Complete Guide to Dating Apps Market

Posted on October 4, 2018 at 07:36 AM

Complete Guide to Dating Apps market
Dating apps are redefining the search for love, literally. Today, one seldom relies on friends to set them up or visit a bar for meeting up with new people; the dating apps do that for you with just a few swipes. In a world where technology has touched every aspect, matchmaking is no exception. But how effective is the tech that makes these apps tick? We bring you the behind the scenes info on dating apps. THE APP EXPLOSION The changes in lifestyle and busy schedules of people combined with technology have given a huge impetus to the online dating industry. The dating apps market is headed towards a meteoric rise and investors are making a beeline to be a part of the success story. Not just businessmen but even celebs like Priyanka Chopra (of Quantico fame)- who has recently invested in dating and social media app Bumble- are aware of the potential of this buzzing market. With a market volume of USD 1383 Mn and expected annual growth rate of 3.9%, the market is all set to boom in the near future as this trend spreads to more countries. Russia leads the dating app download statistics followed by Brazil and China, with India figuring in the top 10. Apps like Tinder, OkCupid, Badoo etc. rule the global dating app roost but the emerging market has plenty of opportunities for new local players. TYPES OF DATING APPS Most dating apps can be classified into two categories based on the tech used: A matching algorithm based: Apps like OkCupid employ an algorithm system that matches people based on the questionnaire that people have to answer. They call this ‘match percentage’. Based on the number of similar replies, it shows up potential matches on your screen. Geolocation matching: Apps like Tinder, Bumble and Tangle are the best examples of geolocation matching. It finds matches based on the location of the user. Tinder too uses an algorithm rating system called ‘elos’ which gives each user a ranking based on the number of rights and left swipes. So, if someone receives a high number of right swipes, their profile is rated high and features more often. There is tinder clone in the market if you want to create an app like Tinder. COST OF BUILDING AN APP AND ROI While creating a mega-app like tinder will cost you some serious bucks, you can build a decent dating app at affordable rates too. The budget for app creation varies with the complexity of the architecture and time needed for app development. Generally speaking, the range starts from as little as the US $3,000 and goes up to US $10,000. For app creation, you will need backend developers, designers, Android and iOS developers, project manager, and testers. Generally, the app cost will depend on the following features: Chosen platform. Android and iOS have different prices, an app like tinder costs less on iOS than Android. Design of App. As you amplify the quality of graphics and interface, the price will ride up. However, a talented and experienced designer can make use of technology to create good designs at less cost. App features. The number of advanced and basic features will greatly determine the final cost of the app. Wallet integration. The cost of an app increases significantly if you want to integrate it with a mobile wallet. More and more investors are anticipating the escalating trend and jumping into the dating app business to benefit from the huge scope of expansion and growth. Despite the presence of global apps, there is immense scope for niche apps that cater to a specific targeted audience. Take the example of dating app Muzmatch, which is designed for the Muslim singles. It is a hit with the young Muslims looking to marry and settle down within their own community. Then there is Inner Circle, a dating app which has subscription charges and also follows a strict admission process to cater to an elite clientele. In short, you can make decent money out of a dating app depending on the features you offer and the popularity of your app. FEATURES OF A GOOD DATING APP To succeed in this hugely competitive market one needs to differentiate their product. That said, there are certain features which all dating apps need to have in order to be successful. Data safety and Background checks. Safety of users is of paramount importance, especially in a dating app where one foregoes a substantial amount of personal information. While it is not possible to fish out the fake profiles entirely, strong security verification features can reduce such incidents. Secure communication. It is important to secure all communication between the app and other systems like cloud-based services, back-end servers, GPS, chat servers etc. Curated matches. The accuracy of your dating app in match-making is perhaps the most crucial feature. So if you need to prioritize the budget allocation, spend on securing good algorithm programs that can segment and analyze user data intelligently. Chat or messaging. Allowing users to interact privately is a feature you cannot omit in a dating app. Being able to message the person is a step towards knowing them better. Including the ability to edit sent messages will be an added bonus. Push button notifications. Another standard feature in most dating apps, it allows the user to instantly know if anyone has viewed their profile or sent a message etc. Social media integration. If your app has a social media integration it will help curb fake profiles and help users interact more effectively. It also helps in trust building. Location details. The key feature of an app like Tinder is its location targeting. This helps users find matches around them and make optimum use of the app. Tinder clone allows you to develop an app with features of tinder. TECHNOLOGY STACKS BEHIND DATING APPS The tech stack you use for your app will greatly determine its success. There are different types of stacks for different kinds of apps so do not make the mistake of replicating a stack used in a different genre in your dating app as well. All apps have two main components: client side and server side. Client-side refers to what the user sees, while the server side is the back end component. Client-side stacks: Cascading Style Sheets and Hypertext Markup Language (HTML). These decide the structure and layout of your page. JavaScript JS. Help make the page interactive and dynamic. Server-side stacks: Programming languages: Python (Django, Flask, Pylons)
  • Java (Spring)
  • Node.js
  • Ruby (Ruby on Rails)
  • PHP (Laravel)
  • Scala (Play)
Database:
  • PostgreSQL (relational)
  • MySQL (relational)
  • MongoDB (non-relational, document)
Server:
  • Nginx
  • Apache
At Relinns, we are here to help you make sense of all tech-related dimensions and suggest the best tech concoction for a great app. TIPS TO MAKE MONEY Given the soaring popularity of dating apps, there is great potential to make money out of them. Below are a few smart moves that will monetize your app: In-app purchases. Make app downloading and basic features free but include some premium paid features that users have to pay for. Strike a balance between the free and paid features; don’t give out too many free features and ensure that users feel upgraded with the purchase. For example, Badoo has a ‘Super Powers’ feature which allows the users to see who added them to the favorites list, highlight their messages to give them preference over others and use the invisible mode. You can also include gifting options in your app. Gifting is a key component of wooing; both in the real and virtual world. Equip your site with the digital gifting option to entice the user as well as add to your revenue. You can keep the options simple, like flowers, stickers, greeting cards etc. Make Email mandatory. While registering, ensure that entering the Email id is a mandatory step. This helps because it allows you to pursue targeted Email marketing and generate more leads. Emails, unlike phone numbers and profiles, are seldom changed easily, giving you permanent access. In-app advertising. Ads are perhaps the most profitable opportunity when it comes to monetizing an app. Including ads that are related to the content on the app increases user engagement and adds to your profitability. At present CPA (Cost per action) is the most popular model. Choose ads wisely and in the right format so as to not frustrate the user. You can rope in local businesses if catering to a particular area. Premium account. Give the users the option of a premium account that allows them to use features not available to others. Make these features really tempting to attract the user. For example, Tinder has Tinder Plus which grants the user more visibility and has options like Rewind (which allows the user to go back to an option that they may have swiped accidentally). At Relinns we specialize in creating customized dating apps at the most affordable prices.
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