MoEngage Study Shows Shopping, Travel, and Entertainment Witness Surge in Active Users, Crypto Faces Declining Numbers in India
New Trends in Indian Consumer Behavior: Indians Opt for Smartphones as the Preferred Choice for Streaming, Online Shopping, and Travel Bookings
Bengaluru, May 24,2023: MoEngage, an insights-led Customer Engagement platform, has analyzed over 1.3 billion consumers to understand the latest consumer trends and behavior in multiple industries. The Global Consumer Trends Report 2023 aims to find patterns in consumer behavior, such as screen time, spending and consumption patterns, device preferences, and more. The results showcase the importance of personalization and omnichannel engagement for growth and fostering customer loyalty.
Here are a few key learnings from the report:
41.8% of Indians prefer to spend 2-4 hours daily on their screen apart from work
The survey revealed that most Indians spend 2-4 hours on their smartphones and laptops outside of work.
Most consumer spending by Indians is towards Entertainment and Shopping platforms.
The report showed that 49.8% of Indians spent most on Entertainment platforms, including OTT, gaming, dating, and lifestyle applications. This is followed by shopping platforms (32.4%).
68% of Indian shoppers visit a mobile app or website at least 4-5 times before making a purchase online.
Shoppers don’t convert right away. The report shows that most consumers need more than three interactions with brands before deciding to purchase online. To ensure maximum conversions, brands must create a robust customer journey that provides a seamless omnichannel experience.
71.4% of Indians prefer streaming music, videos, and movies on their smartphones.
Smartphones continue to be the primary device for Indians to stream music, videos, and movies online. Our report also shows that 65% prefer to stream videos and movies daily. Additionally, OTT platforms saw healthy growth in terms of monthly active users (MAU).
63.8% of Indians visit Banking and Fintech platforms at least 2-3 times weekly
The report shows Indians are more active and loyal to Banking and Fintech platforms than ever. We see a 10% increase in the monthly active users (MAU) for Banking platforms and an 11% growth in customer stickiness.
75% of Indians prefer to get information for travel plans and reservations from travel apps and mobile websites
The report shows that most Indians prefer travel apps to get travel information and make reservations on their smartphones, followed by social media. Online Travel Agents (OTA) platforms saw a sharp rise in the number of active users, as monthly active users (MAU) grew by 23%.
“In an ever-changing world, brands can be successful only when they deep dive into consumer preferences and understand customer expectations. Our latest report aims to empower brands in India with the latest consumer trends and insights to help them grow sustainably.” said Raviteja Dodda, CEO of MoEngage.
The MoEngage report also sheds light on :
Leveraging customer insights to boost loyalty and increase LTV.
Acquisition, DAU, MAU, and customer stickiness trends for different industries.
Actionable strategies to drive sustainable growth amidst economic uncertainty.
A complimentary version of the full report is available here: The Global Consumer Trends 2023 Report.
