Mrsool
Enhancing Profitability and Conversion with Mrsool Wallet
Problem Statement:
Mrsool, with its 3 million active customers, faced challenges with multiple marketing coupons and compensation coupons for bad orders. These coupons acted more like discount drivers and not as a payment method. Additionally, the goal was to increase Mrsool's profitability by 10%, which meant decreasing the liability from buyers' account balances. During that quarter, there was also a significant drop in conversion at the checkout stage. To address these issues, we proposed the Mrsool wallet, which we assumed would solve these problems.
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My Main Mission:
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As a Product Consultant, I was entrusted with a pivotal role in a stealth startup, working to establish their first-ever product team and lay the foundation for their long-term product vision and strategy. My initial focus was swiftly onboarding and delivering immediate value by setting up the essential elements for the product team to scale effectively.
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1. Collaboration with the Buyer Team
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I collaborated with the buyer team as a business product manager to find the best way for users to utilize their unused coupons and compensation coupons. We ran design workshops, conducted voting sessions, and eventually came up with the idea of the Mrsool wallet.
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2. Customer Insights:
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To further understand the problem and the reasons behind users not being able to use the coupons and balance, I conducted customer interviews. These interviews were synthesized in three weekly calls to ensure a fast turnaround.
Defining the Problem with User Interviews (under NDA)
​3. Problem Discovery Workshop:
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I conducted a problem discovery workshop with all relevant stakeholders to analyze existing customer conversations from the Customer Support and Customer Success teams regarding compensation. Additionally, I had an “Expert Interview” with the Director of the F&B vertical, discussing previous efforts to optimize conversion and strategies behind compensation and discount coupons.
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4. Competitor Analysis:
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I analyzed 15 regional and global food delivery products to understand how they strategized and built their wallets.
Competitor's Research of Food Delivery Digital Wallets (under NDA)
5. Solution Discovery:
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We held a pen-and-paper sketching exercise (Solution Discovery) with all stakeholders to gather multiple prototype ideas and created low-fidelity prototypes based on all the gathered information.
Miro Board for the Discovery Workshop (under NDA)
6. Execution and Delivery:
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After the workshop and identifying the MVP, I created the typical deliverables like the PRD and feature specifications. I aligned with leadership on the delivery plan and began execution.
Mrsool Revamped Order Screen
Mrsool Wallet in F&B Orders
Mrsool Wallet Breakdown
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Supporting Actions:
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1. Developer Collaboration:
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Aside from ideating the wallet, I worked closely with developers and product teams responsible for building the wallet to improve the process and streamline the time-to-market. I hosted a workshop to identify personal working styles, needs, and pain points, which helped determine the most efficient times and agendas for scrum ceremonies while allowing dedicated focus time.
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Developer’s Workshop (Under NDA)
​​2. Establishing Scrum Rituals:
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I established the following scrum rituals with the team as a consequence of the workshop:
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Daily Stand-Up: Reviewed goals, ensured adherence to the wallet’s project timeline, and addressed any potential obstacles.
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Backlog Refinement: Refined the backlog and assigned tasks.
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Sprint Planning: Reviewed the refined backlog and determined which items to prioritize for the upcoming sprint.
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I also set up asynchronous and synchronous rituals for the three product teams supporting this main initiative to ensure complete alignment.
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List of Suggested Rituals (Under NDA)
Results:
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💡Comprehensive Product Management Process: Built a comprehensive product management process that scaled out of the wallet project and was also used in the M4B team as a permanent product management process.
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💡Successful Launch: Launched the Mrsool wallet in just one quarter, successfully reducing liability by X% and increasing conversion by 2.5%.​
Seize the opportunity to perfect your product now. My consultancy unlocks excellence in product strategy and operations for startups. With a hands-on, interim approach, I deliver part-time product management to streamline your path to market success.
Whether it’s refining your product’s vision or optimizing its journey, my tailored expertise bridges the strategic gap, ensuring your product not only meets but exceeds market expectations.