The biggest challenge faced by the homegrown crypto exchange was drop-offs during onboarding and later during reactivation stage.
After the Supreme Court of India lifted the ban on Cryptocurrency exchanges in March 2020, the crypto-coin industry witnessed a bull run with several currencies witnessing up to 80% growth in value, with global giants like Tesla, PayPal, JP Morgan, and Visa giving credence to the industry. Since the lockdown began last year, the estimated volume of crypto trading in India grew dramatically with an average of $60-65 million worth of Bitcoin trades per day happening by end of December 2020. Globally too, Bitcoin saw a whopping 159% rise in its value with Ethereum observing a 337% year-to-date rise in value, and XRP reporting a 221% gain. However, For any crypto exchange to run successfully, the primary requirement is to have a strong platform backed by technology that delivers easier and secured user engagement.
CoinDCX, one of India’s biggest cryptocurrency exchanges, has seen a rising trend with more Indians actively trading in equities and crypto assets through platforms and apps like CoinDCX Go, which has more than 600,000 users trading 15 million cryptocurrency on daily basis.
While the crypto exchange saw meteoric growth, the initial days were tough. Ramalingam Subramanian, CMO at CoinDCX, who explains how, with the use of an AI-based analytics tool, the number of new user sign-ups has gone up by 235.8% for CoinDCX over the last year, which in turn helped the company onboard 3.5 million users.
“A key challenge CoinDCX faced was that our engagement approach lacked relevancy and personalization at a user-level,” recalled Subramanian. As a result the company was observing drop-offs during onboarding and later during reactivation stage.
“Our team realized the need to build a solid crypto community to engage users continuously. In fact, we were looking for a new engagement tool after observing no optimum outcome from its current platform.”
Subramanian stressed that the new platform we were looking to deploy should have the capability of executing omnichannel campaigns. “We also aimed at the solution’s seamless integration with third-party tools, and advanced analytics feature at a customer level,” he said.
The crypto exchange then employed MoEngage to analyze and understand customer behavior while engaging them on various channels.
“We chose MoEngage because of its strong third-party tool integrations and synergy between multiple channels. For building an omnichannel engagement strategy we felt the solution will help us analyze and understand customer behavior while engaging on various channels,” he said.
The vendor chose to support CoinDCX with powerful customer analytics and automated cross-channel engagement. The new solution has a simple UI for campaign creation and smart segmentation has helped us exchange in customizing the communications for relevant cohort through targeted channel,”
Using MoEngage, brands can analyze real-time data to surface insights through behavior, funnel, and cohort analysis, and fuel predictive segmentation to determine loyal users as well as the lost ones. They can analyze behavior across channels to understand engagement, improve conversions, and lower churn by tailoring moments-based communication.
Raviteja Dodda, CEO and Co-founder, MoEngage believes that moments-based customer engagement is the future of marketing. Referring to CoinDCX partnership, he commented, “Today’s consumers demand a consistent, relevant, and personalized experience across online and offline channels or a series of moments that make up each individual’s journey and create a frictionless and personalized experience.
Using intent-rich moments, brands can drive customers on the right path. Once brands understand these moments, they can tailor engagement and experience accordingly using the right channel.”
According to Dodda, the need of the hour therefore is an insights-led customer engagement platform that can enable hyper-personalization at scale across multiple channels for brands.
“Brands should identify platforms that enable AI-powered data analysis which can be translated into actionable insights, fueling dynamic segmentation and recommending the next action-based. This will help brands to build the most relevant, hyper-personalized omnichannel campaigns for each user,” he explained.
With MoEngage’s Insights-led Customer Engagement platform, marketers understand the preferences, journeys, and context of different customer segments, and craft compelling communication that can be automatically triggered across multiple channels including web, email, mobile, and social media.
As with the case of CoinDCX platform the benefits were clearly visible. The home grown crypto exchange witnessed a whooping 4X quarter-on-quarter growth in daily active user base with increase in listed tokens from 50 to over 500 and trading pairs upwards of thousand, Subramanian said.
“The company reported a stunning growth in user base from 150,000 to 400,000 investors in just 15 months. We further reached an astounding trading value of more than $1.5 billion a month crossing a total of $10 billion in trading volumes cumulatively in February 2021,” he added.
CoinDCX is in the process of exploring technology such as big data and blockchain to provide a seamless experience to users while adding to the bottom line. “In the next 12-18 months, we plan to make use of MoEngage’s advanced features to design and deliver user communication in a more enhanced way,” Subramanian summed up.