In brief
Building a successful APP business requires fresh ideas, a strong team and careful assessment of market risks. SMEs face challenges buying users and traffic, while the article sees mobile internet services and improved payments transforming offline commerce.
A wave of entrepreneurship is sweeping the world, and mainland businesses are seizing the opportunity to set up funds to help young people in Hong Kong realise their entrepreneurial dreams. Once a business succeeds, the next challenge is to remain competitive. The spread of the internet, together with the widespread use of smartphones, is driving young people keen to explore new technologies into the field of mobile application (APP) development. APP development began five years ago, when the market retention rate was just 5%—a deeply discouraging figure. Even so, the rapid growth of electronic commerce in recent years has prompted the provision of an electronic commerce platform。
for the public.
The market did not anticipate such a powerful mobile surge. It has not only sparked a wave of mobile APPs, but also kept that wave rolling. The barrier to developing mobile applications is low. With a distinctive, fresh idea, a well-organised team and an experienced development company, it is possible to create a perfect user experience and an APP that becomes a popular hit.
SMEs Struggle to Buy Traffic with Deep Pockets
In the application market, user numbers and traffic are the measures of an APP’s success or failure. Businesses with ample funds can spend heavily to acquire users and traffic. For SMEs, however, promoting an APP this way is highly challenging, and a small misstep can plunge an entrepreneur into serious trouble. When facing business difficulties, entrepreneurs should avoid blindly changing their operating strategies. Instead, they should calmly analyse the causes and consider solutions. Surviving successfully in the industry is therefore no easy task.
Survival requires careful assessment of market risks, particularly for those with limited entrepreneurial knowledge and experience. Do not assume that copying foreign products and business models will bring success. Without innovation and adjustments to suit the market, empty talk will not secure a foothold amid fierce competition. Although the barrier to entry is low, finding suitable investment partners and opportunities remains essential. Otherwise, entrepreneurs risk losing on every front.
The future of APPs and internet entrepreneurship will centre on services delivered primarily through the mobile internet, which will serve as a channel for business services. The mobile internet will continue to expand into offline activities, transforming offline commerce across industries such as finance, retail, healthcare and real estate by improving payment methods.