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Samco Securities is a technology-led discount stock broker registered with India’s leading stock and commodity exchanges, such as BSE, NSE, MCX, MCX-SX, and NCDEX. Samco helps every stock market participant consistently beat the market and achieve their best financial performance. They have built a simplified trading and investment platform that enables stock market participants to analyze their actual stock market performance.
Samco Securities struggled with keeping newly onboarded customers engaged and active on their platform, particularly within the crucial initial 90-day period. This led to a lack of consistent trading activity, hindering their ability to upsell and cross-sell products like MTF and SIPs. As a result, their average order per user and overall revenue growth were constrained. They needed a way to proactively nudge users towards higher trading volumes and ensure long-term retention.
MoEngage sits at the core of our communication strategy. We're building a 360-degree information engine around it, integrating crucial data from our contact center and sales teams—customer behavior, real-time events, segmentation, and enriched transactional data. This comprehensive approach allows us to assimilate all insights and feed them back to MoEngage, enabling us to truly personalize the customer experience.
MoEngage has been a game-changer for us. Through personalized 30-day journeys, we've seen a 15% uptick in DAUs and an incredible 10% conversion rate, far surpassing the 3% industry benchmark. Features like 'Intelligent Path Optimizer' cut our communication costs by 40%, while 'Best Time to Send' boosted our open rates by 20% and click rates by 5%. It's truly empowered our engagement strategy.
Samco Securities leveraged MoEngage to create cohort-specific customer journeys. They identified that users who trade within the first 90 days are more likely to become lifelong customers. To capitalize on this, they developed automated communication flows and trade-wise journeys with specific nudges for users at different trading milestones (e.g., 5, 10, 15, 20 trades). This personalized approach aimed to encourage users to increase their trading frequency.
Furthermore, they created specific journeys for the initial 30 days after onboarding, broken down into 0-7, 7-15, and 15-30 day periods, to ensure app logins and initial engagement. This strategic use of segmentation and journeys helped them increase their average order per user from 9-10 to 13-14 and significantly improve daily active user (DAU) uptake by 12-15%, with conversion rates as high as 10% (compared to an industry benchmark of 2-3%).
Samco Securities utilized MoEngage's Intelligent Path Optimizer (IPO) feature to understand which communication channels (email, SMS, WhatsApp) users were most responsive to. This allowed them to prioritize the most cost-effective channels while still effectively reaching their audience. By intelligently reducing the number of users contacted via WhatsApp, they achieved a significant 40% reduction in communication spend.
Additionally, they leveraged MoEngage's Best Time to Send feature, which automatically determines the optimal time to send communications to individual users. This eliminated the guesswork and led to a 20% increase in open rates and a 5% increase in click rates, demonstrating a more efficient and effective communication strategy.
Using MoEngage, Samco Securities was able to:
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MoEngage is an insights-led platform trusted by 1,350+ global brands like McAfee, Flipkart, Domino’s, Nestle, Deutsche Telekom, and more. MoEngage’s powerful analytics, personalization, and AI capabilities give a 360-degree view of your customers and help you create journeys across digital channels.
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