Website redesign: A UX-Driven approach to Conversion Rate Optimization for retail investors

Role
UX Research, visual, and interaction design
Duration & Timeline
2 week, Q2 2022
Product & Platform
VegaX is a digital asset management firm creating investment products with the goal to make it easy for investors to diversify their portfolio of digital assets with just a few click. VegaX is part of the Konstellation Ecosystem.
Project Type
UX Design
Landing Page
Web3
Fintech
Cryptocurrency
Business Problems

Low Conversion Rate & High Bounce Rate

VegaX landing page, the gateway to their investment products, was plagued by a low conversion rate and a high bounce rate. These metrics indicated that a substantial proportion of visitors were leaving the site without taking any action, signaling a need for immediate improvement.

  • VegaX's landing page had a low conversion rate of 1.4%, indicating that few visitors were taking action, such as signing up for an account.
  • The landing page also had a high bounce rate of 66.90%, suggesting that visitors were leaving the site quickly without engaging with the content.
  • These metrics posed a significant challenge to VegaX's growth and success, as they prevented the company from attracting and converting potential investors.
Emphatize the User Problem

Why the conversion rate are so low?

To gain a deep understanding of the usability issues hindering VegaX's landing page performance. Since my team doesn’t have the luxury to invite users to do user interviews. I decided to do a research using tools such as Google Analytics & Hotjar already installed on the landing page. Google Analytics provided valuable insights into website traffic, user behavior, and conversion patterns, allowing me to identify areas of friction and potential areas for improvement.

Hotjar heatmaps revealed the visual elements that attracted the most attention and the areas that visitors were overlooking, providing clues about the effectiveness of the page layout and content hierarchy. By leveraging these 2 tools, I get to know the root of the problems even without user interview.

Defining the problems 1

Using Google Analytics to identify the causation

Here are some of the key findings I could find by leveraging this tools:

  • New visitors make up 86% of website traffic, necessitating more detailed product explanations.
  • The average page load time of 5.7-8 seconds is above the ideal of 2 seconds.
  • None of the paid search users were converters and their bounce rate is >90%
  • The website's conversion rate of 1.4% is below the industry average of 3-7%.
  • The high bounce rate of 66.90% indicates that users are leaving the site quickly without engaging with the content.

*Due to the confidentiality, I may not be able to provide more details in this case study

Defining the problems 2

Using Hotjar to do Heatmap Analysis

Key Findings 1

Self-assessment quiz is not a good CTA as users only click this CTA 2 times which is <1% out of all clicks.

Key Findings 2

  • Users are bypassing the CTA (call to action) and directly clicking on the Product page, leading to a high drop-off rate
  • Investment -> Product Page, About, and Resources -> FAQ have high click-rate

Key Findings 3

Many users click this section in the hope of finding more details about the product since the section on the right doesn’t provide a detailed explanation such as the risk profile.

Key Findings 4

This register button at the bottom, no one actually click there (0% click rate)

*Due to the confidentiality, I may not be able to provide more details in this case study
Competitor Analysis

How did competitors with similar products achieve high conversion rates on their websites?

Key Findings 1

Shows that the investment made are secure and safe

Key Findings 2

Explaining to users in details about the product, how they work, and why should they join us (What, How, Why)

Key Findings 3

Comparison Chart that explain more details about the product and its difference

Key Findings 4

  • Comparison Chart that shows product returns ( ROI / APY )
  • CTA for Assessment Quiz, but not on the hero section
*Due to the confidentiality, I may not be able to provide more details in this case study
Design Solution

Enhancing Product Information and Strengthening Value Proposition

To address the identified UX problems, I proposed a comprehensive set of design solutions aimed at enhancing product information, strengthening the value proposition, introducing interactive elements, and optimizing website speed. I did a presentation and proposed these design solution to the PM and COO.

Enhancing Product Information

  • Adding More Product Details due to most of visitors is a new visitors
  • Creating Mini Sections for FAQ and Member Benefits since it has high click-rate
  • Consider adding comparison chart and simulation chart into homepage to further explain key differences between product that we offering to users
 

Strengthening the Value Proposition

  • Evaluate what to display in the landing page Hero section since the current one has <1% click-rate
  • Adding "What?", "How?", and "Why?" Sections for Detailed Product Explanations
  • Increasing our user trust by highlighting our security features
 

Introducing Interactive Elements

  • Use interactive elements into landing page to showcase our product more intuitively
  • Redesign the navbar, footers, and dropdowns to be more aesthetically pleasing and contain more information
 

Optimizing Website Speed

  • The average page load is 5.7 secs. which could be improved, should ideally aim for at least 2 seconds.
  • Gomez reported on 150M pageviews across 150 sites and found that pages that took 6 seconds to load were 25% more likely to be abandoned than pages that loaded in 2 seconds.
  • Google found that 53% of mobile visits ended if a page took longer than 3 seconds to load
 
Wireframe, Hi-Fi, and Prototype

Redesigning the old landing page

Rapid wireframing

Following our analysis presentation to the COO and PM, we began creating semi-hifi wireframes for the redesigned structures based on the UX research findings. Below are some of the main wireframe concepts.

Redesigned Landing Pages

After discussing these wireframes with the team, we decided to combine the best elements from each wireframe concept to create a final set of redesigned pages depicted here:

Highly Interactive Prototype

Highly interactive prototypes provide a realistic simulation of the user experience, allowing designers and stakeholders to better understand how users interact with the interface and identify potential usability issues. You can try my prototype below! (I recommend to open this fullscreen on another tab)

Plot Twist

Layoffs & Change of Plans

Project Conclusions

As the only UI/UX Designer aside from VP of Design, I was fortunate to work with an extremely talented team. We worked hard on improving the designs of the company, therefore it was really sad to learn that due to turn in market and uncertainty made almost all teams get laid off. The company had a change in overall strategy and potentially won’t be using this redesign as this redesign is more focused on retail investors (B2C). As a result, this design may be postponed until an indefinite time or even changed to adjust to future situations or new target audience.

Lesson Learned

Even though the project is cancelled, I learned the importance of conducting thorough UX research to identify problems and inform design solutions. I also learned the importance of effective design communication and collaboration with stakeholders.

Wanna be starting something?

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