I donβt think that someday you will be able to support cases when someone bought a paid version and installs it directly from the application store on a new device or device where the application was deleted.
We recently encountered this problem in the opposite direction. We have an FWIAP application that customers would like to purchase as part of a volume purchase program that does not apply to IAP. Thus, we created a paid version and sold it as a separate application, and it generates so many sales that the FWIAP version, basically doubling the revenues (for now).
I think the easiest approach is to just release a separate application. If you convert an existing application, the greatest risk is negative reviews, which can lower your star ratings and therefore download. Therefore, if you take this route, I will have such a generous customer support policy as possible - give anyone who claims to have bought a paid version of the code that allows them to unlock the FWIAP version.
But this may be a headache in the future, and from my limited experience you can make more money just by having both versions in the store.
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