App installations appear to be picking up as smartphone users now have double the number of apps installed than they did in the previous year. According to data from financial services firm Synchrony, the average user installed four apps over the last 12 months.
Many of these apps were shopping-related or eCommerce apps, according to the report. Indeed, 67% of consumers downloaded a retailer’s app, with over half of consumers opting for retail apps because of a coupon or discount code. Almost 50% of consumers who downloaded a retailer’s app used it to make a purchase.
“In today’s competitive landscape, a mobile application is not just another piece of technology for retailers, it is a vital tool to engage shoppers with their brand. Done well, retail apps engage both in and out of stores with personalized experiences and easy credit solutions,” said Maya Mikhailov, SVP, Chief Marketing Officer, GPShopper, a developer of mobile apps acquired by Synchrony in 2017. “Consumers that use retail mobile applications are a retailer’s top shoppers. As such, they want their apps to be tailored to their unique shopping experiences and preferences.”
At the same time, retailers have adapted their strategies to respond to the trend with 47% saying they placed more focus on a retail app. In response, 83% of customers say they are happy with their app experience.
Additionally, 60% of US consumers now think that the average shopper will be using a mobile wallet by 2025 despite a slow adoption trend of mobile wallets. However, millennials are at the forefront of mobile wallet usage with 61% of them already leaving their wallets at home in favour of other payment methods.
Among the larger retailers, 75% have already integrated mobile wallet technologies.
Credit card features in-app are another area of mobile financing that consumers appear to be predominantly satisfied with. Indeed 53% of consumers are now using app-based credit card features and 77% of them are happy with the service.
The Synchrony 2018 Digital Study, was based on the answers of 1,255 respondents.