Onboarding project | Swish

ICPs for Swish are below -

ICP Prioritization

From the ICP Prioritisation Framework, we can see that ICP 2 and ICP 2 can be focused upon since the market for these users is larger enough and distribution potential is high for this target audience. And the the users have a good use case of the product with a high order frequency weekly! Now when we dig deeper into fleshing out the strategies for acquisition we will target them towards ICP 1 and ICP 2

The user goals for ICP 1 and 2 can be defined as follows

Here's the table below to put down your user goals, respective ICPs, JTBDs and validate your goals.

Right from product discovery to the onboarding the journey should be super smooth and should contain AHA Moments for the user to proceed and convert at every milestone.

Regarding Swish, the onboarding is completed once the user places an order. In order to encourage users a convenient short journey is required.

Find attached the screen-wise suggestions and recommendations for the existing Swish App.

Onboarding Assignment_Swish_Screen teardown.pdf

Below are a few parameters to track the activation metrics for Swish App.

The core value of Swish is to deliver food within 10 minutes in the Bangalore region. To scale it up and acquire more customer, it is important to study the parameters activation metrics.

• D1, D7, and D30 retention
  
  As the company is 8 month old, there is not much data published publicly. Retention rates can vary significantly based on factors such as
  - user experience,
  - market competition, and
  - regional preferences.
  The graph of retention generally looks like a mirror-image of J curve. The users drop from D1, D7 to D30 and further as well. Post which a habit is built and there is a higher chance to retain the users.
  
  For context, industry benchmarks for mobile apps generally consider the following retention rates as indicators of performance:
  
• Day 1 (D1) Retention: Approx. 50%
• Day 7 (D7) Retention: Approx. 30%
• Day 30 (D30) Retention: Approx. 20%
  
  
  
• DAU/MAU
  The ratio of DAU to MAU is a strong metric to assess the user engagement, with higher percentages indicating more frequent user interactions with the platform.
  
  In the quick commerce sector, the DAU/MAU above 20% is generally considered strong, indicating high user engagement and retention.
  
  PS: Zepto (a competitor) has demonstrated significant growth, with its DAU increasing by 86% over a recent period.
  
• Conversion rate vs retention rate
  
  Retention Rates: In the food delivery industry, a monthly retention rate of around 20-30% is considered average. Zepto's 78% monthly retention rate significantly exceeds this benchmark, indicating strong customer loyalty.
  
  Conversion Rates: Number of customers who placed an order/ total audience - defines the conversion rate. While specific figures vary, higher conversion rates are typically achieved through the below
  - user-friendly interfaces,
  - efficient delivery systems, and
  - effective marketing strategies.
  
• Average TAT

In quick commerce, the TAT is quite high for urban customers. This metric will indicate WOM, App discoverability and usability. At a fundamental level, in quick commerce as it is a rapid delivery, customers order and place the order in the next 1-2 hours. However there will be customers who will place the order the next day or in the next couple of days.
The average TAT ie. time taken for a signup to activation ~ 1 hour

• User Cohorts

The User Cohort analysis strategises to improve the retention. Cohort analysis helps in tracking customer behavior by grouping users with shared characteristics.

Swish Cohorts can be segmented as per below,

Based on the segmentation, for Swish users, a key metrics can be analysed -

1. Retention Rate: Percentage of users retained over time (D1, D7, D30).
2. Churn Rate: Percentage of users who stop using the app over time.
3. Average Order Frequency: How often a cohort places an order.
4. Average Revenue per User (ARPU): Revenue generated by each user within a cohort.
5. Customer Lifetime Value (CLV): Long-term value of each cohort.

Based on the key metirc, strategies are developed. For eg.
- To improve Early engagement rate for early Drop-off - provide a personalised discount or offer to the D7 cohorts
- If Order value based cohorts are high on referring, give then some value based incentives to spread WOM and acquire more customers.

• Acquisition source

Acquisition source is a metric to understand which channel is most effective and efficient.
- organic,
- paid ads,
- referrals,
- social media

As Swish is an early scaling startup, experimentation is the key to figure out which channel works the best for acquiring customers.

• Product reviews, Rating after first order and rating after order placed consecutively

Product reviews is a good metric to judge the performance in the market. Good rating is an indication of happy customers and hence higher retention.