India’s mobile economy has seen tremendous growth in the past two years, with mobile app downloads and time spent in-app more than doubling since Q1 2014. With the introduction of affordable smartphones and a solid infrastructure supporting mobile, this emerging market is one to be reckoned with.
Utilizing Forecast Intelligence, we predict continued growth for India’s mobile market, with app store downloads to reach 20.1 billion by 2020 — totalling a growth rate of 92%. One of the fastest-growing sectors is retail, with time spent in apps growing 11x from Q1 2014 to Q1 2016. Revenue has also grown and mobile commerce is taking home an increasing portion of overall in-app spend.
With revenue and downloads on the line, developers are turning to innovation to stay a step ahead of competitors. Creating hyperlocal services like flexible payment options and speedier deliveries are paying off big in lower-tier cities. All top 10 retail apps have experienced significant growth as they adapt and expand in their levels of service offerings, with a few global players like Amazon getting in on the game (and winning big).
Localizing an app to remain relevant in different regions of India is only half the battle; focusing on user retention through developing an engaging shopping experience holds just as much importance. Take a look at our full report to learn about the mobile opportunity for retail businesses in India.
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June 29, 2016Reports