DeCellar
Challenge
User engagement was low, and retention rates dropped significantly.
Solution
Through thorough market research, user research and competitor analysis, we figured out the perfect market position for DeCellar and improve user experience, resulting in a revenue gain along with an increase in the number of active users.
Process
Discovery Strategy:
The discovery strategy aimed to achieve a holistic view of the problem and analyse it from the user experience layer as well as the business layer
The NFT market boomed in 2021 and began maturing by late 2022. In 2023, the focus shifted to utility NFTs offering tangible real-world benefits. This validates DeCellar's vision of creating utility NFTs backed by physical wine bottles, combining digital innovation with real-world value.
DeCellar occupies a highly differentiated market niche by specialising in wine investment via NFTs. Insights from platforms like Blur, known for driving strong user engagement in similarly differentiated markets, can inform strategies to enhance engagement.
Most NFT users are driven by intrinsic motivation and the prospect of future returns. DeCellar's current strategy targets only a small fraction of this audience, highlighting a key area for improvement.
Problem Definition:
Lack of Investment Management Information
The majority invest in wines and NFTs as financial assets, aiming for future gains. DeCellar lacked tools to track and manage these investments
Incorrect target market
DeCellar's strategy focused on a limited subset of users and required updating to accommodate the broader user base effectively
Solution:
I proposed transitioning DeCellar from a static marketplace to a dynamic trading platform.
The redesigned DeCellar NFT investment platform integrates the marketplace into a broader ecosystem tailored for managing NFT investments in wine. Apart from analytics, it adds a blog section to add a sense of community. Similar to a trading platform, users can view their NFT portfolio, access detailed information about their holdings, and track value changes to identify growth or losses effectively.
Home section
Wallet section
Key outcomes
25% ⬆ user retention
as users began to rely on the personalised dashboards to manage their investments actively.
2x session duration
as users were spending more time analysing their portfolios and interacting with the platform.
10,000€ ⬆ in revenue
owing to the improved user experience and increase user engagement
New potential revenue streams
with the possibility to add paid analytics features in the future