From offline to online to applications: this is how the Internet world has morphed. At a time when a serious debate rages on making the product mobile-only, Mausam Bhatt, Senior Director, Flipkart, sheds light on building an app economy at TechSparks 2015 on Saturday.
The app market has grown immensely in the past few years. Today, global app downloads stand at more than $180 billion and the app revenue clocks $75 billion. The figures show the rising growth in the segment.
Mausam says, “During Flipkart's Big Billion Dayssale, more than eight million units were sold via our app. The number vouches for the business dependent on apps.”
He adds that the market is ready to adopt this app economy. He, however, posed a valid question:Are we developing the product according to the demand of the market?
“Gone are the days when mobile was used for entertainment purpose only. Consumers from small cities and villages too are using appsfor shopping, maps, games, entertainment, news and knowledge, among others. Things have changed immensely and we need to cater as per the demand of the market. Next revolution is going to happen from small places,” says Mausam.
He adds that the community needs to leverage the impending app revolution.
How to do it?
“Localisation of the product is important. We need to build for local population, zeroing in on their needs and fulfilling their demands through the product,” Mausamadvises.
He adds that entrepreneurs need to leverage the ecosystemand work with a lot of partners. Another important factor for building economy based on the application is to concentrate on business model which is equally important and can’t be neglected.
“Lastly, we need to go global sooner than later. The US and Europe are not the only markets;there are other bigger ones in South East Asia, Africa and other parts of the world,” says Mausam.
A big shoutout to TechSparks 2015 sponsors – Sequoia Capital, ICICI Bank, Money on Mobile, Microsoft, Signal Hill, IBM Bluemix, PwC, Atom Tech, Teamchat, Govt. of Karnataka, Intel, Rabbler, Dailyhunt, Reverie, Loginext and PayUBiz; Partners – Duff&Phelps, Taxmantra, Dineout, Exotel, 360ride, Yoga Bar, Chai Point, GWC; and our Media Partners – TV9, Fortune India, RedFM and Deccan Herald.
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