Revolutionizing the Payment Experience and Boosting Conversion Rates
The Challenge: A prominent payment solutions provider was tasked with upgrading its app-based user experience to increase conversion rates and app installations, while facing competition in a rapidly evolving digital payments landscape.
Our Involvement: Leading a dedicated leap team, with direct accountability to the CPO & CTO, the focus was on orchestrating high-impact initiatives that would enhance the payment app’s user experience and broaden its market reach.
Our Approach and Results
Streamlining the In-App Purchase Process
Strategy: Simplified the in-app purchase flow by eliminating additional login steps and optimizing cookie recognition to better identify users.
Outcome: This strategic move resulted in a remarkable 4% increase in conversion rates and played a crucial role in improving the overall user experience within the app.
Exclusive Deals and Merchant Engagement
Strategy: Introduced exclusive in-app deals to attract more users, alongside leading pitches to high-profile retail merchants. This dual approach aimed not only at increasing app installations but also at expanding the app's acceptance and usage among top-tier retailers.
Outcome: Successfully boosted app installations by 5% and onboarded major clients like H&M, Macy’s, Nike, and Adidas, contributing to a substantial rise in the app's profile and usage in the retail sector.
Dramatic Growth in In-App Transactions
Strategy: Revamped the in-app product offering to offer a seamless, integrated purchasing experience, appealing both to users and merchants.
Outcome: Drove the in-app transaction volume from zero to $500 million within two years, while also enhancing authenticated transaction conversion rates by 6 percentage points in Nordic countries and improving card collection by 2%.
The Bottom Line
The strategic initiatives led to a significant enhancement of the payment app’s user experience and market position. The combination of streamlined purchase processes, exclusive deals, and high-profile merchant collaborations not only increased conversion rates but also established the app as a preferred choice in digital payment solutions.
