CleverTap Benchmark Reports: Foodtech Apps Enjoy 60% Higher Repeat Transaction Rates Compared to E-Commerce Apps
“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.
CleverTap 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: