CoinDCX Grow Weekly Active Users to 80% using User Path Analysis
CoinDCX, India’s largest cryptocurrency exchange, ingrains user trust by providing guarantees and insurances on funds with additional benefits to users. As a business invested in community engagement, the users are the biggest sales force for CoinDCX trading platform. Hence, they empower users by creating interesting programs around cryptocurrency and adding more crypto finances.
For CoinDCX building a solid crypto community by engaging their users continuously is of utmost importance. Earlier, the marketing team was engaging users during onboarding. Later, these users were engaged when they completed their first transaction or onboarded successfully. However, this engagement approach lacked relevancy and personalization at a user-level. Due to which the brand was observing drop-offs during onboarding and later during reactivation. The team realized that they should utilize a more strong engagement strategy and execute it efficiently using an engagement platform. The team opted for another automation platform but after a few months realized that the platform lacked some inherent features: - Synergy between both the brand’s and the platform’s capabilities. - Equipped with multiple channels that can execute omnichannel marketing. - Futuristic product roadmap including integration with third-party tools. - Offering advanced analytics at a user-level. CoinDCX’s team decided to look for another platform that offers essential features that’s already build-in the platform.
“MoEngage provides an easy way-out to create complex user-segments with so much ease for different campaigns which largely helps in driving high conversion rates and moving other important BAU numbers.”
CoinDCX’s team witnessed that a substantial set of users were downloading their Bitcoin and cryptocurrency Investment app, CoinDCX GO or were registering on the website. However, they observed gaps in their onboarding process across the app and web leading to unaccounted drop-offs. The team’s north-star metric is to ensure a user finishes the onboarding journey within 14 days since the registration started. The team decided to utilize MoEngage’s custom segmentation based on the analyzed data to segment users. Then created engagement workflow using MoEngage’s Flows with action-oriented goals to ensure the user finishes first purchase within 14 days. The users were segmented based on their current onboarding journey while focusing on their last active step. The team marked email verification as their first drop-off point, then came KYC and Bank Account verification. So if a user’s last active point was email verification then they get added to the onboarding engagement workflow.
After the first purchase, the CoinDCX users are active and continue to buy/sell their cryptocurrency based on market condition or personal choice. However, there were users who were going inactive after a certain period of time. To understand the dormant users’ behavior, the team utilized a combination of MoEngage’s Analytics (Behavior Trends, User Path Analysis and Retention Cohorts). The objective of these workflow campaigns was to bring the user back to the app or website and nudge them to the active state. These campaigns’ communication was to provide users with upcoming cryptocurrency, price drops in trading, new or upcoming products, and current currency stakes.
To build an omnichannel engagement strategy, the CoinDCX team decided to use MoEngage to analyze and understand customer behavior. They analyzed their whole onboarding process and identified the highest touchpoints of all inactive and dropped-off customers.
• 80% increase in WAUs
• 10% boost in KYC verification rate
• 95% improvement in bank verification rate
• 18x improvement in TAT from 36 hrs to 2 hrs
The next step in the brand’s engagement strategy was to reactivate dormant customers and nudge them to continue their activities. To understand dormant customers’ behavior, they utilized a combination of MoEngage’s Analytics, consisting of Behaviour Trends, User Path Analysis, and Retention Cohorts.
The team also ran push notifications and email campaigns using MoEngage for active customers. The aim was to understand the customer pulse regarding their experience and various product features. These also helped identify the customer pulse on upcoming product features and new security updates.
