Globalization has paved the way for a world where all of us are profoundly connected. Some time ago, borders were considered to be a restriction that was very hard to surpass, now many of us do so without giving it a thought. Think about it.
When was the last time you purchased something from an international E-commerce chain? Or, expand your own business, internationally? May be, your suppliers are based outside your country, and hence there is a difference in currencies when carrying out transactions.
This is why a currency converter app is a convenient invention.
Why Should You Do Business Related to Currency Converter Apps?
Rather than just using a currency converter app for your needs, you can also develop one as a business idea.
Various trends reflect a demand for this type of app. Look at the following stats:
- International tourism is a global industry that is thriving. European travelers alone account for 670.6 million tourists! And when you are traveling to a foreign country, you need a quick solution through which you can compare the prices of the country with your domestic currency.
- People are now migrating to online platforms for shopping. International E-commerce is becoming more and more popular which is increasing the need to know about prices in your own currency.
- As borders get blurred, the freelance economy is booming. Here, altering your rates according to the country of your client is a given. And a currency converter app helps you in doing so.
Steps to Consider When Developing Currency Converter App
Do you wish to develop a currency converter app from scratch? Here is how you can do so.
1. Select a Quality App Development Service
If you think you can create an app better by yourself, there is a high probability that you are mistaken. We don’t wish to put you down. However, app development is not a piece of cake. Not to mention that you shouldn’t put this pressure on yourself anyway considering the other productive ways you can utilize time.e
Anyone who wishes to match or improve on the popular currency converter apps in the market should research and find a quality app development service. Your decision should be based upon the level of expertise of the given firm, their portfolio, reputation among customers about the quality of work and price charged.
Which of these factors you prioritize first depends on what your needs are? Those who are looking to create a competitive advantage through product improvement should look for companies that deliver the best quality app.
However, if you want to take a cost-leadership approach and provide an app cheaper than your competitors, comparing prices of different services is an excellent way to start.
2. Decide What You Want
You will find currency converter apps that use the prevailing exchange rate to you how much a given currency will be worth in terms of another currency. At the same time, you will find apps that allow you to change the exchange rates manually. Both of them come under the umbrella term for currency converter apps.
You must decide which one you wish to develop. Do you want to develop a currency converter app or a currency calculator?
This decision will base upon who your target audience is. For instance, people who invest in international stocks or currency to make money find apps which offer both conversion and calculation to be a value-added feature. This is because these people indulge in speculation and decide when to sell their stock depending on the price they’ll get. Here, currency calculators can come in handy for planning.
On the other hand, individuals who merely want to compare prices or know what a given product is worth in their country will be satisfied with a simple currency converter.
If you were to ask us, we would tell you to create an app that addresses both types of people. This will increase your target audience and hence chances of success. You can easily develop an app that can be used for direct conversions and manual entry of exchange rates for currency calculation. Ask your app developer to do it for you.
3. Add Value-added Features
Apart from the primary function of converting money from one currency to another, your app should also have an oomph factor. Here are some features you should consider adding.
- A wide range of supported currencies so that the masses can benefit from your app
Currency converter apps that have made it big tend to support 150 to 180 currencies. The more currencies your app will support, the more diverse your target audience can be.
However, there is a trade-off between some currencies you support and user-friendliness. The more currencies you have, the more users will have to scroll to find their desired one.
To avoid this trade-off, you might want to pin the top currencies on the list or deliver suggestions based on search history. Some apps even go as far as to use location to decide which currency to reflect.
- Real-time exchange rates. Your app should be fast enough to incorporate exchange rate changes in real time
Let’s say the currency the user is converting to is prone to daily fluctuations. What would happen if your app doesn’t incorporate changes to its value in real-time? Well, your app won’t be much help to your user.
To avoid this, you must develop an app that is able to reflect the latest changes and updates. Also, remember that your user’s phone might not be connected to the internet all the time. Hence, you must offer an offline mode that saves the recent changes for offline viewing.
- Conversion history and graphs so that it is more convenient for users to find the currency they are looking for
User-friendliness should be your priority regardless of what type of app you develop. How can you achieve this in a currency converter app? Simple.
All you need to do is add a quick access option and search for history-based recommendations. This can significantly reduce the time your users will spend trying to look for the currency they want.
Moreover, to further facilitate them, you might want to deliver results in the form of graphs as well. People who are using the app to track value fluctuations are bound to appreciate this feature.
4. The Designing Process
While your app developer will be doing it all for you, it is essential to be a part of the entire app development journey. Think of your app developer as an expert who can transform your demands into reality. But, you must communicate your requirements to them.
Before you think about UI, you must decide which platform you are making your app for. Will it be for iOS or Android users? This heavily alters the designing process as the two operating systems are starkly different from one another.
In the designing process, you must think about how the interface of your app will look. The key is to make it as user-friendly as possible. No one wants a fancy and complicated currency converter. Instead, all your customers want is a minimalistic design that is easy to navigate. Something that gets the job done without much hassle.
Therefore, rather than opting for elaborate designs, keep it simple and only include the calculator, exchange rate, and list of currencies in your UI.
How Can You Earn Money from a Currency Converter App?
Your app has been developed. How can you earn money from it? There are two things you can do. Either you make it available on Apple App Store and charge a price for the application. Or, you can create an Android app and make it available on Google Play without charge.
How will you earn then? Simple. You will make money via ads. A third option is to opt for a freemium model whereby some features are available for free while others demand a premium.
Develop a currency converter app. Give your target audience what they want. Benefit from the fact that we live in a connected world.