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How Mobile Payment Apps Engage & Retain Users

  1. Hole in the eWallet: How Mobile Payment Apps Engage & Retain Users Optimize Customer Experiences at Scale
  2. About the Speakers 2
  3. Helping marketing, product and growth teams at B2C companies Optimize Customer Experiences at Scale We enable this at scale, in real-time and with precision by providing a unique combination of: ● a unified user data platform ● actionable insights and segmentation ● timely, personalized omni-channel engagement About CleverTap 3
  4. Proven Performance & Scale CleverTap Architecture solves for a variety of use cases without any assumption of domain 8,000+ Customers Globally 1 Billion Devices Reached 25 Million Campaigns Sent Per Month $2 Billion Incremental Revenue Delivered 4
  5. Agenda • Disruption in Payments = Rise of Mobile Payment Apps • The Mobile Payment Ecosystem • User Behavior Patterns • Building an Engagement Strategy for Your Mobile Payment App 5
  6. Fintech and mobile payment startups are winning share from banks, scaling at an incredible pace Merchants are seeking out better ways to accept and streamline payments. Consumer behaviors are changing Rapid consolidation and globalization Mobile payment apps will act as the missing link for banks and payment services to leapfrog from legacy systems to real time payments Disruption Fueled by Mobile Payments
  7. 7 The Global Market for Mobile Payments is Showing Incredible Growth Y-o-Y Sources: Zion Research, Accenture, Mobile Ecosystem Forum (MEF)
  8. 8 Sources: Zion Research, Accenture, Mobile Ecosystem Forum (MEF) And yet.. Few apps see sustained growth 77% Users Churn in the first two weeks 35% users choose to uninstall these apps within a month
  10. The App User Lifecycle 10 Onboarding Engagement Retention Reininstall
  11. A great user onboarding experience can improve user adoption by 11 Delivering The AHA! Moment 7X Onboarding
  12. 12 User Onboarding Benchmarks • Greet users with a welcome message upon first app launch. • Nudge users to register via an in-app message that focuses on the benefits and cashback offers available to the registered users • Offer a brief product tour that covers the most popular features, as well as the merchant partners listed on the app.
  13. 13 To turn new users into loyalists and brand advocates Show Immediate Value in Your Product Onboarding > Engagement
  14. 14 From Onboarding to Engagement Benchmarks • Nudge users to add money to their digital wallet by promoting relevant offers. • Prompt users to opt-in for push notifications to increase reachability. • Send campaigns with special offers on utility bill payments to increase the number of repeat transactions.
  15. 15 To Get a Larger Share of Their Wallet Keeping Users Engaged Engagement
  16. 16 User Engagement Benchmarks • Nudge users to continue an abandoned transaction to increase revenue. • Use in-app notifications with special offers for adding money to the digital wallet. • Encourage repeat transactions by promoting offers for service providers and merchants on the app. Use optimal time of engagement with features like CleverTap’s best campaign send times.
  17. 17 Identify the early indicators of churn to drive long term user retention Drop In, Before Your Users Drop Off Engagement > Retention
  18. 18 Engagement to Retention Benchmarks • Drop offs while adding money to the digital wallet and cart abandonment can be early indicators of user churn • Engage users with timely, personalized messages that prompt them to relaunch the app • Nudge users to add money to their digital wallet. • Remind them to pay their bills before their due date
  19. 19 Engagement to Retention Benchmarks
  20. 20 Omnichannel engagement campaigns nurture your brand’s relationship with customers and drive higher lifetime value Keep Users Coming Back to the App for More Retention
  21. 21 Retention Benchmarks • Motivate users to make repeat transactions by promoting cashback offers on adding higher amounts to their digital wallet • Use cohort analysis to track retention rates for various user segments: new users, current users, users acquired via paid ads, etc. • Use CleverTap Journeys, an omnichannel campaign tool, to target users at the most optimal channel with personalized promotions, bill payment reminders, and cashback offers to improve conversions and retention
  22. 22 Reasons for uninstall can vary from UI/UX issues, functionality, performance, or engagement experience. Tackling Churn Reininstall
  23. 23 Reinstall Benchmarks • Eliminate friction points within your app by tracking user behavior using path analysis tools such as CleverTap’s Flows • Request user feedback to understand the reasons for uninstalls • Win back users with time-sensitive, targeted promotional offers • Establish a sunset policy to avoid spamming users who do not wish to be contacted
  24. SO LUTI O NSABO UT MobiKwik is one of India’s largest and fastest-growing mobile payment networks, connecting over 65 million users with more than 2.5 million retailers. Over 25 payments are processed per second, and 100+ new users sign up every minute. Case Study: 22
  25. • Engagement at Scale • Message Failure • Improve Retention Rate CHALLENGES Case Study: 22
  26. SO LUTI O NS • Personalized & Triggered Messaging • Retention Cohorts • Onboarding Campaigns • Reactivation Campaigns Case Study: 22
  27. KEY RESULTS Case Study: 22 Reduced uninstall rates by 20% with timely, conversion-specific campaigns. Won back 23-25% of their uninstalled users with reactivation campaigns. 20% 2x Increased user engagement by 2x with campaigns triggered by user behavior. Segmented users into groups for highly personalized marketing campaigns.
  28. Report: Industry Benchmarks for Mobile Payment Apps Click Here Case Study: How Mobile Wallet MobiKwik used CleverTap to Reduce Uninstalls by 20%. Click Here Case Study: Beblue Sees 96% Jump in New Active Users with Advanced Segmentation. Click Here Live demo: Get a customized 30-minute demo from our team Click Here Questions? Additional Resources: 23
  29. Thank You!