How Insert Coin saw a 400% growth in their gamification platform



Insert Coin has just surpassed 5 million global users in our disruptive gamification platform - GWEN. That's an increase of 400% in just 12 months, reflecting the growing need for solutions that enhance user engagement.

We clearly see a skyrocketing demand for scalable gamification in digital products - Why now? The fact that the platform has reached 5 million users around the world shows that a demand exists and is growing rapidly, and not just in Sweden, and the demand continues as Insert Coin expects to reach 10 million users in 6–10 months. There are many reasons behind why the rise is happening now and so quickly. One is that there has been a big shift in the market during the Covid pandemic. Companies and organizations are investing more into digital platforms, which means a growing competitive battle for metrics such as engagement and retention of users.


Some of the strongest scientifically proven methods to improve those metrics are by using gamification. As tech teams have started to realize that this is not something they should build themselves, that the maintenance alone requires a great deal of expertise and resources, the need for Insert Coin grows. Also, building a scalable platform from scratch is not really a viable option for most teams as it tends to lead to short-term solutions that sooner or later won't scale. It is quicker and safer to go with proven solutions.

"We see growth for gamification in many markets and also for our competitors", says Carl Bjerkne, CEO of Insert Coin.

"The main reason for the growing market is the new way of working with engagement mechanics and gamification where scalability is in focus. We're experiencing the "Messi effect", where many Lionel Messi fans recently converted to the fan engagement app for Paris Saint-Germain football club, an app that we at Insert Coin gamify. Overall we have seen large growth within community-focused apps and products. I don't believe many community-focused companies will be without gamification and engagement mechanics in the years to come. But we now also see companies within fintech, edtech and e-health, etc. taking big steps", Carl adds.

Why is gamification so important?

In today's digital landscape, engagement is deeply linked with attention, which is a valuable resource that is hard to maintain. The value and success of a digital product is increasingly measured by how much attention users are willing to give it over time.


How a scalable platform increases engagement

The platform offers a simple and cost-effective way to increase engagement. The platform uses an API that translates what users do in a digital product and engages them with gamification mechanics that have scientifically proven effects.

"Ultimately, the goal of our implementations is to create more engaging experiences in digital products and increase the KPIs that are most important for growth, such as retention" - Carl Bjerkne, CEO at Insert Coin.


Focus on research and sustainable gamification produce better results

"We chose to base the product development of our platform on scientific research to offer more sustainable gamification that wants to enhance and evolve the traditional approach of a feedback loop of scores, leaderboards, and medals. We want to empower users by stimulating their agency as well as their skill development. This contributes to an increased sense of control and well-spent time for the users" writes Adam Palmquist, author and research manager at Insert Coin.



#Fintech #StartupNews

 

Insert Coin is part of our Fintech Batch 5 program in Plug and Play.

To view the original source of the article, click here.

 


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