While big brands have their own strategy and marketing team to levy a plan, Froogal comes out with a solution for Brick & Mortar businesses to build their ecosystem at an affordable cost, with most advanced technologies.
Their business model is to make other businesses automate their marketing needs, adopting to cutting-edge technologies while cutting down their operational costs, improving revenues and brand advocates.
There are three things Froogal concentrates on to help any business improve:
1. Increase their number of customers
2. Increase their customers purchasing frequency
3. Increase their customers average order value
And they make that possible by providing multiple solutions to automate the operational work of any business. To start with, they redefined ‘Digital Customer Loyalty Programs’ to attract customers back to the brand with rewards they can’t resist, then they help in understanding their critical customer data to analyze customers interests & behavior to track & engage them back through ‘SMS & Email Campaigns’ and take their revenues to the next level and also by providing a solution called ‘Froogal Feedback System,’ where businesses can understand their customers in a deeper level and respond to their queries immediately. Similarly Froogal has multiple ‘Automated Tools’ to solve the pain points of any business.
To come to think of it, businesses used to work different earlier. But now business owners who make their business model customer-centric are found to be more successful and making good revenues. In this heavy competition every business needs to play a strategy to retain their customers who walks in to their store for the first time, to make them loyal to their brand and that’s what Froogal has been observed to concentrates on.
Never like the traditional physical loyalty cards which customers used to carry without knowing the points in it or without understanding its benefits until they walk down to a store and ask. Froogal redefined how customer loyalty programs are placed to retain customers and came out with an advanced digital loyalty program tool that helps businesses stand out from their competitors, increasing their customers purchase frequency. Because according to the Harvard Business review it costs 5-10 times more to acquire a new customer than to retain an existing one.
At the same time, it is also important that every brand should know the experience their customers are going through. On an average, one bad experienced customer will tell 9 different people about it, so no matter how many loyalty benefits a business create, if their given experience is bad with the service or product or staff friendliness, customer will never come back and also stop 9 others. Hence, Froogal came out with a feedback system, so businesses can understand their customers in a deeper level when it comes to their experiences and respond to their queries immediately. Because research shows 75% customers will come back after 1-on-1 response.
They also built a user friendly dashboard for business owners from where they can automatically analyze & track customers who are getting lapsed and send personalized marketing messages to bring them back. Also giving an option to take their business online at a very low cost by owning a website or a mobile app to start selling their goods online and collect payments seamlessly.
Initial Struggles & Investments:
Jeevan Chowdhary (Founder/CEO) along with a small team initially built an app called Froogal to enable cashless payments and resolve the problem of carrying cash or getting a change to solve the pain points of their cafeteria while he was studying at IIIT – Hyderabad.
They launched a wallet with a license for 1.5 – 2 years with no intentions for a business, but had a thought in the mind that this app can be expanded outside the campus as well. However, they failed after expanding wallet model to 500+ stores for multiple reasons like, fin-tech domain was crowded, people adopted to bigger wallet players in the market after demonetization and then looking at the situation of digital payments space they had to put off that business model, but never stopped themselves in building a seamless payment solution and that’s when they decided to launch a digital payments solution that makes consumers and businesses transact easily among each other.
They had to pivot the model almost 2-3 times and then came out with an outstanding resolution for the real pain points of a business.
To know more about Froogal click here : Froogal