Shopping apps have surged in the past five years with annual revenue of the market growing by 136% and hitting over $33 billion, according to a Statista Markets Insights survey.
The apps represent the third-largest segment of the app industry, according to a report from Stocklytics.com.
Shopping apps are providing users with a unique experience and that is driving adoption, according to Stocklytics.
The apps offer an extensive range of features, from daily deals to member rewards program to curated shopping content.
Statista expects shopping app downloads to increase by a further 20% and hit 1.67 billion by 2028, according to the report. With downloads rising, the annual revenue in the global shopping app industry will jump by almost 40% and hit $46.5 billion in the next four years.