Hello, members of the Carry Community!
We are happy to share the latest updates for July, 2020. As we announced at the end of June, we started the offline data collection from partner store visitors. The number of shared data exceeded far more than our expectation. Also, information about Carry is listed on Binance Info. Let us share the details!
Carry started collecting offline data with Korea’s largest SMB loyalty platform, Dodo Point, starting on June 29th. Immediately after starting our data collection at the beginning of the month, we witnessed some substantial results..
│ Background: The 1st CES Feature
In our previous newsletter, we explained the process behind the design and development of our 2nd CES (Keewee). We decided to operate Keewee until the end of April and focus our engineering and operational resources to our 1st Carry-enabled Service.
As explained, the purpose of developing Keewee as a 2nd CES was to collect the consumers’ offline data from a larger store base, independent of Carry partner’s existing store or user base. Upon months of testing, we concluded that it would take Keewee considerable amount of time and resources to gain enough traction for the service to be successful at collecting data at the rate we wanted. We therefore decided to swing the other way and focus on our 1st CES whose main advantage over the 2nd CES was existing merchant and user base. The main hypothesis with the 1st CES was that by heavily leveraging partner’s business assets, we could achieve data collection at a faster rate than the 2nd CES.
Hypothesis 1: Directly plugging into existing traffic funnels of already-active service will lead to more user engagement and thus amount of data collected.
Additionally, our internal team had divided opinions as to whether or not incentivization was necessary for user engagement. Another hypothesis therefore was formed:
Hypothesis 2: Incentivization by rewards will encourage consumer engagement.
│ Plan Summary
We set the feature test target, design & development process as well as marketing and operation schemes to test the two hypotheses.
Target: 3M users who check-in to Dodo Point that claim loyalty points in offline stores
Test design & development :
│ Campaign Result and Analysis
The feature was launched on June 29th. As usual, whenever Dodo Point users claimed loyalty points, they were given push messages via Kakao Talk. The push messages confirming their points claimed contained an outlink that led to a data collection page, prompting users to rate the user’s experience at the store. Some users were notified of rewards, such as a chance to win AirPod Pros, and some were presented with no knowledge of such rewards.
The result of the feature test far exceeded our expectations. More than 111k users participated and left 206k reviews in the 1-month period. Participants left reviews from store categories ranging from restaurants, coffee shops, laundry shops, contact lens shops, shoes shops, gas stations, clinics, sports apparel stores and more, from all around South Korea. Consumers in the 25–34 age demographic band were the most involved in the test. This is also consistent with Dodo Point’s user demographics.
The amount of offline data collected during this month’s campaign is more than 200 times that obtained from the 2nd CES feature (Keewee) over the same period.
The graph above also shows consumers’ participation rate steadily increasing over time.
The result of the feature test shows we were able to dramatically improve data collection by plugging the collection feature directly into existing traffic. This proves Hypothesis 1 to be true.
As for the test to see whether incentivizing consumers with rewards increased participation rate, we came to the surprising conclusion: those who were presented with rewards information and those who were not showed no difference in participation rate.
The green plot represents engagement from those who weren’t informed about the rewards. The orange plot represents engagement from those who were presented with information about rewards — You can hardly see the orange plot as it almost completely overlaps with the green plot.
In fact, those who did not know of rewards actually participated in the feature test more actively by a very slight margin of 0.92% (64.77% vs. 65.69%).
The test results show rewards incentivization did not increase consumers’ likelihood of rating their experience at stores they just visited. Hypothesis 2 was proven to be false. This means consumers’ willingness to share their experience with others is not influenced by rewards or incentives.
│ Future Roadmap
The data collection feature test of the 1st CES brought some very fundamental insights necessary for Carry. We proved that leveraging Carry partner’s merchant and user base, although limited in their number, allowed Carry to collect data at a much quicker rate (1st CES) than by doing the same from building a new service but possibly drawing from larger merchant/user base (2nd CES).
We also learned that user incentivization in forms of giveaways and rewards did not in fact raise users’ willingness to share data. This lesson will certainly be taken into consideration when designing and releasing the Carry-enabled app.
We will share more project updates in our upcoming August newsletter, so please stay tuned!
Carry Starts Offline Data Collection from South Korea’s largest SMB loyalty point platform with 23M users — AP News
Carry Begins Offline Data Collection Campaign with South Korea’s largest SMB loyalty point platform — Yahoo Finance
Carry Protocol is Listed on Binance Info — Binance Info
Carry has officially joined Binance Info’s transparency initiative by listing Carry token information on the platform. Binance Info is a professional platform with market data, price actions and blockchain project information about bitcoin, eth and all other major cryptocurrencies. We still need to update some information on the website, but in the meanwhile, please check it out below:
Thanks for your continued support!
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