Over a million consumer facing apps went into production last year, yet only four out of ten reached launch stage according to research from eBay and Conlumino.
One of the most successful shopping apps from eBay is now five years old and has notched up 160 million downloads in that time.
The research, which took a sample of 4,000 consumers, showed that 18 per cent of retail apps allowed consumers to purchase goods, underlining the importance of mobile in the rise of ‘anytime, anywhere’ shopping.
Olivier Ropars, Senior Director of m-commerce, eBay Europe, said: “Sales of mobile devices have rocketed and smartphones are the mission control for our lives. They are always on, always with us and changing everything, including how we shop and pay. Many brands and retailers have created apps, but driving regular traffic to the app is another matter. “
The research shows that brands and retailers are racing to take advantage of the opportunity to engage with consumers via their smartphones and tablets despite app development costs which can be costly.
The average price of a basic app costs £12,000 and more advanced apps are an estimated £55,000.
There are plenty of challenges awaiting app developers- 64 per cent of apps that started development were never finished or rejected by app stores, accounting for £3.19bn of development costs globally.
A recent study from eMarketer tipped the global mobile commerce market to break the $1trn (£804bn) barrier in 2013.