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Cryptocurrency Purchase Flow
Development of a new user flow for cryptocurrency purchases based on an existing one. Improving this journey will lead to an increase in the number of users buying cryptocurrency on the exchange, reduce the time needed to complete this operation and the number of errors, as well as increase user satisfaction and loyalty.
My role
Product Designer
Team
Design Lead, Product Analyst, Front-End Developer
Year
2024
Challenge
Cryptocurrency is a relatively new field, making it difficult to identify established patterns in user scenarios. Business requirements were not documented, which meant relying on personal judgment. Different methods of purchasing cryptocurrency depending on the country of operation served as a limitation, as it was necessary to create a universal interface.
Business Goals
Creating a user flow that would be on par with major competitors and market leaders. This should increase trust in the exchange and attract new customers.
The convenience of the user journey and reduced operation time will increase the number of transactions, leading to higher profits from commission fees on each operation.
User Needs
Users struggled with our exchange's unfamiliar flow, as the process deviated from their experiences with other platforms.
Users couldn't easily locate their saved payment methods and had difficulty understanding which payment method to choose for their situation.
Users were confused about minimum and maximum purchase limits, with no clear indication of acceptable transaction ranges.
Users struggled to understand different types of fees, with a general lack of transparency about commission structures and rates.
Target Audience
The primary users are experienced cryptocurrency specialists aged 30 to 50. They manage significant capital, have accounts on multiple platforms, and have a clear understanding of how such a process should work.
Constraints
There may be a large number of payment methods, with different fields required for various countries.
Research and Analysis
On most exchanges, the cryptocurrency purchase process is closely tied to selling or exchanging within the same section. The majority of exchanges offer recommended payment methods and display saved payment options separately.
Some exchanges allow users to continue the purchase process on the same page using a modal window. However, I believe this approach is flawed, as user data might be lost, and it poses a security risk.
Ideas and Strategy
Goals
Simplify the cryptocurrency purchasing process to reduce the number of errors.
Make the user journey similar to standard practices to enhance convenience and build trust in the exchange.
Design
Designing all screens, transitions, and possible states of interface elements. Developing the entire user journey, including corner cases, errors, and success scenarios.
Testing and Validation
A higher number of users could find their saved payment methods.
Almost all users mentioned that the process was self-explanatory because it was similar to comparable flows on other crypto exchanges.
The time to complete the flow was reduced by 25% because of a clearer structure.
All users said that information about fees and minimum transactions was well visible and clear.
Development
New components were designed based on the existing design system atoms and added to the shared library.
All corner cases and states (errors/success/loading) were carefully considered and implemented.
Launch
Metrics Analysis
Users noted that the new flow resembled the ones they were familiar with. This led to a 25% reduction in completion time and a 50% decrease in errors. Users were more likely to complete the process as they immediately understood the transaction fees and the minimum payment requirements.
Business Outcomes
User loyalty and trust increased. A greater number of users began purchasing cryptocurrency, which resulted in higher revenue from transaction fees.
Conclusions
What Worked
This is where the strategy of adopting existing solutions worked well. The successes here were competitor analysis and taking on well-established practices, then modifying and enhancing them to fit the specifics of the company. The main successes in improving user experience were the following: showing saved payment methods, showing transaction fees and minimum payments, and building a single flow with no page transitions.
Areas for Improvement
Adding payment method filtering based on the user's country or preferences, and creating a more convenient placement for the payment method list—are some of the areas for future refinement. Now, there are some technical limitations that do not allow personalized lists to be implemented.
Thank you
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