“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.

“I believe AI is going to change the world more than anything in the history of humanity. More than electricity” – Kai-Fu Lee, AI Expert!

AI/ML has changed the world around us and the way we react to the environment. From virtual assistants to face recognizers, AI & ML has an influence on almost everything around us. AI voice generators and best text to speech apps like speechify are such important technical innovations. People are browsing through various ML app ideas to build something useful & get the best out this tech. The technology is helping people with hearing, reading, and vision disability do things better. For instance, speechify is empowering people with dyslexia read textual documents by listening to the text.

The app has over 20 million active users who listen to astounding 6.5 billion words per month. The text to speech industry is also expected to grow to $17 billion by 2029. If you are also thinking of getting into the industry and building a similar app like Speechify, then the post is at your help.

The article explains how to build an AI voice generator and best text to speech app like Speechify along with other significant topics. Let us start with some basic numbers about the industry first.

AI Voice Generation & Text to Speech Market Analysis

“According to data bridge market report, the text to speech market valuation is expected to reach whopping $17 billion by 2029”

Text to speech and AI voice generation are not a new concept in the market but the recent developments in the AI/ML have taken the industry to new heights. For instance, a text to speech app like Speechify, that simply translates text into audio, clocked annual revenue of $14.5 million.

Further, major target audience includes people with reading/learning disability and the people over the age of 60 that have vision issues. Apart from this, AI voice generation technology is also being used heavily in smart home market, voice assistants and use of virtual assistants in different sectors.

Market Key Players

Concept Map/Network Maps connects multiple ideas and concepts/nodes. This is called a tree structure. Mind Map comes with a radial structure instead. Mind maps focus on a single problem/ one concept while concept map connects multiple concepts or ideas.

• Amazon Web Services, Inc.
• Baidu, Inc.
• Attainment Company, Inc.
• Oracle
• Google LLC
• Tobii AB
• Lingraphica
• PRC Saltillo
• Zygo
• TOBY CHURCHILL Ltd.
• Jabbla

Numbers & Stats – AI Voice Generator & Text to Speech Market

• AI generator market is anticipated to grow @15.40% from 2022 to 2032
• As of 2023, the AI voice generator market revenue is $1396 million and is expected to touch $4889 million by 2032
• Key players in the AI voice generator market today include Google LLC, Baidu Inc., Oracle, AWS, and Lingraphica.
• Two most significant obstacles in the AI voice generation market are funding and lack of skilled people
• TTS (text to speech) market valuation is anticipated to grow at 16.3% CAGR from $2.8 billion in 2021 to $12.5 billion in 2031, approximately

What is an AI Voice Generator App like Speechify?

An AI voice generator app like Speechify allows users to paste & convert text into audio voice accurately. The software is designed to help people read faster in less time. The application uses optimal character recognition technology to turn text into audios. The app allows users to translate papers, PDFs, emails, articles, online pages, and any other text into natural sounding audio.
Such AI voice generator apps are really popular among writing, editing professionals, and people with reading issues, such as dyslexia & ADHD. Speechify is also popular for its robust customization options. For instance, users can change the audio’s language, reading speed, accent, etc according to their needs & requirements.

Why AI Voice Generator Apps like Speechify are Successful? – Top Reasons

AI voice generator and best text to speech apps like Speechify have gained significant success in the market. The apps offer top notch customization and functionalities to the users. However, there are several other reasons behind the success of such apps, which are as follows –

1. Empowering Disabled People

Cliff Weitzman, the founder of Speechify, is a dyslexic kid who developed the app to help people with the same disability. Speechify’s fundamental function is to convert textual data into audio voices with different customizations and help people read lengthy documents easily.

2. Improves Writer Productivity

Apps like Speechify have gained success among writers, proofreaders, editors, and content creators. Editors & writers often skip mistakes in the write ups and hearing the text again in another voice can help in review process. The process increases the productivity and work quality by helping writers identify mistakes.

3. Lower Pricing Plans

Most AI voice generation apps like Speechify work on freemium model and offer a basic plan at no cost to users. This has made easier for people to try & adapt to the technology. Free plan offers the basic text to speech features while the premium plans offers additional functionalities. It includes customization in accent, reading pace, multiple language support, and many more.

Speechify’s plan starts from $11.58 per month per user.

Must-have Features For an App like Speechify

1. Multi Language Support

A text to speech that has multiple language support can help users transcend countries & culture without any issue. For instance, a text in Spanish converted into an English language audio can help reach text to more locations & people, thus, lifting the language barrier. Apps like Speechify offer text to sound feature for over 30 languages.

2. Voice Diversification

The problem with most text to speech apps in the market currently is that most of them have a robotic, linear voice that doesn’t have any human touch. Further, every text has a tone of its own and should be conveyed in the same manner for effective communication. Thus, a text to speech app must have the voice diversification feature that reads the text in the required tone. For instance, you need different voices when reading a novel and another when reading a tutorial.

3. Robust UI/UX

Nobody wants to install a text to speech app with confusing interface and complexity. An ideal AI voice generator app has an easy to understand navigation and delivers maximum results in minimum steps. For example, apps like Speechify make sure that the registration & profile creation process is done in less than 5 steps. A complex UI eats a lot of user energy & attention, resulting in app removal.

4. Improve Speech Quality

It is time-consuming and costly to produce multiple audio versions of your content using standard methods. Rehiring voice actors, renting a studio, and hiring audio experts will be necessary each time you need to update material. All of that is altered when your TTS has a voice changer feature.

Using TTS with a voice changer allows you to alter your voiceover’s gender, language, accent, and other characteristics in addition to enhancing the voice quality of your amateur recordings to that of professional voiceovers.

5. Customization Feature

Advanced text to speech technology can be used to create AI voices that have better intonation, naturalness, comprehensibility, and intelligibility than human voices. A voice that isn’t personalised is just another voice. Because of this, excellent text-to-speech software should allow users to customize the project’s voiceover according to certain use cases. Apps like Speechify allow top notch customization and better options to users, and that’s why, are a hit in the market.

Some people might need a loud and lively voice, while others would need a low-pitched voice that conveys the ideal mix of authority, intelligence, and clarity.

6. Files Import/Export

The capacity to import and export files in numerous formats with ease is another crucial element of any user-friendly AI voice generator app like Speechify. Working with digital information requires importing and exporting files on a regular basis. Either text can be copied and pasted into an editor or text files in various formats can be imported into the TTS programme. The finished audio file should be able to be exported in a number of different formats at the same time.

Allowing users to sync and incorporate media files, like presentations, movies, and photos, into the finished voiceover would be an additional benefit. This would enable users to create the ideal voiceover content.

7. Collaboration

Team collaboration is a noteworthy functionality that every text-to-speech program should have. Different people must be able to access and edit audio & video files, work on the same piece of material at the same time, and share inputs.

Working together in real-time not only allows users to avoid wasting several hours, but it also expedites projects and gets us over difficult obstacles more rapidly.

8. Natural Sounding Voice

Human-parity voices are the main feature that sets apart any text-to-speech software. The expressiveness, irregularity, and capacity to deliver the same sentences in radically various ways depending on the situation are what define human voices.

High-quality AI voices that can mimic the likeness, style, organic prosody, and individuality of human speech should be provided by text-to-speech software. The AI voice should be able to adjust its tone and emotion, as well as pause and breathe when necessary, thanks to contextual awareness. It should be simple for users to personalize their voiceover experience with a wide variety of options available for both male and female voices.

How to Make an App Like Speechify? – Development Process

Discovery Phase – Discovery phase is essential to understand the client requirements, the issue it solves, and then validate it. For instance, Speechify was developed to resolve the reading problems of dyslexic people. Any top iPhone app development company will have this pre-stage for their clients to understand the market and target audience.

Planning & Research – The phase works on the ground level of the app development process and helps the team to understand potential challenges and end-user requirements. It includes competitors’ analysis, SWOT analysis, understanding legal compliances, and set the product USP.

This phase also includes a pre-planning of the app design, features, and functionality that will be included in the platform. The team goes through the top mobile app development trends in the industry to get the best out of the market.

App Designing –The ideas & research done in the previous phase are then converted into a prototype and then into an intuitive app design. The stage includes creating a basic layout of the platform, filling the visual components in it, building the UI, and then organizing the required content in the design. A good app design is easy to use, navigate and appealing to users.

App Development – Development is the perhaps the most crucial, time taking, and costly stage in the whole process. It includes building the backend & frontend of the app along with the functionalities required. A whole team of developers is deployed in the stage simultaneously to work on your project and then deliver a top notch result. The time & cost depends upon several factors, including the tech stack required, platform chosen, APIs required, and many more.

A trusted iPhone app development company is transparent about the whole process and presents a detailed description of each individual’s working to the clients. Thus, it is essential to hire Indian app developers with trustworthy & reliable profiles. Here is a detailed list of top mobile app development companies in India.

App Testing – Testing of the platform is done systematically at several levels and facilitate identify bugs, issues, & errors in the app. The apps are passed to the team and then rectified before launching it to the public. There are several types of app testing, including unit testing, functionality testing, performance testing, security testing, and platform testing.

App Deployment – Deployment is the process of listing the app on different storefront marketplaces, such as App Store & Play Store, to make it accessible to the users. Users can only download & install the platform once it is deployed on the storefront. It is considered to hire Indian app developers because of the affordable cost & top notch app deployment work they offer.

Tech Stack to Consider to Make an App Like Speechify

Backend Development

• Python, JavaScript, or Java
• Mobile App Development Frameworks – Node.js, Django, or Ruby on Rails
• API integration – RESTful or GraphQL

Data Storage

• Databases – PostgreSQL, MongoDB, or MySQL
• Data processing – Apache Spark & Apache Kafka

Frontend Development

• Web Content – HTML5, CSS, JavaScript
• UI frameworks –Angular, React, or Vue.js
• Design tools – Adobe XD, Figma, and Sketch

Voice Generation

• Engines – Amazon Polly & Google Text-to-Speech
• Custom AI models for voice cloning

Server Infrastructure

• Hosting and deployment – AWS, Azure, Google Cloud, or Heroku

Additional Tools

• Version control using Git and platforms like GitHub or Bitbucket
• Collaboration tools – Slack, Jira, and Trello

Quality Assurance

• Testing & QA frameworks – JUnit, Appium, & Selenium

Analytics

• User analytics – Google Analytics & Mixpanel

User Authentication

• Authentication services – Firebase Auth & OAuth

Content Storage

• Cloud storage solutions – Google Cloud Storage & Amazon S3

Cost to Develop AI Voice Generator & Text-to-Speech App like Speechify

AI voice generator app development is a complex task and requires significant expertise. Thus, hiring a top iPhone app development company is essential to obtain expected results. The cost to develop a text to speech and AI voice generator app like Speechify cannot be determined before understanding the exact project needs and multiple other factors. Some of the top factors that influence the text to speech app development cost are –

Key Factors That Affect the Cost of Developing an App Like Speechify

• Developer’s Location
• Algorithm Complexity
• Natural Language Processing Requirement
• Machine Learning Requirement
• Third Party APIs Required
• Tech Stack Chosen
• App UI/UX
• Testing & QA

So, these were the top factors that influence the overall cost of text to speech & AI voice generator app development. It is essential to hire Indian app developers that have the required past experience in the same industry, or developing a similar platform. Further, to give a rough estimate cost, here is a phase-by-phase breakdown –

So this was the phase wise breakdown of the overall app development cost of AI voice generator apps like Speechify. The average cost for apps like Speechify ranges anywhere between $20,000 and $60,000. Further, it will take about 6 to 12 months to develop a similar app like Speechify.

The Final Thought – AI Voice Generator

So, this was everything related to how to build an app like speechify! We have tried to cover all the significant topics such as what does speechify do, must have features, why apps like speechify are successful in the market, and the cost to build text to speech app like speechify, along with the app development process. Moreover, we have also presented a deep market analysis of the text to speech and AI voice generator sector.

Notably, AI based apps are complex to build and thus it is essential to consider some top mobile app development companies.

Top FAQs – AI Voice Generator App like Speechify

How much does an app like Speechify cost?

The average cost to build AI voice generator app like Speechify ranges between $20,000 and $60,000, depending upon complexity & several other factors. However, the exact cost can only be determined after understanding the client requirements.

What is the time to develop text to speech app like Speechify?

The time to develop an AI voice generator app like Speechify varies and ranges between 6 to 12 months. The exact timeline can be decided after an initial discussion and by understanding your project needs.

What the top Apps Like Speechify?

Some of the best text to speech apps like speechify are Natural Reader, Murf, Voice Dream Reader, and LOVO.

What is a text-to-speech app like Speechify?

A text to speech app like Speechify allows users to convert textual data into audio voices. You can convert PDFs, papers, articles, emails, ebooks, and more into natural sounding audio voices.

What are some must have features in AI voice generator app like Speechify?

Some of the key features of text-to-speech apps like Speechify are reading pace control, offline listening, easy document conversion, multi-language support, and HD voice generation.

What is the tech stack required to build text-to-speech apps like Speechify?

Text to speech app like Speechify development requires several tools & technology stack. It includes Django, Node.js, HTML5, jQuery, Java, Python, and Javascript.

The post How to Build an AI Voice Generator App Like Speechify? appeared first on Top ITFirms - Result of In-depth Research & Analysis.

Did you know? – More than 70% of users that take the cash advance apps service at least once a month.

What does this prove – The regular need and demand for short term financial aid among people. Surprised? Be ready for another blow…!

In 2021, there were 7.5 million cash advance apps in the USA and the number has reached approximately 12 million in 2023.

These numbers prove the massive popularity of Cash Advance apps among people, especially in the USA. These apps help people avail money before payday and save themselves from financial troubles.
Today, in this article, we are helping readers understand everything about such apps, including topics related to developing cash advance app, the tech stack required, cost, how to find an app development company, etc.

What is Cash Advance App?

Cash advance apps allow their users with the money they have already earned, i.e., an early payment before the actual payday. For instance, your salary is about to be credited after two days but you need some short term cash today, then you can get some assistance from cash advance apps here.

These apps charge a real nominal or no fee at all from its users. Further, users have to link their bank accounts with the app and the app evaluates their income and expenses.

How Do Cash Advance Apps Work?

Cash advance app offers earned wages before the actual payday, helping users with short-term financial assistance. The app works as:

Registration

The user needs to register on the app and fill the application with all the required information. These apps might require your name, phone number, bank account details, employment details, address, and a valid ID proof to prove your authenticity.

Apply for the Loan

Once a user fills out the application, it needs to apply for the required amount of loan on the app. The app should have an inbuilt calculator to get you an estimate of interest and fees. The backend team then evaluates your application and considers your credit score along with additional factors.

Receive Funds

Once the app backend team approves the fund request, the user shall receive it in their bank accounts. The fund transfer is not time taking and will take place under a day.

Repayment

This is the final and automatic process. The app debits the necessary amount from the bank account (linked to the registration process) along with the fees (if any) automatically on the due date.

List of Top Cash Advance Apps

There are a variety of Cash Advance Apps on the Play Store. Every cash advance app has different features and subscription fees creating a conflict as to which one should be chosen. Here’s a list of top cash advance apps that often pay the best deals. The details of all these apps are given so that you can choose the best one according to your requirements.

Dave

Dave is a great cash advance app which is mostly suitable for small loan amounts. It can save you from overdraft fees and charges no extra fee. The best part about Dave is that you get the option to borrow $500 instantly without any interest or credit check. So for those who don’t have a great credit score, Dave can come in handy. Further, subscription fee for Dave is $1 per month.
The expected time by which you can avail the payment is 3 days. If it’s an emergency and you require the money on an immediate basis, an app like Dave provides you with ‘Express Payment Option.’ You will be charged a minimal fee of $0.99 – $6.99 and the money will be transferred into your account the same day.

Brigit

Brigit is another great cash advance app if you want to protect yourself from overdraft fees. You can avail advance payment up to $250 in one pay period. Good part about using Brigit is that it gives an interest free paycheck advance without checking on your credit score.

One can avail services of Brigit in two ways: free plan and Plus membership. Plus membership is available at $9.99 per month and you will get access to quick cash, theft insurance, credit building, payment on the same day, etc. On the other hand, free membership will be free but these services would be missing and it might take around 2 days for payment of money.

The only setback of this app is that most of the features are open to paid customers and the financial tools are limited.

MoneyLion

If you want to improve your credit score, MoneyLion is your go-to option for cash advance. The app reports all the loan payments that you make, to the credit bureau, thus reflecting a good credit score. The app also offers you cash advance up to $250.

Moneylion provides you with the option to transfer the funds from savings accounts to an ETF portfolio, chance to win debit card rewards, a refund policy if you find something cheaper within 90 days and more such features. Furthermore, the payment system is quick and you can expect money on the same day also. The services of this app can be availed after paying a monthly administrative fee of $1.

Earnin

Earnin is one of the best free cash advance apps. It provides you with a cash advance up to $500 without any fee or interest. The limit can further be extended up to $750. If you like the services, you can pay a voluntary tip. The average time taken for payment is usually one or two days and if you want quicker cash out, you can use the Lightning speed feature. It also comes with an automatic overdraft protection.

The only con of using Earnin is that there is a daily limit of $100 a day. Also, consistent pay is one of the eligibility criteria to use this app. So the benefits are not available to freelancers and remote workers.

Empower

Empower as the name suggests empowers you to get cash advances without fearing about late fee and credit checking. You can avail cash advance of up to $250 and no interest will be charged from you if the amount is returned by the next paycheck date. The best features of Empower include instant transfer, a debit card account with overdraft fee protection, up to 10% cashback, assistance in improving credit score, etc.

The only downfall is that you have to pay a monthly subscription fee of $8 to avail all the features.

Branch

Branch is the most suitable cash advance app for budget-minded peeps. But it is only available for people employed in instant pay organizations and it can be used only if it is sponsored by the employer. Amount transfer to an external account is usually free but in case of instant transfer without Branch debit card, the fee charged is between $2.99 – $4.99. An average transfer takes up to three days.

Various features available on Branch include overdraft warnings, a budgeting tool, an earning tracker, schedule management etc. You can also use Branch wallet for interest-free advances and free ATM access.

Kora

Kora is a cash advance app designed for college students and recent grads. College students with a limited credit history often face financial crunch and require cash advance. Therefore Kora helps them in seeking financial help and availing car loans, personalized money tools, reward visa cards, etc.

One can get up to $3000 line of credit without any requirement of annual fee. The repayment terms can also be personalized. Once the amount is requested and the preferred timeline is mentioned, the app will provide adjustable repayment terms. The only negative side is that the app is only available in 21 states.

How to Develop Cash Advance Apps?

Define an Idea: The initial step is to brainstorm the idea and define its features. There are already a lot of cash advance apps in the market and thus, coming up with an app with a USP and unique functionality is required. This shall help in establishing a place in the market.

Choose Software Development Company: Having a reliable and experienced development company as your technology partner is essential. Developing Cash Advance app requires some serious skills and a company with a similar experience and the required tools & resources can do your work best. An effective mobile app development team includes developers, QAs, testers, and a project manager.

Frontend: Design is the most important part of the app development process. A user interacts with the website frontend and it greatly determines the bounce rate of the site. UI/UX designers work on building a website’s frontend and continuous client feedback is required at this stage so that the final product matches with the expectations as well.

Backend: Backend is executing the frontend design and interface into reality using varied programming frameworks and technologies. In other words, backend developers program the app functions using several technologies. Your team must have experience in building a similar app before to avoid bugs, errors, and other issues, that eventually save time. This is a major difference in inhouse vs outsourced team. While an in-house team might not include experts of all domains, an outsourced agency has an extended dedicated team of experts.

Testing & Deployment: Testing is the analysis of the app and finding out bugs & errors. This phase is important to ensure the smooth running of the app after the launch. The testing is done by testers and quality analysts of the company and all the bugs are fixed to improve the platform.

Features to be Included in a Cash Advance App

Sign-up: A sign up and login feature is necessary to acquire the essential information from the user. Users can update their name, phone number, bank details, employment history, etc. It is important to make the process smooth, easy, and less time-consuming for users. You can enable features like signup with Google or social media to save time.
For an extra layer of security, you can verify the user profile with ID verification.

Cash on Demand Service: A cash advance app is designed to help individuals who need urgent money. Therefore, it becomes necessary for such apps to offer cash with ease and usually on a single touch. The money should be sent to the user’s requested source.
Note that the underlying work of cash advance apps is to lend money easily to customers.

Repayment Facility: Another crucial feature is integrating repayment methods that can debit as soon as the salary credits in the user account. The user would also be at ease with the feature and can avoid unnecessary charges if he skips to repay.

Calculator: Money lending calculator is common among cash advance apps these days and helps users with an approximate calculation of the loan along with the interest. The feature is helpful for users to make an informed decision using the information they need.

Support Center: For users who need assistance you can add a help & support button. The feature shall help users to contact the support team anytime through email or calls. Queries like difficulty in understanding the app and technical glitches are common among these types of apps.

Tech stack required to build cash advance apps

Cash Advances App Development Cost – Perfect Analysis

Building a cash advance app is a complex task for developers and requires knowledge of several latest technologies. There are a number of factors that decide the final cost of such apps like team size, skills required, location of the team, and the app functionality chosen.

For instance, top mobile app development companies in Europe charge between $50 & $200 while an expert with the same skills in Asia will charge between $20 & $70. However, heading with the cheapest development company is usually not the best solution as an effective mobile app development team will work effectively and efficiently, thus saving time, and therefore, the final cost. In conclusion, cash advance apps generally range between $25000 and $75,000.

How long does it take to create Cash Advance App?

Cash advance app development is usually a time taking process and requires good technical skills & resources. The time required to develop such apps depends upon varied factors such as developer’s location, app design, functionality, number of platforms, and many more. Considering a usual & average time, it takes approximately 5-6 months to build a cash advance app and includes all the steps from ideation to deployment. Note that top app developers might take much less time than beginners, ultimately saving the costs and time both.

Closing Words

Cash advance apps are becoming popular nowadays. These apps help people avail money before payday and save themselves from financial troubles. Thus, venturing into the lending business through this model can prove to be helpful. We’ve given you the list of top cash advance apps along with the details required for developing cash advance app. App development cost plays an important part when choosing your technology partner but this is not the only factor to consider. Top app developers will not charge the lowest but will deliver a highly responsive and interactive platform. Thus, cash advance apps might seem like a great deal but cost-benefit analysis is a must along with research and choosing app Development Company.

Data Sources: softermii.com, billpin.com

The post Everything about Cash Advance Apps – Top 7 Cash Advance Apps appeared first on Top ITFirms - Result of In-depth Research & Analysis.

Blockchain money transfer app enables users to send and receive money directly without third parties. To facilitate peer-to-peer money transfers, let’s explore how you can build an application that runs on blockchain technology.

Online payment is becoming more and more popular. Why do people like it so much? Besides being easy, it’s also fast.

Even though mobile payments are more convenient and faster, not everyone is taking advantage of them.

According to an eMarketer survey, only 43.2% of all smartphone users in the United States use mobile payment apps to transact online. According to this, there remains a vast number of people who are still reluctant to adopt the convenience of online payment apps.

What are the reasons why online payment apps aren’t used more frequently? The reasons for this can be attributed to a variety of factors, one of the foremost reasons being a lack of security and the number of parties involved in the payment transfer process.

Blockchain money transfer apps are born out of the current problems with traditional money transfer apps.

It is claimed that blockchain provides fast and secure transactions, but can it really deliver on that promise?

Here, you’ll learn what blockchain technology is and how it can be used to help the world of online payment apps overcome current challenges.

So, let’s get started.

What is Blockchain Technology?

Blockchain is referred to as a distributed database or ledger, which is a collection of data that is stored on a computer network and shared among the nodes.

As a decentralized and secure transaction record system, blockchains are crucial to cryptocurrencies like Bitcoin.

As a blockchain database is stored in blocks linked with one another (in a chain), data can be searched and retrieved.

As a secure digital ledger, a blockchain is immutable, which means that the information stored on it can never be altered, lost, or destroyed.

A blockchain ledger is immutable, making it a perfect solution for tracking orders, payments, accounts, and other activities requiring the highest security level.

Blockchain technology promotes consistency in the shared view of transactions by preventing unauthorized entries and creating built-in mechanisms to prevent these entries.

What are the Drawbacks of Traditional Money Transfer Applications?

When we think of the most popular mobile payment applications, Paypal, Venmo, Zelle, Apple Pay, and Google Pay are a few of the names that come to mind.

According to Statista, Paypal is one of the leading mobile payment applications. A deeper look at the user satisfaction score reveals that only 38% are satisfied with the service, while 10% aren’t. Among the people surveyed, 29% don’t want to use PayPal.

Image credit: Statista

There are multiple drawbacks associated with mobile payment applications, resulting in less adaptation of these applications. Here we have outlined a few of the most common drawbacks:

Trust

Trust is one of the biggest hindrances in the adoption of mobile payment apps.

Approximately 15,000 mobile users from 15 countries reported that they have a low level of trust in online merchants and payment systems. Also, they feel a lack of confidence while sharing too much of their personal information on the applications.

According to a news report by Trend Micro, learning mobile payment services provider Cash app was hacked by one of its former employees resulting in the compromise of the personal information of more than 8.2 million of its current and former customers.

As a result of such data breaches, a huge number of people set themselves apart from using online payment apps.

Third-Party Involvement

Another issue with online money transfer apps is the involvement of third-party apps. Usually, when you make a payment online, it will be processed instantly once you feed all the required information.

However, when you dig deeper into how payments are processed, you find the involvement of third parties such as payment gateways.

When the sender selects the payment method, all the information is transmitted in an encrypted format via the payment gateway to the payment processor. The payment processor communicates with the card issuer or bank account of the sender to get authorization for the sale, and then the payment is sent to the intended recipient.

The involvement of third parties also resulted in increased transaction fees which proved to be a negative factor in the acceptance of online payment services.

This is how online payment processing works.

Paying Cross-Border is a Lengthy Process

Nowadays, with the easy access that technology has made to everyday life, the world is more connected than ever before. It is common to make transactions between countries.

International payments are difficult to facilitate through today’s payment apps, and they often take two to seven days to complete. The cost of transfer is high due to the involvement of multiple parties.

Online Payment Processing Fee

This is yet another disadvantage of the conventional mode of payment applications. Every online transaction is subject to a processing fee that varies depending on the type of transaction.

Why is Blockchain Money Transfer App a Promising Alternative to Traditional Apps?

Blockchain technology is based on high ethical standards of security and is continuously on the verge of being adopted by the financial institution.

Blockchain technology can benefit online money transfer applications in a variety of ways. Here are a few of them:

Getting Rid of Intermediaries

One of the biggest advantages of blockchain technology is that it facilitates peer-to-peer money transfer eliminating the role of third-party intermediaries like payment gateway, exchange mode, issuer, and so on.

As the settlement of the funds takes place directly between the sender and receiver in real time, the process is easy and fast. Even though there are no intermediaries, blockchain technology still ensures the authenticity of the transaction. Moreover, the transactional information is recorded in a secure blockchain ledger which ensures the safety of the information.

Fast and Secure Cross-Border Payments

Blockchain technology has the potential to transform cross-border payments into a matter of seconds rather than days, as well as reduce transaction processing costs while ensuring end-to-end security and traceability.

Transparency and Security

A key strength of blockchain technology is its ability to provide a high level of transparency and security.

On the blockchain, all the transactions that occur are immutable and can be viewed by anyone with access to the blockchain. Furthermore, the payments can also be traced quite easily resulting in improved transparency.

Automation with Smart Contracts

The automation of processes with the use of smart contracts is a great advantage, especially for businesses and companies.

In a smart contract, blockchain developers have the ability to outline certain conditions that are specific to the organization concerned, depending on their requirements.

For example, an organization may hire a person on an ongoing basis to fulfill some monthly requirements as part of its ongoing operations. The person will automatically get paid when those monthly requirements are met.

This puts the organizations at great ease to complete the monthly recurring transactions in a timely efficient manner.

How to Build a Blockchain Money Transfer App?

Now as you have learned that blockchain money transfer apps can deliver a huge number of benefits. Below we have outlined a few of the steps involved in the development journey:

Choose Blockchain Money Transfer App Type

The first step is to identify the type of money transfer application you intend to develop. You can either opt to build an application for money transfer only or you can intend to develop an application that offers the entire banking services.

If you are planning to embark on a development journey, make sure you are thoroughly familiar with the requirements before proceeding.

Settle on the Mobile App Development Platform

As far as operating systems are concerned, Android and iOS are the two most popular options. Depending on the preference of your targeted audience, you can make the selection of the development platform.

Define the Features For Your Application

Having an understanding of your users and preferred platform, the next step is to choose the mobile app development platforms. You need to gain an understanding of the challenges they face and how you can solve them by creating features that address those challenges.

Emphasize the User-Friendly Design

User design is one of the most important factors to lure peer-to-peer money transfer applications. For a blockchain-based money transfer application to be successful, it has to be built in a user-friendly way so users can easily take advantage of the great features that the application has to offer.

Take Security and Compliance Into Account

There is also a concern about security that users have when they use an application. A user who encounters any issues related to the safety of your app might decide to switch to one of your competitors if they encounter any such issues.

It is therefore imperative that your blockchain payment application adheres to security regulations to ensure the safety of your users.

It is not just important to comply with security standards, but also to incorporate all the security features in order to ensure that your audience does not compromise your security in any way.

Testing and Launch

Critical phases in the development of a P2P payment app that is the testing and quality assurance phases. Testing makes sure that your application is free from all sorts of errors and bugs to ensure the smooth functioning of the application.

You will then need to publish your app in the relevant app stores after the testing has been completed.

Final Take

Blockchain-based money transfer apps are establishing themselves as an efficient alternative to traditional day-to-day payment systems in the near future. You can create a similar application with the help of blockchain development companies.

These trustworthy companies with a highly experienced team of blockchain app developers that can take your project from a concept to a sure reality within no time.

Related Article: Best Programming Languages For Blockchain App Development

Frequently Asked Questions

How much do blockchain money transfer apps cost?

The cost of a blockchain money transfer app depends on the multiple factors mentioned below:

• App development platform
• The complexity of the money transfer app
• The complexity involved in the creation of the smart contracts
• The choice of the blockchain platform
• UI/UX design requirements
• Development scope

Based on these factors the cost of the money transfer app is determined.

How to choose the best blockchain development company?

The following attributes can help you make the selection of the right blockchain development company:

• Experience
• Portfolio
• Client testimonial
• Knowledge of different blockchain platforms

What are the top companies that are using blockchain for payment?

• Coinbase
• PayPal
• Circle
• Ripple
• BitPay
• Zcash
• Veem

What are the top companies that are using blockchain for payment?

• Ethereum
• IBM Blockchain
• ConsenSys Quorum
• Hydrogen Molecule
• Hyperledger Fabric
• Ripple
• Stellar.

The post An Overview of How to Build a Blockchain Money Transfer Application 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.

Whether it is a thriller, a documentary, a rom-com, a dance-music sequence, or a spy-flick, podcasts let you explore all these limited series in a single gulp; Create a Podcast App now!

The term “Podcast” merges the idea of “Play on demand” and “Broadcast”, referring to audio and video content in episodic formats that can be streamed or downloaded digitally. While making a podcast, a user creates an audio or video file. Other people can then download this file, to watch or listen to on their computers, phones, or MP3 player.

There are many podcast applications available on iOS (MAC), Android, and Windows platforms, but the podcasting market centers on a few niche contenders like Apple Podcasts. Every year media groups like Statista, Triton Digital, and Edison Research conduct their researches and surveys to measure trends, understand listener behaviour, and track podcast growth globally. The next most popular podcast applications after Apple Podcasts are iCatcher, Podcast Addict, Overcast with only 7%.

Why are some Podcast Apps more popular?

The reason why some podcast applications dominate the mobile podcast market are: First – These are free for listeners as these come pre-installed on iPhones and iPads. These offer a simple and consistent user experience with other Apple iOS apps.

Apple (iOS) is high in usage and user ratings. The resultant popularity data is considered by the producers as a proxy for the industry as a whole. High ratings drive discovery, which increases audience, which leads to higher ad revenue and more discovery – a virtuous cycle. Third-party podcast apps aren’t of much value to podcasters. Smaller podcast producers on Android are as well worthy of attention, even though they hold a smaller portion of the target audience. Although Android devices come with Google Play Music, which has podcast functionality but hardly qualifies as a go-to default podcast player for Android. Current popularity index goes like: Spotify > Apple Podcasts > Google Podcasts > Castbox > Google Podcasts > Web Browser > Podcast Addict > Overcast > Apple iTunes

Several third-party Podcast Apps vie for popularity – Podcast Addict, Stitcher, RadioPublic, Pocket Casts, Podcast Republic, Beyond Pod, Castbox, TuneIn, Spotify, SoundCloud.

Other factors that affect the popularity of Podcast apps are the price (paid or free), registration for premium versions, subscription services, downloads, RSS feeds, PC’s to one-touch streaming on mobile devices.

Google is an upcoming major force in podcasting with a growing listenership at about 10% annually. Podcast apps can as well have certain limitations. It doesn’t handle interrupted internet connections quite well and it also does not offer control over downloads.

Other apps by Google for Podcasts offer some features that other apps don’t. They work with Google assistant. They feature “pick up where you left off functionality” that works across devices, including Google Home smart speakers. They use AI techniques to drive podcast recommendations.

How is the appetite for podcasts worldwide? (Over last few years)

Podcasting advertisement revenue rose 19% ($842) million last year (2020), driven by 37% in 2021 Q4, and is expected to cross $2 billion by 2023, as per Interactive Advertising Bureau (IAB) and consulting firm.

Further, over 55% of people in the U.S. listen to podcasts. Over 155 million people listen to a podcast every week. Around 24% of the US population (68 million) listen to multiple podcasts per week. Podcast listeners watch an average of seven different shows per week. Currently, over 7 lac active podcasts and 29 million podcast episodes are available. The popular age group for podcast listeners is 25-44 years, which makes up 49% of total listeners. And Spotify is now the world’s most popular podcast app, closely followed by the Apple Podcast app. People’s instinct is there for a reason, it’s a gauge.

Popular Apps for Listening To Podcasts in the United States (2019-2020)

Where Podcasts are most popular?

Popular Podcast Platforms in the U.S. (%)

Americans have plenty of options to listen to podcasts. This survey from the Reuters Institute for the Study of Journalism states that Spotify is the most widely used podcast app currently (Q4 2021). Many high-profile podcasts have signed exclusive agreements with certain platforms, forcing many listeners to switch between apps for different podcasts.

Podcasts Rising in Prominence

Best Podcast Apps List

• Apple Podcasts (Selection: over 1 million shows, Price: free, $1 and up for individual show subscription, Devices: iPhones and iPads with iOS 10.0 or later, Exclusive Podcasts: yes)
• Google Podcasts (Selection: Not specified, Price: free, devices: Web browser, iOS devices, and Android devices)
• Spotify (Selection: 2.2 million podcasts, Price: free (with ads), $10 a month (ad-free), Devices: Web browser, IOS, Android, Media Players, Smart TV’s, Gaming Consoles, and more)
• Audible (Selection: 1,00,00 podcasts, Price: Free, $8 a month (Audible Plus catalogue), $15 a month (Audible Premium Plus), Devices: Web player, iOS, Android, Windows 10 tablets, Fire Tablets, and more, Exclusive Podcasts: yes)
• Stitcher (Selection: Over 260,000 podcasts, Price: Free (with ads), $5 a month/$35 a year (ad-free), Devices: Web player, iOS devices, Android devices, and more, Exclusives podcasts: Yes)
• TuneIn Radio (Selection: Over four million podcasts, Price: Free (with ads), $10 one-time payment (no visual ads/less audio ads), $10 a month (mostly ad-free), Devices: Web player, iOS, Android, PlayStation 3, Xbox One, Samsung smart TVs, Roku, Chromecast, Fire TV, and more, Exclusive podcasts: No)
• Other Podcast Apps: Podcasts, Spotify, Mimir, Mame Cast, Downcast, BarCasts, Pocket Casts, Google Podcasts, Laughable, Himalaya, Cast box, Procast, Stitcher, TuneIn Radio, and Luminary etc.

Podcast App Features

• Podcast applications must be user-friendly and display subscribed podcast directories or episodes in a tile format.
• It should feature an easy tutorial for help.
• App users must be able to see the episodes and various download options.
• These must be available on different platforms.
• Such apps must have a playlist feature to help users to sort and categorize their downloaded content.
• Podcast apps should support video podcast functionality and auto-download functionality.
• It should help in saving storage space by automatically cleaning up downloaded episodes.
• These should come with useful playback features – forward and back buttons, configurable time intervals, etc.
• Monetization can be via in-app purchases.
• It lets you discover podcasts, Customize your listening experience, and lets you listen wherever you are.
• Subscribe and listen
• Explore show and episode recommendations
• Browse popular and trending shows in comedy, news, sports, and more categories.
• Listen to faster playback speeds
• Skip over silences
• Queue up episodes for a seamless listening experience
• Easily track your downloads, listening history, and subscriptions
• Listen on multiple devices – laptop, phone, smart speaker – without losing your place
• Auto-download shows to listen offline and on the go
• Discover podcasts using Google Assistant and Google Search

Type of Podcast Genres followed by App Development Companies

• Comedy
• News
• True crime
• Sport
• Health/fitness
• Religion/faith
• Politics
• Self-help/productivity
• Investigative journalism
• Finances
• Scripted comedy
• Game show
• Pop culture
• Scripted drama

Why should you record a podcast?

Podcast recording makes it to your audience faster than any other social networking medium. It helps interested communities hear about your business, catch up on your industry, and get helpful devices. Creating Podcasts is economical, easy and the outcome is highly impressive.

What instruments (tools) do you need to record an audio podcast?

Making and presenting a podcast should be seamless. It does require a systematic effort (without spending a fortune). You need a basic few things to get started:

• A good quality microphone
• A computer
• An audio recording/editing software
• MP3 encoding software
• A hosting service to broadcast your podcasts
• A web publishing service such as Google’s Blogger

How can you create a podcast?

• Plan your podcast.
• Get a blog and domain.
• Create a theme for your podcast.
• Write a script.
• Set up your recording equipment.
• Record your podcast.
• Edit, mix and export your episode.
• Upload your episode to your hosting provider.
• Create your podcast episode and show notes.
• Give a title to your podcast.
• Number each episode.
• Add a short description for the episode.
• Add a hyperlink to the MP3 file for this episode.
• Add tags to help search engines identify the contents of your podcast episode.
• ‘Burn’ your podcast feed.
• Upload your podcast to iTunes and other podcast sites to maximize your coverage and reach.

How can you create a podcast app? (With Technology Stack)

1. Define the scope of the project – Choose language, features, and monetization
2. Make it flexible to support other languages
3. Select a programming approach and agree on a development approach
4. Use open-source content management systems and cloud services platforms like Mobile Backend as a Service (MBaaS) to expedite the project.
5. Imbibe application programming interface (APIs) and Software development Kits (SDKs) to implement core features.
6. Align a development team of UI/UX designers, developers, Test engineers
7. Acquire a project management tool and include Scrum techniques, Sprints, Daily stand-up meetings, Sprint review meetings, Sprint retrospective meetings
8. Sign-up for an MBaaS platform – it offers cloud infrastructure, persistent storage, eliminates time-consuming tasks of building and managing the mobile backend. It also makes it easier to integrate 3rd party APIs and subsequently scale up your mobile app.
9. Make use of AWS Amplify, Amazon Lightsail on the virtual private server (VPS) for easy hosting.
10. Find a suitable WordPress theme like Megaphone – Audio podcast WordPress theme (It is a fully responsive theme with excellent layouts, templates, and excellent documentation).
11. Find an API solution for searching podcasts – Listen API from Listen Notes (Podcast search engine)
12. Procure an eCommerce API solution like BigCommerce API
13. Find a payment gateway API solution like Stripe with a robust API/SDK solution
14. Get a bulk SMS API solution like Twilio
15. Get a mobile device lab on the cloud for test automation
16. Design the website and the mobile app UI – The design team should follow the WordPress theme documentation to design the website, follow the WordPress theme documentation to design the website, consult the Human Interface Guidelines to design the user interface, and follow Material Design guidelines to design the Android app user interface.
17. Develop the Android App – Integrate SDK’s/API’s from Stripe, BigCommerce, Twilio. Use espresso and the experitest mobile device lab to test the app. Publish the app to Google Play.
18. Develop the iOS App – Code the app using Objective-C and XCode as your IDE. Integrate the above-mentioned SDK’s/API’s in your app. Verify the app using XCTest and the Experitest mobile device lab. Submit the app to App Store.
19. Your Minimum Viable Product (MVP) is ready!

What is the cost to create a podcast app?

The cost to develop an MVP in podcast app development comes around USD 20K – 35K.

Frequently Ask Questions

Is the podcast industry growing?

Monthly US podcast listeners increased exponentially in 2021, and industry experts have predicted continued growth in 2022.

What percentage of the population listens to podcasts (globally)?

Approximately 57% of US consumers listen to podcasts, and this percentage is persistently increasing.

How many podcasts are there in 2021 (globally)?

There are over 23, 94, 926 valid podcasts, over 59 million episodes, and thousands more added each month.

What is the most popular podcast this year?

The Joe Rogan experience is the most popular podcast instead of monthly podcast listeners (as measured from Q3 2020-Q2 2021).

In Conclusion

Just like documentaries, music streaming has overtaken buying CDs, DVDs, or online music mediums, digital streaming services like Netflix have replaced physical rental stores, gradually replacing television, they are on their way to replacing traditional radio shows. We are in the midst of an internet-centric generation where even games can be played without owning gaming hardware. So if you are looking for an app to stream podcasts on the Android/iOS/Windows platform, tune in to our experts. Also, we create multi-purpose apps that are exclusively dedicated to podcasts up to apps that allow recording your podcasts, and more for these platforms.

Please share your suggestions at info@itfirms.co

Images Credits: statista.com, apple.com, devteam.space, iab.com

The post Create a Podcast App for Android, Mac, Windows appeared first on Top ITFirms - Result of In-depth Research & Analysis.

Let’s try to create a sticky online-food-delivery-platform that grounds ‘winner-take-all dynamic’ criteria with ease!

Many online food delivery startups desire to become ‘Amazon’ of food. Owners of Zomato, an on-demand food delivery chain, states, that a standalone (food)-delivery business doesn’t make economic sense. The cost of customer acquisition is lower than that of other businesses due to the advertising/listings business. They keep getting traffic there and that translates into food-delivery very often. With this India’s food delivery business has crossed 40-50 orders per day. Much like its global peers, it has been at the center of investors’ attention over the past year with copious amounts of capital chasing on-demand food delivery platforms like Zomato and Swiggy, for doubling down on spending for a captive delivery fleet, mass marketing, discounts for customer acquisition, incentives to gain captive restaurant supply and senior management hires. This comes from the ecosystem benefit that they have. So, why not go all-in on this!

Questions to Consider While Looking For Startup

Best Indian app developers consider some interrogative sentences to constitute their idea of developing an idea around online food delivery chains:

• Will the proposed service alter any prevalent conditions in the existing app development scenario?
• Is the idea of going to create any stir?
• What potential does the on-demand food delivery startup idea hold for achieving a strategic and competitive advantage?
• Is the idea of going to create a ‘fireworks’ – kinda – reaction? (is it going to be shocking, awe, yawns, boredom)

Advise to the On-demand Food Delivery Startups

It will be a travesty if such an important code reaches the company floor in a form that leaves rigidness of the existing business models, strategy, innovation, marketing, supply chain, logistics, and funding.

How the food delivery market has changed?

As counterbalanced to what used to happen some 15 years back, the business of delivering restaurant meals (cooked) to the home (or at prescribed location) has undergone rapid changes, due to the emergence of new online platforms. This led to a race to capture markets and customers across the US, Asia, Europe, and Middle Eastern countries. These platforms have attracted considerable investments (are being valued in billions) based on their knowledge about market dynamics, growth potential, and customer behavior. Most popular food delivery apps in 2019: Pizza Hut, Domino’s Pizza, Food Panda, Swiggy, Doordash, Uber Eats, Zomato, Grubhub, JustEat, and Postmates, etc. These have become popular due to their easy menu, food delivery options, easy payments, real-time in-app tracking, geo-location based services, and well-designed app to provide a great user experience.

Is the market in shape for food delivery startups? What is the scope of on-demand meal delivery businesses?

The global market for food delivery is estimated at 83 billion European Dollars and is at the verge of maturity in growing countries gradually. A most common form of food delivery model by far is, in which a customer places the order and waits for the delivery partner to collect the order from the restaurant and bring the food to the door. Orders are still placed by phone. But with the rise of digital technology the market is taking shape. Consumers accustomed to shopping online through apps or websites, increasingly expect the same experience when it comes to ordering dinner with maximum convenience and transparency.

We currently find two types of players in the business – Aggregators and the new delivery players. Both the approaches allow the consumers to compare menus, scan and post reviews and plan orders from a variety of restaurants with a single click. While aggregators work on traditional delivery model, new-delivery players build their own logistics networks, providing delivery for restaurants that don’t have their drivers.

Features in On-demand Food Delivery:

User Panel

• Sign Up/Login
• User Profile
• Search/Advanced Search
• Place Order
• Checkout/Payment
• Contact Details
• Delivery/Self Pick Up
• Track Food
• Checking The Restaurant Profile
• Add The Food To Cart
• Schedule the Orders
• Delivery Person’s Contact Info
• Easy Payments
• Order History
• Track The Food in Real-Time
• Rating and Reviewing The Food
• Offers, Promos Coupons and Many More
• Push Notifications

Admin Panel

• Dashboard
• Accept or Reject Orders
• Accounts & Management/Manage Restaurant Account
• Payment Delivery
• Personnel Panel
• Login Order Request
• Order Delivery
• Order History
• Call/Chat
• Cash on Delivery (COD)
• Wallet/Get Paid Offline
• Payment Withdrawl
• Transaction History
• GPS Tracking
• Registration & Profile Management
• Assignment of Orders
• Managing the Content
• Managing The Orders
• Sending Out Push Notifications
• Loyalty Campaign, Offers, And Deals
• Checking Analytics/User Behavior, search history, food preferences and frequency of placing orders

Courier App (Used by the Delivery Boy)

• Sign-up/Sign-in Profile
• Editing profile
• Managing orders
• Navigation and GPS tracking
• Check Status update
• Wallet feature
• Delivery history

Technology Stack for Developing Food Delivery App

• For SIGN UP/SIGN IN: Facebook SDK
• For Restaurant Listing: GrubHub API or FourSquare API
• To Find user Location: Core Location Framework, Google Places API
• For Storage: Amazon Cloud Storage
• For Cloud: AWS, Azure
• To Find Directions: Google Maps, MapKit
• For Payment: Braintree, Square API, Stripe, eWallets and PayPal
• For Analytics: Google Analytics

The Decisive Point

Food delivery market has the potential for robust growth going-forth to be trapped by top mobile application development companies. Top global players in the food industry have reached a combined valuation of more than 10 billion Euros. With this, we reach an apprehension as to what is the sustainable level of profitability for online food delivery business models? The market already appears bullish on the sector, valuating the key players significantly which also involves higher levels of funding as compared to what earlier companies achieved at the same stage. Food Delivery Platforms are sticky (as they are dynamic), time is critical (for people of all ages), meals are for home (the best meal is one when enjoyed with family) and orders spike on weekends (of course when one wants to relax and simply relish the existence (pun intended!). And the reward goes to the player in the domain who can sign up the most customers in the shortest amount of time! Get the guide for easy implementation of food delivery platforms, food delivery API’s and take your customer strategy to the next level.

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