[Case Study]How Bajaj Finserv Cemented Its Leaky Conversion Funnel By Personalizing Its User Engagement?
This case study was originally published on WebEngage.
I am not going to spill out words for this one right at the beginning, let’s directly hop on the case at hand!
About Bajaj Finserv EMI Store
Bajaj Finserv EMI Store (BFES) is the next generation of digital marketplaces that offers easy shopping solutions, making online electronics shopping easier than ever before.
Customers can browse through the online electronics store’s catalog, compare and purchase lifestyle products — gadgets and electronics like smartphones, televisions, air conditioners, etc. and pay for them in installments with easy No Cost EMI schemes. By adopting a hyper-local business model, the platform enables customers to view products from retailers located in their vicinity, tapping into their network of 43,000 merchants across India.
The availability of easy finance options through no-cost EMI options fuelled a wave of economic growth in metros and smaller towns, but posed a unique problem to the marketing team at BFES — the surge of traffic on the website wasn’t leading to a steady rise in conversion and revenue. With such a massive and diverse user base, they needed to work harder to ensure the incoming traffic kept moving towards a purchase.
A Leaky Conversion Funnel
Bajaj Finserv’s conversion funnel showed that a considerable chunk of the incoming traffic never moved beyond the awareness stage. They left without performing significant actions on the website.
This sequence of user behavior on the website can be visualized in a funnel, which enables you to see where customers are falling off in your nurturing process, and make refinements in those areas.
Why were so many drop-offs happening?
The inability to reach out to users at the right time on the right channel with a personalized message led to a lot of users dropping-off the funnel.
- The number of touch-points for the user had increased
- At the same time, user expectations had been constantly evolving
- Competitors had been coming up with more tempting offers for the target audience
The leaks were inevitable. But this meant a massive untapped potential for BFES if they could get some of those drop-offs back on track.
It was incredibly difficult to scale personalized engagement campaigns for the large user base of 15 million+ users. These were some of the roadblocks that BFES encountered:
- Faceless nature of online platforms
- Inability to pinpoint the source(s) of funnel drop-offs
- Inaccuracy in targeting the right segment so as not to annoy a lot of their current and potential customers
- Unavailability of the right channel(s) to sell to unknown users
The team at WebEngage offered a customized onboarding-support-success solution and built a detailed project plan that ensured widespread adoption of the dashboard. Here are the steps they took:
Built infrastructure → Analyzed data to pinpoint drop-offs → Created a retargeting ecosystem → Inserted the right plugs → Measured conversion boost
Retargeting is one of the most cost-effective ways to overcome high drop-offs. Strategies involving content marketing, AdWords, and SEO are great for driving traffic, but they don’t help with conversion optimization. Conversely, retargeting can help increase conversions, but it can’t solely drive people to the website. BFES found success because while they drove traffic, they tailored their retargeting strategy to precisely match the requirements of different sections of the traffic.