Overview

In this project, there are several subtasks aimed at increasing the conversion rate of using Stop-Limit. These tasks need to be carried out solely through design and UX principles, without involving any marketing efforts. It poses a significant challenge: how can I increase the conversion rate without using any marketing campaigns?

Objective

Increase the conversion rate of using Stop-Limit and ensure that the trading funnel through Stop-Limit maintains a stable conversion rate.

Research & Analysis

In this project, I analyzed past data that our team tracked using Amplitude, creating funnels and identifying problem points and where most drop-offs occurred. The original conversion rate was 1.89% (calculated from users who entered the Stop-Limit page and clicked to initiate a Swap action).

The first difficulty was that our initial tracking was not detailed enough for deeper analysis. I decided to add tracking to each component and took an additional two weeks to gather data.

From the funnel analysis, I found that users generally dropped off at two main points:

1. The step where users enter the trading page, click Stop-Limit to start using the feature - the conversion rate at this step was 5%.

2. When users are on the Stop-Limit tab and perform an action to swap - the conversion rate here was 12.3%.

After analyzing the data, I set the project goals by discussing with the team and we all agreed that our target was to increase the conversion rate from 1.89% to 2.5% from unique users. Additionally, we aimed to improve UX, particularly in terms of error prevention and various feedback systems.

For this project, we had a one-month timeline. I created a document and listed the tasks to be done to organize the work and make it easier for stakeholders to see the overall picture of the project.

Result & Impact

In this project, I delivered more than 10 smaller tasks. I will pick a few to present, such as:

1. Tutorial: I designed a tutorial for onboarding users to become more familiar with the features than before. To engage users in the tutorial, I designed accompanying artwork as animations using Adobe After Effects. This tutorial has a high conversion rate of 18%.

2. Pro-tip: I designed a Pro tip that appears after the users have performed a swap operation. The aim is to encourage users to use the Stop-Limit feature. The criteria for a user to see this Pro tip are: the transaction must be valued at more than 1,000 USD, the swapped token should have liquidity less than 100K, or the LP (Liquidity Provider) was created less than 24 hours ago. This Pro-tip has a high conversion rate of 12% leading to the use of the feature.

3. Banner: This is a floating banner that resides on the main trading page. I created it as an additional channel to let users know about the new trading feature. I designed it as an animated artwork to attract attention, but reduced the animation as we don't want to interrupt the main usage, and users can close this banner at their convenience. It has a conversion rate of 9%.

After discussing with the team and stakeholders and analyzing the overall picture, the various tasks I have delivered could help increase the conversion rate for traders to try out the Stop-Limit feature to a satisfactory level.