About Pice
Pice is a disruptor in the Indian B2B payments and credit space, looking to transform how businesses pay and collect.
The digital payments revolution has changed how consumers transfer money. UPI transfers are done in seconds, personal loans are disbursed in minutes, and visits to bank branches are becoming obsolete.
However, this is far from reality for Indian businesses where cash is still king. Pice provides a UPI-like experience for business payments with an option to avail of credit on each transaction. They also offer a no-cost collection solution for distributors, manufacturers, and wholesalers, which can seamlessly extend credit to customers at zero risk.
Key Features Used:
- Journey Designer
- Segmentation
- Push Notifications
- Emails
- Events
- Funnels
- Paths
Pice’s Objectives
What were Pice’s objectives?
Their North Star metric was to grow gross transaction volume month over month. And this could only be accomplished through a sound onboarding system and personalized user engagement.
What were they looking to solve with a marketing automation platform?
- Intervention at critical points in the user journey to reduce drop-offs and solve for successful KYC and transaction completion.
- Continuous engagement with onboarded customers to keep Pice on the top of users’ minds for businesses with personalized marketing.
- Ensuring repeated buying behavior from users, thereby growing LTV/CAC exponentially.
- Implementing features that prioritize customer data quality to make more informed product-level decisions.
- Utilizing customer feedback to iterate and enhance the overall user experience, fostering customer loyalty and advocacy.
What were Pice’s long-term goals?
- To make their app a critical product for users from onboarding to activation and usage.
- To be top of mind for all business payments & credit needs for Indian businesses.
Pice’s Challenges In Driving The Objective
What problem statement was the team looking to solve with a marketing automation platform?
- Onboarding Drop-Offs: The team wanted to reduce drop-offs during the onboarding process, which was previously long and tedious. It involved sharing mobile numbers and entering PAN details, with additional steps like Aadhaar KYC for some users.
- Insufficient user engagement: Inefficiency in continuously engaging users and ensuring they complete onboarding and remain active on the app.
- Lack of understanding of user behavior: Lack of user insights, with a need for cohort and funnel analysis.
What were the challenges the team faced in solving the objectives mentioned above?
- Complexity of the onboarding process
- High drop-off rates
- Difficulty in keeping users engaged
- Need for a seamless and user-friendly experience
Why Did Pice Pick WebEngage?
The Pice team chose WebEngage as their marketing automation platform because they were drawn by the WebEngage Startup Program, which offered relevant features and support for their growing business. While the team was also considering other tools at the time, WebEngage stood out due to its high recommendations from other WebEngage customers.
Their previous tools lacked communication capabilities, leading to a fragmented approach to analytics and communications. In contrast, WebEngage offered a one-stop platform that could streamline its analytics and communication efforts, making it the clear winner in their evaluation.
Results?
The Way Forward
What does the way forward look like for Pice?
- On a product level, the team wants to increase email open rates, engagement, and retention rates.
- This should lead the business to higher ARPU and a shift from Weekly Active Users (WAU) to Daily Active Users (DAU).
- On a company level, Pice wants to improve overall user experience, driving better user engagement, growth, and development.
- They also aim to boost user activation rates, increase user frequency, and expand horizontal usage per user, which will help them improve customer satisfaction and loyalty.
We wish the Pice team all the best for all their future endavors and hope to be there every step of the way.
