Description
Cost
effective marketing tools used by fashion retailers and frequently changing
consumer behavior are the two major factors likely to drive fast fashion. To
reduce the time cycle from production to consumption, the fast fashion
retailers keep on releasing new products to generate the desire of consumption
among consumers. Frequent product launch can help in developing brand awareness
and improve rate of consumer purchases
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Mobile
applications or apps have become an integral part of the average smartphone
users. Apps not readily present on phones can be downloaded through app stores.
According to Appster, the number of mobile app downloads is expected to touch
nearly 254 billion as of 2017. These apps are currently made available on iOS,
Windows, and Android compatible phones
Mobile
apps are seen as a strategy to attract and reach a wider consumer base. In
addition, businesses can use them to increase their visibility and presence and
to generate Ad revenue. For instance, HotelsCombined, a hotel search website,
utilized search and Ad strategies to gain more consumers from July to August
2014. The increasing purchasing power of consumers as well as a renewed consumer
engagement strategy by businesses is expected to culminate in a surge of
downloads of mobile apps.
Revenue-Generating
Apps to Witness the Highest Demand by 2022
Majority
of mobile apps have five major end users/applications, namely healthcare, fashion,
finance, entertainment, and social networking. Social networking apps are a
great platform for companies to place their Ads due to constant consumer
engagement. To put this in perspective, the popularity of WhatsApp in 2014 led
to the subsequent sales of smartphones that contained the app the following
years.
Entertainment
apps are witnessing a high demand from consumers due to the enriching content
of games. For instance, CandyCrush had generated more than USD 1 billion in
revenue for two consequent years (2013 and 2014). Pokémon Go could be the next
cash cow for Apple due to the high appeal of Pokémon.
Market Insights
The
global mobile apps market is anticipated immense growth from 2017 to 2022
(forecast period) finds a report made available by Radiant Insights, Inc. The
role of apps in aiding consumers in their daily tasks is expected to be the
major market driver. The influence of social networking apps is expected to
positively impact market growth in near future. The increased focus on security
by developers and popularity of wearable apps are expected to increase market
revenue by 2022.
The
possible integration of augmented reality, virtual reality, and Internet of
Things (IoT) may open up new avenues for growth. Development in accelerated mobile
pages (AMP) and app streaming can play a key role in retaining consumers. Key
market players include Google LLC; Microsoft Corporation; Appster; and Apple,
Inc
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Some
of the prominent companies operating in the market for fast fashion are New
Look, H&M, Gap, Zara, and Topshop
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