Navi Digital Gold is a prime investment product offering from Navi . This case study outlines the journey of developing and optimising Navi Digital Gold, from its inception as a better reward option to becoming a successful and widely adopted investment product.
Navi Digital Gold
Product Phases
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MVP (Minimum Viable Product) Launch: We initially launched a trial version of Navi Digital Gold to assess its viability as a reward and user response. The focus was on refining the reward proposition and creating a seamless buy/sell experience.
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Product Enhancement: Encouraged by the positive response from users, we decided to make Navi Digital Gold a prime product offering. We invested in enhancing the platform's capabilities and expanding its features to cater to a larger user base.
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Scale and Growth: With the goal of acquiring as many users as possible, we implemented various strategies, including offering extra gold as a reward for the first investment, A flat 2.25% off on buy price and introducing a referral program. These initiatives resulted in a significant spike in daily user numbers and conversions.
User Research and Interviews:
We conducted in-depth interviews with users from diverse demographic backgrounds in Indian Tier 1 and 2 cities. These interviews aimed to understand users' investment behavior, their perception of gold as an investment asset, and their preferences regarding digital investment platforms. The insights gained from these interviews formed the foundation of our product strategy.
Based on our research, we developed user personas to represent our target audience:
Name: Khyati
Age: 32
Occupation: Social Media Manager
Location: Mumbai, India
Investment Behaviour: Interested in diversifying her investment portfolio and exploring digital investment options. Values convenience, reliability, and the potential for long-term growth.
Name: Ram
Age: 38
Occupation: Shop Keeper
Location: Agra, India
Investment Behaviour: Usually buys physical gold as an investment and looking for convenient way to daily invest a part of his income.
Empathy Map:
Says:
"I want to invest in a secure and reliable asset like gold, but the process seems complex and time-consuming."
Thinks:
"I need a hassle-free digital platform that simplifies the gold investment process and offers competitive returns."
Feels:
Anxious about making investment decisions and seeks trustworthy information and guidance.
Feels:
Anxious about making investment decisions and seeks trustworthy information and guidance.
Does:
Researches investment options, seeks recommendations from friends and family, and looks for user-friendly platforms that provide a seamless investment experience.
Visual campaign designed by: Ankit Kumar & Raghvendra Verma
Key Impact:
• Navi Digital Gold has surpassed our initial expectations and become a key product offering in Navi's investment domain. With a customer base of 1,447,539 we have achieved an average of 37,000 daily new customers and an impressive average conversion rate of 54.57%. These numbers reflect the successful adoption of Navi Digital Gold and validate the impact of our design and user-centric approach.
• Navi Digital Gold has also become our key cross-sell platform for other products, due to high volume of users and easy to complete journey.
*Data as of 17th July 2023