AKHIL NATH Mobile App

Mobile app development has become a priority for small businesses. A PwC study found that more than 40 percent of companies have invested in mobile apps and more than half plan to invest over the next year.

Why the rapid rise in mobile apps? Because the mobile app space is growing rapidly. Globally, mobile app revenues are expected to reach $188 billion by 2020, according to Statista. According to App Annie, time spent in apps grew an impressive 20 percent in 2016 and app usage is forecasted to continue growing.

There are a number of ways small businesses can benefit from having a mobile app. Here are four:

1. Brand awareness: A mobile app builds brand awareness as it's another touch point for customers to interact with a company's brand through the smartphone — which just about everyone has in his or her pocket these days.

2. Customer loyalty: Small businesses need loyal customers and a mobile app is one way to build loyalty. An American Express survey found that 75 percent of U.S. consumers were more likely to buy from a retailer after downloading its branded application onto their smartphone or tablet. It also discovered that 49 percent of people were also likely to continue shopping with a retailer after downloading its mobile app, compared to 31 percent who had not