Apps with highest install rates (CPI) revealed in latest report

Wednesday, August 7, 2024

SplitMetrics' latest report highlights the apps with highest install rates (CPI) are finance and utilities apps, and they lead in direct installs and engagement rates. iOS storefronts outperform Google Play in conversion and engagement across utilities, finance, and shopping categories. Despite higher engagement, iOS users also have higher expectations and bounce rates. Finance apps excel in direct installs, underscoring the importance of brand reputation and security.

SplitMetrics, an app growth solutions company, has released its latest report, ASO Benchmarks & Mobile Trends Report 2024, offering a comprehensive analysis of App Store Optimization (ASO) benchmarks and mobile trends for 2024. The report delves into three key app categories: finance, shopping, and utilities.

Apps with highest install rates (CPI) revealed from
SplitMetrics report, shows finance and utilities apps have the highest direct installs and engagement rates

The study reveals significant disparities in app performance between iOS and Google Play. All three categories, for example, consistently outperform their Google Play counterparts in terms of conversion rate, engagement rate, and direct installs.

iOS app storefronts consistently outperform Google Play app product pages in conversion rate, engagement rate, and direct installs across Utilities, Finance, and Shopping categories
While iOS users exhibit higher engagement, they also demonstrate higher expectations and bounce rates, particularly in Shopping and Utilities
Finance apps boast the strongest direct install rates on both platforms, highlighting the importance of strong brand reputation and security

The Utilities category has the highest engagement rate with 53% on iOS, followed by Finance with 38% and Shopping with 25%.

While iOS app users are more engaged across the three categories, they may also have higher expectations and be more critical of an app’s experience. With the exception of the Finance category, bounce rates in the App Store are significantly higher than Google Play across Shopping apps (18% vs 6%) and Utilities (21% vs. 10%), meaning that a substantial number of potential users view the product page but do not install the app.

The Finance category has the strongest Direct Instals rate with 31% in the App Store and 27% in Google Play, suggesting a strong brand reputation and perceived safety of the app. Both Utility apps (31% vs. 15%) and Shopping apps (23% vs. 12%) have a significantly higher Direct Instals rate in the App Store.

The report has found that the high read rate for finance apps on iOS (14%) indicates the importance of the app description, suggesting that the initial short description, visible from the first view, plays a crucial role in influencing direct installs.

The lower read rate (6%) on Google Play compared to iOS is most probably due to the platform's layout, where up to four screenshots and a substantial part of the description are visible at first glance. This means users can access a significant amount of information without needing to interact further, leading to a lower percentage of Explored & Converted visitors (9%).

ASO benchmarks and mobile trends report 2024

The report also sheds light on the role of video content. While most publishers do not use videos across the three categories, the utilities category has the highest number of publishers (15%) that do, and the highest video view rate (5%).

Video views often do not result in user conversions. Out of the Utilities product pages that have videos, often experience lower install rates after a video watch, which can negatively affect the overall conversion rate.

Apple App Store outperforms Google Play storefronts

Max Kamenkov, CEO & Co-Founder of SplitMetrics, said: "The mobile app market is experiencing a resurgence, with consumer spending reaching new heights. According to reports, global consumer spend across iOS and Google Play surpassed $35 billion with a 9.5% year-on-year increase."

"While this is undoubtedly positive news for the industry, it also highlights the increasing competitiveness of the app landscape. Non-gaming apps, in particular, are driving this growth but face unique challenges in capturing and retaining user attention."

"With users more selective than ever and app discovery becoming increasingly difficult, understanding the intricacies of both iOS and Google Play is paramount. Our research underscores the significant differences in user behaviour and performance metrics between the two platforms. By leveraging these insights and implementing effective app store optimisation strategies, app marketers can increase their chances of standing out in a crowded marketplace."

"Ultimately, success in the mobile app economy hinges on a deep understanding of user needs, preferences, and the platforms they inhabit. Our findings provide a solid foundation for developers to build upon as they strive to create compelling and successful apps."

Utilities

Metric	The App Store	Google Play
Average Conversion Rate	38%	33%
Average Engagement Rate	48%	39%
Explored & Converted	10%	9%
Explored & Bounced	18%	17%
Direct Installs (from the First View)	31%	27%
Average Video View Rate	2% (10% use video)	N/A
Average Read Rate	14%	6%

Shopping

Metric	The App Store	Google Play
Average Conversion Rate	24%	13%
Average Engagement Rate	41%	18%
Explored & Converted	6%	2.2%
Explored & Bounced	18%	6%
Direct Installs (from the First View)	23%	12%
Average Video View Rate	2% (13% use video)	N/A

Finance

Metric	The App Store	Google Play
Average Conversion Rate	39%	20%
Average Engagement Rate	53%	25%
Explored & Converted	10%	6%
Explored & Bounced	21%	10%
Direct Installs (from the First View)	31%	15%
Average Video View Rate	5% (14% use video)	N/A