Onboarding Strategy

Cashify allows users to sell, buy, recycle, and accessorize electronic gadgets. Also, they offer services to schedule repairs for their smartphone.

Ideal Customer Profile

User Goals: Jobs to be Done

Goals:

1. Functional:

-Convenience: To sell an electronic gadget sitting at home

-Convenience: To buy a trusted and certified used/ refurbished electronic gadget

-Immediate Liquidity: Instant cash/ voucher disbursal in the selected payment method

-Flexibility: To choose from the available payment methods

2. Personal Goal:

-Saving time: To enjoy the convenience of home delivery/ collection

-To avoid going into the market and dealing with many shopkeepers

-Trust factor: After selling their gadget the data in it won’t be misused. Their gadget won’t be misused.

-Trust: A certified device will function well as per the promise

3. Social Goal:

-Ease of Selling: To brag about the ease of selling the device

-Good Deal: To brag about the good deal received from cashify

-To help family members, especially elders to get rid of their electronic gadgets

4. Financial goal:

-To save money by buying refurbished/ used/ box open gadgets at a better price

-To get a better price on a used device

-Ease of Transaction: To get the money without much effort or bargaining.

Validation of Goals:

User: Rahul

Persona: Seller of used gadgets and also a buyer of used gadgets

Goals:

1. To save time, money, and effort while selling the used electronic gadget

2. To get the right price for the electronic device

3. To avoid meeting the people from the marketplace as they lack professionalism

Motivation to use Cashify:

1. Clear instruction: What to do before submitting the device, How to format the device, How to maintain the battery before pickup

2. Scheduled appointments: Pickup of the electronic gadget is done as per the appointment scheduled

3. Door-to-Door delivery and pickup

4. Right price of the used gadget: Prices are based on the conditions of the gadget as specified by the seller

5. Peace of mind: The purchased device is certified and has 6 monthly warranty

6. Getting supported accessories (charger, cable) along with the device is a big plus

Onboarding- Teardown

Activation Metrics:

Hypothesis 1: Number of times users have made an inquiry about the selling price of the device

Reason: When a user is in the market to sell the device, they will check on 2-3 marketplace before final decision. The more the number of times a user makes an inquiry, the more are the chances of onboarding that user.

Hypothesis 2: Searched at least 5 used devices to buy

Reason: If the user has searched for the 5 refurbished devices on the platform, it is more likely that they are looking for the user device and stand a high chance of a conversion.

Hypothesis 3: Recycled at least 1 device

Reason: If the user has recycled a device once, they will be having a Cashify Store voucher which will enable them to come on board

Hypothesis 4: Clicked on more than 50% of push notifications

Reason: Every APP push notification is well planned and the copy is as per the journey of the user. If they click on it, there are high chances of them getting onboard

Hypothesis 5: Best price for the first device sold

Reason: If the user is new and if they are given an incentive of cashback along with the best price making a very lucrative offer for them, there is a chance they can onboard and retain as well.

Metrics to Track:

1. Abandon Rate: After entering the details, the user abandoned the cart. It can be due to price sensitivity behavior

2. Churn Rate: Annual churn rate. As selling used device is once in a 6 month or 1-year use case, the annual churn rate will provide a better picture

3. Daily App uninstalls: As these are converted customers who have done their job or are lost prospects, they should be retargeted with a different offering, cashback, better price of the product, etc. (depends on the case)

4. App store ratings: To analyze the user sentiments with the app performance, user onboarding, screen flow, etc.

5. Customer Sentiments: This can be via the reviews submitted on the cashify website/ app. This will help understand their priority areas, be it price, quality (while buying), etc.

6. Net Promoter Score: To understand the likelihood of users referring cashify to others in their network

7. Customer Satisfaction Survey: To measure the happiness of the customer with the product or service

8. Session time when used: How much time a user is spending on each session and what all user is searching

9. D1, D7, D30 retention: To understand the intention. Once a device is sold, the user would like to uninstall the app if there is no other motive left. If they still have the app, cashify can target them for buying refurbished or used devices.

10. Number of sessions/ visits/ searches before placing an order (sell/ buy): The behavior of the user: price-sensitive, quality-conscious, app hopper, etc.

11. Multiple orders placed by the user: If the user has placed multiple orders, that means the user is happy with the service/ product and has a higher chance of getting referrals from him. Also higher chance of longer retention.

General Observation:

•This market is a price-sensitive market, if someone offers a better price users will choose them

•Also, there is no loyalty in this segment. Customers hop from 1 app to another to get better deals be it for buying a used device or for selling a used device

•The cost of acquiring is high in this business and margins are low

•Cluttered market, leading to more competition

The End/ समाप्त 🙂