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A New Take on Sports Investing

FanVest introduces a new strategy in sports investing by developing an athlete-focused market.

Client: FanVest
Industry: Sports
Vertical: Social Gaming
Product: iOS App
Headquarters: New York, NY
Company Size: 11-50 employees
Key Services: UI Design, UX Design, Information Architecture, Responsive Design, Mobile App Development, Web Development

About FanVest

FanVest presents an innovative option for sports investment by launching a trading platform focused on professional athletes. Sports betting usually provides quick results and relies on fortune; however, FanVest empowers people to invest in athletes consistently and broadens sports fandom. Users might have bought shares of Tom Brady when he joined the team and kept them throughout several years to reap considerable profits.
By identifying an inconsistency in the market between gambling on sports and traditional investing the founders created a way to merge both concepts. Through this breakthrough, sports enthusiasts can gamble on contests and construct investment strategies centered on the achievements of players over time. Users chase after entities interested in tracking athletes across different sports to engage in more long-term achievements.

Product Goals

The company had several key objectives with the relaunch of FanVest:

  1. Increase User Base: Increase the user base of the app.
  2. Increase Engagement: Raise the duration users invest in using the platform and improve their involvement with it.
  3. Improve User Experience: To decrease the customer demand support the app required a redesign focused on enhancing user-friendliness known as “FanVest”.
  4. Reduce Support Tickets: Make it easier to use the app to reduce the amount of support help from them.

The Process

To achieve these goals, the team embarked on a comprehensive design and development process:

  1. Unmoderated Usability Tests: Performing eight unmoderated usability tests on UserTesting.com gave important clues about user interactions with the platform. Rather than using surveys for feedback interpretation, the team emphasized acquiring authentic feedback from users.
  2. User Segmentation: Young males who considered themselves sports fans turned out to be the main users of the platform. A scavenger hunt strategy allowed the team to see user behavior on the site and the completion of tasks identifying difficult areas and inefficiencies.
  3. Surveys: Broad user feedback was secured through the use of surveys. Users were prompted to discuss their sports wagering tendencies and how often they utilize FanVest while outlining their favorite sports.
  4. Competitive Research: The team analyzed two significant opponents: apps related to sports (for instance fantasy football) and financial platforms (e.g. Robinhood and Coinbase). The findings helped create an equilibrium between the sports and financial features of the app.

Deliverables

The project culminated in several important deliverables:

  • Discovery: Included fundamental research findings a detailed report and practical product recommendations.
  • Design: In the design phase the group generated a site map and wireframes that reflected the app’s user interface.
  • App Development: For iOS and Android devices alike the app used ReactNative technology. We created React.JS versions of the web app to provide consistent user experiences across different platforms.
  • Testing & QA: Before the launch of the app a comprehensive testing period confirmed its functionality.

Challenges

Obstacles of great importance confronted the project, especially regarding limited timing. The project required the team to concentrate on key features for the first launch and to postpone some elements for upgrades. Since the team did not have ample research beforehand it was essential to confirm the goals for the app’s success. The process of discovery was important for building a reliable framework for the re-launch.

Insights

Through user feedback and usability testing, several key insights were identified:

  1. Lack of Exploration Features: Information was difficult for users to discover. Since the platform was deficient in browsing options users turned to other sources for planning.
  2. Trust Issues: Most of the complaints made by users were petty much on the fact that FanVest was an insecure platform especially when dealing with monetary aspects. There was a need to develop trust to encourage attendant investment.
  3. Understanding the Concept: A lot of users experienced issues in figuring out the term ‘the sports exchange system’. Users doubted investing money in the platform due to unclear details about how athlete prices were set.

The Impact

The launch of the redesigned app produced impressive results within a short period:

  • Week of Launch: User registrations surged by 80%.
  • Two Months Post-Launch:
  •   We witnessed a rise of 2168% in the total sessions.
  •   The user activity increased overall by 3637%, expressed in the average number of sessions per user.
  •   81% of the users were able to spend 30 minutes or more in one session.
  •   The overall number of such deposits rose by an average of 1,305% for deposits higher than $100.

·   About 71% of users participated in more than 60 events for the session.

User Feedback

App Store reviews reflected the success of FanVest new design and functionality:

  • “It is easy to navigate the interface….. It is possible to win a decent amount if you have a feeling that some player will show better results this season. LaMelo Ball increased by around 400% last year in the NBA so I can imagine what NFL season has for me!
  • “This is exactly what I would expect from virtual sports and someone finally took advantage of that niche.””

 

In conclusion, it is remarkable that users have embraced the concept of sports as the foundation for investing with FanVest thus experiencing dramatic growth. The changes to the application’s interface, along with the improved understanding of the users and how they interact with profits, have turned the application into one of the best of its kind for sports enthusiasts who look to bet on an athlete and his or her performances as opposed to a particular game.

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