There have been many large transformations taking place in some shape or form for most businesses who have seen their status quo shaken in more ways humans tend to enjoy over such a short period. Much of this change comes down to the global digital transformation that many businesses have been forced to adapt, and quickly if they want to survive in a contactless world. This has increased digital business competition and forced additional development from businesses already operating in the digital world in order to stay competitive.
The mobile application market is no different. It actually stands at the forefront of businesses ‘digitalising’ their offerings to make them accessible to consumers. Allowing businesses to engage with their consumers outside in a customised and functional environment on their smartphones has become a highly effective way to digitalise offerings to consumers and garner real business engagement.
With mobile phone usage at an all-time high (94% of people 16-54 in the UK have a smartphone and use it for 2 hours plus a day), businesses need to think about how they can effectively reach and provide products or services for their consumers where the consumer is, not where the businesses are like the days of old.
Although this might seem like a challenge not everyone will be able to meet, there is a silver lining for some industries, mainly those providing entertainment or essential services, who can pull it off or are already there. For these industries, mobile app engagement along with in-app spend is booming. We have pulled some stats to give an idea of the level in which these consumers are engaging with apps to highlight the opportunities an effective digital can offer.
Key Findings:
- Consumer spend in non-gaming apps has grown nearly 50% since mid-March
- Gaming in-app revenue has jumped 42% as of early May
- Shopping Apps have seen consumer spending increased 50% since the start of lockdown and a further 8% in the past month as demand for online shopping is rising
- Fintech revenue surged 75% since lockdown started
- Lifestyle Apps almost doubled revenue generation since mid-March, growing a further 35% in the past month
- Content & Media Apps have seen a 40% increase in DAUs since the start of March
- Entertainment Apps saw a 20% increase in DAUs in March
- Content & Media apps are enjoying a big lift in user retention: Day 1 retention rates are up 37% and Day 7 retention had jumped up almost 70% by the end of the first quarter of 2020
Sources:
Clevertap, mobile benchmark report – https://clevertap.com/blog/2020-mobile-benchmark-report/
Finder, Mobile Internet statistics – https://www.finder.com/uk/mobile-internet-statistics