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

May 9, 2023 | Business

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:

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“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:
– Foodtech App Engagement Benchmark Report 2022 https://clevertap.com/insights/food-tech-benchmark-report/
– E-commerce App Engagement Benchmark Report 2022 https://clevertap.com/insights/ecommerce-benchmark-report/

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(TM) – 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, Sao 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

CleverTap Appoints Honey Bajaj as SVP & Global Chief of Consumer Experience

May 6, 2022 | Business

CleverTap, the world’s leading retention cloud, today added to its core leadership team with the appointment of Honey Bajaj as SVP & Global Chief of Consumer Experience. In this position, Bajaj will pioneer CleverTap’s extensive program to help companies reimagine customer experience and realize the “Art of Possible”.

CleverTap Appoints Honey Bajaj as SVP & Global Chief of Consumer Experience

Bajaj is a design strategist, an innovation leader and a social entrepreneur with extensive work in India and the U.S. Her ability to problem solve and identify patterns in human behavior has earned her multiple prestigious awards and recognition as an Innovation Global Shaper and Inventor of the Year (2016). She is also a dual degree holder with a Master’s Degree in Engineering and Management and a Master’s in Sustainability Studies from the Massachusetts Institute of Technology. She is currently pursuing her Ph.D. in Design and Innovation Methodologies in the Digital World.

Before joining the CleverTap Leadership Team, Honey built an innovation pipeline for several Fortune 500 companies, including Boston Consulting Group Digital Ventures, Disney, Microsoft Research, MIT Media Lab and Tata Group, one of India’s largest and highly profitable conglomerates. There she developed detailed market segmentation frameworks based on purchase behavior to orchestrate product launches and go-to-market strategies.

Bajaj has also dedicated her talent in designing for scale and impact to serving the needs of government bodies, financial institutions and healthcare organizations. Her work, which spans over a decade, has impacted over 50 million lives.

“As we scale CleverTap into a global category creator for “Retention Cloud”, we realize that our customers are eager to co-create experiences that will fuel growth and the future of their own digital businesses. For this reason, we are expanding our leadership team with a new appointment that benefits the most important stakeholder: our customers’ customers,” Vikrant Chowdhary, CleverTap Chief Growth Officer, explains.

“From fintech to ecommerce, and from on-demand Super Apps to media and streaming services, companies need the inspiration and tangible examples of the “Art of Possible” to unleash human-centered design thinking, unlock new perspectives and drive powerful momentum and positive results for all stakeholders.” This outcome, he continues, is “inextricably linked with our customers’ abilities to realize and hyper-personalize omnichannel journeys for their customers.”

“I have always focused on designing for impact and inventing for scale by contextualizing tech for the consumers. The truth is, no matter what we think we’re doing, we are all in the customer-experience business. Before you can accomplish it, you need to envision it. The digital behavior and expectations of customers is evolving faster than most industries are able to deliver. I am looking forward to my journey with CleverTap to embed human-centered principles and design thinking into a series of initiatives and programs,” Honey Bajaj says. “These efforts will allow digital-first companies to co-create and simulate digital journeys that will fuel growth through superior customer experience and will enable CleverTap’s customers to realize their consumer journeys in a more seamless and contextual manner as the lines of the digital and omnichannel world are no longer separated.”

About CleverTap

CleverTap is a modern, integrated Retention Cloud that empowers digital consumer brands to increase customer retention and lifetime value. For brands that understand and value user retention, CleverTap drives context and individualization with the help of a unified and deep data layer, AI/ML-powered insights & automation. Customers worldwide representing over 10,000 apps, including Vodafone Idea, SonyLIV, Daimler, Gojek, Carousell, and Premier League, trust CleverTap to achieve their retention and engagement goals, growing their long term revenue.

CleverTap is backed by leading venture capital firms, including Sequoia India, Tiger Global Management, and Accel. The company is headquartered in Mountain View, California, with offices in Mumbai, Singapore, and Dubai. For more information, visit clevertap.com or follow us on LinkedIn and Twitter.