As the datasets get bigger and the analytical tools more sophisticated, never before have we been able to gain such a comprehensive understanding of our customers and social networks as we strive toward core busiiness goals.
What apps are we downloading and using? Why and why not? What are the implications of these benchmarks that might influence the content served to users in this volatile environment?
Projects by Allied Market Research predict the global food delivery mobile app market to grow at a compound annual growth rate of 27.9% ($16.61 billion in value). Three key factors are attributed to the phenomenal growth this sector experiences:
- High internet penetration.
- Rising living standards in developing countries.
- Increasing mobile and smartphone use.
Android users make up two thirds of this market with IOS users to experience the fastest growth over the next four years. Food delivery is in a state of growth and expansion particularly in the Asia-Pacific as China, India and Japan continue to increase this technological adoption. It’s a race between Apple Cognizant, IBM Corporation, Microsoft Corporation, SAP SE, CA Inc., Google, Mendix, Red Hat, SAP SE, Zoho Corporation Pvt. Ltd vying for market dominance through strategies focused on capitalising on this boom.
CleverTap trawled through over 3 billion events across on-demand food delivery apps worldwide, uncovering deep insight and benchmarks into this market that processes 60% of all restaurant orders.
“The food delivery app space has very low entry and exit barriers and hence churn and retention are constant challenges. The key to improve both, is to provide a differentiated experience at every stage of the user lifecycle,” said Almitra Karnik, Global Head of Marketing at CleverTap. “Showing enough value to get a user to sign up is only the first challenge. You also need to incentivize users to use the app and perform repeat transactions ‘in-the-moment.’
Key Findings:
– Registration: Only 25% of users complete the signup process after the first app launch
– Retention: Only 22% of new users remain active after the first week
– Churn: A staggering 86% of new users will stop using an app within 2 weeks of the first launch
– Uninstalls: 54% of new users will completely uninstall the app within the first month
In attempting to understand the fast paced consumption and motivators behind this behaviour, UM released its Remix Culture study. Integrating a quantitative study of 56,397 active internet users — those who use the Internet every day or every other day. the sample represents a universe of 1.73 billion active Internet users worldwide. It’s a world class culturally focused iteration of behavior and motivators in the social and digital media space across 81 countries and 44 languages:
- Consumers hold brands accountable and leverage social media to voice concerns, thus launching and cultivating a “Resist” movement when expectations are not met
- “Retrograde” behavior reflects a gravitation towards content and culture from previous decades and brands that embrace nostalgia. Generational trends from the past are now in the foreground, shaping personal style, language and beliefs
- 68% enjoy like listening to music or watching movies from other decades
- 57% say their family practices the culture/traditions of their ancestors
- 55% enjoy watching TV shows that are no longer on air
- “Reglocalizing.” refers to the content that appeals to the consumer’s sense of individuality with a preference for locally produced content with 43% unresponsive or swayed by content from other countires to their own.
- Consumers increasingly want to broaden and “Recreate” their identities creating their online persona through health/fitness, friends, intelligence, family traditions; passions, science and country of birth.
As personal identities become more complex, so too does the seeking out of brands that reflect a new way of doing things with 65% of those studied ready to embrace products that satisfy that yearning.
“These insights help better understand and navigate cultural trends at a time when trust continues to drop and it’s more important than ever to make brands culturally relevant.” says Deidre Smalls-Landau, Global Chief Cross-Cultural Officer, UM.
What makes things even more confusing are the inferences from Kaspersky’s recent report that reveals 38% of people who say they would give up their social media accounts if it meant guaranteeing full privacy of their data for the rest of their lives.
It demonstrates a growing trend on the value of personal information to the same tech adaptors we try to unpack through these reports explored here. However it isn’t that simple, it’s a process, not a one-time deal that can be bargained for.
“Several years ago, people shared their private information with social media services in exchange for various benefits, without even thinking about the potential threats and their consequences.” says Noushin Shabab, Senior Security Researcher at Kaspersky. “With a rising number of data leaks around the world, we are seeing a new trend amongst consumers. While many prefer not to have certain facts about themselves revealed in public, the majority still don’t know how to protect their digital privacy and would give up social media to guarantee their information remains secure.”
I really like it when individuals get together and share ideas. Great blog, stick with it!