July 18, 2023

Wallet Funnel: Visualize Your Conversion

Author: Arham

We are excited to announce a significant update to Spock Analytics, the leading dApp analytics platform that empowers developers and businesses in the web3 space with comprehensive on-chain and off-chain analytics. Today, we introduce "Funnel," a groundbreaking feature that provides deep insights into user conversion and engagement within your decentralized application.

Understanding user behavior and optimizing conversion rates are essential for the success of any dApp. With Funnel, Spock Analytics takes a giant leap forward by presenting a four-step user conversion funnel that unveils the user's journey from acquisition to transaction submission. Let's dive into each step of the funnel to explore the invaluable insights it provides:

1. Acquisition:

The acquisition step allows you to track and analyze all the users who land on your dApp through various mediums and acquisition channels. Whether they discover your dApp through social media campaigns, referral links, search engines, or any other sources, Funnel helps you visualize the effectiveness of your acquisition strategies. By identifying the most successful channels, you can allocate your resources intelligently and optimize your marketing efforts.

2. Wallet Connections:

The wallet connections step showcases the total number of visitors who connect their wallets to your dApp. As users explore your dApp's features and capabilities, tracking wallet connections becomes crucial for understanding user engagement. Funnel provides you with real-time metrics on the number of users who establish this vital connection, enabling you to gauge the adoption rate and measure the effectiveness of your onboarding process.

3. Transaction Initiations:

Moving further along the user conversion journey, the transaction initiations step counts the total number of users who initiate transactions within their wallets. This stage encompasses users who have not yet submitted or rejected the transaction but have taken the crucial step towards interacting with your dApp. By monitoring transaction initiations, you gain valuable insights into user intent and can identify potential bottlenecks or friction points in the transaction process.

4. Transaction Submission:

The final step of the Funnel feature presents you with the ultimate goal: the number of users who successfully complete the entire conversion journey by submitting and executing transactions on your dApp. This metric allows you to measure your conversion rate accurately and assess the effectiveness of your user experience, user interface, and overall dApp functionality. By understanding the drop-off points within the funnel, you can refine your strategies to enhance user engagement and maximize conversion rates.

With Funnel in Spock Analytics, you gain a comprehensive view of your dApp's user conversion process. The feature's intuitive and visually appealing interface empowers you to track and optimize each step of the journey, leading to informed decision-making and improved user experiences.

The new Funnel feature is available under the View section of Spock Analytics, seamlessly integrated into the platform. By navigating to the View section, you can unlock the power of Funnel and gain actionable insights into your dApp's user conversion journey.

Furthermore, by combining Funnel with Spock Analytics' existing suite of analytical tools, you can uncover correlations, identify trends, and unlock actionable insights to drive the success of your dApp. Spock Analytics remains committed to providing you with the most advanced and user-friendly analytics platform, enabling you to thrive in the dynamic world of web3.

Experience the power of Funnel and elevate your dApp's performance on Spock Analytics today! Stay tuned for more exciting updates as we continue to innovate and revolutionize the dApp analytics landscape.

You can check out the Funnel Feature in the live demo on our homepage or sign up for Spock Analytics for FREE today!