WebEngage, a full-stack Retention Operating System, has been making a significant impact in the domain, with its data-driven insights, hyper-personalized engagement strategies, and cutting-edge technologies. Throughout this time, as the edtech industry has evolved, WebEngage has consistently recalibrated its strategic approach, to stay ahead of the curve. Despite the steep fluctuations that the edtech industry has witnessed in recent times, WebEngage has been able to empower its customers in this domain to take their customer engagement game to the next level, positively impacting their retention scores and overall growth. An average of over 30% uplift in customer retention has been achieved so far.
In the first half of 2023, the Indian edtech industry saw a number of challenges, among which the decline in demand for online education stands out. Furthermore, the industry faced a 48% dip in funding, inflation, and a general level of economic uncertainty. This inspired a pivot, wherein numerous edtech companies shifted their focus from customer acquisition to customer retention as a means for survival and greater resilience in the face of the challenging economic landscape.
“Over the last several years, the adoption of martech within the Indian edtech sector has undergone a significant shift, with many seeking to solve challenges that include increasing drop-off rates, dormancy and declining attendance among students, and to enhance free-to-paid conversion rates. At this juncture, there is an urgent need for a more hands-on approach that is focussed around enabling edtech players to leverage their martech stack to its maximum potential, unleashing immeasurable ROI.” said Akhilesh Chopra Director, Strategy & Growth at WebEngage.
With a comprehensive and customisable suite of tools, WebEngage has helped edtech companies solve their unique challenges with tailor-made solutions – overall, positively impacting the industry. In 2023, with the support of WebEngage, the industry saw an overwhelming 162 billion messages being sent across 09 channels. More recently, WebEngage has transformed the landscapes for TimesPro, Testbook, and TutorBin, redefining their strategies for user engagement, conversions, and retention.
TimesPro, an Education 4.0 pioneer, encountered difficulties in boosting user engagement and understanding user preferences. It leveraged WebEngage’s offsite survey to garner a remarkable 63% response rate, amplifying user engagement. The platform utilized insights to refine offerings, fostering a 27% unique conversion rate by optimizing the conversion funnel and minimizing the drop-off rates.
Testbook, with 5.6+ crore students, embraced WebEngage in 2017, emerging as an early adopter. The platform, which caters to a vast number of students with a variety of courses and tests, faced the challenge of personalizing communication and required extensive manual efforts. Testbook used WebEngage’s catalogs to an optimal degree to solve these challenges, along with running a reactivation campaign. Harnessing WebEngage’s capabilities, Testbook reactivated 15% of dormant users, achieved an 11% conversion rate from push notifications, and hyper-personalized communications.
TutorBin, a leading online tutoring platform, faced personalized engagement challenges, hindering involvement and retention, until WebEngage stepped in. Using their conversion journey suite, employing behavior analytics and strategic nudges to create a FOMO element, TutorBin witnessed a 25% surge in customer retention in under six months.
In an ever-changing edtech landscape, WebEngage’s commitment to tailored solutions establishes its position as a trailblazer shaping edtech client success. It remains at the forefront of empowering its clients to shape the future of digital education through personalized, data-driven engagement strategies. In 2024, edtech is set to revolutionize education, making it more accessible, engaging, and effective for the next-gen students, through the seamless fusion of technology and education.
