Many of the apps leading the shopping category all have a common lure – saving money. This comes as no surprise with 84% of Americans planning to cut back on spending as a result of rising prices.
In order to assess how app metrics have changed over the past few months, the BRAG Index Brand Insights Report reveals data from a survey of 3,000 US mobile consumers in April/ May of 2022 and compares growth potential from measurements in October 2021.
According to the data, shopping interest is only up 3% with 59.4% of consumers interested in using shopping apps.
Klarna and eBay’s growth potential – the size of the app’s brand funnel – have also increased substantially at +396% and +291% respectively. However, Amazon, Nike and OfferUp have declined 30% or more in growth potential.
In regard to net sentiment, consumers are looking more favourably at Amazon (+17.9 points), H&M (+12.4 point), and Klarna (+ 10 points) while Nike, Alibaba, and Wish have fallen in consumer sentiment.
Moving forward, key apps to watch include Klarna, Rakuten, and Walmart due to their opportunities to save amidst the economic environment along with SHEIN because of its growing awareness with viral #SHEINhauls on TikTok and YouTube, finds the study.