CoinDCX Grow

Weekly Active
Users to 80% using
User Path Analysis
About CoinDCX
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.

Highlights

80%
Increase in weekly
10%
Boost in KYC
95%
Improvement in
18x
Growth in TAT
bank verification rate
active users verification rate (bank upload to bank verified) (from 36 hrs to 2 hrs)

What They “MoEngage provides a simple way-out to

create complex user-segments with so much
Say About Us ease for different campaigns which largely
helps in driving high conversion rates and
moving other important BAU numbers.”

Shivangini Agarwal
Asst. Brand Manager, CoinDCX

01
Challenge
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.

Goals

Improve onboarding by Boost user activation Enhance the overall

offering relevant by enhancing daily user experience by
communication to ease engagement campaigns. offering a personalized
app adoption. experience.

02
Solution
CoinDCX’s marketing team was looking for a
new engagement tool after observing no
optimum outcome from its current
platform. They realized they want a more
encompassing tool with a futuristic product
roadmap.

With the team revising their current

engagement strategy to make it more
dynamic and relevant, they wanted to
employ an equally powerful tool. After much
exploration, the team decided to opt for
MoEngage customer engagement platform.

The team chose MoEngage because of its strong third-party tool integrations and synergy
between multiple channels. They were building an omnichannel engagement strategy
and were confident that MoEngage will help them analyze and understand customer
behavior while engaging them on various channels.

Enhanced Onboarding Journey

by Connecting Gaps
CoinDCX’s team witnessed that a substantial set of users were downloading their 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.

As the first step towards their revised strategy, the team’s plan was to analyze their whole
onboarding process. Using MoEngage’s Advanced Analytics, the team learned the
highest touchpoints at which the user either went inactive or dropped-off. The team
utilized another feature of Advanced Analytics, User Path Finder to understand the user’s
last active action. Together these helped them identify the touchpoints they should focus
on during a user’s onboarding process.

03
CoinDCX’s
User Onboarding Journey

Fill sign-up Sign-up Authorize

Login
form verification device

Visitors

KYC Deposit Bank account Log-in using

verification money verification OTP
(Optional)

Buy
Crypto

After the analysis, the team realized that many users were reaching almost all of the
onboarding steps but were not completing some actions. So the two major points to
remember were:

80% 20%
of users’ drop-offs during of users took 3 and
KYC submission and Bank more days to
Account verification. complete KYC and
Bank Account steps.

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 he/she gets added to the
onboarding engagement workflow.

04
 CoinDCX’s
User
From hereOnboarding Journey
on, the user was nudged to complete every step till he/she reaches the last step
i.e., purchase bitcoin. For instance, Email Verification is the first drop-off point and an
important step in CoinDCX’s onboarding journey. As only after email verification, the user
becomes a registered CoinDCX user. Using this data point, the workflow triggers a push
notification and email urging the user to finish the verification process. Once this step is
completed, then the user receives another notification to add KYC documents and so on
so forth.

This engagement approach towards onboarding allowed CoinDCX to not only optimize
the onboarding experience but improve onboarding numbers. Similarly, the team was
able to bridge gaps between onboarding steps and offer better onboarding engagement.
The team was strategic to focus on push notification as their channel and used email and
web push notification as secondary channels.

05
Reactivate Users by Adopting
Advanced Analytics
After the first purchase, the CoinDCX users are usually active and continue to buy/sell their
cryptocurrency based on market condition or personal choice. However, there were still a
few users who were going inactive after a certain period of time.

So the next step in the brand’s engagement strategy was to reactive these dormant users
and nudge them to continue their activities. To understand the dormant users’ behavior,
the team utilized a combination of MoEngage’s Analytics (Behavior Trends, User Path
Analysis and Retention Cohorts).

The common user events and actions analyzed were:

Channel Analysis

Clicks on emails Clicks on

Notifications

Page Analysis

Pages visited Types of Bitcoin

pages visited saved

These together helped the team identify data on:

Users’ last app or Users’ last active Users’ last active

website login time period action completed

Using these data points, the team decided to run MoEngage’s

Smart-triggered Flows with push notification and email as channels.
The conditions to trigger these engagement Flows were:
Send communication to earlier active users who haven’t visited the platform in
the last 15 days

Send communication to earlier active users who placed orders but haven’t
done any activity for the last 45 days

06
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.

Overall, this approach allowed the team to observed

a 16% increase in CTRs and was able to increase KYC
verification to 10% and bank verification to 95%.

Active Engagement with

Feedback Campaigns
Apart from onboarding and reactivation campaigns, the CoinDCX’s marketing team was
also running push notification and email campaigns for active users. The objective of these
campaigns was to understand the user pulse regarding the experience and various product
features. These campaigns are also used to know customer pulse on upcoming product
features and new security updates.

This strategy to understand users’ pulse helped the team understand the gaps within the
engagement and overall experience across the website and app. Using the feedback, the
team was able to make necessary changes in the UI/UX and engagement messages. This
directly impacted their weekly active users’ count which grew to 80% since January 2021.

07
About MoEngage
MoEngage is an intelligent customer engagement platform, built
for the user-obsessed marketer. With AI-powered customer journey
orchestration, personalization capabilities, and in-built analytics,
MoEngage enables hyper-personalization at scale across mobile,
email, web, SMS, and messaging channels.

Fortune 500 brands and Enterprises across 35+ countries such as

Deutsche Telekom, Samsung, Ally Financial, Vodafone, and McAfee
along with internet-first brands such as Flipkart, Ola, OYO,
Bigbasket, and Tokopedia use MoEngage to orchestrate efficient
customer engagement.

The recent Gartner Magic Quadrant 2020 named MoEngage as the

Leader under Mobile Marketing Platforms. Also, MoEngage has
been identified as a Strong Performer in Forrester Wave Mobile
Engagement Automation 2020 report.

Read more about how MoEngage can serve banking brands here.