Rapid opportunity validation in e-commerce checkout
Innovation business plan
Team building (skills)
Product owner to sprints
Opportunity validation: a large international bank asked us to strategically (re)validate an existing value proposition and assess an entry point in the ecommerce (checkout) customer journey. Due to the rapid technological development in e-commerce payment solutions and digital identity, the market opportunity appeared to have changed significantly for a bank to strategically make a successful claim. Our challenge was to investigate the potential and niche for a (new) payments solution, that offers value to both e-commerce merchants and online shoppers. To validate the idea, before making any investment decisions.
Based upon the existing value proposition, we launched a rapid market validation. Our small, but expert team planned several (agile)sprints to conduct a multi-country consumer problem validation research, via interviews and a large survey. Simultaneously we also addressed e-commerce merchants via (expert) interviews to validate their needs and burning issues. An in-depth analysis of the global competitive landscape and country specific digital payments landscape completed the necessary data and insights required to address the challenge.
Following the customer learnings and assumption validation insights, we uncovered several pains/needs and a market sweet spot for a new e-commerce checkout innovation to address. Building upon this new understanding the most promising hooks were ideated into a new/improved solution design to increase the online checkout performance. The assignment was completed successfully within budget and handed-over to the organization awaiting a different market climate (post-Covid19).