As a developer, your primary goals should be to create an app that’s highly functional and useful yet also well-monetized and profitable enough to sustain. While many apps are listed for free in the Google Play Store or App AppStore, ad revenue allows developers to continue releasing apps at the “free to download” price point.
However, in recent years, a number of apps have made headlines for generating absurd amounts of revenue by convincing users to make small in-app purchases. Typically, the biggest winners with this method have been mobile games, but every app can benefit from an in-app purchase scheme, particularly if you’re following these tips.
1. Accept cryptocurrencies
While cryptocurrencies still aren’t as common as traditional currencies, there are enough people who have BitCoin and similar alternatives to make targeting that section of the market worthwhile. By clearly displaying that you accept cryptocurrencies for in-app purchases, you can catch the attention of people who may say “hey, I have some extra Bitcoin lying around, I might as well use this opportunity to spend some.”
In fact, this “I can spend it, so, therefore, I should” mentality is helping a lot of businesses who have begun accepting cryptocurrencies just to stay ahead of the adaptation curve. The best part is, adding cryptocurrency payment capabilities to your app is as simple as using OPEN platform script – no advanced skills or experience required.
By removing the requirement for advanced technical expertise, a serious barrier to the widespread adoption of cryptocurrencies, OPEN platform has been heralded as a game-changing innovation. History has shown that producing an easy to use API for developers is a key factor in driving rapid adoption.
OPEN API makes utilizing cryptocurrency payment infrastructure a possibility for developers who would otherwise need to hire additional, and specialist, staff with the requisite knowledge. Now that developers can easily integrate cryptocurrency payments into their application’s backend, taking cryptocurrency payments is now as easy as taking fiat payments. Check out OPEN platform website for more information, including the whitepaper.
2. Provide significant upgrades and advantages
Of course, you have to give an app user enough incentive to take interest in the in-app purchases you’re offering. The best way to do that is to give the purchaser a noticeable or unfair advantage with the upgrade they’re buying. For example, in a game app, the user may be able to pay for boosts and power-apps that give them the ability to reach new levels and scores. Similarly, in a business-related app, the user could gain access to additional features or longer usage time. Essentially, you want the user to think “I absolutely need this upgrade to continue benefitting from this app.”
3. Facilitate micro-transactions
If an in-app purchase costs too much, it might not sell as much because only a small percentage of your userbase will be willing to shell out more than a couple dollars at any given time. On the other hand, if you make bonuses available for extremely small amounts (i.e. – 25 to 75 cents), then you’re more likely to get a decent share of your users completing such microtransactions. In the long-term, smaller in-app purchases tend to rack up more revenue than larger ones.
4. An extra level of monetization
In closing, the primary reason to work towards improving your in-app transactions is to provide an additional revenue stream. Depending on your niche and the kinds of upgrades you’re providing, you might wind up earning just as much from in-app purchases as you do from other advertising methods you’re already using. Generally, promoting in-app bonuses works best when your app is free to download, but it can also work for paid apps as well if the value is there.