MAM
86% of users quit shopping apps after 4 weeks: new research from CleverTap
MUMBAI: CleverTap, the full-stack customer retention platform that helps consumer brands maximize customer lifetime value, today released the Industry Benchmarks for Ecommerce Apps. For ecommerce brands, high customer acquisition costs (CACs) and price-sensitive buyers impact the overall customer lifetime value and profitability due to low retention. With low entry and exit barriers, customers have a plethora of options to choose from even within niche categories.
The benchmark report, which analyses 3.1 billion data points across 18 million devices and 15 million unique users, provides user insights that will help growth teams benchmark their app’s performance against some of the most successful ecommerce apps. The report also covers strategies to help you improve user engagement and retention.
Almitra Karnik, Head of Marketing at CleverTap said, “the cut-throat competition in the ecommerce industry makes it crucial for brands to deliver a superior customer experience. Our research indicates that ecommerce brands are losing customers faster than acquiring them. On average, shopping apps lose 86% of users within the first 4 weeks of download.
“Without focusing on retention, brands are trying to fill a leaky bucket, focusing on acquiring more users that don’t stick around for long. This impacts the top line as well as customer lifetime value for these brands”, she added.
The benchmark report provides insights on how users flow from one lifecycle stage to another and provides recommendations to increase repeat purchase rate and hence user retention. Some of the other highlights from the report include:
Registration: Only 16 percent of new users complete the signup process within a week of installing the app
Retention: Only 11.6 percent of new users remain active in the first week
Uninstalls: 42 percent of new users uninstall the app within the 30 days of app install
Reinstalls: Only 5.21 percent of users reinstall within 30 days of app uninstall
Brands
Safex Group appoints Richa Malhotra as group chief financial officer
Former Standard Chartered executive to steer finance
NEW DELHI: Safex Chemicals has appointed Richa Malhotra as group chief financial officer, strengthening its leadership team as the company prepares for the next phase of expansion in specialty chemicals and global agrochemicals.
In her new role, Malhotra will lead the group’s financial strategy, capital architecture and governance framework as Safex scales operations across multiple verticals including branded formulations, specialty chemicals and contract manufacturing.
A chartered accountant and graduate of Shri Ram College of Commerce, University of Delhi, Malhotra brings more than two decades of experience in business finance, strategic planning, corporate banking and client management.
Before joining Safex, she served as executive director, financial markets at Standard Chartered, where she led teams across India and Sri Lanka and worked closely with large corporates, global subsidiaries and commercial banking clients. Her expertise includes capital structuring, treasury operations, risk management and financial markets led financing solutions.
Safex Group promoter director and joint managing director Piyush Jindal, said the appointment comes at a pivotal time for the company. “Safex stands at an inflection point as we build an integrated platform across branded formulations, specialty chemicals and contract manufacturing. Richa’s experience across global financial institutions will strengthen our financial discipline and help unlock value across the group,” he said.
Malhotra said she was looking forward to contributing to the company’s next chapter of growth. “Safex has built a strong reputation over 35 years with its focus on integrity, innovation and agricultural insight. I am excited to be part of the organisation as it expands its footprint in India and global markets,” she said.
The appointment comes as Safex continues to strengthen its financial foundations and scale operations internationally, positioning itself for future growth milestones.
