Boost E-Commerce transactions via new payment methods

Investigate additional payment methods to boost transaction volume for an E-Commerce organisation.

Problem statements

You are a Product Lead at Company Z. You have been tasked with exploring supporting new payment methods to increase transaction volume. How would you approach this?

Task: How would you approach this?

Here's my implementation strategies: 

Objective

This document aims to increase the transaction volume by supporting new payment methods on the Ecommerce website.  After thorough research and investigation, I am convinced that incorporating Eftpos QR, Afterpay, and Cryptocurrency as additional payment options for buyers will contribute to a significant increase in transaction volume.

Assumptions

These assumptions act as a starting point for problem-solving and allow me to define the problem, consider various scenarios, and generate initial hypotheses.

Success Metrics

Align product efforts with organisational goals, which provide data-driven insights for decision-making and facilitate accountability and prioritisation. 

Goal

Metrics

Attract more buyers to Company Z by X% from the current growth.

Attract more buyers to join Company Z by extra Y% from the current growth.

Help buyers to pick their preferred payment method.

Increase company’s revenue by X%

Deliverables

Defining deliverables in the discovery process establishes clear objectives and expectations. It ensures that the entire team understands the scope, goals, and outcomes of the project.

Implementing one payment method should deliver the following.  There might be other  subproducts need to be packaged together depending on the nature of the payment method (e.g. regulations) 

Requirements

Important Note: Priority codes play a crucial role in organizing and prioritizing tasks, indicating the urgency level of a project. These codes, ranging from P0 to P4, help establish priorities, with P0 representing the highest urgency and P4 the lowest.

Additionally, it's imperative to gain a comprehensive understanding of the tasks required for the Minimum Viable Product (MVP), which constitutes the initial presentable release to product stakeholders.

Requirement

User Story

Priority (P0 - P4)

1

Payment Gateway integration (Backend) 

As a Company Z seller, I want the platform backend support checking out items via <payment gateway> so that my buyers can purchase via the new payment solution.


 Acceptance Criteria

P0

MVP

2

Merchant account setup

As a Company Z seller, I want the platform to let me register new merchant account for <payment gateway> so that I allow my buyers to purchase via the new payment solution and the revenue will be imbused into my merchant account.


Acceptance Criteria

P0

MVP

3

UI integration - Payment gateway checkout

As a Company Z buyer, I want to check out my order via <payment gateway>.


Acceptance Criteria

P1

MVP

4

UI integration - Payment gateway checkout

(Advanced seller’s options)

As a Company Z seller, I want the platform let me enable/disable <payment gateway> for particular items, offering me greater flexibility in managing my products.


Acceptance Criteria

P2

5

UI integration -
On-site messaging

As the marketing manager in Company Z, please integrate the <payment gateway> marketing widget in the item page so it promotes the new payment solution.


Acceptance Criteria

P1

MVP

6

Business partner portal - review performance for the new payment

As a Company Z seller, I want the platform to share information about the payment gateway that my buyers use for their payments. This will help me review their preferences and make informed decisions on enabling or disabling payment solutions to optimize my profitability.


Acceptance Criteria

P3

Presentation materials

To illustrate my systematic approach and logical reasoning, I've created the following PowerPoint presentation to outline my step-by-step method.  This powerpoint includes:

ESTY

Low Fidelity Wireframe

Additionally, I produce a series of low-fidelity wireframes using Balsamiq Wireframe, ensuring a clear design for the UI/UX team to evaluate and optimise, or for the software developer to follow during the implementation phase.

qr_checkout_withoutLogo.pdf