PM SCHOOL PRODUCT CHALLENGE - 101

ACQUISITION
AND
RETENTION
FEATURES FOR
RENTOMOJO

by Harsha Jain
About RentoMojo
RentoMojo is an online furniture rental platform that
offers asset leasing, helping you set up your home at
easy and affordable rentals (RMI).

They have amazingly affordable options for you to

bring your relocation alive. RentoMojo was
developed to provide an alternative to buying and
selling furniture in rental properties.

Problem Statement
Launch new features/streams on the app that
could acquire new set of users and retain the
users on your platform, as well.
 Traffic & Visitors Engagement

VISITS PAGES/VISIT

1.1M 1.8
Total visits last 3 months

Jun
1.1M

AVG. VISIT DURATION BOUNCE RATE May

1.6M

12.05 61.93%
Apr
722.5K
 Traffic shared by devices

CURRENTLY
Desktop
28.7% OPERATING I N 8 CITIES

TOTAL 10L+ APP

DOWNLOADS

1L+ SUBSCRIBERS USI NG

THEIR RENTAL SERVICES
Mobile
71.3%
 Understanding the Users
RAJIV VERMA
31, Manager
lives in hyderabad relocated
from gurgaon
uses rented furniture as often
relocated inter cities
lives with his family
keep upgrading his furniture for
new looks
difficult to choose from limited
options
unhappy with subscription plan find
PAIN AREAS
them costly compare to market with
access to very limited products
not sure how it is going to
compliment with other furnitures
relocation of furniture is a pain and
chargeable with no email intimation
NIKHIL AVASTHI
24, Bachelor
lives in mumbai with his
flatmates and share rent
uses rented furniture &.
appliances
looks forward for hassle free
services
long KYC and document verification
process
delays in delivery of product
have to bear an extra charge then
mentioned in subscription plan at the
time of early termination
not happy with customer service
no proper email intimation of billing
cycles & other updates
rentomoney remains blocked in wallet
TWINKLE SHAH
44, Housewife
recently shifted to bangalore
with her family
looking for new age furniture &
appliances on rent to set up her
house
not able to find furniture she want
all the items she wants are out of stock
not able to find new-age modern
furniture
her queries remain unanswered
incorrect deduction in security deposits
no replies for emails and complaints
long waiting queues for customer
support
 Current User Journey
EVALUATE & POST-PAYMENT
VISIT SEARCH PAYMENT
BUY STEP

Enter shipping KYC &

Land on website search product Finalize product
USER address & other Verification
or load search for Finalize the
ACTION details Process
application subscription plan product tenure
Select Payment Mode

USER

EXPERIENCE

Tedious Verification
Multiple technical Very less options No premium one time No offers/discounts
process
glitches to select from subscription model No reward points
PAIN POINTS Ask for multiple
difficult to 90% items are out unsure of item while Refunds goes in
documents upload
navigate at time of stock selecting rentomojo wallet
no customer support
more categories to be Fast & easy
Resolve technical new premium one
added in product automated KYC
glitches time subscription use rentomoney for
SOLUTIONS listing process
web optimization to model discounts ar payments
increase in product Great customer
make it load faster introduce AR model
inventory support
Proposed Solutions Augmented Reality
This will help user experience their desired item images in a
user's view of the real world, thus providing a composite view in
their own real space.

Elite Subscription Model

Under this model user can enjoy unlimited benefits of
early access to discounts, one time payments, rent upto
15 items without any kyc or other formalities

Digital Employees
Introducing AI based chat bots, document bots & email
nots for automation of all the customer queries and
intense KYC & verification

Pay with RentoMoney

Introduction of pay with rentomoney in the payment
method to let user pay with his earned rentomoney

Increase product inventory

Increase in wide range of products in the inventory that
can be eased out with starting own furniture
manufacturing
Prioritization - RICE framework

FEATURE

REACH

IMPACT

CONFIDENCE

EFFORT

RICE SCORE

(Out of 10) (Out of 5) (Out of 100%) (Out of 5)

Augmented Reality

6
4
80

4
4.8

Model

Elite

8
4
85

2
9.0

Subscription Model

Digital Employee

9
5
90

4
10.1

Pay with

6
3.5

65

3
4.0

Rentomoney

Increase in
Product
7
4
85

3
7.9

Inventory

Note - Reason for not prioritizing AR is heavy development cost in terms of time & efforts. It requires expert in subject knowledge to
integrate babylone.js and webGL library.
 Digital Employees
Solution Explained
A Digital Employee is an AI-driven software designed to understand and interpret human
communication automatically
This can be done by developing AI softwares themselves that can provide digital employee or can
be done using smart, pluggable, no - code tools that are designed for such tasks
Digital employees automate all the work processes. It can broadly be known as -
a. Email Bot - Dispatch and organize email automatically. It will send all the communication via
email regarding order status, delivery status, complaints registered, subscription details,
renewal of monthly plan etc. in order to take the user's need at first and inform them at any
course of action.
b. Chat Bot - It will address user queries automatically. It can be trained with some easy steps
where no technical knowledge is required. This bot can receive and interpret enquiry, make
decision and take actions accordingly. This will help the employees deal with user query in a
more segregated and organized manner. It will help them to keep a good track of user's order,
delivery, complaints etc and at the same time reduction in long waiting queues for customer
support.
c. Document Bot - Automate document processing. It is a robust AI solution for streamlining
document handling. It ease out the KYC/verification process thus reducing multiple hours taken
manually for processing documents. It helps in faster dispatch and delivery of items.
Solution Explained Elite Subscription Model
It is an annual furniture & appliances subscription model other than the ones already operational.
With this subscription model you can take all the furniture and appliance at just one price, paid
once, billed once annually.

PREMIUM LUXURY

Cost 5299/month 6599/month

applicable only applicable only

Early closure charges
first 6 months first 3 months

Free Relocation YES YES

Free upgrade After 9 months After 6 months

7 Days free trial YES YES

Access to 150 Products 200 Products

Rent up to 17 Products 20 Products

Digital Employees Explained
Chat Bot
resolves customer inqueries automatically and will be
replaced at current chat icon.
Receive inquiries by chat, email or portal, ticketing and
CRM systems
Interpret content and intention
Use rules to decide course of action
Categorize inquiries based on type and topic
Handle and archive attachments and documents
Retrieve data, register and update internal systems
Request for additional information
Forward inquiry to relevant stakeholders
Reply to sender
Email Bot
Receive inquiries by email or portal
Interpret content and intention
Use rules to decide course of action
Categorize inquiries based on type and topic
Forward inquiry to relevant stakeholders
Reply to sender
Document Bot
Document bot can be trained and configured with a AI
driven software - a user friendly, no coding, intelligent
process automation tool. It can recognize and extract
information from all type of documents.
READ - Immediately open, reads and interpret the content
CLASSIFY - Based on the content, it classifies which type of
document it is.
EXTRACT DATA - When classifying the document, it extracts the
relevant data.
PERFORM ACTION - The bot evaluates the data and decides on
further actions
 Inventory Management
Solution Explained
Increase in the product inventory will help people select from different product and categories.
Product inventory can be increased by establishing own manufacturing unit or contracts with
more & more furniture whole-sellers.
Manufacturing new age modern furniture and addition of new categories will led to user
acquisition and increased retention rate.
Maximum out of stock products leaves a negative image & impact on users.

Increase in available products Increase in user engagement Increase in product view rate
stock on website and app
Increase
Increase in userusers
subscribed acquisition
Increase in traffic
Increase

in traffic

Higher Revenue &

Increase in successful order Increase in payment
market penetration
completion acceptance rate
Higher conversions

Pay with Rentomoney

An option should be added in the payment options to let user utilize his rentomoney at the time of
checkout in form of discount or can pay with available balance at the time of payment.
 Augmented Reality
Most of the times, while buying a furniture user is not sure of the product compatibility with his
house's interiors.
Most of the times users end up selecting product which is not complimenting with other products
already present in the house.
This leads to early termination of subscription or upgrading the products or may be increase in
the swaping of the product in first 7 days itself.
This pain area can be shrinked by integrating augmented reality for first furnitures and second
Solution Explained

appliances.
Development of AR models for each item can be achieved by graphic teams, and then integrating
babylone.js & webGL library can establish a AR playground on the website/app for the product.
This can be developed in any of the JS framework or JS library.
With the help of AR, user will be able to see the selected product in his own real space by just
scanning a QR code on the website/app. QR code has to be different for each product and same
can be generated using - QRcode-monkey or similar website.
It will take user in virtual AR playground where user can play around with the product, move it in
any direction or may zoom out/zoom in.
This allows him to have a closure look on the product's color, quality & build which in turn can
reduce the further pain points of user right before renting the product.
This will improve the customer satisfaction while ordering and thus reduces future confusions and
pain areas.
 Augmented Reality Prototype flow
open any code scanner to scan this on scanning the qr code a 3D
qr code that will have an integrated model in AR environment will
link to AR model of selected product open

experience
the product
in your own
real space

clicking on
this AR icon
will open an
overlay with
qr code

clicking on this button/link will then

let you open and feel product in
your real spce
Pay with rentomoney
Prototype

Pay with rentomoney

User can now enjoy his earned rewards by -

paying with rentomoney at the time of
payment
apply 5% discount as a discount coupon
at the time of checkout
 Success Metrics
S. No. Proposed Solutions
Note - Number is denoted by sumbol '#'
1 Digital Employees
2 Elite Subscription
3 Inventory Management
4 Augmented Reality
5 Pay with rentomoney
Goals
Great customer support for
users, proper communication,
and fast KYC process
Provide value to the user
who wanted to buy yearly
sunbcription
Allow user to choose from
large number of available
product options
User should be able to
experience product in his
real space for better choice &
decision
Allow user to pay with the
rentomoney at checkout
Business Impact Success Metrics
Maximum customer # of happy customer
queries answered, # of queries answered
faster kYC process # of complaints registered
faster delivery of item Retention Rate, High ROI
# of new user
Increase in annual # of total user
subscription based user # of subscription renewal
Increase in BCR
# of successful order
Increase in products completion
been rented, # of products rented
Increase in revenue Reduced Bounce rate
Higher traffic
Improved UX, # of items searched/viewed
improved customer # of visits on product page
satisfaction # of satisfied user
Retention Rate
Attract old user to rent Acceptance payment
more items as they can
rate
pay with rentomoney # of satisfied customer
 GTM Strategy
Final release

Feedback standardized the

proposed
Beta Launch Collect customer solution based
feedback, on customer
Pre Launch Introduce new check for the feedback with a
Feature features bounce rate, wider scale
Development Raising awareness ensuring a based on that rollout
Market for AR, digital remarkable CX continuation of
Research Design, employees mong among a small the features and
development, the rentomojo group of people introduction of
Understanding user integration & employees and same to large
pain points and configuration of feedback been Document Bot, audience will be
preference by the feature collected from them Email Bot can be decided
conducting surveys described in configured after
and personal deck Awareness and success of chat
interviews with promotion for the bot to be
competitor analysis annual subscription captured from
model among users user feedback
Thank you

Harsha Jain

https://www.linkedin.com/in/jainharsha/
jharsha82@gmail.com