Singapore – Shopping app installs surged 61% year-over-year (YoY) in the first half of 2024, far exceeding the average growth across the vertical, according to a new insights report by Adjust.
The report also revealed that overall e-commerce app installs increased by 25%, with sessions rising 13% YoY. E-commerce app session lengths in APAC now average 10 minutes, slightly below the global average of 10.5 minutes. However, the region outperformed in Day 1 retention rates, achieving 15% compared to 11% in North America and 14.4% in LATAM.
This growth is found to be driven by the scaling of retail media networks, the rollout of next-generation digital shopping experiences, and the widespread adoption of mobile wallets.
Additionally, in-app revenue for e-commerce apps rose 36% YoY, with 60% of this revenue generated from Android devices worldwide. The biggest spikes in 2023 occurred in Q4, with November’s revenue surging 34% above the monthly average and December’s increasing by 22%.
The report also showed that APAC had the highest number of partners per app, rising from 10.7 to 11.8 from 2023 to H1 2024.
Furthermore, global median instalments per mille (IPM) rose from 1.94 in 2023 to 2.28 in H1 2024, indicating improved ad campaign effectiveness. APAC saw a significant increase from 1.53 to 3.06.
It is worth noting that adjusted recorded instalments were 40% above the daily average on October 17, 2023, and 41% higher on October 18.
Tiahn Wetzler, director of content and insights at Adjust, said, “Shopping apps are transforming how consumers interact with brands and make purchases. By working with AI and augmented reality and integrating dynamic channels like social commerce and CTV, marketers can enhance user engagement and create experiences that drive high conversion rates.”
“In a competitive market where engagement and customer loyalty are critical to moving the bottom line, staying at the forefront of intergenerational consumer expectations and the technologies behind them is paramount. As the shopping app landscape evolves, scalable growth will be achieved through a strategic channel mix, smart personalisation, and a data-obsessed approach to measurement and analytics,” Wetzler continued.
Meanwhile, April Tayson, regional vice president for INSEAU at Adjust, shared, “As shopping habits rapidly change with evolving e-commerce technology, it is highly valuable for marketers and retailers to sharpen their campaign strategies to ensure optimal growth and success, especially in APAC. Our data shows that several Southeast Asian countries, such as Indonesia, Malaysia, the Philippines, Singapore, and Vietnam, spend a considerable amount of time within apps, posing an opportunity for businesses to ride on this trend, which will likely grow even further in the foreseeable future.”
