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Core Value Proposition

CVP for The Souled store is providing strong value offering in terms of Men, Women and Kids collection spread across:

• Top Wear
• Bottom Wear
• Accessories
• Special Street wear [Timed]
• Sneakers/Foot wear
• Special Collections (Hardik Pandya Cricket, Marvel, Peppa Pig etc.)

Along with these value offering, marrying collection with pricing, uniqueness/coolness/freshness of the collection with current time/requirements of the user ensuring stocks across channels would key CVP for TSS.

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How do users experience core value proposition?

Store channels experience spread across Online, Offline stores and Market places but primarily 65% coming from D2C.

For D2C, entire experience is customization from Homepage/Category pages across App/Web and also CRM Journeys - be it Promotional, Retargeting or Transactional across Email, Push & WhatsApp channels.

To summarize, strong value offering with hyper personalization and being on top of current trends & strong brand machinery across designs/products & App/Web flows.​

Natural frequency for product

Activation metric for users from TSS perspective would be purchase across any of the category

• Casual : 1 Order in span of 30 days
• Core : 2-3 Orders in span of 30 days
• Power : 3+ Orders in span of 30 days

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Focus for TSS primarily is on repeatability of users ensuring they have decent bucket/ticket size.

Best Engagement Framework for the product

• Breadth in terms of different category products consumed, i.e, Men wear, women wear, kids wear and collections/accessories all visited and shopped would be a good engagement metric
• Frequency would be key metric for the user from engagement lens, i.e, more transaction done by unique user in X days and Y times would be critical to define their engagement level
• Depth is also a key metric for TSS as depth will highlight the transactional value associated with each spend/transaction happening

All engagement frameworks here would seem relevant for TSS but most important would be Depth for TSS as a product/platform

Here, Depth = f ( 3+ Orders in 30 Days, 2000+ per Transaction value) as AOV for average product is around 750-800.

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Active user & frequency defined for cohort of users

Active user is the one who has done any transaction post Cart/Wishlist addition and has been successful, i.e., any purchase action which has been successful, this shows intent & activation for the user.

• Casual : 1 Order in span of X days
• Core : 2-3 Orders in span of X days
• Power : 3+ Orders in span of X days

Users who have done close to activation metric are considered secondary Active users ( Add to cart/Wishlist and PG page transaction done but failed) and push to convert them is incrementally higher via Sales, Offers, WhatsApp and multiple campaigns.

At TSS, there are 2 Active users cohort - Primary and Secondary but for entire case study, we will stick to primary user base.

ICP Segmentation:

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Segmentation/Cohort for TSS

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We would focus on RFM segmentation for The Souled Store and break them up into these buckets

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Explanation for above model/image:

New customers are most recent, hence their recency score is high.

Champions and Loyal customers are good from all 3 parameters and have established Zen mode, need to track customer tickets, NPS, CSAT only for any alerts for them to move from Extreme power to risk/churn

Churned users mentioned here[Hibernating] are voluntary churn as it is due to other platform movement, category being out of stock or price sensitivity.

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In terms of priority to solve these segments, we would need quick addressal for these cohorts:

• Best Customers[P0] - They have high Depth [Frequency X Monetary] but haven't transacted in Last 30 Days. Need to subtly reach out to these folks via our channel & also understand their App usage metrics
• At Risk [P1] - These are good users but based on our data science model, they would churn out very soon. Hence, very critical that we take action as these would be voluntary churn
• Need Attention [P2] - These are folks who are average performers but are sizable chunk [ Active last month and did decent order size with 1+ frequency]. Need to reengage and convert back
• New Customers & About to sleep [P3] - These are newly acquired customers (majorly organic) but need to keep reengaging them via multiple channels/tools​

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Campaign Structure For Engagement

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Retention Design

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Overall Retention curve for TSS starts to flatten from M4 onwards and remains in similar range post that for overall cohort.

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Retention Analysis​

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Search usage and Product page views more than 3 are critical aspects/feature to understand forward retention rates for any user cohort (new, repeat, react & overall).

Top Reasons for Churn

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Top metrics to track for respective churn use case

1. SLA/TAT/Delivery Timeline breached: Customer tickets, Help line support number calls quantum, Ratings/Reviews on product delivery, App store rating, Social media escalations and CES score
2. Damaged product delivered: CSAT, customer tickets, ratings/reviews for the product purchased
3. Out of stock concerns: NPS, App store rating
4. Poor product Quality: NPS, CSAT, Ratings/reviews for product
5. Higher Prices: CSAT

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Also, other critical metrics to gauge/track and initiate churn resolution campaigns/initiatives would be:

• App uninstallation
• Un-subscription of Emails/WhatsApp
• Social media comments tagging TSS

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Resurrection campaigns

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