Price Alert for Crypto.com Wallet
Empower users to follow prices closely and act in time in a volatile market
OVERVIEW
CLIENT: Crypto.com
ABOUT: Track Coin is one of the main features of Crypto.com Wallet. We see it as a way to increase our user engagement and retention of our product. In this project, we want to understand how users use this feature and how it can be improved so that it drives more crypto purchases and engagement from users.
ROLE: UI/UX Design, Usability Testing
WHEN: 2020
THE PROBLEM
How might we grant users the ability to stick with the market movement tightly and closely, so that users can act in time in a volatile market that runs 24/7?
The team conducted a focus group to better understand how they use Track Coin and how this feature can further assist in their trading. One of the problems was the inability to follow the cryptocurrency market closely. It's easy to miss out on trade opportunities due to the volatile market nature of cryptocurrency.
For example, Bitcoin's price could go ups and downs like this in a week of time (Currency in USD. Source CoinMarketCap)
EXPLORE DIRECTIONS
Informed by the user problem, we came up with these 3 ideas to address it.
User Defined Price Alert
Users buy or sell cryptocurrency when the price reaches a target. We want users to be able to set a target and get notified when the condition is met. It could be above/below a certain price, or, up/down by a certain percentage
Automated Market Movement Alert
While it's good to let users set a target and be notified, some users may not have ideas on how to define a target. They could be new to the market or there is a new project where historical data isn't there for any price predictions. In these scenarios, we want to notify users when there is a significant market movement over a rolling period of time. People can get a sense of what's going on in the market without actively setting specific targets to get notified.
Notification Centre
Push notifications can be easily ignored or dismissed. Moreover, users might even turn off the push notifications. We realized the need to have a place where users can view all the notifications received and bring users to take action
EARLY CONCEPTS
Below are some of the drafts during the exploration stage:
I had 3 realizations while making the drafts for this key flow:
Need a place to centralize the alert settings so users can create and manage their alerts there
There are two criteria when setting an alert - which cryptocurrency is the target and what kind of alert it should be. More importantly, the how to explain the difference between Target Price and Price Change alert is the key
The way to input could be something to explore. For example, cryptocurrencies' unit price in USD could be ranged from 5 digits to 6 decimal places. How can I make it less painful when users modify a long number?
There are 3 things to consider when making this screen:
Since users are setting a future price, the current price should be needed as a reference. A percentage change indicator could be handy for users to make sense of price differences
As mentioned before, relying solely on Numpad for input could be painful if the number is long. To emulate the sense of adjusting a number up or down, would this physical interaction like a measuring tape help to ease the pain of input?
Notification is useful, but annoying at the same time. Allowing users to set the frequency of getting this alert is a key
USABILITY TEST
After narrowing it down to a concrete design, I made a prototype, drafted up a test plan, and invited 6 internal non-tech-related colleagues to participate in a face-to-face usability test session with me. Due to the project timeline and resource considerations, we cannot afford a usability test with real users. Still, we want to have someone to validate the design.
Below is the task I printed out and asked participants to perform. I sit next to them and observe how they perform the task with my prototype.
While doing the task, participants were encouraged to think out loud. This method helped me to better understand what they feel and think while interacting with each element in the prototype.
After 6 rounds of usability tests, I turned the observations and feedback into a final polish of my design.
DESIGN BREAKDOWN
User Adoption
Users might turn off notifications before or are not sure what this feature does. Prompt info with assisting visually to onboard users
Target Price Alert
Set target price by exact input or percentage change. Get notified when the target price reached
Percentage Movement Alert
Define a percentage change in 10 mins you wished to be notified. Follow close to the market and act ahead.
Automated Market Alert
By simply following the cryptocurrency, you get curated alerts on significant movements. Suitable for crypto beginners or following new projects in the market.
Alerts Overview
Manage & oversee your alerts in one place, showing your investment strategy
Notification Centre
Store all your notifications received. Any recent notification could be a trigger to facilitate trade on our app
RESULTS & LEARNINGS
After the Price Alert features fully roll out to users, we look at the feedback and data to analyze the usage and measure the success of this feature.
Figure 1: Some of the data reports generated by our Data Team
Figure 2: Some of community feedbacks I gathered on our official Reddit
Here are some of the learnings from observing the community and studying the data after launch:
Automated Market Alerts drove a ~3% increase in our Total Transaction Volume across all tradable cryptocurrencies on Crypto.com Wallet app (By comparing users who did and didn't enable this type of alert)
Automated Market Alerts could make users feel spammy. Notification is a tricky thing, it could be a good strategy to engage users but it comes with a cost. How to balance between the user's attention and impatience is key. The current design makes the user very hard to turn off Automated Market Alerts, options are there but it is detached from Price Alert and shoved under Settings. Informing users on where to turn it off could be low-hanging fruit to quickly solve this pain point.
While Automated Market Alerts have the most engagement and contributed better to the product metric, Customized Alerts (Target Price or Percentage Movement) have a higher conversion rate than the automated alerts (refers to Figure 1). It aligns with the goal we want to achieve, making it easier for users to follow the market and act in time.