In 2021, the crypto market has shown signs of stability with a trend towards increased savings and decreased trading. Despite offering competitive savings products, our platform has seen a high rate of dropping off during the subscription process. The team is eager to investigate the causes of this phenomenon and implement strategies to retain more idle assets on our platform.
This article focuses on:
For a full design process sharing, feel free to reach out!
As the Product Design Manager for this project, I worked closely with a cross-functional team consisting of members from Product Marketing, Operations, Growth, and Treasury.
Our goal was to identify the pain points experienced by users and address them through a comprehensive UX revamp with an updated brand image and upgraded experience. My role was to lead the problem discovery process and define design strategies to solve the problems effectively with hands-on design execution.
To gather insights on user behavior and needs related to subscribing to our Savings product, we initiated an online survey. With the support of the Marketing team, we received over 40 valuable feedbacks which provided a deep understanding of the user's frustration and helped us to design a better solution.
After analyzing the data and identifying patterns with card sorting, we have categorized the problems and identified some major pain points:
Our research uncovered a strong demand for a user-friendly and reliable savings experience that:
In response, we set our design goal: To assist users in making informed decisions to subscribe, delivering a seamless and transparent experience that boosts completion and retention rates.
To achieve this objective, we crafted a comprehensive set of user experience strategies and solutions aimed at alleviating identified pain points and reducing drop-off rate:
The subscription journey is basically a typical customer decision-making journey. The strategies should be blended into the process and support a smooth experience toward conversion and retention.
First of all, to raise awareness and create a need, an earning calculator is prominently displayed above the fold. The calculator displays the best deal upon page load, but users can also quickly estimate expected earnings using the tool. By doing the math for users, we made complex calculations into a future easy to envision.
Next, to support users in searching for information before making a decision. We have improved search functionality by adding product type filters, promotional item tags, and auto suggestions. To support the new search features, we also updated search algorithms to optimize result accuracy and speed up loading time.
Besides, we also enhanced the comparison UI to support user's evaluation of alternatives. Item snippet is designed to organize results and make it easier to compare different coins. The presentation of all available options for each item allows users to effortlessly compare return rates across various lock-up periods.
When it finally comes to conversion, we want to minimize friction and make topping up an account instantly accessible. According to the research, most of the user dropped off at this stage because there is not enough funds in their account. In light of that, an "Add Funds" button is added adjacent to the user's balance for quick access, enabling users to top up their accounts without leaving the subscription flow.
Lastly, to encourage resubscription, we want to keep users always stay informed of the outcome of their actions, so as to recognize the value of our product and consider a comeback.
To provide a sense of transparency and foster trust, we updated the UX flow with a closed-loop design. It offers users precise feedback that clearly indicates whether an action has been successful or unsuccessful, enabling users to proceed accordingly with confidence.
To give users a better understanding of their portfolio performance, an earning summary widget is designed for logged-in users:
With the team's efforts, the product was successfully launched in September 2021. We observed positive impacts on the business with the growing amount of subscription completion:
As a first-time Product Design Manager, owning this project provided me with the opportunity to collaborate with a diverse group of stakeholders in the organization, who demonstrated to me how a leader should be:
Working in a start-up, decision-making can come and go very quickly. In order to stay ahead in the fast-growing industry, one of the key factors is the ability to deliver, test, and iterate frequently. This requires being open to changes and being able to respond to sudden stakeholder requirements.
Each position contributes their specialty towards the success of the product which a one man team can never achieve. The impact we brought with the revamp has been multiplied because of the collective effort.
User needs and the business goal don't have to be conflicting. Prioritizing the needs can actually lead to greater success for the business in the long run. It is essential for the product team to promote a user-first mindset to the other teams because it is not only the right thing to do, but it is also good for business.
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Thank you for taking the time to read my article. I hope you found it insightful and gained some valuable insights from it. If you're interested in learning more about this project or would like to see a comprehensive design process breakdown, please don't hesitate to reach out. I would be more than happy to share my knowledge and expertise with you. :)
