the users need to pay the subscription fee which is $1 per month.

After the successful disbursement, the user needs to set the repayment date. The users have the option to choose auto-debit or they can set up for manual payback. The users can also decide how much they would like to tip money to Dave app developers.

Why Should You Consider Developing an Instant Cash App Like Dave?

In the wake of the feature of apps like Dave, it might seem profitable to develop an app similar to Dave. In spite of this, it is worth it to gain practical knowledge about your thoughts since it requires a large amount of investment, time, and resources.

Growing Popularity of the Payday Loan App Like Dave Among Millennials and Gen Z

The youth population is more inclined towards the loan day apps. According to an estimation around ⅓ of the young population has student loans. This is the reason why they see the payday loan app as an easy way to get an instant loan to pay their EMI which falls before their paycheck.

According to a report published by Citizen’s Advice 4 out of 10 young people have ever used payday loan applications.

Progressive Market for Payday loan Applications

According to Allied Market Research, the global market for payday loan apps like Dave was valued at $32.48 billion in 2020. During the financial year 2021-2030, the market is expected to grow at a CAGR of 4.2% resulting in a value of $48.68 billion.

Features to Include in Cash Advance App like Dave

1. Registration and Profile Verification

If someone wants to request and receive a payday loan, that is going to be a very effort-taking and time-consuming process. However, your first move should be to jump to sign-up on the application. It connects the user’s account to the app account in order to process the loan. If anyone needs money through the money lending app, then the user has to verify his account on the application during registration.

2. On-Demand Funding

On-Demand means needing the service immediately. When someone needs money to lend but cannot acquire it due to the long procedures by the time; it is a very bad turn-off time for them. Here comes the cash lending apps; where the applications will fund the users immediately in the shortest duration possible. Within just a few simple taps, the users can request money lending and get that instantly.

3. Options for Repayment

People can follow repayment alternatives. It means that whenever the user’s account is credited with any paycheck; the loan amount will be automatically deducted from the deposited amount in the user’s account. It becomes easier for the user also to repay their loan amount, and track their repayments as well.

Also, the users have an option in cash lending apps; is to repay the loan amount sooner than required. If you want to close the lent amount sooner; the users can do that. On the other hand, if the user wants some extra time to pay the amount; then he can raise the invoice to the cash lending app to resolve the problem.

4. Quick Notification

Is your application capable of predicting loan amounts? Is it necessary to warn your users of an impending debt payment? Do you want to warn someone about upcoming expenses? Do you want to learn more about money lending applications?

Have you added a new service to your business? Consumers can acquire all of the necessary information by using the mobile app’s fast alerts. You can also send your consumers real-time notifications if they spend more money than they should.

5. Cards (frozen or unfrozen)

What if one of your customers lost their debit card? Or did you lose it? Or maybe you changed it? In such instances, your company should be able to let customers freeze their old cards and apply for new ones.

This shows that you care about your customers, which increases client happiness. Similarly, if a customer wants to unfreeze one of their frozen cards, the money-lending mobile app should be able to reuse it; otherwise, you risk losing the customer.

6. Loan Calculator

Another distinguishing element of money lending software that you should not neglect is a loan calculator. When the money lending application gives consumers a rough estimate of the amount owed after interest, this function becomes valid.

This encourages people to make more informed decisions. When your company is fully reliant on a long-term loan, this feature appears to be a blessing. It saves you and your team the time and effort required to calculate the loan amount.

7. Grant Tipping (Optional)

There is a voluntary tipping function in your application, in which the application offers a free money loan or very low charges like a $1 monthly membership fee.

8. Credit Score Improvement

Are customers spending more than they can afford to repay? Such situations can be handled using credit score-increasing software. It allows the program to track users’ real-time rent payments and report them to credit bureaus.

Furthermore, they will increase their credit ratings, providing them an advantage in credit-building. Your organization will know how much money it can give in this method.

Keep in mind that the availability of these services differs amongst cash advance apps. Users should undertake considerable research and comparisons before deciding on the app that best meets their specific financial needs and preferences. Furthermore, it is crucial to understand the terms, fees, and privacy policies before utilizing any cash advance app.

How does an App Like Dave make money?

At the end of the day, the ultimate goal of the development of a money app like Dave is to generate revenue. Dave app makes revenue from multiple sources. The following is a quick overview of the business model of apps like Dave:

1. Membership Fee

The major source of revenue for the Dave app is its membership fee. The app charges a $1 membership fee per month from each of its users.

2. Tips from Users

Tips from users are another major source of revenue for the Dave app. Whenever a user borrows money from the app, the app promotes them to pay a tip. The Dave app never forces its users to pay a tip.

3. Interchange Fee

In addition to being an advanced cash app, Dave also offers its users debit cards issued by Mastercard. Whenever the card is used on any platform, Dave receives an interchange fee.

4. Interest on Cash

The amount left unused in the user’s account landed to the institutions on a certain percentage of interest. This is also a good source of revenue for Dave.

Business Model

By all means, the final outcome has to be making money. There is, however, a distinction between earning money by vacating the opposite pocket and earning money by becoming nice with the same pocket. Dave is a very cost-effective program that assists you financially in times of need without penalizing you with interest or costly fees. Without a question, Dave is profitable, which is why it has been in the market for more than a half-decade. However, Dave’s business model is more focused on helping the users and making them feel valued for the money they spend on the service.

1. Membership Fees

Dave makes money by charging $1 on a monthly basis through membership fees. This is a subscription-like fee, which allows Dave to cover its operational and invested fees for the product. This membership charge will be deducted automatically from your bank account. Compared to other fintech start-ups, charging membership and subscription fees is fair among others.

2. Donations

There is another way by which Dave makes money, which is ‘Donations.’ Users can willingly pay the tip to the company whenever they borrow it. Dave plays behavioral psychology, which entices the users to pay a tip. The application plants a partnership with “Trees for the Future.” This way it encourages the users to pay tips.

3. Interchange Fees

There is one Mastercard Debit offered by Dave, which allows to bring good interchange fees to the platform. This fee is basically the percentage of purchase amount, which is paid by the merchant when they receive payment.

4. Internet on Cash

The software lends money from the user’s account to other institutions like banks and professional organizations. Dave charges these institutions 3.35% interest on money lent, which is a valuable source to generate higher revenue for cash advance apps like Dave.

5. Referral Fees

This feature also called “Side Hustle”, which was introduced by Dave became a significant source to generate revenue for the company. It is a type of online marketplace, where the users attract to work in gigs for jobs. The Dave partners offer gig jobs, because of which they have to pay commission or referral fees to Dave whenever the app gets a new worker to work through the application.

Tech Stacks

How Can You Make Your Dream of Developing a Money App Like Dave a Reality?

The following steps will help you to make your dream of developing a money lending app like Dave a reality:

Set the Primary Goals for the Development of Advance Money Lending App

Start with the basics. Having the mobile app idea is one thing but making it a reality requires a lot of things to be taken care of. The very first thing you have to do is set the primary goal for your money lending. Having a clear picture of your idea will help you decide on the feature that you can build with your app. The best practice is to offer something unique with your mobile app idea instead of creating another copy of Dave money lending app.

Register Your Business

It is mandatory in almost all countries for financial mobile applications to register themselves to the government. There are some guidelines suggested by financial bodies, your app must need to comply with them to ensure its legitimacy.

Choose the Reliable App Development Company

Putting great plans into action requires a great team. The same thing goes with the Dave app development. You need to hire a reliable app development company with previous experience in developing finance-related mobile applications. Also, put the client reviews on the top priority while choosing among all the options of app development companies available to you.

Design and Develop the App

This is the step that requires utmost attention. Make sure all your design and development goals are successfully interpreted by the development company. Keep yourself in the loop with the development process to make sure all your development goals are successfully interpreted into reality.

Testing and Launch

This is the last step in your journey of advanced money lending app development like Dave. Upon the development, test your app on multiple parameters to confirm that it strongly adheres to the needs of users and delivers a flawless experience to them. Once the quality of the mobile app is confirmed, the next step is to launch it.

What will be the Cost of Developing an App like Dave?

Estimating the cost for any kind of mobile app development is not feasible. In the case of the Dave-like app development cost, it depends on the complexity, features, tech stack, team structure, and so on. The essential factor that determines the cost is the location of the app development company you opt to work with.

The effective way to get an estimation of the payday loan app like Dave development is consulting with an app development company. Share your development goals with them and they will provide you with the estimated cost of development that you need to bear.

Final Take

The success of the instant cash app like Dave is not a hidden secret after reading this blog. The demand for payday loan applications is constantly raising and creating a new revenue stream for fintech startups.

If you also want to set your footsteps in the fintech sector, then an app like Dave is the best option for you. All you have to do is walk through the ITfirms list of top application development companies and pick the one that aligns with your development goals.

Frequently Asked Questions

What are the alternatives to the Dave app?

• Brigit
• Earnin
• MoneyLion
• Branch
• Even
• Empower

Where Can I Find a Reliable Mobile App Development Company?

The selection of the mobile app development company is going to put a direct impact on the success of your application. You can consider checking out ITfirm’s list of the top app development companies to choose the best one for your project.

The post How to Develop an App Like Dave? Features, Business Model, Cost, and so on appeared first on Top ITFirms - Result of In-depth Research & Analysis.

21st century is appreciative that it brought the Internet of Things (IOT) to a new level. Automation is adored and enjoyed by people. Therefore, by 2026, the global Internet of Things (IoT) market is expected to be valued at approximately USD 650.5 billion. Not every company is aware of current IOT trends and how important it is to implement IoT application development services. Thus, you’ve come to the ideal spot if you’re new to the world of IoT mobile app development and want to create excellent IoT apps.

In this article, we are covering everything you need to know about IoT app development in 2024. The guide includes all the industry basics such what is IOT mobile app development, IOT market stats, how does it work, how to monetize the app, and the steps to build an IOT app. It also includes the process to choose IoT app development companies for your project and the cost to build an IOT app.

What is IoT Application Development?

The creation of software applications that use Internet of Things (IoT) technologies to improve the functionality and user experience of IoT devices is known as IoT application development. These applications can provide functions like remote monitoring, battery status updates, and even predictive maintenance warnings by establishing connections with devices via sensors and internet access. We can increase the sustainability, ease, and efficiency of gadget usage by creating IoT apps, which will ultimately help both consumers and manufacturers.

IoT Industry – Market Size & Stats

• According to a report, the global IOT market size valuation currently stands at $662 billion approximately
• The industry is anticipated to grow to about $3.3 trillion by 2030 at a CAGR of 26.1% YoY
• By 2030, there will be around 25+ billion IoT devices globally
• According to Forbes, over 80% companies have integrated Internet of Things (IoT) in some way to improve their operations
• By 2025, companies are expected to invest up to $15 trillion in the IoT technology

How Does IOT Apps Work?

IoT apps work using four unique components that are integrated into a complete Internet of things system: connectivity, sensors/devices, data processing, and a user interface. Below is a quick explanation of how IOT works –

1) Equipment or Gadget

Sensors and other equipments first gather data for the IOT app. This may be as basic as a temperature reading or as intricate as an entire video stream. For instance, your phone contains a camera, accelerometer, GPS, and other sensors. It collects data in different forms to send it to the IOT app.

2) Interconnectivity

Once the data is collected, it is sent to the cloud. There are several ways to link the sensors/devices to the cloud: cellular, satellite, WiFi, Bluetooth, low-power wide-area networks (LPWAN), or ethernet connection straight to the internet.

There are trade-offs between bandwidth, range, and battery consumption with each choice. The optimal connectivity method depends on the particular IoT application, but they all achieve the same goal of sending data to the cloud.

3) Data Processing

After the data reaches the cloud, software processes it in some way. Checking that the temperature reading is within an acceptable range is one really basic way to do this. Further, it could be as complicated as identifying objects on video with computer vision (like burglars in your home).

4) The User Interface

The information is then rendered in some way helpful to the final user. The user may be notified of this through an email, text, notification, etc. For instance, the company’s cold storage might send out a text alarm when the temperature gets too high.

Furthermore, a user may be able to proactively check in on the system through an interface. For instance, a user may wish to utilize a web browser or a phone app to check the video feeds in their home.

How to Monetize an IoT App? – Popular IOT Monetization Strategies

Perpetual Model

The plan calls for selling a product in the conventional sense, receiving payment once, and not utilizing any other sources of income. If there is constant demand and no competition for the product, the simplest approach to create consistent money is through an IoT monetization plan that lasts forever. Since the prices are fixed, it is simple to determine future earnings using this approach. Businesses that sell hardware, gateways, and IoT software—such as linked exercise equipment or smart home appliances—are better suited for the perpetual model.

There’s a catch, though. Unless you have a steady stream of new clients to offset the rising cost of infrastructure, cloud computing services will eventually take up the majority of your revenue if your devices are always online.

Subscription Model

Offering a paid subscription to your good or service guarantees a steady stream of income and improves customer retention because you establish and maintain a relationship with your customers for the duration of the subscription. Notably, beyond the subscription fees, you can include advanced features like device/software upgrades or a premium account model, which opens up other avenues for IoT monetization. Platforms for predictive maintenance or monitoring systems are only two examples of the IoT goods and services that will profit from the paradigm, which also benefits hardware.

Outcome-Based Models

An outcome-based monetization strategy enables you to charge clients according to the value they receive from using your product or service, which is ideal if you want to monetize Internet of Things items that offer quantifiable value to the user. By creating fewer items, this strategy lowers manufacturing costs while generating ongoing income from its profitable operation. In addition, because the cost structure is based on the quantity of work completed for the benefit of the client, it guarantees transparent cost formulation. Although many consumers cannot afford the pricey equipment, this IoT monetization method is ideal for it because customers are willing to pay for its services. This group includes heavy-duty, expensive industrial equipment such as cement mixers and smart water pumps.

Razor-Blade Models

The approach is predicated on the added value that the IoT solution adds to the primary product by determining when a client needs to replace its disposable parts, rather than the IoT solution itself. IoT is the “handle” in this system that doesn’t change, while the “razor” is the component that makes money. Due to the fact that consumable parts are not allowed to be left unutilized, this technique reduces customer turnover. Additionally, because your solution is more sophisticated and practical, it encourages consumers to choose it. Any physical item with regularly changing components, such as ink for networked printers or cartridges for Internet of Things-enabled dishwashers, is compatible with this model.

Pay-per-Usage Model

The concept lets clients pay for the time or quantity of usage rather than the product itself, much like the outcome-based method. Based on information obtained from Internet of Things sensors, the model provides adaptable choices for pricing goods and services. A flexible offer will appeal to a larger range of customers than one that is inflexible. It can be used for pricey goods and services that allow you to figure out how often and how long you use them, like vehicle or scooter sharing.

Essential Service Model

Through the integration of this revenue model, you may leverage IoT to encourage customers to purchase your service. To use your offering, prospective consumers can access the data you gather and provide. Any organization that concentrates on providing services will benefit from the strategy, which also enables it to obtain additional value from further data licensing and sales. Any kind of service, including predictive maintenance for cars, factories, and smart homes, would work well with this approach.

Hybrid Monetization Model

Selecting a single model and following it through to the finish is not the only way to choose an IoT monetization approach. Because technology is so agile, choices about revenue sources must be made using the same methodology. Therefore, if your product can profit from two or three strategies at once, don’t limit yourself to just one. To maximize the value to your business, combine them, pay attention to what your customers require, evaluate data, and modify your monetization alternatives.

If your Internet of Things firm, for example, produces smart air conditioners, you may mix and match models by offering the equipment, replacing its parts as needed, and doing routine upkeep. Such an approach would yield enough revenue to pay for years to come for infrastructure and IOT app development costs.

How to build an IoT Application? – Step by Step Guide

Step 1 – Define Your Objective

You must first define your purpose as simply as possible, stating the problem your app will attempt to tackle. Next, a feasibility study should be conducted to compare your proposed solution to currently available items in the market. At this point, it’s also important to prioritize meeting legal, regulatory and security criteria in order to develop a thorough project specification.

Step 2 – Hardware & Software Selection

The hardware type is determined by the specifications of your project. A variety of devices, including sensors, GPS tags, active and passive RFID tags, RFID readers, and more, may be used. After making your decision, you must thoroughly examine the entire hardware architecture to determine whether data processing requires microprocessors or microcontrollers.

Your firmware’s technology stack differs depending on the hardware platform. Your mobile app development company must first ascertain the architecture and structure of the firmware and gather requirements.

Step 3 – UI/UX Development

Just like any other software, an IoT app needs to have a design that is both visually appealing and easy to use in order to stand out in the larger IoT market. Product designers with experience can guarantee proper setup of the user interface.

You should be aware of the significance of a strong UI/UX design before beginning the IoT mobile app development, since this is what sets successful apps apart from those that are swiftly eliminated. For instance, dissatisfied users may post negative reviews on Google Play or the App Store, which may negatively impact the quantity of downloads.

Verify that the user flow of any internet-of-things program is logical and free of mistakes, such as buttons that lead nowhere.

Step 4: App Development

User experience is greatly impacted by design, and a poorly thought out or underdeveloped design can spell disaster for your application. As a result, be sure to participate fully in this stage and pay close attention. Your IoT application development team will map out the user’s journey, define the flow, and generate multiple interface design possibilities at this stage. Designers will create a UI kit including UI elements, fonts, colors, and styles for the platform after you select the screens that you want.

Step 5: Create an MVP

The minimal viable product, or MVP, assists entrepreneurs in testing their ideas with actual clients. MVP stands for maximum value prototype, not mock-up. It is a finished, functional solution. In essence, it’s your initial mobile application, stripped down all but the essential elements required for the platform to function as intended.

Step 6: Evaluate performance and security

A variety of tests are included in IOT app development services to verify how well an IoT system manages varying loads and data volumes. We want to ensure that you introduce a seamless, ready-to-use product to the market at this point.

Step 7: Testing & Updates

Once your MVP is out there, you’ll need to get feedback from users to refine or change the solution. The most common method for completing this stage is an in-app survey, which makes sense since asking questions is the easiest way to find the answers.

Step 8: Maintenance & Support

It’s time for the big reveal of the IoT product after you gather user input, examine the data, and refine it. However, the mobile app development company’s job isn’t done yet. They support app updates, post-release assistance, and scaling up.

How Much Does It Cost to Build an IoT App?

The cost of developing an Internet of Things application will vary depending on its complexity, which is determined by how many features are incorporated to the IoT app solutions. On average, IOT application development costs between $30,000 and $40,000.

However, a complex app will have additional features that IoT app development company will add, such as geolocation, payments, device synchronization, data encryption, third-party API integration, new technologies auto-learning feed, content management system, data ingestion sources, reporting granularity requirements, and reinforced security standards. These features, in addition to a few other high-end ones, will cost between $50,000 and $80,000+.

How to Choose an IOT Application Development Company?

You need to consider several factors before selecting an IOT application development company, which includes –

IoT Expertise:

Pick a business with a great background in developing software for the Internet of Things. Seek out businesses that have a track record of creating effective Internet of Things apps and solutions. Check out the case studies and blog posts of the companies you are researching. These records can give a good picture of the company’s areas of specialization.

Business Experience:

Take into account the company’s prior experience in the business. A business with experience in your particular sector will be better able to comprehend your particular needs and problems, which will result in more useful solutions. For instance, check for businesses that have case studies for comparable products if you need an app for your health and fitness equipment.

Technological Proficiency:

Assess the company’s technological proficiency. Seek out businesses that employ a talented group of developers with knowledge of pertinent platforms, technologies, and programming languages.

Past Portfolio:

Examine the company’s prior accomplishments and customer endorsements. This can help you gauge the company’s potential, output standards, and level of client contentment. Speak with a company’s former customers to find out more about its operations. Find information about their past experiences.

Pricing Structures and Support Services:

Evaluate the degree of support each company offers and contrast the pricing structures that they provide. Take into account elements like affordability, adaptability, and the accessibility of post-development assistance. When contemplating offshore mobile app development companies, make cautious to weigh the benefits and drawbacks of partnering with these “affordable” organizations. As with any service, the cheapest is not always the best.

Communication:

For your project to be successful, you must ensure that the firm and you work together effectively. Seek out businesses that value regular, transparent communication and have set up procedures for receiving feedback. It has been observed that the development teams and clients engage in frequent communication to produce the majority of successful software solutions.

Last Thought

So, this was all about IoT application development industry happening in 2024. We have covered the basics such as what is IoT application development, how does it work, examples of IOT apps, and market stats. Further, we have also covered a step by step guide to develop an IOT app, how to monetize it, cost to build an IOT app, and the step to choose top mobile app development company for your IoT project. Just to help you, here is a well researched list of top IoT app development companies globally. The list is prepared after thorough consideration and thus, lists the best in the industry.

Top FAQs

How do IoT applications work?

IoT apps allow smooth communication across different devices by leveraging internet. The apps uses cloud based servers and allows the devices to connect with each other and share data. It builds a network of interconnected devices and enables data monitoring, collection, and control of several sensors & devices.

What programming languages are used to develop IoT apps?

Several languages & frameworks are used to develop an IoT app but the most common ones are Python, JavaScript, C, C++, and Java.

How long does it take to develop an iot app?

The time required for IoT application development varies and can range from several weeks to several months. The app development time depends highly on the complexity, hardware requirements, team composition, design, the app development company hired, and many more.

How much does it cost to develop an IoT application?

The app development cost for most IoT applications range between $15,000 and $30,000, depending on the complexity, functionality, and more. However, the exact price can vary and will depend upon the project requirements, mobile app Development Company, and many other factors.

What are the top examples of IoT applications?

Some of the top examples of IoT apps in the market are –

• Smart Watches Apps
• DoorBell Camera Apps
• Amazon Echo Apps
• Fitness Bands Apps
• Self Driving Cars Apps
• Tracking Apps

The post IoT Application Development in 2024: A Detailed Guide appeared first on Top ITFirms - Result of In-depth Research & Analysis.

This blog focuses on one revolutionary product in the marketplace called “Temu”, which sells home living products, and all other essentials at affordable rates. The major USP of Temu which grabs attention from consumers is its “Low Prices.”

The demand for apps like Temu is continuously surging in the market. Therefore, entrepreneurs are showcasing interest in building such eCommerce apps with some unique custom features for vast engagement.

Before any interested entrepreneur steps into eCommerce app development, go through the blog and learn some important things about Temu. This is an example-setting blog; which reflects the market response, working process, monetization process, and other things of Temu to let the decision makers understand what they are about to do, how they should process the business, and what’s needed to eliminate.

Let’s read altogether and establish a user-centric yet profitable business sooner.

Temu Growth and Market Stats

Here are some interesting facts about Temu, which help the readers better understand:

• After the launch of Temu in September 2022, it has become the top-ranked and #No1 eCommerce application in the US App Store with 4.6 Star in the App Store and 4.7 Star on PlayStore.
• Between 1 January 2024 to 22 January 2024; Temu was downloaded over 31 Million Times
• The monthly GMV of Temu in September 2022 was $3 Million (estimated), which has increased to $192 Million by January 2023.
• Till the first half of 2023, it has reached nearly $3 Billion with a yearly revenue estimation of $6 Billion
• The parent company of Temu named “Pinduoduo” generated nearly equivalent revenue of US$19 Billion in 2022.
• Temu has generated more than US$1.5 Billion In the first 5 months of 2023

This rising demand and profitable stats prove that hiring professional eCommerce app development companies is best for now to build such robust applications. Businesses can opt for more & more profits with efficient and eye-grabbing online shopping apps targeting vast audiences.

What is Temu?

Temu is yet another eCommerce platform, where consumers can get clothes, home appliances, fashion products, home products, and other essentials. It is the platform where you can find almost 250+ categories of products, which means it is an overall platform for all shopping needs.

It is a platform just like other eCommerce ones, but the reason behind its success is its “Commitment to Affordability.” The name “Temu” itself means “Team Up and Price Down.” This online shopping center launched in September 2022 and gained a huge user base, and still the counts are increasing. It offers a convenient and seamless shopping experience to customers in different countries and regions; such as Canada, Europe, New Zealand, Mexico, etc.

Additionally, there is a shipping feature accessible to almost every product you buy from Temu along with a 15-day return policy. These interesting features in Temu are engaging such a vast audience.

List of Apps like Temu Alternatives

Undoubtedly it is important to learn about some gross-profiting apps before stepping in for your own product development. At the same time, it is significant to go through other alternatives for better understanding and gaining more market knowledge. So here are some Temu alternatives mentioned below. Study them well:

AliExpress

AliExpress is a global platform for all small-scale ventures to sell their products to consumers. This platform is based in China and uses a dropshipping business model allowing eCommerce companies to source their products into the marketplace at wholesale rates. AliExpress is a great alternative to apps like eBay and Amazon.
There are certain reasons, which proves why AliExpress is renowned in the market:

• Aliexpress has a cheaper inventory. Moreover, it can sell you some products at $0.01
• They have a very low start-up cost, which does not charge extra dropshipping costs.
• There is an extensive product range available with almost all essential categories.
• It provides free shipping on almost every purchase.

Shein

Shein is a fashion-based eCommerce platform with inexpensive products, promos, and quicker shipping. This platform provides a range of products; such as accessories, clothes, and home decor items. The main USP of Shein is to provide affordable clothing in good quality across the globe. It is a legitimate platform that ensures customer product and payment safety. On the contrary, some reviews on Google reported that, sometimes Shein disappoints its customers with its later product delivery.

• Affordable clothing with good quality products
• It offers games of coupons and loyalty programs for customers
• Speed of new styles and trend launches.

Global Sources

Global Sources is a Hong Kong-based B2B company that specializes in supplying high-quality products via both online and offline channels and storefronts. The company provides an online marketplace platform that allows buyers and sellers to conduct direct trades.

It is a prominent e-commerce site for shoppers all around the world. Registered, China-based retailers provide products in more than 30 categories. Global Sources’ app and website both have numerous filters that allow users to tailor their search to their own needs and tastes.

Global Sources, a popular software comparable to Temu, enables you to search and source from a wide range of Chinese and worldwide B2B wholesale suppliers and manufacturers all in one place.

• Served more than 10 Million registered buyers and sellers.
• For the last 50 years back, Global Sources has become the world’s largest facilitator for B2B trading.
• Consumers can find more than thousands of products at wholesale cost.

Etsy

Etsy is a great online marketplace that is renowned for selling handmade, unique, and vintage products. It is like other great shopping apps like Temu, which claims to deliver great quality products; such as jewelry, home decor, clothing, and craft supplies. This platform gained vast attraction from global consumers due to its product’s uniqueness, because the consumers will find uniqueness here which is not available on other eCommerce platforms.

Here are some quick great features of Etsy; such as:

• Quality in product is what makes Etsy globally presentable.
• Handmade products have unique designs and concepts that are unable to be found on other eCommerce platforms.
• Prices are higher compared to Temu, but again the quality is satisfying and worth investing in.

Wish

There are countless entrepreneurs, who are looking forward to building apps like Wish with some new, unique, and custom features. It is your go-to online shopping hub, where consumers will retain customers with its products at discounted prices. Also, this is a full regular-essential selling platform, where you can find clothing, home decor, accessories, gadgets, beauty products, fashion, styling, etc. This platform has received over 90 million active users by a time, but unfortunately, the competitors are beating it very speedily.

• The returns are acceptable within 30 days from the date of delivery.
• Some products are available at $1 also.
• It takes nearly 15-45 days for the product to be delivered, which can be a drawback also.
• Wish offers stamps to its customers every day, and 7 stamps can offer a 50% discount on your purchase.

eBay

eBay does not require much introduction, because it is also one of the fastest-growing eCommerce apps in the marketplace. eBay reported a net profit margin of 26.99% on September 30, 2023. There are lots of entrepreneur minds, who are connecting with mobile app development companies to build such applications to represent a strong business establishment in the market.

Here are some key facts about eBay; like:

• Product quality and prices may differ; so the user needs to check seller authenticity.
• eBay follows a unique feature of auctioning, where the buyers can bid on their interested products.
• Like other apps available; Amazon, Temu, Etsy, etc – eBay also works against all of them with its competitive prices for products.

Walmart

This big-box retail behemoth sells about anything you could need, from electronics to clothing to home items, and more, all under one roof. Whether you shop on Walmart’s website or in-store, you may save time and effort by buying everything you need at once.

Walmart’s commitment to providing reasonably priced goods is unparalleled. The retailer’s frequent discounts and everyday cheap prices enable customers to get amazing deals.

• Consumers can return their purchased items within 90 days for free.
• The frequent consumers of Walmart get access to “Walmart+”, which enables them to get products at free shipping and also get other perks

Overstock

Overstock is an online retailer that sells surplus and returned products at reduced costs. It sells a variety of items, including furniture, decor, rugs, bedding, and more.

Overstock’s devotion to customer service, paired with its extensive product selection and affordable pricing, makes it a viable option for Temu for home products.

• Great and Streamlined Customer Services accessible for the satisfaction of customers.
• The competitive prices of products make it a great alternative app to Temu.
• Product Returns are possible at discounted prices only.

Zulily

If you want to save money on popular brands like Levi’s, Champion, and Calvin Klein, you should check out Zulily. The retailer’s website features a wide range of products, including clothing, accessories, home decor, gadgets, and more.
Zulily’s shipping is a little unusual. When you place an order, Zulily normally waits a few days to send a single bulk order. Due to this distribution approach, you will not receive your merchandise right away. Zulily orders normally take at least eight days to receive.

• It runs various discounted offers and events, which last for 72 hours only.
• Known for its daily events and deals offerings.
• It offers the products from good brands at a great cost.

Banggood

Banggood is a Chinese online shop that sells a wide variety of products, including electronics, apparel, household goods, and toys. It is well-known for its reasonable rates and vast product range, making it a popular pick among apps similar to Temu.

Banggood provides free international shipping on a variety of items. However, like with any foreign merchant, shipping timeframes may be greater than those for domestic platforms.

• Wide range of products available due to being made in China online retailer
• Renowned for extensive ranges at very affordable prices
• It is an international retailer, so the shipping might take a longer time for delivery.

How Shopping Apps Like Temu Make Money?

It seems tough to monetize apps like Temu, but the fact is the opposite. Temu works with a very streamlined and smooth business model, which enables monetization smoothly:

Advertising

Well, most of the eCommerce platforms monetize themselves with advertising. Temu follows the same process, where third-party brands and businesses can tie up with Temu and advertise their products & services through the platform. In exchange for advertising, Temu will ask for a certain amount as its advertising fees. It is a very basic and common way of monetization, which is profitable yet very simple though.

Lower Product Prices is its Money making Source

The major reason why people use Temu is its lower product prices. Temu has good quality products that sell at a very affordable cost; which is the reason for its vast user-attraction. If Temu Shopping App increases its prices; then people will stop using applications leading to a reduction in sales and profits altogether.

Vast Range of Products

Temu has a vast range of products. Almost 250+ category products are available on Temu, which makes users choose this platform. The variety it serves is the reason why it has such a huge targeted audience with vast engagement. So this is the reason behind Temu being on the priority list of consumers to improve its monetization process alone.

Subscription Plans

No wonder that subscription plans are the mainstream of revenue generation for any application. The same goes with Temu, which renders exclusive offers, special discounts, and more loyalty programs to consumers in its subscription plan. Temu has everything that a consumer needs at an affordable budget, therefore people prefer taking its subscription plan too.

Commission Monetization

Commission is a great money-making source for eCommerce platforms. Temu is also working on commissions, even after selling all the products at much more affordable rates. This platform is making use of the “Commission Business Model” very dynamically, where it does not make huge money through commission, but a little sum from traders and customers together could be beneficial.

How to Build an App Like Temu?

There are many eCommerce development companies, which have been asked by many entrepreneurs to build mobile applications just like Temu. The development process includes some crucial steps. Following every step wisely will help in creating an outstanding mobile app bringing the desired outcome.

Conceptualization of Project

When you are about to build apps like AliExpress or Temu, it is very important at first to conceptualize the project. The development companies learn about what the clients are asking, what their ideologies are, how the project will be executed, what features must be integrated, etc. Most importantly, the developers will co̧nduct deep market research to understand what competitors are doing, and what extras we should add on. An in-depth and vast research is what we require for building a robust application, so that’s the first step we execute.

Design User-Interface UX/UI

It is the moment to design UX/UI. The developers will add design elements, some animations, navigation, designing components, etc. This stage is going to enhance user experience and engagement for the users. However, when you hire app developers; it is better to take suggestions and discuss the designs, animation, and other elements to make the application better.

Mobile App Development

During the process of building apps like Wish and Temu, here comes development after designing. The developers will write codes, add features, and set up front-end and back-end development in the development phase. The product will be built in the development.

Testing and Quality Assurance

Once the product is developed, now the mobile app will undergo testing and quality assurance. In the testing and quality assurance, the testers will check for bugs, eliminate the technical glitches, add on required features, and cross-check the entire application ensuring that the product is absolutely fine to the work process.

Deployment After Product is Quality Ensured

Once the product is developed and eliminated with all the bugs and completely ready; now it is the moment to deploy the product. Launch your personalized apps like Temu on the dedicated platform; call it be iOS App Store, Android Google Play Store, or cross platforms.

Post Deployment Services

When the mobile application is deployed, then the developers will provide post-development services. In the post-deployment services; the developers will check how the app is responding in the marketplace, what features are not required, what are the other features to integrate, and more identifications of the app from the market after deployment.

How ITFirms Can Help in Building Apps Like Temu?

ITFirms is your one-stop platform, from where entrepreneurs can look forward to different mobile app development companies. This platform has authentic and top-tier development companies registered, so the users will get in touch with the best developers or companies to build apps like Temu.

We research in-depth, analyze well, and figure out the best eCommerce development companies to build robust applications with uniqueness and engagement based on current market standards. Connect with us to find the best solutions by hiring the excellent app developers:

• Affordability and Competitive Development Cost Assured
• Quality and Agile eCommerce App Development
• Customized Solutions tailored to client’s business needs
• Transparency with Clients with NDA and other documentation

Conclusion

There are many entrepreneurs, who are looking to build apps like Temu. When it comes to developing an application, we suggest the readers gain information and knowledge about other similar eCommerce apps like Shein, Wish, eBay, Etsy, and more. We hope that the information briefed above is fair enough to make our readers understand concepts easily and get their best application developed for a great business venture.

FAQs

What makes “Temu” a unique eCommerce app?

Temu is a unique and very engaging eCommerce shopping app; that is popular because of its discounted value on products. This application is renowned for its good quality products, which are available at even below wholesale prices.

How much does it cost to build an app like Temu or other eCommerce apps?

To build an app like Temu, it will cost you $10000-$30000 initially. If the clients demand extra features, some customization, and other factors; the eCommerce app development cost may rise to $50000 or more.

The post How to Build eCommerce Apps like Temu? appeared first on Top ITFirms - Result of In-depth Research & Analysis.

“No wonder; logistics applications are transforming the transportation and supply chain industry. It is good to develop such applications for the betterment of logistics businesses.”

It has been estimated that the supply chain and transportation industry loses billions due to the lack of downtime, freight loss, and operational malfunction. Whether it is SMBs or large-scale enterprises; these businesses struggle with lots of freight and carriage transportation problems. To overcome all the struggles, logistic applications are built to streamline freight and carriage deliveries.
The supply chain and transportation operations come a long way seamlessly with the help of logistic app development. These applications eliminate the intermediaries and build transparency between the enterprise and final miles. Logistics apps have revolutionized the transportation industry incredibly, which is why everyone is opting for logistics app development. In this blog, we will discuss its cost of development, features, benefits, and other important aspects.
So let’s start our essential discussion now.

What is Logistic App Development?

Logistics app development means building mobile applications, that help streamline the logistics operations, maintain the supply chain, and smoothly balance the shipment process. These logistics applications are designed to simplify the logistical tasks; such as order packaging, inventory management, delivery scheduling, fleet management, order tracking features, etc.
The logistic enterprise employee can automate multiple tasks, track real-time data, and efficiently streamline the supply chain tasks. These applications are built to optimize business operations to satisfy customer’s requirements.

Types of Logistic Applications for Logistic Mobile App Development

There are 4 types of transport and logistics apps one can use on the basis of their business operations. Those applications are:

Fleet Management

These logistic applications provide businesses with the ability to capture real-time data and information about cars, deliveries, and fleets. This is how organizations may use automobiles to manage, organize, and coordinate their services and workflow activities. Furthermore, the development of fleet management logistic software helps to decrease costs and increase performance.

Logistics On-Demand

The logistics on-demand application is all about good delivery to its end destination according to the user’s requirement. The on-demand delivery apps will help in fulfilling the customer’s needs and also help the businesses build positive connections with the customers. The client can integrate AI in logistic applications for more advancements.

Warehouse Mobile Apps

Warehouse mobile apps are all related to the activities performed inside the warehouse; such as tracking the inventory management process to prevent the lack of stock. These applications are responsible for managing all the activities of a warehouse in simplified ways.

Tracking and Forwarding Application

The order tracking and forwarding application allows us to track the deliveries and share real-time updates with the business and users. Even though the application is fair enough to share all the details and driver’s location though. The on-demand logistics app development solutions offer features; such as:

• Freight Forwarding
• Order Monitoring
• Routing
• Warehouse and Inventory
• Good and Service Delivery
• Fleet Management
• Tracking of Vehicles
• Implementation of RFID for wireless connectivity to send and receive signals.

Features of Logistics Applications

What is the Need for Logistics Mobile App Development?

With the help of logistics applications; the industry can innovate their operations and streamline their workflow. The Logistics app development helps businesses reap many benefits; such as:

Betterment for Fleet Management

The logistic app development solutions enable streamlining the warehouse and fleet management. It helps to improve business productivity with no data manipulation or data loss.

Confirmation with Timing

The applications provide real-time data updates about the logistic deliveries to businesses and users for providing information. It helps to eliminate delivery delays and leads to completing the tasks promptly.

Real-Time Tracking

In the logistics mobile app, you will get the feature of real-time tracking. Businesses and users can check up on the deliveries of fleets and carriages and also do route optimization for the betterment of the services; therefore one should opt for an Android app development company. Moreover, it enables the business to improve its performance and sort out emergency situations.

Easy Bookings

With the help of logistics applications, users can place bookings for services quickly and easily. Also, the staff members will get ease and free time to focus on other work. The improvised and quick booking process will help increase productivity and satisfy the user experience.

Innovative Technologies Transforming the Logistics Sector

Technology continues to transform the logistics industry and bring revolutionization. Here are some innovative technologies for transformation one can opt-in logistics industry-

Cloud Computing Logistics

In cloud computing applications, the staff is enabled to provide good flexibility and efficiency to the logistics industry. The cloud applications will ease the task, reduce the transactional cost, improve the customer’s satisfaction via fulfilling their preferences, and increase transparency with customers as well. The iOS app development company builds super-functioning logistics applications for better approaches to your business.

Internet of Things

The integration of the Internet of Things allows the physical assets of the logistics to connect with devices and systems. Nowadays, the logistics industry is using the Internet of Things in their systems; such as using temperature and humidity sensors to monitor the supply chain control.

Blockchain

The integration of decentralized technology in the logistics industry can change the industry. The technology helps eliminate the complexity of transactions, and keep it safe and secure. Blockchain removes the delays in transactions, reduces the cost, and keeps the paperwork out of the bills.

Artificial Intelligence

No wonder about the revolutionization AI has brought into multiple industries. Similarly, Artificial Intelligence is constantly changing the logistics industry though. It helps in eliminating the hard human effort work, and that’s how the focus will drift to other important work that requires some actions.

Augmented Reality

Thanks to augmented reality; driving has become much easier and safer through seamless navigation and assisted devices. AR will help improve productivity and streamline the operations. Mostly the last-mile deliveries will benefit from augmented reality.

Virtual Reality

Virtual Reality (VR) has recreated the logistics industry, where the staff is capable of showcasing every aspect, productivity, and activity in virtual representation. The virtual depiction of data will transfer appropriate data to the staff for making the right & required decisions. Even so, the managers will be able to operate and maintain their physical assets with VR tests to maintain the services.

Robotics and Automation

Robots have started working with humans nowadays. Also, the technology has automated all the operations and workflow. Collaboratively, both of these things clearly changed the logistics operations and made them much more streamlined.

Self-Driving Vehicles

Logistics companies have remarkable self-driving vehicles; which definitely has changed the logistics delivery structure and formation. Therefore, many logistics companies are opting for leverage from self-driving vehicles; such as driverless plant trucks, from autonomous forklifts to small.

Innovative Technologies Transforming the Logistics Sector

The start cost of logistics app development starts from $30000; which can extend up to $100000 or more. This cost will fluctuate as per the demand of clients. In case the clients demand extra features, the integration of APIs, or the utilization of the latest technologies; the cost will automatically increase.
Logistics app development cost depends upon various factors. The numerics provided above are the basic estimations. There are other factors that affect logistics app development prices; which are showcased below-

Factors Affecting the Logistics App Development Cost

Backend and Frontend Development

The choices clients make for the backend and frontend development play a crucial role in determining the cost of app development. Discussing very precisely, the cost also depends upon logistics app designs, tools in use, frameworks, and technologies. The clients can choose either Monolithic or Microservices. Microservices are more expensive compared to monolithic.

Tech-Stack Selection

Definitely, the selection of tech stacks impacts the cost of logistics app development. The programmers use multiple languages such as; Swift, Objective-C R, or Golang. All the programming languages and implementation of other technologies; will affect the cost of development.

Type of Application

Well, it is an on-demand application; therefore the logistics app building cost tends to be higher according to its type. It is because; this entire application has included all 3 panels. So it is a reason why this on-demand logistics app is higher in cost.

Deployment Platform

We all know that there are two platforms of app deployment – one is Android and the Second is iOS. The cost depends upon the deployment factor. If the application is deployed on iOS; then the cost might be much higher compared to Android ones.

Development Team Size

The cost also depends upon the team size of the mobile app development company. There will be a difference between the cost of 5 team members and 15 team members. Therefore; if the team size is bigger; then the cost will also increase.

Conclusion

Logistics applications have transformed the supply chain and transportation companies dynamically. The operations and workflow will improve through this incredible app development, and that’s how businesses can focus on expanding and improving their business. There are a number of supply chain and freight companies hoping to include such logistics applications into their operational systems to streamline the workflow. That is where one can think of logistics app development. These apps will not only help to improve the logistic transportation operations, but also help expand their businesses.
Before you hand over the app development task to somebody; ensure you will hire the best logistics app development services. So for all the clients; it is better to analyze and evaluate current plans for logistics app development solutions. Once you have decided on the ideologies and plans; then forward the conversation to IT Professionals for further implementations.

FAQs

What are Logistics Applications?

Logistic applications are software solutions; in which businesses can streamline their operations, and seamlessly maintain their workflow. Also, these applications will also coordinate with the freight and shipments.

How much time will it take to build a logistics application?

If you are building a simple and basic logistic application; that will take nearly 2-3 months. In case the client demands more complexity, extra features; or demands for intermediary or advanced application; that might stretch the time to 6 months or more. So the time duration to build a logistics application depends upon the requirements of clients.

How to Monetize the Logistics App?

Definitely, the clients want to know how they will be able to monetize the logistics application. We have a few ways of monetization for the logistics application:

• Provide subscription plans to the businesses; which include extra features.
• Commission on the transactions made by the application.
• Advertisement opportunities to other relatable transportation businesses; which ask for charges to advertise.

The post Logistics App Development Cost – Comprehensive Guide! appeared first on Top ITFirms - Result of In-depth Research & Analysis.

“Native vs Hybrid vs Web Apps – Do you know which is right solution to your business? Read the detailed guide and comparisons to know suitable one.”

Mobile apps have conquered the digitized world. Every individual has gadgets and uses mobile applications to exchange information and services. The mobile apps market size was valued at 206.85 Billion in 2022 and is expected to reach a CAGR of 13.8% between 2023-2030. The statistics from Grand View Research proved how rapidly the mobile app demand is increasing.

Therefore, stepping into mobile app development for own business growth and expansion is quite possible. Well before you think of development, know that there are three mobile app types: Native vs. Hybrid vs. Web Apps. Every type of mobile app suits different business needs and requirements. That is why, it is significant to know about all 3 types of mobile apps.

In this blog, we will provide you with a detailed guide on “Native vs. Hybrid vs. Web Apps.” Continue reading to know which mobile apps meet your business needs. So let’s get started.

What are Native Apps?

Native mobile applications are the most common and preferable apps built for specific platforms in a particular coding language accepted by the platform.
Consider here the examples to explain: Swift and Objective-C accept Native iOS Apps; whereas Java and Kotlin accept Native Android Apps.

Native App Development is processed using one Integrated Development Environment (IDE) for certain operating systems. Even more, do you know Apple and Google provide their particular app development tools, SDKs, and interface elements? Most of the clientele base demands native apps; because they render multiple benefits to businesses.

What are Hybrid Apps?

Hybrid apps are a combination of native and web apps; which work on versatility and cross-platform solutions. These applications are presented in the native app storebox. These apps can be downloaded on gadgets, and also be used through web browsers. It is built with backend codes and a native shell, making it much easier to download on app stores.
Progressive Web Apps (PWA) are also similar to hybrid apps with some unique features.

PWAs do not exist on the app store. The applications are very easy to make, and customizable though. Moreover, these apps offer better speed in the slow internet areas.
Hybrid apps are in demand among businesses because they provide many leverages. Therefore it is advisable to connect with hybrid app development companies to build robust apps.

What are Web Apps?

Web Apps seem like websites but feel like apps. The users can use web apps on internet browsers. Basically, PlayStore and Apple Stores cannot feature web apps. No denying that users can access web apps through mobile gadgets, but they need web browsers for their accessibility. There are no certain applications built, but these web applications seem like apps available on browsers. Currently, every app has web app functionality also in them in the marketplace. Also, web application development companies are integrating advancements and the latest trends to make the apps more successful.

Web apps are easier and quicker to develop. Businesses choose to build web apps for certain reasons.

Hybrid App vs. Native App vs. Web App – Understanding the Key Differences

HTime to Build Mobile App – Native App vs. Hybrid App and Web App

The above-stated durations are the average timelines. If you will add more features and functionalities, then the duration might extend according to the requirements.

Cost to Build Mobile Apps – Web App vs. Native App vs. Hybrid App

The above-mentioned cost of mobile app development is average. If you want to integrate more features and other techs; then definitely cost will rise according to the demand.

Hybrid App vs. Native Apps vs. Web Apps Development: Ideal Choice for your Business?

To know which is an ideal mobile app type for your business needs; there are certain things to consider during the selection process. Now read below the factors to decide which is the best app type.

User-Experience

If the user is enjoying using your application, and also it is easier to navigate; then only chances are in favor of sustaining the users. On the other hand, a bad user interface will make people stop using your application. Therefore, it is very important to invest in UX to retain users. If you want to provide a great user experience to the users; then it is advisable to build 2 separate applications (one for Android and one for iOS). Both are different operating systems, so better to hand over the Android and iOS users their required dedicated apps.

Marketing and Cost of Application

Before you decide to develop one specific mobile app, better understand its marketing and cost factors. The first thing you need to consider is the cost of building a mobile application. Every investor definitely has a certain budget in hand, so know which is the right application to build for promoting business services under the budgeted cost. Compared to web apps and hybrid apps, native applications are expensive, but there are multiple benefits to choosing native.

Device Features

Make sure you have previously decided on the device features that suit better to the complexity of your application. The best thing you could do is to build native apps; that are highly suitable for every business type and to meet their business needs. Before making the decision, you need to figure out whether your application needs device features for its seamless usage.

Performance of the Application

Undeniably, there are many alternatives available in the marketplace for different kinds of applications. If the users are unable to connect and enjoy using your applications; then be ready to be replaced by other existing apps in the marketplace.

Considering the overall experience:

• Native apps are always counted as the best ones based on their excellent performance.
• Hybrid apps are good for dedicated browsers and app stores though. It can also mimic the native app experience for users, still, there will be a bit lack of performance.
• In case you need some informative pages for your services; then hybrid apps are a good fit for you. If you need to build impressive graphics and gaming; then choose to work with the native app.

Gestures of the Application

The applications need to feel right while used. When the user is navigating the app, by the time it has to react immediately. The more responsive your app is, the more users will visit and retain the application. Considering here the fact of seamless navigation; a native app is better in certain cases compared to hybrid and web apps.

You needed to know that, “Which is the best Mobile App Type to Build – Native, Hybrid, or Web Apps?” No denying that, native apps have higher chances of being on the favorable side. On the same side, one can also pick hybrid or web apps if his requirements are fulfilled. Basically, the decision to select the app type for your business depends upon its requirements. So first the entrepreneur has to decide what he wants, what else he needs, and what are the final goals and objectives, then the application is decided based on the demands.

Conclusion

Almost every entrepreneur is concerned about which mobile application is right to develop: Hybrid Apps vs. Native Apps vs. Web Apps. We understand that the final goal of an entrepreneur is to attract business from the marketplace. Deciding the right app is a major decision, so consult the ideas and planning with mobile app development companies. The clients should also evaluate in-house vs. outsourced developers to know whom to hire and hand over the project.

Consider your requirements and talk to the experts to know what suits best to you best. You can share your own visuals and ideas; then experts will rectify if require any alterations in the planning process. Gathering all the information in line and understanding business needs; you will be able to figure out things to be done and applications to develop.

Frequently Asked Questions

What is the Difference Between Native, Hybrid, and Web Apps?

Native Applications are built for one dedicated platform only, which is responsible for quick and reliable high performance. These apps can be downloaded from one dedicated app store (either PlayStore or App Store) with one operating system. Also, the applications are not accessible through the web browsers.

Hybrid Apps are the aggregated apps of native and web ones. These applications are accessible through Android PlayStore (PlayStore) and Apple App Store (iOS) both at the same time. It provides flexibility and reusing the same codebases for various platforms and operating systems.

Web Apps are responsive websites that seem like mobile applications accessible through web browsers only. You can either the web apps on a desktop or also from mobile phones, but only on web browsers.

Is a Hybrid App Better or a Native App?

If we compare the hybrid with native apps; then undeniably native apps are proven to be more functional and highly performing. The hybrid apps most often experience latency issues and lack user experience.

When to Use Web Apps vs. Hybrid Apps vs. Native Apps?

Most often entrepreneur chooses native or hybrid applications. Web apps are not so preferable. Still, the selection of mobile app type depends upon the requirement of one’s business needs.

The post Native vs. Hybrid vs. Web Apps: The Detailed Guide! appeared first on Top ITFirms - Result of In-depth Research & Analysis.

Hey ChatGPT, who are you? I am a conversational artificial intelligence platform. I allow you to get all the answers in a simple chat! It is fun to have you with me, let’s start 😉

ChatGPT by OpenAI says, “I was trained on a vast amount of text from the internet using a deep learning algorithm, which allows me to understand natural language and generate human-like responses to a wide range of questions and prompts. I am here to assist you with any questions or concerns you may have, so please feel free to ask me anything!”

ChatGPT is based on neural network based transformer architecture, which is used for language modeling and text generation. Specifically, ChatGPT is built using a variant of the transformer architecture called the Generative Pre-trained Transformer (GPT), which was introduced by OpenAI in 2018.

What intertwines ChatGPT?

The GPT architecture is a deep learning model that uses self-attention mechanisms to process sequential input data such as text. It is a type of unsupervised learning model, meaning that it is trained on large amounts of data without being explicitly told what the correct output should be. In the case of ChatGPT, the model was pre-trained on a massive amount of text data, allowing it to learn patterns and relationships in language that it can use to generate coherent responses to user input.

The GPT architecture has since been updated and improved upon in subsequent versions, with the most recent being GPT-3, which has significantly larger and more complex neural network structures. It is able to achieve state-of-the-art performance over a varied range of natural language processing tasks.

Venture capital firms have invested more than 1.7 billion dollars in such AI bots since 2020, in just two years. According to an estimate, in next 2 years there will be a 30% increase in AI generated outbound messages from the companies. By 2023, 90% of a major blockbuster films will be generated by Artificial Intelligent Bots.

Where did it come from?

OpenAI’s mission is to create safe and beneficial artificial intelligence that can help solve some of the world’s most pressing problems. It was created by a team of researchers and engineers at OpenAI using a large amount of text data from the internet and a deep learning algorithm called GPT (Generative Pre-trained Transformer). It was launched on November 30, 2022, by San Francisco – based OpenAI, which is the creator of DALL, E 2, and Whisper AI. This service was initially launched as free to the public, with plans to monetize the service later. It already had over 1 million registered users by December 4, 2022.

How does ChatGPT work?

It is available on the Web. No download is required. Type your query in the text box and prompt the program. Write anything – a word, a sentence, a question, a phrase, and you will get the answer in seconds. Chat GPT can answer any type of questions, admit mistakes, reject inappropriate queries, and challenge incorrect premises.

Does ChatGPT have versions?

Yes, ChatGPT has different versions that vary in size and complexity. The original ChatGPT was based on the GPT architecture, specifically, GPT-1, which was released by OpenAI in 2018. This model had 117 million parameters and was trained on a large corpus of text data to generate coherent and diverse responses to user input.

Since then, OpenAI has released several updated versions of the GPT architecture, with each subsequent version increasing in size and complexity. These versions include GPT-2, GPT-3, and more recently, GPT-Neo, which was developed by EleutherAI and is based on an open-source implementation of the GPT architecture.

The larger and more complex models in the GPT family, such as GPT-3 and GPT-Neo, have been shown to achieve state-of-the-art performance on a wide range of natural language processing tasks, including language modeling, text generation, and question answering, among others. These models have been made available to developers and researchers through various APIs and tools, enabling them to incorporate the power of the GPT architecture into their own applications and projects.

Is ChatGPT like other AI models?

Yes, it is similar to other AI models. It was created using deep learning algorithms and trained on large amounts of data to understand natural language and generate responses to a wide range of questions and prompts. However, each AI model can have its own strengths, weaknesses, and unique characteristics depending on how it was trained and what kind of data it was exposed to.
As a language model, ChatGPT’s primary focus is on understanding and generating human-like text. Still, there are many other types of AI models that are designed for different purposes, such as computer vision, speech recognition, and game-playing, among others. Each AI model has its own specific area of expertise, and it can be combined and used together in various ways to create more complex AI systems.

How long will you last?

I do not have a physical lifespan as an artificial intelligence language model. However, my creators at OpenAI will continue to improve and update me over time to make sure that I stay current with the latest developments in natural language processing and AI research.

That being said, it’s essential to keep in mind that technology can quickly become outdated, and there will likely come a time when newer and more advanced AI models will be developed that can outperform me. But for now, I am constantly improving and updating to provide the best possible responses to your questions and prompts.

What are some of the most popular use cases of ChatGPT?

As an AI language model, there are many popular use cases of ChatGPT. Here are a few examples:

• 1. Question answering: One of the most common use cases of ChatGPT is answering questions on a wide range of topics, including general knowledge, history, science, and more.
• 2. Writing assistance: ChatGPT can be used to assist with writing tasks, such as generating ideas for essays, reports, or articles, or providing feedback on sentence structure and grammar.
• 3. Language translation: ChatGPT can be used to translate text between different languages, making it easier for people who speak different languages to communicate and access information.
• 4. Customer service: ChatGPT can be used to provide customer support for businesses by answering frequently asked questions or providing assistance with common issues.
• 5. Creative writing: ChatGPT can be used to generate creative content, such as poetry or stories, based on specific prompts or themes.
• 6. Summarizing and condensing information: ChatGPT can be used to summarize long documents or articles, extracting the most important points and presenting them in a concise and easy-to-understand format.

ChatGPT can be used in a wide range of applications, from helping with homework or research to assisting with customer service or providing creative inspiration. Its versatility and flexibility make it a powerful tool for a variety of different tasks and use cases.

What are the challenges with ChatGPT?

Students are using it to finish their homework. Cheating has never been so easy. They can plagiarize content without being scared of being caught by the teacher in charge. Schools and colleges in France, US, and in India have banned the use of this software.

But it is not just the education that is being disrupted. It is the same story across sectors. Legal fraternity for one is worried. What if ChatGPT offers law services? It takes away your job! And what we are seeing right now is not even a final product

It has got people worried – like software engineers and those directly or indirectly related to IT. ChatGPT is learning how to code, and that can have far-reaching consequences for a lot of people. Open AI is on a hiring spree. They have been making this bot learn how to code. The whole endeavor might fail, but if it succeeds it will change our world. The software already excels in writing. It can produce content in seconds. The content is comprehensive, grammatically sound, and without silly mistakes. All you need is to write your query and prompt it to take action. It can be a keyword or a simple sentence.

What is the scope of ChatGPT in the coming times?

As an AI language model, ChatGPT’s scope in the coming times is likely to expand as the technology continues to advance and new use cases are discovered. Here are some possible ways in which its capabilities might evolve:

• 1. Improved accuracy and language understanding: As more data becomes available and new machine-learning techniques are developed, ChatGPT is likely to become more accurate and better able to understand and respond to natural language.
• 2. Greater specificity and personalization: With further training and fine-tuning, ChatGPT may be able to provide more specific and personalized responses to individual users based on their previous interactions and personal preferences. However, it may flout occasionally with either the response not being accurate or the information is not updated to date. Human discernment is still required as a final verdict.
• 3. Integration with other technologies: ChatGPT could be integrated with other AI and machine learning technologies, such as computer vision, speech recognition, or natural language generation, to provide more comprehensive solutions for a wide range of tasks and applications.
• 4. New use cases and applications: As its capabilities expand, it may be used in new and innovative ways, such as assisting with medical diagnosis, analyzing social media data, or even providing personalized recommendations for online shopping.

The scope of an AI language model like mine is constantly evolving and expanding as the technology advances and new use cases are discovered. While it’s impossible to predict exactly how my capabilities will evolve, I am confident that I will continue to provide valuable assistance and support to users in a wide range of applications and settings.

How is ChatGPT vs. (Bing and Google Search)?

ChatGPT and search engines like Google and Bing serve different purposes and have different strengths, so it’s not necessarily a matter of one being “better” than the other. Here are some of the key differences between ChatGPT and search engines:

• 1. Natural language processing: ChatGPT is specifically designed to understand and generate natural language responses to user input, while search engines like Google and Bing are focused on finding relevant web pages or information based on keywords. ChatGPT can provide more nuanced and conversational responses to user input, while search engines can be better at quickly finding specific information.
• 2. Personalization: ChatGPT can be trained on specific datasets or fine-tuned for specific tasks or domains, making it possible to personalize responses to individual users or contexts. Search engines like Google or Bing typically provide the same results for everyone, although they may use personalized data such as search history to influence the results.
• 3. Interactivity: ChatGPT is designed for interactive communication with users, allowing users to ask follow-up questions or clarify their input. Search engines typically provide static results and do not offer the same level of interactivity.
• 4. Scope of information: Search engines like Google and Bing can search through a vast amount of information on the web, while ChatGPT’s responses are based on its training data and any fine-tuning it has received. This means that ChatGPT may be more limited in the scope of information it can provide.

ChatGPT is designed to provide more conversational and interactive responses to user input, while search engines are focused on quickly finding relevant information based on keywords. Depending on the user’s needs and the type of information they are looking for, one may be more useful than the other.

What are the core learnings from this write-up?

ChatGPT is a large – huge – vast language model that is capable of generating text in a wide range of styles, languages, and for different purposes. It works with precision, detail, and coherence. It works on a supervised fine-tuning (SFT) model. What makes it stand out is the enablement of Reinforcement Learning from Human Feedback (RLHF) which uses human feedback in the training loop to minimize harmful untruthful and/or biased results.

At the verge of this development in artificial intelligence (AI) in real-life applications, we see faster adoption curves with this disruptive technology. Ignoring the boom, we know that Chat GPT created a wave in right since its inception two months back (updated February 2023. We are at a steep cliff where people like talking to chatbots and asking all sorts of questions. It is Microsoft Bing vs. Google Search vs. ChatGPT for now. Instead of a traditional search engine, these AI-enabled chatbots act as a co-pilot for your web alongside search. But these may be wrong sometimes. It’s just an algorithmic search and might stumble with not-so-frequent queries.

Because fundamentally the AI does not know if it is telling truth or not. It does not understand the mode. It takes input and then creates output based on related words that most likely goes together. It generates a new sentence every time and does not know how to frame a sentence necessarily. It is not sentient. The more we use it the more we come across some patterns, habits, and shortcomings of ChatGPT.

Here’s A Piece of My Mind: What to expect and what not to expect from ChatGPT?

As an AI language model, you can expect ChatGPT to be able to understand and generate responses to a wide range of questions and prompts in natural language. It can provide information on a variety of topics, ranging from general knowledge to more specific subjects like science, technology, history, and more.

ChatGPT can also help with tasks like writing, summarizing, translating, and even generating creative content like stories or poems. However, it’s important to keep in mind that while it can be a helpful resource, it is not perfect and there may be times when its responses are incomplete or inaccurate.

The answers that it gives are really convincing to anyone who isn’t already aware of that subject. When you ask something from a search engine like Bing, or a chatbot like ChatGPT, add a layer on top of it – think if you are completely out of credits? Are you completely unaware of this topic? Can you blindly trust what it says, without any further research? You cannot simply ask ChatGPT to generate an essay and call it your own. You need to add your intuition, your gut instinct, your inner knowing, and your inspirations, and back it up with further research across other search engines, to arrive at a conclusion.

You can expect it to be a useful tool for answering questions, generating ideas, and providing information, but it’s important to remember that it is just one source of information and should be used in conjunction with other sources to ensure accuracy and completeness.

The post Here’s a Quickie on ChatGPT: A Digest You Can Follow appeared first on Top ITFirms - Result of In-depth Research & Analysis.

“Want to learn about software development costs? Here we will walk you through the different key cost factors that play a vital role in determining the cost.”

As an entrepreneur who wants to develop software, estimating software development costs is challenging.

For a business, a detailed understanding of software development costs is a must before starting, so that you don’t run into financial crises and can manage your finances effectively.

This blog is the right place if a similar challenge drives you, too.

There are several factors involved in determining the cost, rather than simply guessing the development cost.

Here we will walk through the different cost factors involved in determining the development cost.

So, let’s get started.

How to Estimate Software Development Costs?

The cost of developing the software varies from one project to another since two projects cannot share similar requirements. Let’s see what factors software development companies measure to determine the cost:

Type of Software Project

This is one of the foremost things that play an important role in determining the cost.

For example, if you’re going to build software from scratch that matches your business requirements and includes all the features that you want to build. Custom software development from scratch is required to spend a huge amount of money as everything starting from UI/UX design needs to be built from scratch.

If you want to make some modifications to your existing software to ensure its compatibility with the market trends. In this case, the cost of the development will be lower and the project development duration will also be lessened.

Another thing is that if you want to integrate third-party API or any other custom functionality into your software then the cost of the development will be much lower.

As discussed above, each software development project differs in terms of the work and team composition required.

Size of the Project

Another vital factor that affects the costs of software development is the size of the project. As a general rule, the complex project will require more budget to implement it.

As a general rule, the cost of software development can be categorized into the following 4 categories:

Small Size Projects

Kinds of software that require only minor changes or can be done within a matter of a week or two usually fall under this category.

The most common example of small-size projects is fixing the bugs in the existing project by applying some modifications in the UI/UX design of the software.

Mid-Size Projects

Here the level of the project complexity is intense. This type of project is driven by well-defined deliverables.

Mid-size projects may require time between 1 to 3 months to accomplish the task.

The best example of a mid-size project is designing the UI/UX from scratch or developing simple software with no advanced level of functionality.

Large-Size Projects?

As the name suggests, the large-size development process is more complex and requires the assistance of software developers who have in-depth knowledge.

Projects that require the implementation of multiple features, third-party APIs, creating a broad database, or keeping security & scalability in focus usually fall under this category. In addition to that, multi-platform software development projects are also considered large-size projects. The average timeframe to complete large-scale projects is somewhere between 6 months to 1 year.

Enterprise Size Projects

This is one of the most complex types of projects. The primary purpose of the enterprise software project is to bring automation to the business process and boost business efficiencies.

The implementation of the ERP software can be termed an enterprise-size project. This type of software typically requires time somewhere between 1 year to 2 years. The cost of developing such a type of software is highly expensive as it requires the development of multiple modules catering to varied business operations.

UI/UX Design

The importance of the user interface and user design is incomparable. Poor UI/UX design can lead to a loss of user interest, therefore a significant amount of investment needs to be made to create a highly visually appealing design.

Development

Software development can be categorized into two parts i.e frontend and backend. Both frontend and backend development should be taken care of precisely to make sure your software is capable of making an effect on your customers.

Depending on the severity of the project the cost of the development varies.

Testing and Quality Assurance

Once the development of the software is accomplished, how will you determine the quality of the software? Testing and quality assurance is the process of determining the quality of the software on multiple factors. It is a must to test every component of the software to make sure your software delivers the results that are much needed.

Other Factors that Affect the Cost of Software Development

Besides the above-mentioned factors, there are also some other factors that you should consider in order to make the right estimation of the development cost. Let’s see what those other factors are:

Software Development Company Location

This might come as a surprise to you. But in reality, the cost of software development is greatly influenced by the location of the developers.

For instance, if you opt to hire software developers from the USA, then you might have to pay around $100-$150 per hour.

In the case of a small project, where software development will take approximately 10 hours, you will need to pay developers on average $1000.

Meanwhile, if you opt for Indian software developers, then you have to pay around $25-$40 per hour. In other words, a similar project in which you will have to spend about $1000 can be completed between $250 and $400.

Therefore, in order to reduce the development cost, it is a strategic thought to pay attention to the developer’s location.

Experience of Software Developers

Depending on the experience, developers’ cost varies. The junior level of developers is a good source of lower costs, whereas the middle and senior levels of developers are more expensive. Therefore, by considering the level of proficiency required to complete your project, you need to choose software developers.

Hiring Model

There are different types of hiring options available to you i.e. in-house developers, freelancers, or offshore developers.

In-house developers refer to the developers who work in your office. In this way, you have to hire developers with the right skills and need to make a significant investment in setting up office space and making arrangements for software & hardware.

If hiring in-house developers seems expensive or not possible, then you can opt to work with freelancers. This is one of the most cost-effective ways of hiring developers where you have access to remote developers who will work on your project. However, this is always a matter of contradiction. While hiring freelance developers you have no control over the way they work and there is no assurance regarding on-time delivery.

If both in-house and freelance developers won’t work for you, then the best option available to you is to work with offshore developers. Offshore developers are very much similar to in-house developers. The only difference is that they work remotely and set you free from the cost of infrastructure setup and software & hardware.

Related Topic: What is the cost to build and host an eCommerce website?

Final Take

Costs associated with software development are one of the major concerns. The above-discussed factors are taken care of while estimating the costs of software development. These factors are mainly used by software development companies to estimate development costs.

You can successfully implement the project without breaking the bank by understanding the development cost and managing your budget accordingly.

Frequently Asked Questions

1. How can you reduce software development costs?

Why is software development expensive? If this is what concerns you, then follow the steps mentioned below:

• Be clear about your project requirement
• Keep the software functionality minimized
• Choose the developers wise not only location-wise but skill-wise also
• Opt for offshore developers rather than in-house developers

2. What are pre-development and post-development costs?

In software development, pre-development costs refer to the costs you have to bear before you start developing the actual software. An example of the pre-development cost involves market research, defining the target audience, validating ideas, and so on. Post-development costs are referred to as the cost you have to bear after the deployment of the product such as maintenance, upgradation cost, and so on.

The post A Comprehensive Guide on How to Estimate Software Development Costs appeared first on Top ITFirms - Result of In-depth Research & Analysis.

“Want to build a music streaming app like Spotify? This comprehensive guide will walk you all through a step-by-step guide on how to make a music app.”

The popularity of music streaming apps like Spotify, YouTube Music, Apple Music, and plenty of others have changed the way people listen to music. It is no longer necessary for users to visit websites to download the song, store it on local storage, and then play it. It is as simple as opening the music app and searching for the song they want to listen to.

The market for music streaming apps is showing positive trends. According to Statista, the revenue of music streaming apps is valued at US$30.33bn in 2022. It is expected that the market will reach US$43.63bn by 2027 with a CAGR of 7.54% .

Being inspired by the success of the music streaming apps received so far, many startups are considering grabbing this opportunity.

This blog post will provide you with all essential knowledge regarding music app development including, features, and revenue in addition to a step-by-step guide on how to make a music app.

So, let’s get started.

Market Overview of Streaming Music Apps?

As said, music listening apps are getting popular and creating impressive revenue opportunities for startups.

Let’s develop a better understanding of the market of music streaming apps:

• By the end of the year 2022, the revenue of the music streaming apps is expected to hit US$30.33bn.
• During the forecast period of 2022-2027, the market is expected to grow with a steady CAGR of 7.54% resulting in generating a revenue of US$43.63bn.

Image credit: Statista

• The average revenue per user also showed a positive trend. In 2021, the average revenue per user was estimated at US$36.0. By the year 2027, the average revenue per user is expected to grow to US$40.28.

Image credit: Statista

• The user base of the music listening apps is also growing. There were around 775.6 million users. By the year 2027, this user base is expected to hit 1,083.1.

Image credit: Statista

• The United States is by far the leading country in terms of revenue generation. The USA in the year 2022 generated revenue of more than US$11,040.00 million revenue. China with US$3,527 million in revenue is the second most promising market for music streaming apps.
• According to MIDia Research, Spotify is the market leader in music streaming apps with 523.9 million paying subscribers.

Must-Have Features for Music Streaming Apps

After learning about the market growth of the music streaming apps, now, it’s time to make you familiar with a few of the must-have features that you should integrate with your music app:

Signing Up and Registration

This is one of the basic features you need to integrate with your music streaming app. It allows the users to register themselves on your application. It is beneficial to add multiple sign-in options such as email, phone, and social media to allow users to choose the most preferred one for them.

Catalog

You can add a catalog that displays the list of all the music your app has to offer. By making use of emerging technologies such as machine learning and AI, you can even build a catalog that speaks the personalized recommendation to app users.

Search

This feature comes in handy when a user is looking for a particular music track. You can either let users type in track information or you can add a voice assistant to make them search for songs by voice.

Playlist

Not every song featured on your app excites the users. They always want to create a library of the songs they wish to hear in a loop. So allow your music app users to create their own playlist which consists of their favorite songs.

Well-Designed Music Player

We can’t imagine a music app without a music player. You also need to create a music player which allows users to listen to the music in the background without interrupting their other operations on the phone.

Play Offline

You can also allow the users to download the music they like, so they can experience uninterrupted music even at a time when there is no internet connection.

Push Notification

Push notifications are meant to keep the users up to date with the news related to the music app. This will improve the engagement rate.

Social Media

A lot of people love sharing what they are listening to on social media. Therefore it is a worthy decision to include a social media share button to enable users to share their favorite music with their friends.

Offer Recommendations

The best way to keep the users glued to your mobile application is by offering them recommendations of songs that match their tastes.

In-App Payments

The ultimate goal of music app development is to make revenue. Therefore it is a must for you to integrate a payment gateway with your mobile application to allow users to make payments of subscription fees seamlessly.

How do Music Streaming Apps like Spotify Make Money?

Music streaming apps like Spotify follow the different types of monetization models. Here is a rundown of the most common type of monetization model you can adopt to generate revenue from your music app:

In-App Advertisements

This is one of the most effective models when you want to offer all your app services to your users at no cost. You can place paid ads on your application. Every time these paid ads are seen by the users, you will receive some rewards.

Subscription-Based Model

You can suggest a monthly or yearly subscription fee to your users. Before they move to the paid subscription you can offer them a free trial for a few days. After the free trial ends, you can start charging the subscription fee on a monthly or yearly basis chosen by the user.

Paid Content

You can offer most of the tracks free of cost, but you can set some prices on a few specific tracks. The user needs to pay the amount to unlock the paid track.

How to Make a Music App?

With the help of a reliable music app development company, the process of music app development becomes much simpler. Here is a rundown of the different steps involved in making a music app:

Finetune Your Music App Development Idea

The development of great things starts with great research. Before working on the development of the music app idea, it would be in your interest to do some market research to stand out your app from the crowd.

Finding the Music App Development Company

When you have the vision of what to build and how you are going to target your audience. The next step for you is finding a reliable music app development that can help you realize the reality of your dream.

Round up a selection of the best mobile app development companies and go through their past project to evaluate their skills. If possible, pay attention to the project that is relatable to your requirement.

Schedule an interview with the app developers and ask them the questions you have related to your vision to make sure they are the right choice for you.

Design the Music App

When you have hired the right team of mobile app developers, the next step for you is to start working on the design part of the music app. Make a list of the features you are going to include in your app and let’s start interpreting your mobile app idea into reality.

Designing a website should be primarily focused on making it visually appealing, while at the same time making sure that it has a smooth navigation system. Every feature of the mobile application should be straightforward, so the user can access it without facing any difficulty.

Develop the Music App

This is the stage where a team of mobile app developers will start working on writing codes to fuel life in your music app development idea. Make sure while writing the code for your application, that your chosen developers are following the best security practices.

Keep yourself in the loop with the progress of the development to make sure all your development goals are achieved successfully.

Test and Launch Your App

After the successful development, test your mobile application thoroughly to make sure it is free from bugs. Once testing is accomplished, the next step is to launch your app on Google Play Store or App Store.

How Much Does it Cost to Make a Music Streaming App?

If these reasons that we have listed here do not seem enticing, you’ll still find the presence of multi-tenant cloud app architecture backed by Software as a Service (SaaS) cloud-based applications like Dropbox, Slack, Salesforce, and Google, leading the market. top cloud computing companies and cloud computing consultancies like Acropolium are inclined to strengthen the process.

The cost of music app development is determined on the basis of the following factors:

• Mobile app development platform
• Features you have selected for your app
• App development company you have chosen
• Getting a license for your app

Since all of these factors vary from one project to another, it is hard to determine the cost of music streaming app development. Schedule a meeting with your app development and discuss your project requirement with the company. By considering your scope of work, the company will provide you with the estimated cost of music app development.

Final Take

This is how you can set your foot in the rapidly growing music industry. If you are facing any difficulty while choosing the app development company, you can consider checking out ITfirms list of the top mobile app development companies.

Frequently Asked Questions

How to choose the right music app development company?

• Pay attention to the portfolio of the previous project
• Client reviews are the best way to judge the skills of the company
• Learn about the post-development support plans
• Experience

What are the most popular music streaming apps in 2022?

• Spotify
• Apple Music
• YouTube Music
• Amazon Prime Music
• Pandora

The post How to Build a Music App: A Complete Guide to Creating Your Own Streaming Service appeared first on Top ITFirms - Result of In-depth Research & Analysis.

Mobile app maintenance is key to ensuring a better user experience. Here in this guide, you will see the type of app maintenance and how much you need to spend on app maintenance.

Imagine you have built the next-gen mobile application which you believe will probably bring revolution to the world. You have paid attention to design, security, features, and market needs while developing the mobile app. After your app was launched, it worked well for a few months, but as your user base has grown, it is obvious that your app will experience some glitches, which will lead to a poor user experience. It is now that app maintenance takes center stage.

App maintenance is the most crucial stage of mobile app development which involves continuous improvements to the application to make sure it complies with the increasing user demands.

Not sure yet, what is the importance of mobile app maintenance, and how much app maintenance will cost you? If so, this blog got you covered with all your questions related to mobile application maintenance.

So, let’s get started.

What is the Importance of Mobile App Maintenance?

When you buy a new car, you don’t forget about it after spending hundreds or thousands of dollars on it. In addition to the purchase cost, you need to invest in servicing, parts replacement, cleaning, and so on to ensure that it lasts a long time.

The same applies to app development. Your job is not done with the launch of the app, after that, your responsibilities are shifted from development to maintenance of the app.

The following are a few of the key benefits that demonstrate the importance of app maintenance:

Releasing Timely Updates Will Reduce Uninstalls

Your mobile application needs to match the user’s level of expectations in terms of features, functionalities, and design.

A 2017 study found that 20% of smartphone users uninstalled the application just because the logo appeared incorrectly. In other words, you cannot afford to compromise on even the smallest detail, or you will be left behind your competitors.

If you find that something is offbeat no matter how small it is, you should fix the issue as soon as you find it to retain the users with your app.

Keep Up With the Latest Upgrades

The demand of users keeps changing with time. Along with time competition also progresses which means you have to make extra efforts to make sure you stand high from your competition. For that purpose, you have to keep your app updating in response to the changing user requirements.

Keeping up with the latest upgrade will not only help you deliver a better user experience but will also help you reduce app downtime and mitigate failures.

Increasing ROI in Long-Term

This benefit might lead you to think that app maintenance can help you increase your ROI. Actually, it is quite simple. When you have solid app maintenance strategies you can detect the bugs & threats in their earlier stage before they put any serious impact on your app. Also, regular mobile app maintenance mitigates the risk of system failure which results in increased revenue.

Averting Downtimes and Revenue Deprivation

Whenever your mobile app goes down, you will lose substantial revenue. Businesses can detect issues in the early stages before they lead to downtime through strong maintenance techniques. By preventing downtime, a business can save itself from revenue deprivation.

Enhancing the Security of Your Mobile Application

In the event that mobile apps become popular, they are often vulnerable to cyberattacks. Any cyber attack can ruin your business presence.

When cyber attackers are constantly searching for possible ways to steal the confidential information of your mobile application. With app maintenance, you can constantly look for the app vulnerabilities before they become the target of cyberattackers.

By doing so, you can enhance the security of your mobile application to a certain level which will help you cope with cyber attackers.

Different Types of Mobile App Maintenance

Now, let’s come to the different types of mobile app maintenance available for users;

Perfective Maintenance

This is one of the most common types of app maintenance. As the name suggests it refers to making changes in the design, feature, and functionality of mobile applications in order to comply with the changing user requirements. Perfective maintenance is the result of the user’s feedback.

Adaptive Maintenance

It refers to keeping the knowledge of the latest trends running in the market and applying them in the application to make sure it offers the best user experience. The term adaptive maintenance refers to all changes in the app environment related to the hardware, operating system, or software environment.

Emergency Maintenance

Imagine a situation when your mobile is stopped working or suddenly starts behaving strangely leading to a bad user experience. These are a few of the perfect examples of the emergency situation that could occur and need to be addressed with immediate effect. As the name suggests, emergency app maintenance is meant to help you deal with all the emergencies that happen after app deployment.

Preventive Maintenance

Preventive maintenance refers to detecting the errors and bugs in your mobile app even before they occur. The primary goal of preventive maintenance is to reduce the downtime of mobile applications and improve their maintainability of mobile applications.

Corrective Maintenance

Corrective maintenance makes sure that your mobile application is well responding to the modification and rectification of bugs & defects to ensure the best user experience.

After having precise knowledge of the different types of app maintenance, you will be able to opt for the right app maintenance plan to ensure optimal benefits for your mobile application.

Cost of Mobile Application Maintenance

App maintenance is inevitable for your mobile application, but it comes with a cost. Having an idea of the cost of mobile application maintenance beforehand will help you manage your budget accordingly to avoid financial crises.

In reality, there is no significant cost for app maintenance. It is estimated greatly depending on the number of factors that vary from one project to another project.

Here is a quick overview of a few of the factors that play a vital role in the cost determination of application maintenance:

• The operating system of your application i.e. Android or iOS.
• Feature & functionality of the mobile application.
• The severity of the errors or bugs your mobile app experiences.
• How often does your app need to be analyzed and monitored for bugs and glitches?
• Type of the app maintenance you have chosen.
• The selection of the app development company.

Efficient App Maintenance is the Key to Keep Your Mobile App Functioning And Up-To-Date

With all the information above, it is sure that app maintenance is something that is irreplaceable with anything. It is one of the needed things which requires ongoing efforts.

Maintaining your app becomes more important when the market product is constantly evolving. In such a case you need to have a dedicated mobile app development company that can keep track of your ongoing trends and can apply them to your application.

Undervaluation of the importance of app maintenance can lead your app to its presence in the market. Always keep track of the performance of your application and observe the bad patterns that can hamper the functionality of your application. Resolve these issues at the earliest to make sure they go unnoticed by the users.

The best thing you can do to ensure effective maintenance for your mobile app is to choose an app development company that offers post-maintenance & support services. Having a similar partner for development and maintenance will ensure that your needs are met.

You might find references to top Indian app developers on ITfirms that have a proven track record of offering app maintenance services backed by industry experts.

Frequently Asked Questions

How often does the mobile app require maintenance?

There is no specific timeframe for app maintenance. Whenever your application faces any technical glitches or bugs, it is best to rectify them at the earliest before they become a serious threat. A mobile app does not always require frequent maintenance, except in cases where the market is constantly changing.

What does app maintenance primarily include?

In general mobile app maintenance is comprised of the following:

• Security updates
• Bug and glitches fixing
• Compatibility issue fixing
• Update to comply with the latest upgrade of Android and iOS
• UI/UX design improvements
• Adding new features and functionalities

The post A Guide to Mobile App Maintenance That Describes the Types and Costs appeared first on Top ITFirms - Result of In-depth Research & Analysis.