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Source: CleverTap
CleverTap Benchmark Reports: Foodtech Apps enjoy 60% higher Repeat Transaction Rates compared to E-commerce apps

Mountain View, Calif, & Mumbai, India, May 9, 2023 - (ACN Newswire) - CleverTap, the World's #1 retention cloud, released the findings of its Foodtech and E-Commerce industry Benchmark Reports. Foodtech and e-commerce apps experienced exponential growth during the pandemic. According to App Annie's State of Mobile Report 2022, time spent on shopping apps scaled to more than 100 billion hours – up 18% year-on-year. Users spent 50% more sessions YoY in 2021 than in 2020 on foodtech apps. The benchmark reports reflect data collected from Asia-Pacific, Europe, India, Latin America, Middle-East, and North America.

The findings offer insight into how consumers engage with foodtech and e-commerce apps. Marketers can craft and deliver personalized messages and campaigns that can help drive engagement, retention, and growth. Some of the key metrics in the report include:

Metric

Foodtech Apps

E-Commerce Apps

Average repeat transaction rate for new users

16% of new users of foodtech apps complete more than one transaction in the first week

the average Week 1 repeat purchase rate for an e-commerce app is 10%

Average Click Through Rate (CTR) for push notifications

On average, 5.22% of Android users and 2.5% of iOS users will click on and interact with push notifications

On average, 6.1% of Android users and 3.2% of iOS users will click on and interact with push notifications

Average CTR for In-App Notifications

The click through rate for in-app notifications is 21%

The click through rate for in-app notifications is 22%

Average CTR to Email

25% users open emails sent by foodtech apps

27% of users open emails sent by e-commerce apps

Install to sign-up rate

1 in 3 new users (33%) will sign-up within a week

32% of new users will sign-up within a week

Average stickiness quotient

Foodtech apps enjoy a stickiness quotient of 15%

17% of monthly active users are consistently returning to the app to use or otherwise show interest in it

Average time to sign-up

80% of the users that sign-up, do so within 3 seconds of launching the app for the first time

72% of users that sign-up, do so within 33 seconds of launching the app for the first time

"The findings from our benchmark reports are aimed to help marketers improve engagement and user journeys by providing insights into the behavior of e-commerce and foodtech app users." said Jacob Joseph, VP-Data Science, CleverTap. "As the app economy continues to expand, foodtech and e-commerce marketers will need to find ways to drive customer ‘stickiness' which currently stands at a meager 15% and 17% respectively. Customized messaging informed by behavioral insights are crucial to get customers to return to the app interface and drive up this metric."

For e-commerce marketers, the challenge and opportunity is to ensure that their company's app not only stands out in a crowded and fiercely competitive market. But also encourages users to make quick purchases, return frequently to buy more, and hopefully, spend a sizable sum with each transaction.

16% of new users of foodtech apps complete more than one transaction in the first week. Best-in-class customer service will help boost this metric and keep customers returning for more. Foodtech companies need to be quick to offer special deals to new users and drive conversions. The benchmark report helps foodtech and e-commerce apps understand how to build successful mobile communication campaigns, and also allows growth marketers to discover areas that require greater focus.

The reports can be downloaded with the links below:

About CleverTap

CleverTap is the World's #1 Retention Cloud that helps app-first brands personalize and optimize all consumer touch points to improve user engagement, retention, and lifetime value. It's the only solution built to address the needs of retention and growth teams, with audience analytics, deep-segmentation, multi-channel engagement, product recommendations, and automation in one unified product.

The platform is powered by TesseractDB™ - the world's first purpose-built database for customer engagement, offering both speed and economies of scale.

CleverTap is trusted by 2000 customers, including Electronic Arts, TED, English Premier League, TD Bank, Carousell, AirAsia, Papa Johns, and Tesco.

Backed by leading investors such as Sequoia India, Tiger Global, Accel, and CDPQ the company is headquartered in Mountain View, California, with presence in San Francisco, New York, São Paulo, Bogota, London, Amsterdam, Sofia, Dubai, Mumbai, Singapore, and Jakarta. For more information, visit clevertap.com or follow on LinkedIn and Twitter.

Forward-Looking Statements

Some of the statements in this press release may represent CleverTap's belief in connection with future events and may be forward-looking statements, or statements of future expectations based on currently available information. CleverTap cautions that such statements are naturally subject to risks and uncertainties that could result in the actual outcome being absolutely different from the results anticipated by the statements mentioned in the press release.

Factors such as the development of general economic conditions affecting our business, future market conditions, our ability to maintain cost advantages, uncertainty with respect to earnings, corporate actions, client concentration, reduced demand, liability or damages in our service contracts, unusual catastrophic loss events, war, political instability, changes in government policies or laws, legal restrictions impacting our business, impact of pandemic, epidemic, any natural calamity and other factors that are naturally beyond our control, changes in the capital markets and other circumstances may cause the actual events or results to be materially different, from those anticipated by such statements. CleverTap does not make any representation or warranty, express or implied, as to the accuracy, completeness or updated or revised status of such statements. Therefore, in no case whatsoever will CleverTap and its affiliate companies be liable to anyone for any decision made or action taken in conjunction.

For more information:

SONY SHETTY
Director, Public Relations, CleverTap
+91 9820900036
sony@clevertap.com

VISHAAL MUDHOLKAR
Consultant
Archetype
+91 9724309069
vishaal.mudholkar@archetype.co



Topic: Press release summary
Source: CleverTap

Sectors: Media & Marketing, Retail & eCommerce, Food & Beverage, Wireless, Apps, Advertising, Digitalization, Artificial Intel [AI], Startups
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