Adding a New Social Feature to Shakepay: Enhancing User Engagement and Experience
Introduction: Focusing on User Engagement
In today's competitive digital landscape, user engagement plays a crucial role in the success of any platform. Shakepay, a leading Bitcoin platform, identified the need to increase their number of daily active users. To address this challenge, the objective was to design and implement a new social feature that would enhance user engagement and create a more interactive experience.
Research and Understanding User Needs: Uncovering Insights
To begin the project, extensive research was conducted to understand user needs and industry trends. A multi-faceted approach was taken, involving a combination of quantitative and qualitative methods, including user surveys, interviews, and analysis of existing platforms in the fintech industry.
User Surveys and Interviews
- Surveys were distributed to Shakepay users to gather feedback on their current experience with the platform and to identify areas for improvement.
- Interviews were conducted with a sample of users to delve deeper into their needs, pain points, and aspirations when using a financial app like Shakepay.
Comparative Analysis
- Similar platforms like Coinbase and Robinhood were thoroughly analyzed to gain insights into the successful implementation of social features. This involved studying their user interfaces, social interaction mechanisms, and the impact of these features on user engagement and growth.
- Key aspects of these platforms, such as social sharing, user profiles, and activity feeds, were examined to identify best practices and opportunities for innovation within Shakepay.
Research Papers and Articles
- Academic research papers and industry articles focusing on user psychology and gamification were explored to gain a deeper understanding of the psychological aspects of user behavior in social interactions. Studies such as "The Effects of Social Features on User Engagement in Online Games" by H. Wu et al., and "Understanding User Behavior in Online Social Networks: A Survey" by C. Aggarwal, provided valuable insights into human motivations, social influence, and the impact of gamification elements on user engagement and satisfaction.
- Other notable resources included the seminal paper by Yee, N. titled "Motivations for Play in Online Games" which addressed the psychological factors that drive user engagement, including the desire for achievement, social interaction, and immersion.
- Further insights were drawn from the concepts of Social Influence Theory and Self-Determination Theory, which have been extensively discussed in the works of researchers like Cialdini, R.B. & Goldstein, N.J. and Ryan, R. M., & Deci, E. L. respectively.
Through this comprehensive research process, several findings and insights emerged:
User Desire for Social Interaction
- Users expressed a desire for more social interactions within the Shakepay app, such as the ability to connect with friends, share their activities, and engage in discussions about financial topics.
- They highlighted the importance of feeling part of a community and the desire to learn from and connect with like-minded individuals.
Increased User Engagement
- Analysis of existing platforms with social features demonstrated a positive impact on user engagement metrics such as daily active users, time spent on the platform, and frequency of trades. For instance, Robinhood's popular feature that allows users to see popular stocks among other users, and Duolingo's gamification elements such as progress bars, achievements, and leaderboards have significantly increased user engagement and retention rates.
- Social interactions created a sense of belonging and motivation for users to regularly engage with the app, leading to increased usage and overall satisfaction.
Psychological Factors Driving Engagement
- Research in user psychology revealed that humans have an innate desire for recognition and social connection. Incorporating social features satisfies these needs and encourages users to remain engaged and active on the platform.
- Gamification elements, such as achievements, leaderboards, and progress tracking, have been shown to enhance user engagement by tapping into the intrinsic motivations of users.
Based on these research findings and insights, it became clear that introducing a social feature to Shakepay would address user needs and drive engagement. The research provided a solid foundation for designing the social feature, ensuring that it would be user-centered, psychologically appealing, and aligned with industry trends.
By leveraging the research and data-driven insights, Shakepay could confidently embark on the design and implementation of the new social feature, positioning itself as an innovative and user-centric platform in the fintech industry.
