In 2021, InsideIIM launched for the first time the E-Commerce Prodigy Challenge, an exclusive program to give India's top talent at business schools a flavor of Marketing and Growth Hacking in an E-commerce set-up. To participate, MBA students were asked to create a marketing strategy for their favorite E-commerce platforms. Amongst all the entries that came in from India's top talent, five stood out! Here is a glimpse into the marketing strategies formulated by Manogya Prasad, an IIM Calcutta student who proposed a new feature to enhance user engagement and increase customer retention at BigBasket and is a winner of InsideIIM's E-Commerce Prodigy Challenge!
InsideIIM's E-Commerce Prodigy Challenge - The Case
As a part of one of the E-Commerce Prodigy Challenge rounds, participants were asked to share their top three favorite E-commerce platforms, along with reasons to justify their predilection for these platforms. They were asked to create a short PowerPoint presentation on how they would market one of the above e-commerce platforms differently. The participants were given the objective to create a marketing strategy that would:
Increase user acquisition, i.e. the number of account registrations of the e-commerce site.
Increase user conversion, i.e. the number of transactions on the e-commerce site.
Participants' presentations would then be evaluated on components such as their marketing goals, the smoothness of the customer journey, frameworks incorporated, strategic tactics, marketing channels employed, and measurement of success.
The Winning Case - Manogya Prasad’s Introduction Of YourChef Feature To Improve User Engagement At BigBasket.
Amongst the five winners of the InsideIIM E-Commerce Prodigy Challenge 2021 is Manogya Prasad, a first-year MBA student at IIM Calcutta.Manogya's winning case in the E-Commerce Prodigy Challenge revolved around BigBasket, He chose to create a strong marketing strategy for BigBasket with the objective of increasing user acquisition and also increasing conversion of those users into consumers.To begin with, Manogya first focused on understanding the current customer segment, and some of the existing features on the BigBasket platform. He reviewed the whole platform and realized that the platform can be developed further to improve the interactivity with the user. Manogya listed down the objectives that he would focus on to improve interactivity.Manogya has proposed some new features which would help in achieving the objectives of user engagement and customer retention. The proposed features were evaluated on 3 parameters, Business value, Ease of implementation, and Customer benefits. On the basis of the evaluation, the proposed feature of YourChef was chosen.Now, Manogya has created a customer journey storyboard to highlight the use case of the proposed feature. A wireframe design giving a visual representation of the new feature and the app, and the flow between the various screens are created. A lot of other features and icons are also showcased which would help in increasing user engagement.The key metrics that Manogya chose to measure the success of the feature were No. of app download, Clicks on YourChef feature, revenue generated through the feature, Average time spent on YourChef, and many more. He also listed down some of the marketing channels that would be used to promote the app, with a focus on both online and offline advertisements.What did you think of Manogya Prasad's user retention and engagement strategy for BigBasket? What holes can you poke in the proposed strategy? Think you have a better, more effective strategy in mind? Let us know in the comments! Read more about the InsideIIM E-Commerce Prodigy Challenge here.