Consumers in the country are spending much more time shopping on mobile handsets unlike other developed markets like US, UK and Japan where PC browsing still remains dominant. According to a report by mobile-app analytics firm App Annie, retail has remained the fastest growing sector in India as far as spending time on apps is concerned — growing 11 times from Q1 2014 to Q1 2016.
All top 10 retail apps including Flipkart, Amazon, Snadeal and Paytm among others have experienced significant growth as they have adapted and expanded their service offerings over the last couple of years.
Unveiling the report -‘The State of the App economy: Market developments and forecast’, Junde Yu, managing director APAC at APP Annie said, “India is now the fourth largest country by downloads across iOS and Google Play.
Led by affordable smartphones and mobile infrastructure, India’s mobile economy has seen tremendous growth in the past two years while mobile app downloads and time spent in-app have more than doubled since Q1 2014.”
Speaking to FE, Yu added that though app downloads have increased tremendously for companies, customer retention remained a challenge. App Annie projects the App Store downloads in India to increase to 20.1 billion by 2020 from the estimated app downloads of 7.7 billion in 2016.
The report has indicated that close to 28% of the Android phone users in India are using at least one of the major ride sharing taxi app, compared to more developed markets such as the US and South Korea, where the figure was less than 10%.