Here is my take on the problem statements which were of particular interest to me. For ease of scanning, these have been structured as follows:
Metrics
Approach
Recommendations
Artefacts
Increase the Signup conversions and decrease the product adoption time!
CoinDCX is a crypto trading platform which has very recently become a unicorn with 3Mn+ registered users on their product across platforms
Metrics
Increase the Signup conversion by 5%
Bringdown the adoption time to under 1 minute
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Approach
User Journey Mapping and Pain Points identification
We mapped the entire journey of the user across the product. We tore down each and every section of the app with thorough details to identify the gaps.
We checked the competitor products and their user journey across their application to draw inspiration and fill the cavity.
We also, went through the Play Store, Appstore, Google and various Social media reviews in details to gauge the pertaining pain points of the users.
Pain point identified during the investigation are as mentioned below - a) Lengthy Signup Form b) Unavailability of multiple payment options c) Lack of Crypto Awareness d) Unavailability of Investment Dashboard to gauge net returns
Recommendations
Lengthy Signup Process caused Delayed Adoption
Since, CoinDCX is at an early stage in it's life cycle, Acquisition and Adoption are one of the focus metrics and keeping the focus metrics in mind, we identified that the lengthy Signup form was forcing the user to either leave the on-boarding midway or churn out in the process. Considering the modern user in mind and basis the popularity of the various social media platforms, we came up with the below recommendations :
Gmail API based Signup (OAuth 2.0)
Fb API based Signup (OAuth 2.0)
Only Mobile OTP based Signup
Signup rewards for new users
Twitter or Koo based Signup
We prioritized the solution based on its impact, efforts to build it and its reach.Gmail & Fb API Signup/login came out as the winners
MyJar is India’s 1st micro investment app which empowers it’s users to start investing in digital gold with as low as Rs 1. Jar App is like a digital Piggy Bank. It detects your expenses from the SMS folder in your mobile phone and Rounds it off to the nearest 10 to generate a spare change for each of your expenses.
Metrics
Add ~ 1 Million New users on the platform in the next 6 months
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Approach
~ 570 Million Indian Rural Millenials & Gen Z are underserved
We identified various Business & Product opportunities to increase the new user acquisition.
Business opportunities : Introduction of other investment instruments on the platform to generate a diversified portfolio for the investors and ultimately attract new set of investors. Instruments Identified - Mutual Funds, ULIP, Stocks ETFs, Stocks & Crypto Currency
Product Opportunities : Increase User Adoption Increase User Acquisition
Approach
~ 570 Million Indian Rural Millenials & Gen Z are underserved
Since the MyJar app is at an early stage in its lifecycle, it is imperative to focus on the current product’s adoption and new user acquisition. We can explore the next layer of investment instruments once the app reaches the next phase in its life cycle. Let’s 1st Understand the personas that can be targeted for the acquisition :Rural Millennials & Gen Z ~ 574 Million (https://bit.ly/3p3iz9I)Urban Millennials & Gen Z ~ 250 Million
It is clear from the numbers that we’d be targeting the Rural Millennials & Gen Z to increase the acquisition and adoption of the product. Also, Rural India loves Gold as an investment instrument, 65% of India’s gold is held with rural India (https://bit.ly/2YO3bD0)
Recommendations
Rural users do not understand English well
We came up with the following recommendations to increase the adoption and acquire new users:
Make tutorial videos in their native languages
Change app’s user interface to support multiple languages on the platform
Run Local physical events to spread awareness and acquire new users
Onboard local offline affiliates to acquire new users on the platform
Tie-up with various rural associations to spread awareness about online gold investments and the platform
We finalized the solution based on its impact, efforts to build it and it's scalability.Based on the above criteria, adding Multiple languages to the app came out to be a winner
Designed by athletes, for athletes, Strava's mobile app and website connect millions of runners and cyclists through the sports they love.
Strava calls all their users "Athletes", enticing a feeling of an accomplishment amongst it's users
Strava's primary focus has always been to build a community around the brand. This has resulted into a loyal following by providing customers with the ability to connect and communicate with each other over their shared interest in cycling, running and fitness
They have been leveraging the power of social media and are present on numerous platforms providing valuable content and facilitating a place for their customers to socialize and communicate
To further foster a community and encourage motivation between its members, the eCommerce store holds “Strava Challenges”. These are both running and cycling challenges that each has a specific goal and set of rules. Challenges include the Strava Races 10k which has the description of: “Strava is challenging you to run 10k as fast as you can.”
How focussing on rural audience, catapulted WinZo's exponential growth!
WinZO is a gaming platform that offers all kinds of games such as Free Fire, Rummy, Cricket, Fantasy Sports, Fruit Fighter, Carom, Pool etc.
80% of active gamers in India, reside in Non-Metro cities
20 Mn active users on WinZo with 200Mn micro-transactions
Ticket size for games on WinZo, ranges from Rs 2 to Rs 25
Focussing only on Tier 2 to Tier 5 cities
Launched WinZo developer console to help developers bring their games to the market and generate revenue from Day 1
Have Partnered with 600+ Housewives for translating trivia and app assets in the app into different languages
WinZo's Super Star Program makes local key opinion leaders a part of the startup's branding strategy
Empowers micro influencers on Tiktok, Yotube & Instagram to earn up to Rs 50k daily
The Tale of Duolingo's mammoth $6.5 Billion IPO!
Duolingo is an American language-learning website and mobile app, as well as a digital language proficiency assessment exam.
Duolingo has been outperforming its competitors ever since its debut because of it freemium model and affordable subscription fee.
It provides more than 36 languages while it's legacy competitors only offer 25 and 14 languages respectively
The gamified animated learning journey encourages users to actively pursue and finish their language course.
500 Million Registered users; 40 Million Monthly Active Users; And more than 2 Million Paid users
Doesn't shy away from exploring New Business Models - Duolingo for Schools(empowering Teachers & Students to track their language learning journey and growth) And Duolingo English Test(DET; A certification test that gives you a validation certificate that proves your proficiency in English)
