Instamojo Product roadmap — (UpGrad Assignment)
Hello, My name is Anji.
Currently, I am enrolled in Product Management Certification Program at UpGrad since Jan 17. It is a comprehensive 5-month program taught by experts from India and Silicon Valley — 4 case studies, 15 assignments, 200+ hours of industry-oriented learning.
And I am also enrolled in Agile Development specialisation at Coursera.
The world is moving faster with new innovative technologies by creating an impact on people’s day-to-day life. More and more people are interested in becoming entrepreneurs.
At least in India, setting up a new company requires a lot of work including learning about legalities, registering a company, setting up website or app, marketing, adding payment gateways and much more.
Recently, Indian government initiated “Make in India” campaign. So, definitely more no.of people are interested in setting up a company in India.
The Indian Companies like Flipkart, PayTM, Snapdeal, Ola etc. are set examples for other people to follow their dreams.
Almost all these products above mentioned somehow have an e-commerce functionalities. Some of these e-commerce giants are encouraging people to become sellers in their platform also.
To become a seller, you must register the legal entity with the government of India. This involves time and money. People are not very much interested in selling online because of the limited time, money and difficulty in understanding technology.
Due to above-mentioned reasons, innovative ideas are being stopped without execution.
Instamojo is one such product which is solving this problem and helping innovators to come up with their business ideas execution.
According to their website Instamojo is “India’s largest on-demand payments & e-commerce platform”
Their vision is that
We make digital commerce universally accessible to create newer opportunities & sustainable livelihoods.
We believe every business idea deserves to be on the Internet to grow. But very few can. We make it possible with technology, data, design and little bit of Mojo (noun | mo·jo | meaning magic)
With Instamojo, people need not worry about documents, need not register a company, spend very little time, and moreover get a free web store.
You can create a link and share with your friends or people. You can immediately accept payments with the link shared by you.
You can share links to an email, message, online chat applications.
Instamojo Product Roadmap link: https://app.craft.io/share/82843F122305843009661636821
Note: we — I am considering as a PM at Instamojo
We built a product which helps people to buy and sell digital goods. Buyer can pay payment using Instamojo shareable link.
No other extra features to prioritise.
Instamojo product has good customers and users in the past. So, we were able to understand what people are expecting from their product.
And with the data, we were able to find new features required.
Free web store
The users have an option to create a free web store. He/She can sell anything including physical goods, digital goods, and any other items which are legal to sell in India.
Adding new payment types for existing payment Instamojo link.
The user able to see balance. Also, other data like amount and transactions by comparing previous month details are displayed.
Risk Management System(RMS)
Developing an algorithm called Risk Management System(RMS) to find frauds, delay payments, refund information etc.
A place to get third party application which can help in improving your free web store in terms of sales.
Offering APIs to third-party vendors and personal websites. Also, To remind, share a link with pre-filled data in email, messages, online messenger apps. You can upload CSV file with names and phone numbers to share a link with pre-filled data to users.
- According to our user research and business model, we decided to improve user experience by adding additional product types to sell in the web store and more payment accepting methods in Insatmojo payments link.
- The user/customer wants to know the data about his sales payments. Also, they want other data like amount and transactions by comparing previous month details.
- We wanted to monitor all the process with the right method without affecting buyer/seller activities including payments, refunds etc. We planned to build Risk Management System algorithm to make sure the process in the right path and eliminate fraud activities.
- We want to help the sellers by providing additional functionalities. we don’t want to re-invent the wheel instead make use of existing one. So, planned to partner with third-party application vendors to offer their application on Instamojo App store
- We wanted to increase customer base. So, we decided to build various APIs to integrate with their individual e-commerce sites or mobile applications.
Partnering with thirty-party Vendors
Inviting more third-party vendors to join to offer their applications on Instamojo app store.
Setting up credit points to sell services from different people or vendors.
Example: Setting website, domain etc. are offered by other people in Instamojo
Invite & Earn
Invite friends or colleagues to join Instamojo. Both will receive offer amount.
A dedicated page to sell services. A user can buy the service using Instamojo payment link or button and also he/she can redeem credit points. The user has a chance to look at the profile of a seller.
Adding plugins for third-party e-commerce providers like Opencart, Woo commerce etc.
Accepting payments through digital wallets including Jio money, Ola money, Freecharge, and Mobikwik.
- Partnering with thirty Party Vendors. we wanted to increase the growth of the users’ web stores. So, we continued to invite more third-party vendors to join to offer their applications on Instamojo app store.
2. At Instamojo, we wanted to encourage freelancers/vendors to sell their services to help Instamojo Customers. We wanted a better method to accept and also redeem payments.
we decided to build credit points systems to sell services from different people or vendors.
The user can buy and redeem with equivalent amount mentioned on their website.
3. We wanted to acquire customers and get popularity in India. So, decided to build Invite and Earn referral program.
4. Buyers can redeem credit points to buy services.
5. Plugins are the most useful way to reach out to more no. of customer from third party e-commerce sites
6. After demonetization, there was a need for different payment methods. One such is digital wallets.
Adding plugins for e-commerce providers like Opencart, woo commerce and many other e-commerce providers.
Accepting payments using UPI system. This was introduced by the government of India and also offered by most of the banks.
Partnering with third-party vendors to build and offer their applications in the app store to improve growth of free web stores.
Building native iOS application for apple phone users.
Accepting payments from some others digital wallets like PayTM, SBI buddy etc.
Scheduling payments for EMI accepted product purchases. Recurring billing applies to only a credit cards, international debit cards.
Instamojo for world
Expanding Instamojo payments to different countries.
Integrating Instamojo web store to Facebook shop page and accept payments using Instamojo payments link or button.
Payment reminder with message or email personalisation
Scheduling reminder for a single and bulk list of people. If the user clicks on an email, message, online chat apps message they will get pre-filled data by default. For the bulk reminder, we need to upload CSV file with names, emails, phone numbers etc. We need to work personalization to email and messages.
Ex: Template with first name, some details, links etc. included in email and messages. And user should have an option to edit the template.
Promotion code option
Adding promotional code feature on web store while accepting payments.
- Adding themes to the web store. The user can buy a theme or choose free theme while building a web store.
- Free web store masking with domain ex: sareeguru.in (when the user types this domain, he has to get Instamojo free web store)
- Adding functionalities like drag and drop layout, format options etc
- Pro-user can add another 10 users to web store to work independently.
- Continuous building of new plugins to acquire more customer base in different third-party e-commerce providers like Woo commerce, big commerce, shopify etc.
- UPI integration. As government supporting and also trusted by people. So, they decided to integrate.
- Appstore: Continues integration and partnership with many more vendors to offer their applications
- We will build iOS app to capture 2nd largest market
- Many more digital wallet integration for payment options
- Accepting recurring payments for credit cards and international debit cards
- Expanding Instamojo payments to different countries
- Integrating web store with Facebook shop in Facebook page and accept payments using instamojo link
- Payment reminder with email/message personalisation
- Promotion code option in web store
- Adding Pro-features by charging customers for additional features.
Note: In future predictions: we might choose to build in the order of 1 to 8 or they might decide based on surrounding conditions and resources.
Instamojo’s vision is to help SMBs to start their business with limited resources, limited technology knowledge, no company registration and more over receive payments to bank accounts within 3 working days.
At Instamojo, they started selling only digital goods but now heading towards more into e-commerce industry with the easy payment method.
One day I think Instamojo will offer e-commerce package like Shopify or Bigcommerce with simple payment acceptance link or button.
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