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When is the last time you check on your subscriptions that you sign up for when browsing on your laptop, your phone and maybe even your friend’s desktop as well?
you confused by a random source of deduction that keeps happening or even if you know it, you didn’t know where to stop it?
maybe, you didn’t keep track of any of your subscriptions? Imagine how much money you could save if you remembered to stop those subscriptions you didn’t need!
Survey from Chase Reveals That Two-Thirds of Consumers Have Forgotten About At Least One Recurring Payment In The Last Year (2021)
The results indicate that consumers are increasing reliant on credit card payments, knowing where their credit card information are stored, but theres more focus on how to better handle finances.
forgotten about at least one recurring payment.
estimate more than $50 waste each month on recurring payments.
have a minimum of 1 recurring charge on their card, 40% have 3-5.
states that recurring payments made it easier to manage
do not know how much is taken each month for recurring payment.
want to know where their card information is stored to easier manage recurring payment and finances.
take on average 3 months to cancel unneeded recurring payment.
value knowing where their card is stored at all times.
Many users have multiple cards, tracking these transactions requires going through multiple bank applications, leading to difficulty in having an overview to recurring payments.
Even after identifying the subscription, it may be difficult to stop subscription because it may involve logging in to the webpage, and navigating to stop it. If its difficult, users may consider having to call the bank to suspend the subscription service.
Recurring payment services targeting consumers can range from $5 to $60 a month on average (Eg. Netflix Basic $6.99, Dropbox $9.99, Duolingo Super $12.99).
Combining it with the research previously that state an average loss of around $50 waste per month, we could assume that the lost of income will affect low-mid income population the most as the waste is a larger percentage of their income level, which will significantly affect their expenses.
Low-mid income consumers can be relatively broad, ranging for unemployed students to white collared workers.
Based on our breakdown above about the likely target audience, two persona can be deduced.
As a student, she is all about anything productivity related. From her must have music streaming Spotify to note taking apps like Goodnotes, sometimes she may also sign up for other services when she start to increasing her frequency in using it for more discounts and promotion.
She loves trendy things and follows IG/Tiktok/ Youtube as her main social media source.
With a family and 2 children, Timothy subscribes to many services on behalf of the family, including important ones such as monthly utility bills payment made through his card.
With a full time job, he find it hard to juggle family and work, and he sometimes would not remember what have he paid for and if theres anything unnecessary
him, family is the utmost important. Main social media source is IG/FB.
There are many way users can interact with our product, this is a proposed user journey based on the above findings and based on logical assumptions. It would definitely benefit us to know more about usage pattern through prototype or MVP testing to craft possibly more user stories, which may further define which features we may want include in the design of the product.
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"VICENT KOH - PORTFOLIO" Designed and developed by Vicent Koh
