The all-in-one engagement platform CleverTap recently published a benchmark assessment on the travel app market. It’s critical for marketers to stay one step ahead of the competition in the quickly changing mobile apps industry. In order to stay competitive, benchmarking performance has become essential. The report’s insights will help marketers of travel apps increase conversions and app activity.
Only 42% of users who sign up for a travel app do so within the first month, even though 80% do so in under 31 seconds. This is significantly less than the registration to conversion rates of 65% for foodtech and 95% for the financial sector. According to studies, users do not perceive using travel apps to be all that different from working with travel agents. The procedure of conducting a transaction may contain the same reservations as with traditional travel agents, even though they may sign up for an app with ease. Travel app marketers must prioritise client retention strategies by going above and beyond to give users real value in order to overcome this obstacle.
In addition to 64.17 million monthly active users (MAUs), CleverTap examined 17.9 billion push notifications, 3.8 billion emails, and 919.1 million in-app messages. The conclusions are based on data gathered in North America, Europe, Latin America, India, and the Middle East.
The following are a few of them:
- Install to sign-up rate: 28% of users who install travel applications do so within the first week.
- 80% of users who join up do so within 31 seconds after using the app for the first time, according to the average time it takes to sign up.
- 42% of newly signed-up users complete a purchase within the first month, according to the sign-up to conversion rate.
- Within a week of onboarding, 36% of newly registered users migrate from onboarding to deeper-in-the-funnel engagement.
- Session frequency: Users of travel apps typically open the app 12 times per month.
- 13% of newly registered users make repeat purchases in the first week on average, according to data from the first week.
- The average percentage of users that click on and interact with push notifications is 5.29% for Android users and 3.97% for iOS users.
- The average click-through rate for in-app alerts is 22.8%, and it is particularly high for travel-related messages.
- Email open rate on average: Users open emails sent by travel app companies 35.17% of the time.
- Travel apps have an average stickiness quotient of 18%, which means that less than one-fifth of monthly active users (MAUs) regularly utilise the app.
“With more than a billion people using travel apps today, marketers must place a greater emphasis on retention. Users may occasionally only need a tiny reminder here or nudge there to finish incomplete transactions or return to the app. However, in order to optimise client lifetime value over the long run, marketers must be flexible and proactively recognise weak points in the app’s data. CleverTap’s VP of Data Science, Jacob Joseph, remarked. Our benchmark study analyses billions of data points, such as emails, push notifications, and in-app notifications, to provide marketers with a comprehensive picture of the market. 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.”
Source: travelbizmonitor