Backed by the Axiata Group, Boost is one of Malaysia’s fastest-growing e-wallet players. They launched in 2017 with a mission to revolutionize the way Malaysians transact and have empowered both merchants and customers with the ease and security of cashless transactions. With Boost Business, merchants are equipped to receive payments and manage cash flow in just one place. In addition to easier business transactions, Boost Business also helps with business visibility and security against counterfeit currency.
Boost has seen 50% growth in the number of users over the past year, along with a consistent multi-fold increase in the Gross Transaction Value (GTV) in the past 2 years. This increase in users gave rise to a whole new challenge: how do you engage and retain customers over the long-term? With a vast user base of 7 million customers, tracking both user behavior and marketing ROI became increasingly difficult. Engaging users in a personalized manner across channels is always a top priority for the marketing team at Boost.
Boost started using CleverTap to analyze their user data at a granular level and create micro-segments, allowing them to optimize communications to specific user groups. They are now able to see how customers respond to their campaigns, and use that insight to continually improve personalization and targeting. They can easily track the metrics that are crucial to their success: engagement rates, open rates, view rates, click rates, conversion rates, and uninstall rates.
Using cohort analysis, the Boost team identifies important trends among different user groups over time. This helps them work towards improving their customer experience, and in the long run, improve both user engagement and retention.
With a combination of in-app messages, push notifications, and emails, Boost engages with its consumers in a personal and contextual manner. Every channel is used for a specific purpose: in-app messages help them drive awareness and exposure for their most active users, while push notifications and emails encourage action from users who haven’t been active on the app.
As personalization is an important part of their customer experience, Boost uses recommendations to help them find meaningful connections in their data and accelerate product discovery for their customers, which in turn boosts engagement rates and customer lifetime value (CLTV).
As a fast-growing e-wallet company, the marketing team is focusing on building a long-term retention strategy to increase CLTV, encourage brand loyalty, and refine the customer experience. Boost is also highly focused on helping merchants be a part of the digital revolution, especially those from underserved, under-insured, and unbanked sections of society. They are also actively exploring cross-border e-wallet interoperability across the region.