Product Requirement Document (Trading Apps)
This medium is explaining a bit about Product Requirement Document (PRD) of new features for trading mobile apps. The new feature called “Exclusive Subscription Community” with a function for creating a platform for users to interact with each other within the apps. This main apps objective is for increasing user trading volume within the apps.
Exclusive Subscription Community is an in-app community group chat that consists of subscribed users. Users will get a daily recommendation, user development & training, and get the exclusive & trusted place to start trading. Therefore, it will increase the confidence for new or active users to start trading of cryptocurrency.
—Basically a product requirement document has it own style for each company or product.
Product Requirement Document
1. Objective
a. Market Problem
User Problem — Users remain low in volume when it comes to trading in the cryptocurrency platform.
Product Problem — The Application still can’t encourage users to do trading more often.
b. Market Opportunity
As of January 2020, there are approximately 3,000,000 cryptocurrency traders in Indonesia, spread across over 20 local and international cryptocurrency exchanges. This represents just over 1% of the total 260 million population. (source: indonesiacrypto.network)
Opportunities:
- Indonesia has a great opportunity as a market. By becoming the 4th largest population with 260 million people, with a median age of 30.2 years old & rapidly growing smartphone penetration.
- Clear government regulation on digital assets plus welcoming stance towards technologies such as blockchain which help drive Indonesia’s Industry 4.0 initiatives.
- 142 Million e-wallet users, with a value set to exceed $15 billion in 2020 (good penetration for crypto as decentralized finance applications)
c. Vision Statement
Increasing user confidence in trading with direct approach by creating daily recommendations in the community
d. Product Concept
subscribed/exclusive users that form a community. The vision of this product is for increasing user confidence to do trading by giving them daily recommendations and trustworthiness about the community. Therefore, the users will be more eager to start trading, even for the new user, and eventually, it will increase the user trading volume.
The goal of this feature is:
- Increase the number of user trading volume
- Create an active exclusive community
- Increase user confidence in crypto broker
- Generating a new marketing channel
e. Goals and KPI
f. Initiatives/Unique Selling Points
This exclusive community will give the users a daily crypto trading recommendations. The user will get the recommendation directly from the expert. Users can ask for advice and recommendation through it. Only the subscribed only who can join, which is it is exclusive and trusted.
g. Persona
Name : Michael
Age : 33
Occupation : Head of HR in FMCG company
Salary : IDR 50.000.000/month
Place : Jakarta
Michael is a work-man who lives with his two children and often thinks about their futures. He has invested in stocks, gold, and property over the years. Out of curiosity, he invested significant amounts of money into crypto in early 2019. He was impressed by his returns and carefully researches new opportunities.
He began to start trading in cryptocurrency after a while, but still not sure if he is able to make it or not. He likes to do something in community and active in crypto forums on certain websites. He still has no confidence over that forum because it is not trustworthy. He likes to use mobile apps for his daily basis, like reading news, monitoring his investments, and do his work.
Description:
- Knowledgeable about economic theory
- Prefers mobile to desktop
- Community Active
- Read financial newspaper
Frustrations:
- Has a lack of time to monitor his cryptocurrency
- Being overwhelmed with a lot of information in forums
- Still not confident to start trading
Motivations:
- Want to enter a trusted place related to cryptocurrency
- Get information about recommendation without taking many times
- Have a place to communicate about cryptocurrency
2. Release
a. Release Name
Exclusive Subscription Community
b. Scope
2 developers, 1 product manager, 1 designer
c. Launch Date
October 1st, 2020 (Q3)
d. Feature
- Exclusive Community Group Chat (subscription)
- Daily recommendation from expert
- Users development or training (webinar)
e. Milestones
- Develop community group Q1
- Daily recommendation Q2
- Weekly training and webinar Q2
3. Features
a. Exclusive Community Group Chat (subscription)
b. Daily Recommendation
c. Users Development
4. User Flow and Journey
a. Flow
Open broker apps — Check Cryptocurrency Portfolio — Check Daily Recommendation in Group — Talk about the recommended crypto currency — Doing trading
b. Journey
5. Analytics
a. Hypothesis: We believe this daily recommendation will increase user trading volume
b. Hypothesis: We believe this group chat feature will increase active user in the community
c. Hypothesis: We believe this user development & training will increase user confidence in crypto broker
Hope this Product Requirement Document can give you a glimpse about how to creating a feature of an application. But still, there might be a lot of mistakes about the document and I will still learn about it more and more.
My aim for creating this document is for enhancing my skills in developing a product to become a product manager or product management in the future!
Thanks for Reading my research!
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