Boosting User Engagement and Onboarding Efficiency: A Case Study on CoinDCX

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.

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.

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.

• The adoption of MoEngage's customer engagement platform and the revised engagement strategy significantly improved CoinDCX's operational results. The company was able to optimize the onboarding experience and improve onboarding numbers by bridging gaps between onboarding steps and offering better onboarding engagement. The team strategically focused on push notification as their channel and used email and web push notification as secondary channels. The use of MoEngage's Analytics also helped the team understand the behavior of dormant users and reactivate them. The team was able to increase KYC verification to 10% and bank verification to 95%. Additionally, the company ran feedback campaigns for active users to understand their experience and various product features. This strategy helped the team understand the gaps within the engagement and overall experience across the website and app, leading to necessary changes in the UI/UX and engagement messages. This directly impacted their weekly active users' count, which grew to 80% since January 2021.

• 80% increase in weekly active users
• 10% boost in KYC verification rate
• 95% improvement in bank verification rate