Consumer Brands in India are Seeing 12X Higher Conversion Rates from Personalized Emails- MoEngage Study

In an era where brands are scaling back their paid and digital marketing efforts due to severe budget cuts and a looming recession, email marketing continues to deliver. This economical channel provides a high return on investment (ROI), enables brands to send personalized communications and provides immediate, measurable results.

But this means that all brands are turning towards email as an optimal consumer marketing solution. Consequently, customers receive hundreds of emails each day, and brands need to go the extra mile to ensure their emails stand out in the inbox. Earlier, click-bait titles and topics might have done this job, but customers are now wary of such tactics and expect brands to be more honest.

Email personalization is a great solution here. Brands can ensure that every aspect of their communication speaks right to the customer and addresses their specific needs. Personalization gives brands a way to reach customers when they want to be reached, about products or services they’re interested in.

A study by MoEngage has shown email personalization to be supremely effective — conversion rates increase by up to 12X, CTOR increases by 12X, and unsubscribe rates reduce by up to 88%. The report outlines email benchmarks for multiple industries, and every industry is showing a great increase in metrics from personalization strategies.

This holds true for conversion rates, open rates, CTORs, and unsubscribe rates too. In fact, customer journey-based personalization is shown to increase CTOR by about 5.4X and open rates by 13.8X.

The email benchmarks report for 2023 outlines similar metrics on a case-by-case basis for multiple industries like Retail and E-commerce, Banking and Fintech, Travel and Hospitality, Media and Entertainment, and more. Every metric across industries sees a direct correlation with sophisticated personalization strategies based on buyer journey stage or customer behavior, when compared to regular attribute-based personalization.

"Today’s customers are seeking more than just a transactional experience. With personalization, brands can make every interaction feel inherently human and authentic, enabling customers to develop a deep and meaningful connection with the brand - not just its products or services. That is precisely where an insights-led customer engagement platform with an AI-powered recommendation and optimization engine comes in, helping paint the whole picture, through a 360-degree customer view, understand customer behavior, and engage across the most preferred channel, at the right time, with the right message, thus offering hyper-personalized experiences while driving business growth," said - Raviteja Dodda, CEO, MoEngage. 

Moreover, old-school personalization methods such as those that relied only on demographics or first-name, don’t seem to be as effective any longer. What’s working is Behavior-based personalization and personalization based on the stage of the buyer journey.

Such advanced personalization tactics require a deep understanding of the customer and a reliable customer engagement tool.

Indian Consumer Behavior: Crypto Declines while Shopping, Travel, and Entertainment Witness Surge in Active Users

MoEngage Study Shows Shopping, Travel, and Entertainment Witness Surge in Active Users, Crypto Faces Declining Numbers in India

New Trends in Indian Consumer Behavior: Indians Opt for Smartphones as the Preferred Choice for Streaming, Online Shopping, and Travel Bookings

MoEngage, an insights-led Customer Engagement platform, has analyzed over 1.3 billion consumers to understand the latest consumer trends and behavior in multiple industries. The Global Consumer Trends Report 2023 aims to find patterns in consumer behavior, such as screen time, spending and consumption patterns, device preferences, and more. The results showcase the importance of personalization and omnichannel engagement for growth and fostering customer loyalty.

Here are a few key learnings from the report:

41.8% of Indians prefer to spend 2-4 hours daily on their screen apart from work

The survey revealed that most Indians spend 2-4 hours on their smartphones and laptops outside of work.

Most consumer spending by Indians is towards Entertainment and Shopping platforms.

The report showed that 49.8% of Indians spent most on Entertainment platforms, including OTT, gaming, dating, and lifestyle applications. This is followed by shopping platforms (32.4%).

68% of Indian shoppers visit a mobile app or website at least 4-5 times before making a purchase online.

Shoppers don’t convert right away. The report shows that most consumers need more than three interactions with brands before deciding to purchase online. To ensure maximum conversions, brands must create a robust customer journey that provides a seamless omnichannel experience.

71.4% of Indians prefer streaming music, videos, and movies on their smartphones.

Smartphones continue to be the primary device for Indians to stream music, videos, and movies online. Our report also shows that 65% prefer to stream videos and movies daily. Additionally, OTT platforms saw healthy growth in terms of monthly active users (MAU).

63.8% of Indians visit Banking and Fintech platforms at least 2-3 times weekly

The report shows Indians are more active and loyal to Banking and Fintech platforms than ever. We see a 10% increase in the monthly active users (MAU) for Banking platforms and an 11% growth in customer stickiness.

75% of Indians prefer to get information for travel plans and reservations from travel apps and mobile websites

The report shows that most Indians prefer travel apps to get travel information and make reservations on their smartphones, followed by social media. Online Travel Agents (OTA) platforms saw a sharp rise in the number of active users, as monthly active users (MAU) grew by 23%.

“In an ever-changing world, brands can be successful only when they deep dive into consumer preferences and understand customer expectations. Our latest report aims to empower brands in India with the latest consumer trends and insights to help them grow sustainably.” said Raviteja Dodda, CEO of MoEngage.

The MoEngage report also sheds light on :

• Leveraging customer insights to boost loyalty and increase LTV.
• Acquisition, DAU, MAU, and customer stickiness trends for different industries.
• Actionable strategies to drive sustainable growth amidst economic uncertainty.

A complimentary version of the full report is available here: The Global Consumer Trends 2023 Report.

MoEngage Raises $25 Mn in Funding led by Eight Roads Ventures

Having recently achieved Amazon Web Services (AWS) Retail Competency, MoEngage, an intelligent customer analytics and cross-channel engagement platform has raised $25 Million in Series C funding. Eight Roads Ventures led the round with participation from its US-based sister fund, F-Prime Capital, along with Matrix Partners India and Ventureast. The new round of funding will be used to deepen relationships in Asia, integrate advanced capabilities into the product mix and scale operations in the USA and Europe, MoEngage’s two fastest-growing markets.

“The latest round of funding will help us reach more brands and empower them with the next-generation customer engagement platform built for the mobile-first world that is easier to use, fully integrated and intelligent,” said Raviteja Dodda, Founder & CEO, MoEngage Inc. “We also welcome the wealth of experience and expertise that Eight Roads Ventures and F-Prime Capital brings into the boardroom with this investment.”

MoEngage centralizes consumer behavioral analytics, insights and marketing automation into one dashboard where brands can engage with their customers across channels and personalize touchpoints.

“The rapid rise of mobile has increased the complexity of how digital-first and consumer-focused enterprises interact with customers. Marketers now need to seamlessly engage with customers in a personalized and real-time manner across different channels,” said Shweta Bhatia, Partner at Eight Roads Ventures. “What differentiates MoEngage from other engagement platforms is the combination of their ever-evolving AI-enabled customer journey capabilities, industry-best channel reachability and top-notch customer support. We are thrilled to partner with Raviteja and his team as they look to expand globally.”

“MoEngage has gained the trust of marquee enterprise customers globally and further strengthened their position as market leaders in the mobile-first customer engagement and analytics space. We’re privileged to have been early partners with Raviteja and the team and to have had a ringside view of their growth journey. We welcome Eight Roads and F-Prime to the partnership,” said Tarun Davda, Managing Director, Matrix India.

MoEngage's AI and automation platform map customer journeys and develops hyper-personalized offers, updates, recommendations and other communications across mobile, web, email and SMS- thus delivering an omnichannel experience. Hundreds of global brands across 35 countries use MoEngage to connect with 400+ million monthly active users, processing over 65+ billion interactions and 40+ billion messages every month.

MoEngage was featured in the Gartner Magic Quadrant for Mobile Marketing Platform twice in a row and has received Highest Overall Customer Ratings (4.6/5) in 2019 Gartner Peer Insights ‘Voice of the Customer’ Report. The company counts several unicorns and enterprise brands as its customers, including the likes of Deutsche Telekom, CIMB Bank, Travelodge, Samsung, McAfee, Vodafone, Future Retail, Landmark Group, Mashreq Bank along with internet-first brands such as Ola, OYO, Bigbasket, and Tokopedia. Today, enterprise clients contribute nearly 50% of MoEngage’s total revenue.

“On our mission to build mobility for a billion people and beyond, we aim to offer a differentiated and personalized customer experience. MoEngage, with its differentiated offering, scalable platform and a customer-first approach, will play an important role in enabling us to deliver contextual and relevant communications to our customers and drive higher customer lifetime value,” said Arun Srinivas, Chief Operating Officer at Ola, an Indian ridesharing company offering services that include peer-to-peer ridesharing, ride service hailing, taxi and food delivery.

About MoEngage

MoEngage is an intelligent customer engagement platform, built for the mobile-first world. With AI-powered automation, optimization capabilities, and in-built analytics, MoEngage enables hyper-personalization at scale across multiple channels like mobile push, email, in-app, web push, On-site messages, and SMS. Fortune 500 brands across 35+ countries such as Deutsche Telekom, Samsung, Vodafone and McAfee along with internet-first brands such as Ola, OYO, Bigbasket, and Tokopedia use MoEngage to orchestrate their cross-channel campaigns. To learn more about omnichannel user engagement with MoEngage, visit our website www.moengage.com

MoEngage Partners with Bigbasket to Drive-up Metrics for its App Biz

MoEngage will utilize its intelligent customer engagement platform to scale personalized messaging and deliver value rapidly to bigbasket’s customers 

MoEngage, the intelligent customer engagement platform recently announced its partnership with bigbasket, India's largest online supermarket. The partnership will help enhance customer retention and loyalty for bigbasket through MoEngage’s omni- channel communication platform. 

MoEngage will further bigbasket’s focus on retention and help deliver hyper-personalized offers, recommendations and order updates to its customers across the different platforms. Leveraging MoEngage’s journey builder feature, Flows, bigbasket will be able to automate workflows to deliver consistent and relevant messages to customers based on their transaction history and preferences. MoEngage will also leverage its AI Engine, Sherpa, to automatically optimize the message content and deliver it at a time when it is most likely to be read by the customer. 

Speaking about this, Mr Raviteja Dodda, Co-founder & CEO, MoEngage said, “Context is the essence of e-commerce. Being able to reach the right user with the right message at the right moment is super-critical. We are confident that MoEngage’s product features such as Flows, Sherpa and Push Amplification+ will not only help bigbasket increase its reach, but also provide a personal touch to their communications across the web, mobile, and email. We are excited to begin this partnership with them and look forward to adding value bigbasket’s business in the coming months." 

Adding his comments, Mr Anand Bhaskaran, Head, Digital Marketing, bigbasket, said, "Customer retention is one of the most important metrics we track at bigbasket. The key to higher retention is delivering consistent and personalized messages to our customers. We hope to leverage MoEngage’s capabilities to segment our customer base, map their journey, craft personalized messages at each stage of our customer’s lifecycle, and automatically deliver these messages at the right time. We look forward to further enhance our retention rates and customer lifetime value with the help of MoEngage." 

Brands such as OYO, Ola, Gaana, Wynk, Airtel, Future Retail, McAfee, Samsung, Mashreq Bank, and more trust MoEngage to understand customer behavior and engage them across channels to improve retention and LTV. It has been featured in the 2019 Gartner Magic Quadrant and is the overall highest-rated vendor in the 2019 Gartner Voice of Customer report for mobile marketing automation. 

About MoEngage 

MoEngage is an intelligent customer engagement platform, built for the mobile-first world. With AI-powered automation, optimization capabilities, and in-built analytics MoEngage enables hyper-personalization at scale across multiple channels like mobile push, email, in- app, web push, On-site messages, and SMS. Fortune 500 brands across 35+ countries such as McAfee, Samsung, and Vodafone use MoEngage to orchestrate their omnichannel campaigns. MoEngage has been featured on Gartner’s Magic Quadrant for two consecutive years and is the youngest company on the list. To learn more about omnichannel user engagement with MoEngage, visit www.moengage.com 

About bigbasket

bigbasket was founded in December 2011 in Bangalore by a team of five – V S Sudhakar, HariMenon, Vipul Parekh, V S Ramesh and Abhinay Choudhari. The team has both offline and online retail experience, as they had earlier set up India’s first e-commerce site FabMart.com in 1999, and then established the Fabmall - Trinethra chain of more than 200 grocery supermarket stores in southern India. Servicing over 15 million registered customers, bigbasket has grown into India's largest online supermarket with over 30,000 products from over 1000 brands and presence in 26 cities across the country. bigbasket's online store covers the whole gamut of grocery products across various categories: Fresh Fruits & Vegetables, Grocery & Staples, Beverages, Bakery & Dairy, Branded Foods, Meat & Eggs, Personal Care and Home care & household products. bigbasket is committed to making life simpler and grocery shopping a breeze! bigbasket also introduced 2 businesses in 2018 - bbdaily & bbinstant. bbdaily is a subscription business with 1.3 lac daily orders, where customers can subscribe for fresh milk, fruits, vegetables, bread and other daily items. bbinstant is a one of its kind smart cashless vending machine, with presence in both apartments & corporates. 

Intelligent Marketing Cloud MoEngage Raises $9 Mn from Matrix India and VenturEast

California, U.S headquartered intelligent marketing cloud for consumer businesses, MoEngage, has raised $9 million (~ ₹64 crore) in a Series B funding led by Matrix Partners India and VenturEast. MoEngage's existing investors Helion Venture Partners and Exfinity Ventures also contributed to the round.

With the latest round, the startup has raised a total of $15.8 million in funding over three rounds.

The startup will use the fresh funds to expand its global presence, strengthen data science capabilities and roll out integrated marketing technology stack for enterprise clients.

Founded in 2014 by IIT Kharagpur alumnus, Raviteja Dodda and Yashwanth Kumar, MoEngage had raised an undisclosed amount in 2015, from Anand Chandrasekaran, the Head of Platform & Product Partnerships for Messenger at Facebook. Anand had then joined MoEngage's advisory panel.

Built for the Mobile-first world, MoEngage enables hyper-personalization at scale by analyzing 200+ million users and delivering 10+ billion interactions every month. With MoEngage, companies can orchestrate campaigns across channels like push, email, in-app messaging, web push and SMS, with auto-optimization towards higher conversions powered by machine learning.

With presence across Asia, Europe and the US, MoEngage claims to be the leader in the mobile engagement market. The 4-year-old company works with Consumer businesses across the world including Fortune 500 brands like Samsung, Deutsche Telekom, Hearst, Prudential, Vodafone and Internet-first companies like Flipkart Group, Tokopedia, Traveloka, Gaana, and Oyo.

Globally, MoEngage competes with Swrve, Kahuna, and WebEngage.

Source - Economic Times, Crunchbase

[Top Image - MoEngage @facebook]

Customer Engagement Platform for B2C Companies, MoEngage, Bags Funding from Anand Chandrasekaran

In a major announcement, state-of-the-art user analytics and engagement platform, MoEngage, today announced an undisclosed investment from Anand Chandrasekaran, the Head of Platform & Product Partnerships for Messenger at Facebook. MoEngage has also welcomed Anand, veteran techie and product expert, on board its advisory panel. He has previously worked as Chief Product Officer, at both Snapdeal and Bharti Airtel- two organisations that are also currently customers of MoEngage. With Anand now a part of its advisory board, MoEngage will be looking to leverage his critical insights on the entrepreneurial ecosystem as well as his in-depth knowledge of the mobile growth platform needed for B2C companies, to further revolutionise digital marketing.

A doyenne in the field of technology and tech-based products, Anand has held leadership positions in several leading global companies in addition to Facebook, Snapdeal and Bharti Airtel. He was the Senior Director for Search and Mobile Products at Yahoo, and the Director of Product Management at Openwave Systems. He has also been deeply involved with the entrepreneurial ecosystem, both as an active angel investor and as an entrepreneur. Aeroprise Inc., the world’s most-deployed mobility solution for IT service management, was co-founded by Anand and later acquired by BMC Software. He also has over 30 investments across sectors such as consumer internet, marketplaces, fintech, SaaS, and hardware.

Speaking on the announcement, Raviteja Dodda, CEO, MoEngage, said, “We are delighted to secure funding from an investor as prominent as Anand Chandrasekaran, and to welcome him as a member of our advisory board. Anand has a proven track record of excelling in dynamic markets and building products that serve customers globally. As a growth platform to engage users across all channels on a 1:1 basis, Anand’s keen insights and domain expertise in growing consumer internet companies will be invaluable to our endeavours.”

Anand holds an M.S. in Electrical Engineering from Stanford University, and a B.S. in Communications Engineering from PSG College of Technology, India. He has also been named as a ‘Young Global Leader’ by the World Economic Forum in 2010, and has been featured by Fortune on the '40 under 40' list of influential business leaders in 2016.

Anand Chandrasekaran said, “MoEngage shows immense potential for growth, and has consistently proven itself to be a pioneering user engagement platform. I am also delighted to join the advisory board at a time when MoEngage has launched a path-breaking product like Sherpa, which gathers real-time insights from user actions across apps & websites, and automates the marketing communication with predictive analytics, reducing manual intervention from marketers.”

MoEngage’s disruptive technology solutions are backed by VC investors Helion Venture Partners and Exfinity Ventures as well as Alchemist Accelerator and angels such as Kunal Bahl, Rohit Bansal, and Raghunandan G. The organisation’s ground-breaking automation strategies for user engagement have earned it a mention in the recent Forrester report titled ‘Vendor Landscape: Mobile Engagement Automation Solutions’. The platform currently analyses 15 billion+ events, delivers more than five billion personalised interactions every month through multiple engagement channels, and will be launching more innovative products in the near future.