Identify and Analyze Churned Wallets in Your dApp
Understanding why users churn from your dApp is key to improving its conversion rate and user retention. In this blog post, we'll explore how you can use two key features of the ARCx Analytics Dashboard - the 'Wallet Overview' and 'Wallet Journey' tabs to identify wallets that have churned (not made a transaction) and to discover where and why they've churned in order to improve conversion and retention.
The Wallet Overview tab displays a comprehensive view of all wallet addresses that have connected to your dApp. This includes valuable information such as net worth, age, sessions, events, chain, and details. Additionally, you can use the filters on the right to segment your users as desired. If you are unfamiliar with this tab, please read our documentation first. ←link to docs
To identify wallets that have churned, follow the steps below:
a. Use the ‘First Seen’ filter and select ‘< 7 days’. This allows you to see all the recent wallet addresses that have connected to your dApp in the past 7 days.
b. Sort the table by the 'Transaction' column to find wallet addresses with 0 transactions. With these filters applied, we can start identifying recent wallet addresses that have churned.
c. Identify addresses. To identify these we must look for characteristics that look like an actual wallet address. In the example below, you can see the addresses we have identified. Now we have our list of addresses to start to investigate further.
Once you've identified churned wallets using the Wallet Overview tab, you can analyze their journey using the Wallet Journey tab. Input an individual wallet address to see:
We’ll be focusing on journey which is the table at the bottom, this breaks down the wallet addresses entire journey on your dApp.
To identify where you're loosing users, follow the steps below:
a. Go through each of the wallets you identified in the first stage, inputting them into the search bar at the top to analyse their journey.
b. Investigate the wallet journey of each wallet address. Here we want to look at each of the sessions and identify the last event in each session. We see in the image below that the last events in session 8, 9 and 10 is on the ‘position’ and ‘create’ page. Make a note so we can come back to it later.
c. Paste in the next wallet address and do the same, repeating for each of the churned wallet address.
d. After finding the drop-off points for each wallet, compare the them across the different wallets to identify common drop-off points. These common drop-off points are where most of your users are churning. Now that we have this information you can make improvements such as clearer messaging, video tutorials or UX design to increase your conversion and retention rates.
An example of this in practice is identifying that many users visit a particular page, click over to your documentation, and do not return. This suggests that the product is difficult or confusing to use, and users need to refer to the documentation to figure out how to use your dApp. If the documentation is unclear, users may churn. Moreover, if all the drop-off points are on one page, it is evident that the specific page needs to be redesigned.
These are just a couple of examples, it’ll be slightly different depending on the dApp itself. So you’ll have to use this new information to come to your own conclusions of what the drop-off points are and where improvements need to be made.
In conclusion, understanding why users churn from your dApp and finding ways to improve conversion and retention rates is crucial for the success of your product. By using the ARCx Analytics Dashboard to identify churned wallets and analyzing their journey to find drop-off points, you can make targeted improvements to your product to increase conversion and retention. If you found this interesting and want to try it for yourself, click the Install Now button below.