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Boosting User Engagement and Onboarding Efficiency: A Case Study on CoinDCX
Technology Category
- Application Infrastructure & Middleware - Blockchain
- Platform as a Service (PaaS) - Application Development Platforms
Applicable Industries
- Equipment & Machinery
- Finance & Insurance
Applicable Functions
- Quality Assurance
- Sales & Marketing
Use Cases
- Behavior & Emotion Tracking
- Leakage & Flood Monitoring
The Challenge
CoinDCX, India's largest cryptocurrency exchange, faced a significant challenge in building a solid crypto community by continuously engaging their users. The company's initial engagement approach lacked personalization and relevancy at the user level, leading to drop-offs during onboarding and reactivation. The marketing team realized the need for a more robust engagement strategy and an efficient platform to execute it. They initially opted for an automation platform, but it lacked essential features such as synergy between the brand and platform capabilities, multiple channels for omnichannel marketing, a futuristic product roadmap including third-party tool integration, and advanced user-level analytics. These shortcomings led CoinDCX to seek a new platform that could offer these features.
About The Customer
CoinDCX is India's largest cryptocurrency exchange, committed to building a strong crypto community by continuously engaging their users. The company provides guarantees and insurances on funds, offering additional benefits to users. As a business invested in community engagement, CoinDCX considers its users as the biggest sales force for its trading platform. The company empowers its users by creating interesting programs around cryptocurrency and adding more crypto finances. CoinDCX's primary goal is to improve onboarding by offering relevant communication to ease app adoption, boost user activation by enhancing daily engagement campaigns, and enhance the overall user experience by offering a personalized experience.
The Solution
CoinDCX's marketing team decided to adopt the MoEngage customer engagement platform, which offered strong third-party tool integrations and synergy between multiple channels. The team aimed to build an omnichannel engagement strategy and believed that MoEngage could help them analyze and understand customer behavior while engaging them on various channels. Using MoEngage's Advanced Analytics, the team identified the highest touchpoints at which users went inactive or dropped off. They also used the User Path Finder feature to understand the user's last active action. This analysis helped them identify the touchpoints to focus on during a user's onboarding process. The team then used MoEngage's custom segmentation based on the analyzed data to segment users and created an engagement workflow with action-oriented goals. This approach allowed CoinDCX to optimize the onboarding experience and improve onboarding numbers. The team also used MoEngage's Analytics to understand the behavior of dormant users and reactivate them. They ran Smart-triggered Flows with push notification and email as channels to bring the user back to the app or website and nudge them to the active state.
Operational Impact
Quantitative Benefit
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