Competitive Analysis Flow Case Study Example: Loyalty Points OVO is a smart application that provides convenience in transactions (OVO Cash) and also greater opportunities to collect points in many places (OVO Points). OVO is currently the leading Payment, Rewards and Financial Service Platform in Indonesia with 20.8 million users. However, in line with business development and increasingly fierce competition, OVO felt the need to re-evaluate its Loyalty Rewards Program, particularly OVO Points, to ensure that it remains ahead in its value proposition. This evaluation was conducted with the aim of understanding where OVO Points stands in comparison to similar programs from competitors, and identifying ways to maintain its advantage. 1. Identify the Competitor a. Our Product: OVO b. Direct Competitor: GOPAY and DANA (E-Wallet) c. In-Direct Competitor: BLU (Digital Banking) 2. Determine Parameters Parameters OVO Points Gopay Coins Dana BlueLoyalty Point Conversion √ Validity Period √ Exchange √ Ecosystem √ Partial Transaction√ Can be used for √ 3. Make A Comparison Parameters OVO Points GOPAY Coins Point 1 Poin = 1 Coins Conversion Rp 1 = Rp1 Validity Period Exchange Ecosystem Partial BlueLoyalty Type of Transaction 18 Bulan Next Year DANA Volume of Transaction 365 Day Grab Rewards Grab X Gojek & Tokopedia Grand Prize Promo Gojek, Tokopedia X √ X Lucky Draw & Grand Prize X X X Parameters OVO Points Transaction Can be usedAll Grab for Services GOPAY Coins   All Gojek Services All Tokopedia Services DANA Only Apps BlueLoyalty Dana Only Blu Apps a. Analyze and Summarize b. Strenght and Weakness Comparizon Parameters OVO Points Points can be used currency (means of payment) GOPAY Coins Coins as can be used as currency (means of payment) DANA BlueLoyalty Points cannotPoints cannot be used as be used as currency currency (means of (means of payment) payment) Points can be redeemedCoins can be for various prizes in exchanged for Grab Rewards in theprizes on form of Vouchers: Tokopedia in 1) Credit/Data the form of Packages vouchers 2) Food & Beverages Coins can be 3) Shopping Travel used for all 4) Etc. Gojek and Tokopedia services Points can be Points can be redeemed for exchanged for Grand Prizes Lucky Draw Tickets Strength Prizes from redeeming points can be bigger. Points can be earned without having to make a transaction Parameters OVO Points GOPAY Coins DANA BlueLoyalty Points can be used across all Grab servicesCan be used for partial transaction Weakness Points cannot be used Fewer point Points can Points cannot for partial transaction redemption only be usedbe used in the rewards within the BCA ecosystem fund’s app 4. Generate Insights and Recommendation a. Insights 1. Gopay Coins places a higher emphasis on coin redemption through transactions rather than vouchers at partner merchants, in contrast to OVO Points on the Grab app. This distinction is evident in the Koin feature, which enables partial transactions on the Gojek app, as well as the availability of Gopay Coins Cashback Coupons for shopping on the Tokopedia app. These offerings provide customers with increased flexibility in utilising the value of their points. 2. In both the Dana and Blu applications, the accumulation of points holds significant value, despite the fact that these points cannot be utilized as a direct form of payment. Users are afforded the ability to redeem their accumulated points for tangible rewards, in addition to being presented with thrilling chances to win coveted items through lucky drawings, including grand prizes and other fortunate outcomes during specific occasions. This feature enhances the perceived value of point accumulation for consumers, hence fostering increased user engagement. b. Recommendation 1. One potential avenue for enhancing the appeal of coin redemption capability to users is by implementing transactional improvements. OVO may want to contemplate the provision of enhanced flexibility in the use of points, exemplified by the implementation of Partial Transaction functionality within the Grab application. 2. In order to enhance the significance of point accumulation within the OVO app, it is advisable to contemplate the implementation of diverse lottery events and alluring tangible rewards for specific occasions, such as the 17th of August and Eid festivities.