The Project was to study the Change in decision-making & spending behavior due to Buy Now & Pay Later applications.
As Product Leaders , We worked on a focused project to study how Buy Now, Pay Later (BNPL) applications impact consumer decision-making and spending behavior. The initiative revolved around targeted consumer research, market analysis, and developing a product prototype.
Consumer Survey, Persona Development & User Journey Mapping:
We conducted surveys with 120 users, segmented across personas Millennials, Gen Z, and Baby Boomers. Through this, we developed detailed personas for each demographic and mapped their user journeys. These insights allowed us to pinpoint specific behaviors, such as impulse buying in Gen Z and budget-conscious decision-making in Baby Boomers, enabling us to design features that aligned with each group’s needs.
Market Research & Competitive Analysis
Analyzed leading BNPL solutions and identified key gaps, particularly around user-centric features like personalized payment plans and enhanced spending transparency.
Product Vision & Prototyping (Figma):
Using the insights from the personas and journey maps, we developed a Product Requirements Document (PRD). We then designed a clickable prototype in Figma, emphasizing seamless user experience and ease of integration with e-commerce platforms.
Customer Insight Impact: Achieved a 65% response rate from the 120 surveyed users, enabling us to refine 3 core customer personas (Millennials, Gen Z, Baby Boomers).
User Journey Mapping: Identified 4 key user pain points that informed the prioritization of product features, resulting in a 20% reduction in friction within the prototype.
Prototyping Efficiency: Delivered a high-fidelity Figma prototype within a 2-week sprint, incorporating key features such as personalized payment options and real-time spending tracking.
