In the fiercely competitive world of mobile apps, staying ahead of the competition is crucial for marketers. Recognizing this, CleverTap, the all-in-one engagement platform, has released its industry benchmark report specifically tailored for travel apps.
This report aims to provide valuable insights that will help travel app marketers to boost conversions and drive higher app activity.
One noteworthy finding highlighted in the report is the speed at which users sign up for travel apps. Surprisingly, 80% of travel app users complete the sign-up process within a mere 31 seconds. However, the conversion rate within the first month is significantly lower, with only 42% of users making a transaction. In comparison, the fintech industry boasts a conversion rate of 95%, while foodtech achieves 65%. This discrepancy implies that users do not perceive travel apps as being notably different from traditional travel agents. As a result, they may be reluctant to make transactions through these apps, similar to their hesitations with old-school travel agents.
Overcoming this challenge requires travel app marketers to focus on retention strategies and go above and beyond in providing meaningful value to customers. By emphasizing customer satisfaction and addressing concerns, travel app marketers can encourage users to complete transactions more frequently. This may involve personalized recommendations, exclusive offers, or seamless customer service experiences.
The CleverTap benchmark report serves as a valuable resource for travel app marketers, providing detailed insights and analysis. It covers various aspects, including user behavior, app engagement, and conversion rates. Armed with this information, marketers can make data-driven decisions to optimize their apps’ performance and enhance user experience.
The report also delves into the significance of personalized messaging and notifications in the travel app industry. Users respond positively to tailored communication, which helps drive engagement and conversions. Employing dynamic segmentation and behavior-based messaging can enhance user engagement and encourage them to explore the app’s full potential.
In addition, the report sheds light on the importance of tracking key performance indicators (KPIs). Metrics such as app uninstall rates, user retention rates, and session lengths are crucial in assessing the app’s success and identifying areas for improvement. By closely monitoring these KPIs, app marketers can adopt proactive measures and develop effective strategies to retain customers and boost conversions.
CleverTap analyzed 17.9 billion push notifications, 3.8 billion emails, 919.1 million in-app messages, and a total of 64.17 million monthly active users (MAUs). The findings reflect data collected from Asia-Pacific, Europe, India, Latin America, Middle East, and North America. These include:
- Install to sign-up rate: 1 in 4 users that install travel apps (28%) end up signing up within the first week.
- Average time to sign-up: 80% of the users that sign-up, do so within 31 seconds of launching the app for the first time.
- Sign-up to conversion rate: 42% of newly signed-up users make a transaction in the first month.
- Average time to convert: 36% of newly signed-up users move from onboarding to deeper-in-the-funnel engagement within a week of onboarding.
- Session frequency: On average, travel app users launch their app around 12 times a month.
- Average week 1 retention rate: 13% of newly signed-up users make repeat transactions in the first week.
- Average click-through rate for push notifications: On average, 5.29% of Android users and 3.97% of iOS users will click on and interact with push notifications.
- Average click-through rate for in-app notifications: The click-through rate for travel in-app notifications is 22.8%.
- Average email open rate: 35.17% of users open emails sent by travel app companies
- Average Stickiness Quotient: Travel apps have a stickiness quotient of 18%, which indicates less than one-fifth of monthly active users (MAUs) consistently return to the app.
“With more than a billion travel app users today, brands must emphasize retention more than ever. Sometimes a slight nudge here, a small reminder there may be enough to get users to complete unfulfilled transactions or re-engage with the app. But to maximize customer lifetime value in the long term, marketers need to be agile and identify weak spots within the app’s metrics proactively.” said Jacob Joseph, VP – Data Science, CleverTap.
“Our benchmark report spans billions of data points including push notifications, emails and in-app notifications – giving marketers a holistic view of the industry. Coupled with our world leading platform which spans the entire lifetime of a customer, we are confident this will equip marketers with the right tools to raise the bar even higher.”
CleverTap is trusted by 2000 customers, including Electronic Arts, TiltingPoint, Gamebasics, Big Fish, MobilityWare, TED, English Premier League, TD Bank, Carousell, AirAsia, Papa John’s, and Tesco.
Backed by leading investors such as Peak XV Partners, 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
