Bangalore: Back in 2014, when Raviteja Dodda and Yashwanth Kumar – both alumnus of the prestigious IIT Kharagpur, founded MoEngage, they were out to disrupt an industry virtually untouched by technologies such as AI, and Dynamic Product Messaging.
The marketing automation industry, then, was packed with big-name vendors offering me-too solutions that were primarily focused on the web. Marketers were still unsure of the platforms’ capabilities in delivering seamless cross-channel engagement and justifying ROIs for the platform costs. However, with MoEngage, all of that has changed.
“Traditional marketing clouds are natively built for the desktop web, rule-based with no intelligence. They often rely on cumbersome integrations with acquired tools that don’t work smoothly together. Using MoEngage, companies can orchestrate campaigns across desktop web and mobile channels like push, email, in-app, web push and SMS, from one integrated platform, with auto-optimization towards higher conversions powered by AI,” says, Raviteja
Dodda, CEO, MoEngage Inc.
AI at its core
MoEngage leverages analytics that provides marketers unprecedented insights into the customer and has the robust AI technology optimizes engagement by identifying the right user for the intended message. Sherpa Interaction Graph – the platform’s AI core is a set of machine-learning algorithms, that consistently maps each user’s behavior with the pages,products, and brands they visit or shop from, to deliver the right engagement in real-time.
In short, businesses use the MoEngage platform to observe behavioral patterns of users and apply the learning to its (business) marketing campaigns to improve engagement, retention, and conversion rates.
“If a user is looking to buy sneakers on the app or the website and does not complete a purchase, you can nudge the user with a push notification or an email containing sneaker recommendations from several brands thereby increasing the propensity of the user completing a purchase. All of the above happens seamlessly with little manual intervention. That’s the power of AI-driven engagement,” explains Ravi.
Use-cases,like above exist across industries, and the MoEngage platform has been relentless in helping businesses exploit the underlying potential to unlock revenue and greater customer satisfaction. Some of these businesses include Fortune 500 Brands such as Samsung, Deutsche Telekom, Hearst, Vodafone, Prudential L Brands. The company’s new customers across fast-growing internet verticals include Tokopedia, Traveloka, Oyo, Viu and EasyTaxi.
Such simple, yet tactical nudges take a user from the ‘idle’ state to completing an action or a transaction on your app. In India, for example, the company is helping Gaana – India’s largest music streaming app identify and target the app users with highly-relevant music suggestions.MoEngage alone drives up to 10% of the active users on the app.
Innovations Lead the Way – A New Feature Every Quarter
It is not just in the AI space that the company has pioneered. The platform is also a pioneer in building the best-in-class push notification delivery platform dubbed Push Amplification – a ripe example of customer problem-oriented approach to product you could say. For the uninitiated, push notification delivery, however simple it may seem, is a key concern for marketers worldwide.
“Due to device and OS-level limitations, mobile apps sometimes fail to deliver push notifications leading to a drop in marketing performance. MoEngage Push Amplification has ensured a push delivery success rate of up to 80%, which is unheard of in the industry,” says Nalin Goel, Director of Product, MoEngage.
Simply put, push messages created on the MoEngage platform reach more users when compared with other platforms Facebook and Google. Through a combination of catalog inputs and user-tracking, Dynamic Product Messaging sends the most relevant product recommendations to users, automatically. The use cases extend beyond product recommendations to include content recommendations, price drop alerts, etc. Using Dynamic Product Messaging, several brands have been able to successfully target and convert 10% of the browse and cart abandoners into customers.
Alongside launching industry-first features, continuous improvement is a constant focus for the company. Tech implementations like stream processing – something the company is experimenting with helps marketers segment users 10X faster than before and delivers real-time info about campaign performance – usually considered a lengthy process.
The secret to MoEngage’s success lies in launching frequent updates and features, focused around gaining a keen understanding of user-behavior and engagement. The company launches a new feature every quarter making incessant improvements and feature launches a part of the company’s culture.
Growth at an Unprecedented Pace
Funded by Helion Partners, and Exfinity Ventures with backing from industry veterans such as Anand Chandrasekaran, MoEngage has established operations in 35 countries across multiple continents, signing up Global Fortune 500 brands such as Samsung, Deutsche Telekom, Hearst, Vodafone, Prudential & L Brands. The company’s new customers across fast-growing internet verticals include Tokopedia, Traveloka, Oyo, Viu and EasyTaxi. What’s more interesting is the company works with five of the Fortune 500 brands – all of whom were acquired in the last one year.
Within four years of inception, MoEngage now has offices in key markets such as Jakarta and Berlin along with the existing offices in San Francisco and Bengaluru. With an aggressive growth graph showing recurring revenue growth of over 3X in the last one year. Today, more than 65% of our revenue comes from outside India, and our key focus markets include Europe and Middle-East, North America and South-East Asia. Mobile penetration and growth has been on the rise in these markets, and hence we see an opportunity. Our International market has grown more than 10 times,” says Raviteja Dodda, CEO, MoEngage.
The company was recently in the news with the launch of Dynamic Product Messaging (DPM). With the DPM launch, MoEngage has entered the league of technology behemoths Consequently, the company reaches over 200 million users each day while delivering over 12 billion + interactions every month.