[Case Study] Cashify, an online marketplace for pre-owned gadgets, drives 359% uplift in revenue using WebEngage
Originally published on WebEngage.
Today, almost any gadget you buy comes with a certain buyback benefit. This means once the gadget grows old or wears off, you can sell it to the original seller. Online marketplaces such as Cashify make buying and selling pre-owned smartphones and other gadgets such as laptops, gaming consoles, smartwatches, DSLRs, etc. easy and convenient!
Founded in 2015 by Amit Sethi, Mandeep Manocha, and Nakul Kumar, Cashify enables users to purchase gadget accessories, repair and recycle gadgets on its website and mobile app. Cashify has 40+ offline stores, has sold over 21 lakh devices, and paid 1200 cr+ cash to users for selling their used phones.
Adopting the right retention platform that meets Cashify’s expectations
To deliver a seamless experience of selling pre-owned gadgets online, Cashify decided to adopt WebEngage’s Retention Operating System to:
- Get a unified view of each user
- Segment high-intent users based on their actions performed on the Cashify app/website
- Engage with users in a personalized and automated manner through multichannel campaigns
Here’s a glimpse of the use cases that Cashify has implemented using WebEngage. If you want to get detailed insights into Cashify’s success story, you must check out the detailed version.👇
In a gist…
- Drive more revenue through mobile phone buybacks
- Deliver exceptional user experiences
- Boost user engagement
- Foster brand loyalty
- Assisting users at every stage of their lifecycle
- Micro-targeting the users based on their behavior & preferences
Optimize conversions at every stage of the funnel
From installing the Cashify mobile app to completing the checkout or buyback, the user goes through 4 stages of the funnel. Now there are significant chances that the user might drop off at any stage before converting. This translates into minimal conversions and loss of buybacks. So, Cashify decided to create and implement an effective engagement strategy to target specific users with relevant communication at each stage of the funnel using the WebEngage Journey Designer.
Encourage high-intent users to convert
Businesses want to sell their products at the ‘best price’ and buyers too want to buy products at the ‘best prices’. In Cashify’s case, it’s the users who define the ‘best price’ by requesting multiple quotes before selling their gadgets. So, Cashify sends highly targeted engagement campaigns to only those users who have requested a quote three or more times to maximize Cashify’s chances to optimize buybacks.
Motivate maximum users to complete the checkout process
Driving maximum conversions is the North Star Metric or key goal for most of the businesses. To motivate the sellers to sell their gadgets on the platform, Cashify introduces discounts and cashback offers. Now, there are instances where the users might use a wrong coupon code or end up using an expired coupon unknowingly. In this case, the users miss out on the added benefit of using the coupon.
Maximize user referrals
Cashify created an exclusive journey for users who entered an invalid coupon code on Cashify’s website/app while checking out. To meet their objectives, the team at Cashify introduced a Refer and Earn program, wherein the user is given a unique referral code and is asked to share it with friends and/or family. To amplify the effect of the Refer and Earn campaign, Cashify has created a user engagement journey on the WebEngage dashboard.
Cashify streamlines the sales funnel by sending highly engaging, and personalized campaigns across multiple channels. This helps the brand to improve its overall conversions. It also enables Cashify to understand its users better and reduce the chances of funnel drop-offs. Cashify witnesses some outstanding results.