Singapore – Global insights-led customer engagement platform MoEngage has raised US$77m in its latest series E funding, and is aiming to deepen its global footprint to the US, UK, and Asia markets and also expand in new markets like LATAM and Australia. They are also aiming to explore strategic acquisitions that can help extend its platform capabilities and provide more value to customers.
This is the third fundraising for the company in the last 12 months, having raised US$32.5m in July and US$30m in Dec 2021. This round was led by Goldman Sachs and B Capital, with participation from the company’s existing investors Steadview Capital, Multiples Alternate Asset Management, Eight Roads Ventures, and Matrix Partners India.
Within Southeast Asia, MoEngage has doubled its headcount across Indonesia, Singapore, Vietnam, Thailand, and the Philippines. This includes new hires Anmol Arora, regional director for SEA & ANZ and Patrick Tang, associate director for ASEAN to lead the business growth and strategic direction of MoEngage in the region, as well as in country-specific sales and support team members. The firm launched offices in Singapore and Philippines this year, with an Australian office coming soon.
Raviteja Dodda, co-founder and CEO of MoEngage, said, “Our rapid growth is validation that consumer brands today are moving beyond campaign-centric tools and are adopting an insights-led multi-channel approach to customer engagement. Innovation has also been a key priority for MoEngage, with the launch of ‘Push Amplification Plus’, a trademark feature that provides the best delivery rates for push notifications in Southeast Asia. Businesses across the region have already seen positive impacts from the solution, with proven push notification delivery rates of up to 91%.”
Meanwhile, Saurabh Madan, vice president & general manager of SEA and ANZ, MoEngage said, “As the Southeast Asian region continues to digitise rapidly, we have only strengthened our commitment to the region to help businesses navigate the future economy. Our investments have resulted in the adoption of MoEngage’s platform by over 220 consumer brands in Southeast Asia, and a new milestone of over 100 customers in Indonesia.”
He added, “Today, MoEngage partners with some of the leading brands in the region, including Alfagift, AllValue, Astrapay, Blibli, CIMB Bank, JD.ID, Lummo, POPS, Syfe, Telekom Malaysia, theAsianparent, XL Axiata. MoEngage has seen more than twice the growth in Southeast Asia over the last year and we look forward to building on this momentum in the future.”
Philippines — In recent years, there has been a pivotal shift in consumer buying patterns – consumers have started making more important buying decisions on their smartphones. According to a study by Google, mobile searches for ‘best place to buy XYZ’ have increased by 70%, and 59% of consumers mentioned that the convenience of shopping on their mobile device is important when deciding which brand or retailer to buy from.
With this trend, it is crucial for enterprises to keep up and capture a touchpoint with their customers at the right stage in the buying journey. Since smartphones have become an integral part of this journey, enterprises need to expand their available communication channels to include WhatsApp.
MoEngage’s insights-led engagement platform allows enterprises to learn what their customers are looking for on their mobile app or website, use AI to predict what next steps their customers are going to take, and help them automatically send contextually relevant recommendations, alerts, and reminders on multiple communication channels.
Through this collab, enterprises can have personalized communication with their tech-savvy, mobile-first customers on WhatsApp. WhatsApp is used the most by consumers in the age group of 26 to 35 and is present in almost 180 countries.
Another report shows that, while 54% of consumers prefer using WhatsApp to receive shipment status and delivery updates, 50% of consumers use WhatsApp for appointments and to get notifications of upcoming events and 23% of consumers want to receive promotional offers from their favourite brands via WhatsApp.
As more enterprises adopt WhatsApp, the WhatsApp team is improving how businesses can communicate with their customers. For example, earlier enterprises were limited to sending timely notifications, making it difficult to follow up with their customers outside of a 24-hour window. To enable seamless and timely interactions between enterprises and their customers, WhatsApp now supports more types of messages, for example, to let customers know when an item is back in stock. The team is also working on a periodically-updating service available for more types of conversations.
MoEngage is also studying behaviours and how they can integrate personalized messages to keep customers reminded and engaged on their shopping needs albeit with a very busy schedule as long as they consent to it.
Raviteja Dodda, CEO and co-founder of MoEngage, said, “By teaming up with Meta, we aim to bridge the gap between enterprises and their customers by allowing them to leverage insights about their customers, their journeys, and the long-term impact of WhatsApp campaigns on key business metrics like LTV, revenue, retention, and product stickiness.”
Singapore – Global customer engagement platform MoEngage has partnered with tech giant Microsoft to allow enterprises to gather insights and run personalised, omnichannel campaigns for different customer segments to boost engagement, retention, and revenue.
Through the partnership, brands can now use Microsoft to bring together transactional, behavioural, and demographic data to create multi-dimensional customer profiles and export them to MoEngage to engage them with push notifications, emails, text messages (SMS), Whatsapp messages, mobile in-app messages, or website messages.
Microsoft’s Dynamics 365 Customer Insights, a consent-enabled CDP, helps brands deliver personalised customer experiences by providing 360-degree views of their customers and AI-driven insights based on unified customer profiles.
Meanwhile, MoEngage’s Insights-led Engagement platform, a CEP, on the other hand, allows brands to reach their customers across their preferred communication channels at the right moment in their customer journey.
Raviteja Dodda, CEO and co-founder of MoEngage, said, “With our collaboration, enterprises can transform their business into customer-centric organisations by creating delightful and memorable experiences across multiple touchpoints. We’re happy to add Microsoft into our ever-growing partner ecosystem and are excited about co-creating the modern norms of customer engagement.”
Singapore – theAsianparent, a parenting content and community tech platform, has partnered with MoEngage, an insights-led customer engagement platform, to better deliver information, expert opinion, and valuable products and services to its wide parent consumer base in Southeast Asia via various communication channels such as web, app, email, social media, and push notifications.
theAsianparent helps young parents have healthy pregnancies and raise healthy families by providing the correct information, knowledge, and skills, and currently reaches over 35 million people in 12 countries. Asianparent’s mission is to reduce stillbirths by 10% throughout the world through education and the availability of useful resources on their web platform and mobile app for newlywed parents in Asia.
Through theAsianparent’s infrastructure, it helped them provide engaging and customised experiences by allowing them to discover precise groups based on parenting stage and demographic. theAsianparent can integrate all of their communication channels by integrating MoEngage into their infrastructure, allowing them to better manage their customer interactions by tailoring products depending on parents’ wants and needs.
theAsianparent also uses its platform to recommend the right products and services to parents, relevant to their specific concerns thus providing brands and experts a platform to connect with the parents. With the eventual end of third-party cookies in sight, theAsianparent provides brands a platform to leverage customer insights, and connect with the right customer segments through personalized offerings.
Nadine Yap, chief product officer at theAsianparent, said that mapping out and following the individual user journey is vital for us to deliver relevant information and tools to our community on theAsianparent.
“Our partnership with MoEngage allows us to not only achieve this, but the data we receive through the platform also allows us to better understand our users and answer their needs more effectively and efficiently,” Yap said.
Saurabh Madan, VP & general manager of SEA and ANZ at MoEngage, shared, “We’re delighted to be a part of theAsianparent’s amazing growth journey. With a local presence across Southeast Asia, MoEngage is able to support theAsianparent’s marketing initiatives across the region.
Madan added, “We look forward to providing them with all the insights necessary to drive personalized communication, in turn aiding young parents and caretakers to nurture healthy and strong families around the globe,” said Saurabh Madan, Vice President & General Manager of SEA and ANZ, MoEngage.”
Manila, Philippines – In regards to the impact of users’ app activity on push notification delivery, a new report from insights-led customer engagement platform MoEngage shows that only 42% of these push notifications are successfully delivered in SEA.
According to the report, the reason why these push notifications go undelivered is due to the tight battery optimizations by Chinese Original Equipment Manufacturers (OEMs) that kill background app activity.
Industry-wise, e-commerce suffered the most, with only 45% of their push notifications successfully delivered. This is followed by financial apps (28%), travel and hospitality (28%), media and entertainment (7%), and other categories (37%). In addition, while recency and number of clicks have an 18% impact on user reachability, the number of app sessions have a 7% impact on push notification deliverability.
The report also noted that there is a direct correlation between the users’ last activity on the app and the push notification delivery rate. The highest delivery rate of over 80% has been observed for apps that had app activity in the last 24 hours. This figure drops by half after a week to 44% and lower. Of all the consumers who successfully received push notifications, around 73% were last active within the previous 2 weeks.
Saurabh Madan, vice president and general manager of SEA and ANZ at MoEngage, said, “Our data shows that to improve user reachability via push notifications in 2022, it’s imperative for any digital business in Southeast Asia to optimise and improve the users’ app interaction.”
He added, “This is why we developed the Push Amplification™ technology, to bridge this gap and help organisations in a mobile-first economy boost push notification deliverability while ensuring that Northstar metrics continue to grow – and we’ve seen great success so far.”
Manila, Philippines – AllValue, the fast-growing retail group in the Philippines, targets to boost the digital and e-commerce growth of two of its brands, AllHome and AllDay, and has tapped consumer engagement platform MoEngage to help bring this to fruition.
AllHome is its one-stop shop brand for home living, while AllDay is the group’s fast-growing mid-premium supermarket chain. MoEngage said that AllValue aims to capitalize on the online sales momentum and the recent surge in e-commerce sales in the country through an in-depth look into customer behavior data.
“We are betting big on the current digital wave that will expand the e-commerce market size in the Philippines. With more and more customers discovering our enhanced e-commerce experience, we recognized the need to align ourselves with a data-driven mindset to mount effective customer-facing campaigns and to further drive our platforms’ development,” said Camille Villar, AllValue’s vice chairman.
MoEngage is a full-stack solution consisting of customer analytics, automated cross-channel engagement and AI-driven personalization. It said that AllDay’s challenge is making sense of large-scale retail data that is primarily undifferentiated, while AllHome aims to unearth insights and patterns for its broad spectrum of customers: from homeowners to architects, engineers, and designers.
Through its optimized e-commerce platforms, AllValue is able to telegraph current customer behaviors by providing relevant product recommendations, sorting out logistic challenges for home deliveries, and allowing safe payments to offer a comprehensive and convenient E-commerce experience. MoEngage said that this is the exact window where they can provide breakthrough insights to push AllHome and AllDay ‘s e-commerce initiatives to the next level.
“To sell premium retail products, one must put together a great website and an awesome checkout experience. However, that is not enough in the hypercompetitive e-commerce world. One must complement it with well-timed and limited offers for browsed products that are simply hard to put down,” commented Saurabh Madan, GM of MoEngage for ANZ and SEA.
He adds, “Product differentiation alone might not cut it for many businesses who plan to make a shift to online sales. Consumer brands also need to focus on a customer-centric engagement strategy, and that’s where MoEngage can help.”
Jakarta, Indonesia – Customer engagement platform MoEngage has announced the launch of its new strategic customer advisory board that taps marketing experts of some of its clients to aid them in their endeavor in product development, including innovations around AI-powered technology to transform the future of customer engagement and experience management.
The advisory board members are namely Rajan Bansal, head of growth Marketing at Airtel; Parasar Sharma, Ex-CMO at Wakefit; Maha Iyer, SVP for marketing at Landmark; Yatish Jain, chief growth officer at OYO; Minal Thukral, SVP for marketing at CoinDCX; Aseem Sharma, head of growth at Navi; Saurabh Goel, head of digital at HT Media; Anand Bhaskaran, head of digital marketing and marketing communications at Bigbasket; Bhargav Errangi, head of retention marketing at Flipkart; and Vikraman Sridharan, director of products at Sharechat.
The board will have representation from MoEngage‘s top enterprise customers cutting across various industries such as banking, telecom, hospitality, retail, education, media and entertainment. MoEngage has seen rapid growth over the past year, including substantial expansion of over 80% in its customer base.
Raviteja Dodda, co-founder and CEO at MoEngage, said, “The customer advisory board is an invaluable resource for MoEngage, and we are grateful for the support from a group of outstanding industry leaders. This is a key initiative that will be instrumental in accelerating our customers’ success. It will also help determine how we can best serve our customers and co-create the product innovation roadmap. I am excited to pioneer the future of customer engagement alongside our customers.”
The board will meet at regular intervals to deliberate and offer counsel on customer challenges and emerging technology trends. These insights will help MoEngage align its product innovation roadmap with the strategic requirements of consumer brands and build the right solutions for the market. MoEngage’s key enterprise customers will also be able to gain an early view of the advanced capabilities to be introduced to the company’s platform.
During the inaugural meeting to welcome the new members, Atma Gunupudi, VP for global customer success at MoEngage said, “We are grateful to our customer executives who took time out of their busy schedule to be a part of our customer advisory board for the year 2022. We believe that the board members would enjoy learning from each other and guide our strategy and vision at MoEngage.”
Gunupudi added, “It is a privilege for us to be able to collaborate with some of the brightest minds in the region to co-create the future of the insights-led customer engagement.”
Singapore – Customer engagement platform MoEngage has announced that it has successfully raised US$32.5m in funding, which will be vital for the company’s acceleration of their global growth strategy, particularly for the greater benefit of their proprietary platform.
Said funding was led by Multiples Alternate Asset Management, with participation from current investors Eight Roads Ventures, F-Prime Capital and Matrix Partners.
In addition to their visions of global growth, MoEngage aims as well to use the funding to further strengthen the product’s AI and predictive capabilities.
For Raviteja Dodda, co-founder and CEO of MoEngage, their recent funding speaks to the continuous growth of the company, noting that they have seen rapid global adoption of insights-led customer engagement.
He also added that their customer base and recurring revenue has doubled in the last 12 months and our business growth in the U.S. and Europe has tripled in the first half of 2021 as compared to the second half of 2020, hence this funding will help their company to further accelerate global growth and product innovation.
“Our rapid growth can be attributed to investments in the areas of product innovation and customer success. Over the last two years we have made significant investments in Sherpa, our AI engine, to add a layer of intelligence. Today, our AI engine delivers actionable insights to determine users who have a propensity to churn, the best performing customer journey path, most preferred channel, ideal frequency, and the right time to communicate. We will continue our investments to extend our lead in this space,” Dodda said.
He added, “As the digital space becomes competitive, we envision brands shifting from a rule-based tool to an intelligent platform that empowers marketers and product owners with AI-driven insights and optimization.”
As part of this funding round, MoEngage also completed an Employee Stock Option Plan (ESOP) buyback of US$1.5m for its current and former employees to acknowledge their belief in the vision and contribution over the years. This is the first ESOP buyback by the company or its investors.
Singapore – As the industries of retail, banking and finance, and digital entertainment become more and more active, these industries have ramped up their personalized customer engagement across their target users in Southeast Asia, as a new report from customer engagement company MoEngage shows.
According to the report, daily active users (DAUs) of e-commerce, retail and D2C brands increased by 13.36% in the first four months of 2021. When studying the monthly active user (MAU) trends of the same brands, web MAUs had increased the highest (by 8.7%) compared to mobile.
The report notes that such activity is recorded most likely due to pandemic movement restrictions and shoppers working from home, as opposed to shopping via mobile on the go.
As the report targeted three main channels in their report namely push notifications, email, in-app messages, and website messages; they found out that push notifications that used behavioral attributes with an added layer of personalization from shopping brands saw deliverability of up to 85.67% and campaign conversions increased to over 27%.
There has been an increase of 54.9% in the number of DAUs across all digital banking, fintech, peer-to-peer (P2P) lending, insurance, and cryptocurrency platforms during the first four months of 2021.
In terms of email click-throughs, it saw better click-through rates and conversion across all industries as compared to the generic ones: open rates of emails from shopping brands went up to 28.17% and the 0.5% of emails that were behavior-based in the digital entertainment sector saw 2.4 times better click rate, while in banking, behavior-based emails boosted conversions by 2.72 times compared to generic broadcasts.
Finally, the report noted that digital media and entertainment brands using custom user segments based on behavioral and user attributes to send in-app messages to Android users saw twice the increase in click-through rates and conversion rate of up to 50.05% as compared to sending the same message to all users.
“Consumer behavior in Southeast Asia has changed rapidly over the last year, and digital adoption across industries has accelerated during the pandemic period. We’re pleased to provide organizations globally with a holistic view of how their current and prospective customers are behaving and guide them through their insights-led customer engagement and business growth journey,” according to Saurabh Madan, GM for SEA and ANZ at MoEngage.
The report concludes by stating that the findings demonstrate the importance of closely analyzing consumer behavior across every critical channel and developing both proactive and reactive outreach in association with these insights.
“Laser-focus on this [customer engagement] establishes customer-centricity, ensuring that brands meet and exceed the expectations of their customers and boost long-term loyalty and repeat business,” the report added.
Retailers across the globe were already facing challenges engaging with the increasingly digital consumer when the global pandemic hit. The sweeping lockdowns and movement restrictions only made the problem worse. Analysts predict that more than 100,000 stores will shut down by 2025 in the United States alone and retailers across the globe are experiencing disruption in the way they’ve connected and engaged with consumers in the past.
The only way to thrive in this environment is to take a connected retail approach through omnichannel engagement. Retailers can no longer remain purely online or offline players and need to stay in step with customers across multiple touchpoints. This also means brands need to rethink their engagement and communication strategies to acquire, engage, and retain customers in this context. In the process, they must ensure that every touchpoint delivers a consistent, convenient, and continuous experience to the customer.
According to IDC, an omnichannel experience can improve the customer’s lifetime value (LTV) by 30% and customer retention by 90%. These experiences are vital to recognize user behavior across multiple channels. They also magnify user actions to grow ‘micro-conversions’, the ‘wow’ moments that nudge shoppers towards a purchase, such as following a brand on social media or adding an item to the cart or wishlist. At the same time, connected experiences can highlight critical user moments to lower drop-offs.
For example, if you were in a physical store and couldn’t find the staff to help you with questions about an item, eventually you might put it back on the shelf and leave. The same can happen online if brands are not present for these moments. Finally, connected experiences allow for relevant, personalized communications across channels and a boost to LTV through loyalty programs.
A connected experience is more than just having multiple channels of communication. Gartner defines a connected experience as one during which customers can shop without any channel limitations. Customers can choose their preferred channels for purchase; how they’d like to pay; and how they’d like to obtain the items.
How can retailers create this kind of unified experience and transform brick and mortar customers into digital ones?
Before retailers start implementing a connected customer journey, they need to have a clear blueprint of how to implement it and assess preparedness. A one-size-fits-all approach could fail. A connected experience strategy can be divided into three stages: crawl, walk, and run.
Crawl: The most basic stage where foundation building happens. This is where brands and retailers understand the things that work best for customers such as typical user events and the triggers for them. The key objective in this stage is to initiate communication with customers. An example of this in practice could be sending a personal message to thank someone for following you on social media and sharing a link to your website.
Walk: With the triggers identified and messaging refined, the next stage is to connect the dots across channels. Steps in this stage are creating separate messages for acquisitions, retention, and engagement across each channel; knowing what action you want the customer to take and selecting the trigger for it (e.g., a push notification); and developing an alternate plan in case the customer proceeds in a different direction.
Run: This is when retailers begin to focus on long-term relationships. You should now be in a place to better leverage data to trigger personalized campaigns. If you are seeing strong engagement, now is also the time to introduce a loyalty program and collect feedback post-purchase. Examples of these activities could be focused campaigns for special occasions; unique offers and incentives based on past purchases; or offering promotions that can be redeemed at nearby stores.
Once you know how to build a connected customer journey and the stage you are in, the next step is execution using engagement workflows. It’s crucial to have workflows mapped across the customer journey, i.e., from micro-conversions (link clicks/page visits) to macro conversions (purchase).
Retailers need to carry out a series of activities to engage customers throughout their journey, from the time they register on an app or website to the time they add items to a wishlist or complete a purchase. However, the journey doesn’t end here. The process must be repeated for each new or existing user, every time they become active on your app or website.
Best practices for creating engagement workflows include analyzing micro, ‘intent-rich’ moments to create connected journeys; segmenting by tags, events, and actions; creating workflows by deploying user event and activity conditions, and setting touchpoints using the most suitable channels for each customer segment and the point they are at in their purchasing journey.
With some insight into how to create workflows for the different stages that customers might be in, it’s time to implement. Before retailers begin, they should keep the following in mind for the best chance of success:
Set KPIs and goals based on workflow rationale: No two customers are alike. If one is in the onboarding stage, another is in the retention stage, so each workflow will need to be measured by different key performance indicators (KPIs). For example, your goal for onboarding customers could be to increase first-purchase transactions. On the other hand, your goal in the engagement phase could be to nudge customers to purchase again. The goal for the customer advocacy workflow could be to collect more feedback from customers. Focused KPIs for each of these goals will allow for better planning.
Delegate to team members: Although the marketing workflows automate processes, some functions should be delegated to team members to improve the campaign’s outcome. For example, different team members can monitor different campaigns and deliver actionable insights on how to meet goals. When team members know exactly what they need to focus on, there is less confusion and more clarity about how to achieve the desired outcomes of the campaign.
Revise workflows with a similar rationale: Remember to review campaigns periodically – weekly, monthly, and quarterly- to measure performance. Customer needs may change during the process of implementing the workflow and you can revise your workflows to integrate any new insights that you gain that could improve the outcome of your campaigns. You can also do an A/B test to know if a campaign performs well before implementing the workflow completely. However, ensure that the revised workflow does not disrupt the customer experience in any way. As is the goal with all customer interactions, it should be hassle-free and frictionless.
The digital era has placed even more emphasis on the customer experience. Gone are the days of customer service with a smile. Today, retail customers want clear communication and control of their shopping experience. For retail brands, this means that there is more pressure than ever before to deliver crisp, rewarding, and connected experiences. Taking a comprehensive approach to your digital outreach strategy and investing in the tools that streamline this process will ensure your success in the near term and beyond.
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