📈 Chartpack: Mobile app trends and industry benchmarks Q4 2023
Retention rates, revenue and the app economy
🔒Chartpacks are in-depth analysis of the data and trends you need to help you build better products and make strategic decisions. If you’d like to upgrade to receive them you can do so below. Or you can find out more about paid access here.
Hi product people 👋,
On average, consumers now spend between 4-5 hours1 per day in apps. This staggering figure makes it easy to see why product teams want to claim their share of the app attention span.
It goes without saying then, that deciding whether or not to invest in developing a mobile app is often a matter of serious debate in product teams. For companies where the value proposition is the app, the decision is made for you, but web-based products don’t necessarily have to build a mobile app. You may have received some feedback from customers who tell you why a mobile app would add lots of value or you may have lost customers because they wanted a mobile app and you weren’t able to offer them one.
But, even if the incentives are strong, building a successful mobile app is notoriously difficult. 2 million new apps are released into the app store ecosystem every year and breaking into the top 100 is challenging. Not only that - but once you’ve managed to convince a user to install your app, keeping them engaged and preventing them from churning is another challenge with 7 day retention rates as low as <10% across many app verticals.
If your team is currently considering building a mobile app or indeed if you work on an app, getting some solid insights on how your app's performance compares vs competitors is essential.
In this chartpack, we’ll explore the current mobile app trends that matter inQ4 2023 along with some industry benchmarks so that you can get a sense of how your product’s performance compares.
Coming up:
Product strategy and mobile apps: 3 ways product teams build apps
Top apps and categoriesÂ
Industry benchmarks on retention, engagement, monetization
High growth opportunities: what are the fastest growing app categories?