In order for the crypto industry to grow and attract mainstream adoption, it needs to focus on making products and services that are easy to use and accessible to everyone.
Because the industry is still in its infancy, many people are struggling to wrap their heads around what it is and how it works. Unless crypto leaders and companies pay attention to the user experience (UX) for those who are not technologically savvy, many potential consumers will continue to be shut out.
Only when the average user interacts with this foundational technology confidently will we see global adoption of crypto.
Here are some positive steps you can take with your company to improve the design and usability for your customers.
Positive user experience
User experience refers to a person's feelings and attitudes when using a particular product or service. It encompasses everything from the initial onboarding process to the day-to-day interactions someone has with a product or service.
Good UX makes for a positive user experience, which leads to customers being more likely to continue using a product or service. On the other hand, bad UX can frustrate users and drive them away.
Benefits of good UX in cryptocurrency
User experience is important for any product or service, but it's especially critical in the blockchain industry. If a product or service is difficult to use, people won't bother with it because it takes too much time and effort to figure it out. No one wants to waste time being frustrated with a new tool or technology that they feel like they "should" understand…but don’t.
This type of frustration is especially true of cryptocurrency, which is still viewed as complicated and confusing by many people. Making crypto easier to use will help remove some of the barriers to entry and make it more accessible to a wider audience.
In addition, user-centered design can help build trust and confidence in a product or service. If people feel like they can't understand or use a product, they're less likely to trust it. This is a major problem for the crypto industry because it's already struggling with public perception issues. Improving UX could help change the way people think about crypto and make it more trustworthy.
Finally, good UX is important because it leads to customer retention. If people are happy with a product or service, they're more likely to stick with it. In an industry as volatile as crypto, where projects often fail and prices fluctuate widely, retaining customers is crucial.
How Can Businesses Improve User Experience?
There are many ways to improve UX in the crypto industry. Here are a few suggestions:
- Make sure products and services are easy to use and understand.
- Design with the user in mind. Think about what users need and want in your app, on your site and in all your other assets, and design for that.
- Build trust by being transparent and providing clear instructions for use for your app and all your other products and services.
- Keep things simple. Use clear and concise language when explaining how crypto works.
- Use visual design. Visuals help explain complex concepts.
- Make sure the onboarding process is simple and straightforward.
- Create an intuitive user experience. The process of buying, selling or transferring cryptocurrency should be self-explanatory and logical.
- Create a user-friendly interface that is clean and easy to understand and navigate.
- Constantly update products and services to keep them fresh and relevant.
- Make sure products and services are accessible to as many people as possible. This includes supporting multiple languages and catering to users with different levels of technological expertise.
When you provide a good user experience you will be rewarded with loyal customers who stick around for the long haul.
Help new users make informed choices
Unfortunately, there are a variety of specific situations that can get new users into trouble. Crypto companies should provide easy-to-use education on their apps to help newbies learn what to look for.
Some examples of how to educate your users include:
- Prevent major investment mistakes. Provide a rundown of the most common mistakes new investors make, so newbies know what to watch out for.
- Explain how to spot a crypto scam. This is especially important given the number of scams in the industry.
- Help users understand how to safely store their cryptocurrency. There have been many stories of people losing their crypto because they didn't store it properly.
- Teach users about the risks involved in trading cryptocurrency. Many new investors don't understand the risks they're taking on.
- Teach users about the importance of wallet security.
- Educate users about the different types of cryptocurrency and their use cases.
- Provide resources on how to monitor price changes and market cycles.
These are just a few examples, but the point is that there's a lot of important information new users need to know in order to avoid making costly mistakes. And it's up to you to provide that education.
There are a variety of ways to provide educational content, including blog posts, video tutorials, infographics and more. The important thing is that the information is easy to understand and digestible for newbies.
Don't make the mistake of assuming that new users will be able to figure everything out on their own. They need guidance, and it's up to the companies in the industry to provide that guidance.
The difference customer service can make
Customer service is another important aspect of UX; it has to be top-notch.
There are a few things you can do to make sure you are providing excellent customer service:
- Customer service is easy to reach. There should be multiple ways for users to get in touch with customer service, including phone, email and live chat.
- Customer service is available 24/7. Users should be able to get help whenever they need it.
- Customer queries are dealt with promptly. Customers should never have to wait more than a few hours for a response.
- Customer service agents are knowledgeable and friendly. Customers should feel like they're in good hands.
Excellent customer service is also one of the best strategies to retain your customers. When something goes wrong, users will turn to customer service for help. If they don't get the help they need, they'll likely take their business elsewhere.
Keep up with changes in technology and user behavior
The world of technology is constantly evolving, and companies need to evolve with it. User behavior is also constantly changing, and companies need to be aware of those changes and adjust their UX accordingly.
Some of the things you need to keep up with include:
- Changes in technology: Make sure your platform is compatible with the latest technology.
- Changes in user behavior: Build on a platform that is easy to use and meets the needs of your users.
- Changes in the market: Stay up-to-date with what's happening in the market so you can adjust your strategies accordingly.
The importance of user feedback
User feedback is one of the most important things you can use to improve your UX. After all, it's the users who are actually using the platform, so they're the best ones to tell you what works and what doesn't. Be prepared to make changes based on the feedback you receive.
There are a few different ways to collect user feedback:
- Surveys: Send out surveys to your users to get feedback on their experience.
- Interviews: Interview users to get more in-depth feedback.
- Customer service: What questions are your agents always fielding? What new questions are coming up? Customer service is a great way to get feedback from users.
Once you collect user feedback, make sure you actually do something with it to make improvements.
Make sure the UX is constantly improving
The world of technology is constantly changing, and so is user behavior. That means the UX can never be "finished." It needs to be constantly improving.
There are a few different ways to improve the UX:
- A/B testing: A/B testing is a great way to test different designs and see which one works best for users.
- Usability testing: Usability testing is another great way to test different designs and see which one works best for users.
- Customer feedback: As mentioned before, customer feedback is a great way to get insights into what users want and need.
When crypto leaders and companies are ready to devote serious time, planning and money to improving the user experience, it will begin to break the barriers to crypto investing.
On a company-by-company basis, improving UX will help attract new users, build trust and retain customers. By paying attention to UX, businesses can set themselves apart from the competition and increase their chances of success in the cryptocurrency space.
More broadly, not only will UX make or break a company, but across the industry, it will determine the trajectory of mass adoption for the future of finance services.
As the industry continues to grow and evolve, we need to make sure our products and services are accessible and intuitive for everyone — not just those who are already technologically savvy. By focusing on usability and simplification, we can make crypto more approachable for the average person and pave the way for continued growth in this burgeoning industry.
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