Deposit Flow Optimization Experiment at Quidax: Driving User Engagement and Activation 🚀

This article outlines the critical findings and methodologies of a deposit flow optimization experiment conducted to enhance user experience and increase transaction volumes.

1. The Objectives of the Experiment 🎯

The primary goal of the deposit flow optimization experiment at Quidax was to minimize the significant drop-off rates between the stages of verification approval and successful deposit transactions. Previous analyses indicated that many new users were struggling to navigate the activation funnel, resulting in decreased engagement and limited deposit activities.

2. Identifying the Problem 🔍

The experiment began with a comprehensive analysis of the user journey through the deposit flow. Data from funnel reports, heatmaps, and user paths highlighted critical drop-off points. This initial inquiry indicated an alarming trend where users lost interest immediately after their verification was approved, indicating a fundamental need for improvement in the onboarding process.

2.1 User Research and Insights 💡

To understand the problem better, user research was imperative. Five participants, categorized primarily as inexperienced traders with minimal knowledge of crypto trading, were carefully selected for in-depth interviews. During these virtual sessions, rewards were offered to incentivize participation, and goals were clearly defined to ensure focused discussions.

2.1.1 Observations from User Testing 👁️

The user testing revealed various cognitive and physical barriers preventing participants from completing deposit transactions. Many expressed confusion about where to locate the deposit button and how to proceed. Notable insights emerged, particularly around user eye-tracking, which showed that new users were predominantly drawn to specific areas of the home screen. This observation led to the proposal of relocating critical features to align with users’ natural attention.

3. Proposed Solutions to Enhance the User Experience 🛠️

After analyzing user behavior and implementing feedback, several improvements were proposed to streamline the deposit flow.

3.1 Strategic Button Placement 📍

One of the solutions aimed to increase the visibility of the deposit invitation was to position an "Add Funds" button adjacent to the total portfolio balance on the home screen. This strategic placement was designed to draw users’ eyes and encourage them to engage promptly.

3.2 Intuitive Flow Design 🚀

The deposit process should be as intuitive as possible. The experiment proposed displaying the deposit options instantly upon selecting a currency, thus reducing the cognitive load on users. The emphasis should be on familiarizing new users with the interface, leveraging established patterns from other financial applications to mitigate confusion.

3.3 A/B Testing Implementation 🧪

To validate the efficacy of these optimizations, an A/B testing framework was adopted. Half of the new sign-ups were presented with the improved flow while the other half experienced the traditional method. Key performance indicators tracked during this period included:

• The number of new users engaging with the deposit button.
• Successful deposits following user sign-up.
• Fiat deposit volume during the experiment.

4. Analyzing Results and Metrics 📊

The experiments led to noteworthy results. A quantifiable increase in the number of users completing their first deposit was observed, attributed to a user-friendly interface that made the deposit process less daunting.

4.1 Engagement Surge 📈

Within the initial week of implementing the improvements, a remarkable 30% surge in total fiat deposit volume highlighted the direct impact of the enhancements. The engagement metrics evidenced that new users were now better equipped to navigate through the deposit flow seamlessly.

5. Recommendations for Future Improvements 📅

To continue optimizing user activation and retention, several recommendations emerged from the findings:

1. Enhance Familiarity: Align user experiences with traditional banking applications to facilitate a smoother onboarding process.
2. Diversify Payment Partners: Establish relationships with reliable payment gateways to improve transaction reliability and reduce single points of failure.
3. Expand Deposit Options: Constantly explore additional deposit channels and options to cater to a broader audience, thus increasing overall deposit conversions.

Conclusion and Next Steps 🔮

In conclusion, the deposit flow optimization experiment at Quidax underscored the significance of understanding user behavior and adapting accordingly. By refining the onboarding process and acknowledging users' challenges, Quidax can further enhance user engagement and drive higher transaction volumes. Future experiments will delve deeper into user feedback to uncover additional optimization opportunities, ultimately fostering a more user-friendly environment for both novice and experienced traders alike.