Why COVID-19 Outbreak is pushing start-ups to invest in Software development?
As all the nations across the globe have been hit harder by the fast-spreading global pandemic COVID-19, almost all industries have been affected heavily. Governments are trying to flatten the curve by controlling the movement of citizens by imposing lockdowns. Many industries have shut down their operations, movement of vehicles is restricted and no flights are operating. The confusion of business operations is in a very high state for all types of business and software development companies in the middle-east region (UAE).
Why COVID-19 Outbreak is pushing start-ups to invest in Software development?
With governments working harder to stop the spread of this epidemic called COVID-19 or coronavirus, we could believe that slowly the business would resume across the globe. But you cannot tell that the state of the business will return to the previous state. All these losses in the economy and other unpredictable incidents may create a new style of the business aspect. Hence all businesses must adapt to the new environment and be prepared. The competition would be at the peak and it will depend on the efficiency of businesses and how do they survive this lockdown period. This arises the question – Why COVID-19 Outbreak is pushing start-ups to invest in Software development? What could be the striking points for start-ups to accelerate the business and stay in the race?
Think of a Unique idea:
Start-ups have to think out of the box to bring unique ideas and have maximum impact from their efforts and resources. There should be an adaptation to the latest demands and ongoing trends in the market to capture the attention of masses with limited capital investment.
MVP:
Start-ups must be well aware that a business can succeed only if they reach to new customers. With the economy being halted across the globe, there would be an effect on funding for new projects in all segments. Recession would be in the line and building an MVP of your innovative idea would be the best choice for start-ups to ensure high profits with low investment. MVP is not a complete product and involves only important features. It will consume less capital, time but help you to reach more customers.
Trendy apps during a lockdown:
Grocery Store App:
As there are lockdown and restriction on the movement of people across the cities, people are relying much on online grocery apps. There was an impact on all types of retail supply chains and the movement of goods during the initial stages of lockdown. But there are some reliefs provided by the government on the movement of essential items and grocery apps are playing a huge part in reaching customers for their daily needs. They are following all the safety guidelines and embraced an approach of contactless delivery that has solved the safety concerns. It is a prime time to invest in such kind of apps and develop your brand by solving the pain point of customers.
Gaming apps:
In the time of lockdown, people are getting bored of sitting in one place and have turned to online gaming apps to kill time. As gaming apps could provide good recreation to people during this time, many gaming companies are gaining splendid downloads in recent times. Many reports have shown that online gaming app downloads have increased like never before and expect this surge to increase very much in the coming days. As smartphones are a must-have asset in every home, it is evident that investment in such gaming apps would yield a good percentage of revenue. Hence start-ups could invest much on these gaming apps with the segment showing signs of expansion like never before. COVID-19 epidemic has made this industry to think more innovatively as the competition is getting larger with many new customers opting for new gaming apps to kill the boredom.
Streaming and Entertainment Apps:
With the current lockdown being extended across the globe to indefinite times, people are getting more addicted to online streaming and entertainment applications. Apps like Netflix and Amazon Prime have been providing rich content and gaining much revenue from the time of their introduction. App subscriptions have been increasing on a larger scale after the lockdown was imposed across major cities in the world. Major online streaming and entertainment platforms are operating seamlessly across many countries which have opened the global market for many upcoming filmmakers. As people are getting more interested in such apps, it is surely going to increase this trend even post lockdown period. More and more streaming will benefit app company revenues.
Even entertainment apps like Tik-Tok are not far behind the news. In this period of lockdown, even celebrities are more inclined to making tik-tok videos and share them on their social media profiles. People are also using this to spread awareness about the epidemic. Start-ups can use this opportunity to invest in similar kinds of apps and reap benefits.
More creative work at a competitive price:
As the lockdown tends to relax, there will opening up of business on new software developments. The competition will be too high but the lacking financial flow may lead to an increase in recession and unemployment. But people will surely turn to start-ups as they will get the advantage of more creative working with competitive prices as compared to established companies. This could act as a boon to start-ups and prove a good chance for them to step up their business expansion on a larger scale.
Bottom line:
COVID-19 is creating ripples across all the industries and if the start-up companies manage to withstand this period smartly, then there would be a definite turnaround shortly. There are many ways as mentioned above, for start-ups to move cleverly and hit the right button. For all the assistance on your digital journey and software development tasks, associate with Brill Mindz, a leading mobile app development company in Dubai that always offer the helping hand for technology start-ups.
