Cardless EMI Growth Product Assignment
FlexMoney · Pm Intern
Propose and prioritise growth features to raise Cardless EMI transaction volume by 30%, with a PRD for one feature and its success metrics.
Introduction
As you are aware, Flexmoney (https://www.flexmoney.in) provides a network platform, InstaCred™ (https://instacred.me) for instant, point of sale EMI purchase credit from its lending partners (banks and NBFCs) to their consumers across InstaCred’s network of merchants. This Buy Now Pay Later (BNPL) facility is increasingly in demand by both consumers across their favorite online and offline retailers and brands.
Flexmoney’s network platform has been focused on enabling Lender branded “Cardless EMI” purchases for lender’s “pre-approved customers” across InstaCred’s network of 20,000+ online merchants.
Pre-Approved Users: These are users who have previously been approved for a credit line from one of our lending partner banks or NBFCs. All pre-approved users are identified by their primary mobile number.
The platform currently enables 2 key user journeys for EMI purchases:
- Campaign Driven Activation for Pre-Approved Users: Organic users or users acquired via various sms/digital marketing campaigns land on instacred.me. Goal of instacred.me user journey is to get users to make them aware of their pre-approved credit line and discover merchants to shop at using this line. The end objective is to drive pre-approved users to one of the partner merchants and eventually make a purchase using one of the available lender’s Cardless EMI line powered by InstaCred.
- Transaction Conversion at Merchant Checkout: At the merchant checkout, we provide APIs to detect pre-approved users on our network and provide Cardless EMI option for payment (Sangeeth Mobiles). You can also try one of the checkout experiences of Cardless EMI on Woodenstreet, Supreme Mobiles. Note: Minimum cart value of Rs. 5000 required to select Cardless EMI on checkout. You do not need to complete the purchase!
Assignment
Objective: To drive growth to achieve an increase in transaction volume by 30%.
You can assume that the user journey #2 described above (Cardless EMI flow/ integration on merchant site) works well or there is no possibility of getting merchants to make any incremental changes at their end.
To that effect please provide following as part of the assignment:
- 3-4 concrete ideas/ solutions
- Assumptions/ Projections on how the above features will help achieve the defined target
- Prioritization of the features
- Detailed Product specification/ PRD or User Stories for one of the prioritized feature
- Key metric(s) you would track to determine success for the above feature