Tanishq Imitates Its In-store Success to Boost App Retention Rates by 25% using MoEngage

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Historically, Indians have preferred to shop for gold jewelry from brick-and-mortar stores. Buying gold jewelry is a significant investment, so customers seek a reputable store that they can trust. Brick-and-mortar stores help provide that trust. In fact, many Indian families have preferred physical jewelry stores for generations. The ability to touch and feel items is crucial when purchasing gold jewelry, making brick-and-mortar stores highly suitable.

However, this trend is now changing. This shift is due to the disruptive and empowering influence of the internet and technology. These advancements are significantly impacting customer buying behavior.

Today, the distinction between physical and digital customer experiences is increasingly blurred. As a result, more enterprises need to adopt a combined online and offline approach to nurture and engage with their customers. Shoppers also want the in-store experience to be extended to the online environment.

Therefore, the scenario is not very different for jewelry customers.

The jewelry market in India is projected to grow by USD 25.2 billion at a CAGR of 6.1% between 2023 and 2028, with online sales playing a significant role in this growth trajectory. So, it has become a necessity for jewelry brands to be present both online and offline.

Moreover, the COVID-19 pandemic has only accelerated brands’ digital transformation processes.

Today’s customers spend significant time online and, therefore, discover jewelry designs and brands on social media. This discovery often leads to visiting online stores or apps for more information. This is why early adopters of online selling have experienced significant success.

However, trust is an ever-present factor in high-value jewelry purchases, especially precious metals like gold and platinum, which can lead to long purchase cycles and sometimes cart abandonment.

Challenges of Moving Online: Striking a Balance Between Online and Offline

As customers are hooked on online buying, brands must pivot online now to reach a broader audience base. However, some of the biggest challenges that most traditional brick-and-mortar jewelry brands face are:

1. Building trust among customers to purchase online, especially for high-value products like gold jewelry
2. Striking a balance between their online and offline brand presence
3. Keeping customers engaged throughout the purchase cycle
4. Boosting sales across both channels- online and physical

How Tanishq Balanced Both Successfully

Tanishq, the jewelry giant, was one of the early brands to venture into online channels to extend their reach to their target audience. To appease its customer base, it incorporated different ‘new-age’ buying initiatives like virtual jewelry try-ons, video calling, real-time live assisted chats, and appointment-based shopping. And to make sure their efforts land in the right place the jewelry giant partners with MoEngage to supercharge their customer engagement initiatives.

Here’s a breakdown of how the collaboration panned out:

Turning Window Shoppers Into Customers by Powering Contextualized Experiences

A vast pool of online customers are generally just window shoppers visiting websites to check out products. Using MoEngage, Tanishq deployed lead-gen campaigns to convert these window shoppers into customers through relevant onsite messaging (or OSM) and in-app communications. The campaign worked because of its high-intent CTAs powered by highly contextual communications!

As a result, the campaigns saw a 7.2% clickthrough rate and a 5% fill rate while clocking over 5,000 leads every month.

With MoEngage’s 50+ in-built templates and 33+ customizable elements, brands can try different combinations to personalize their campaigns and pick what works best for them!

Increasing Stickiness Through Consistency

Keeping your customers actively engaged with your brand is key to ensuring they don’t go dormant and forget about it. When brands constantly re-engage with their customers in a timely manner, keeping customer preferences in mind, they improve brand loyalty and customer retention.

With this objective in mind, Tanishq deployed the detailed Flows, i.e., automated customer journeys, using MoEngage to increase customer stickiness on platforms like WhatsApp, Push, apps, and emails. As a result, app usage increased, and retention skyrocketed by a whopping 25%!

Proactive Nudges to Reduce Cart Abandonment

Cart abandonment poses a significant challenge for brands like Tanishq. When a customer has been considering jewelry for a while, they likely visit the website multiple times. After days of careful thought and adding a product to their cart, it can be very disappointing when the customer ultimately decides to abandon the cart.

However, high-value products like jewelry have a long purchase cycle that brands can effectively use to nudge the cart abandoners with value so that they convert.

That’s exactly what Tanishq did. The brand opted for a cohesive multichannel approach that worked wonders for them. They leveraged onsite, in-app, and WhatsApp campaigns to remind the abandoners that they had left something behind in their carts by displaying pictures of the product (left in their carts). This effectively induced FOMO in the customers, leading to excellent results.

These campaigns saw huge success, with a 3.37% conversion rate!

Reducing Dormancy by Reactivating Past Purchasers

The dormancy of a small percentage of customers is natural, no matter how innovative your marketing strategy is. To offer value to these customers, you may consider sharing relevant products with them to revoke their interest.

Tanishq did something similar, too. 

1. They started sending AI-based recommendations
2. Targeted customers with product-specific personalization
3. Started adding top-selling and geo-specific personalization scores

With the help of MoEngage’s website personalization capabilities, Tanishq started targeting customers with certain product affinity during the Akshay Tritiya sale, a custom ritual that many Indians believe purchasing gold as a sign of prosperity.

This custom banner was displayed to selected visitors who have viewed a particular product category at least three times in the past 45 days. As a result, 12% of the website views were personalized. Tanishq saw an average conversion rate of 0.6% for these campaigns, which was much higher than any web campaign run in the past.

What’s more, with the agility that MoEngage provides, Tanishq could experiment with campaigns without much hassle or technical intervention. This experimentation led to a 200% uplift in clickthrough rates!

Additionally, Tanishq used Sherpa AI for further personalization. These recommendations powered the brand’s ‘Recommended for You’ section, resulting in a conversion rate of 1.62%!

Boost Your Bottom-line And Uplift Retention Rates with MoEngage

Building a strong online presence is no longer a ‘nice to have’ but a ‘must-have’ for consumer brands today.

By partnering with an agile engagement platform like MoEngage, Tanishq boosted its revenue and bottom line.

The impact numbers that Tanishq witnessed are a great example of what can be achieved with the right engagement partner:

• 107% Uplift in click-to-conversion rates during the seasonal festivity ( Akshay Tritiya)
• 27% increase in the weekly retention rates
• 3.37% conversion rate for cart abandonment campaigns

Further, through OSM lead-generation campaigns, Tanishq observed:

• 5% fill rate
• 7.2% clickthrough rates
• 5000 leads per month

By partnering with an agile customer engagement platform like MoEngage, your brand can too achieve groundbreaking success and build a loyal customer base.

Are you ready for it?