They sure do!
However, like traditional SEO, there are no quick fixes and it takes some time before you will see serious results. App stores rank your app in the following ways:
Keywords—App stores judge the placement of keywords and the density of those keywords.
Reviews & Ratings—No surprise here, but what your users think about your app play a big part in your rankings.
App Performance—App stores consider data such as the number of installs, crash rates, retention and engagements and more.
ASO marketing will always be ongoing. With the exception of reviews and ratings, your app’s performance depends largely on things which you can control. But, if you don’t put in the effort, your app will likely fail to give the ROI you need.