** Note: the current customer research is only done with secondary resources regarding cryptocurrency and sustainability. More in depth research should be done with users of our product
The desire to build wealth and participate in a cultural and financial movement are key drivers for consumer adoption.
- The biggest drivers of owning and using cryptocurrency are to take part in the “financial way of the future” (42% Owners) and to build wealth (41% Owners) –both forward looking motivators.
- For those that transact with cryptocurrency, a large portion are motivated by avoiding exchange conversion fees (30% Active Owners), being able to transact any time (29% Active Owners), and low transaction fees (23% Active Owners).
The desire to build wealth and participate in a cultural and financial movement are key drivers for consumer adoption. For owners, the biggest drivers of owning and using cryptocurrency are to take part in the ‘financial way of future’ (42% onwers) and to build wealth (41%)- both forward looking motivators. Five types of crypto -aware consumers :
- Crypto Owners (21% active & 11% passive): have positive impression of crypto currency. They are skew young (44%-49% Milennials). Their primary information source for crypto is YouTube
- Curious consumers(21%): have learned a bit. have positive about crypto but less likely to believe it is easy to use. Information source: YouTube % word of mouth
- Skeptics(11%): have learned a bit but have negative perceptions. Prefer small risks with moderate rewards. More likely to be Boomers. Information source: word of mouth, news website
- Unengaged (37%): No knowledge about it. have negative perception. Boomer. Informtion source: TV, Friends, families
Creating User Personas for A Cryptocurrency Exchange
In May 2021, I took a service and UX re-design consultancy project for a small but growing cryptocurrency exchange with a US MSB license. After a series of co-design workshops with the team aimed at understanding the ecosystem and business goals, I embarked on a user research journey aimed at profiling the existing user base and developing a deep understanding of their goals, pain points and motivations.
one recent report revealed that certain categories of products with sustainability claims showed twice the growth of their traditional counterparts. Yet a frustrating paradox remains at the heart of green business: Few consumers who report positive attitudes toward eco-friendly products and services follow through with their wallets. In one recent survey 65% said they want to buy purpose-driven brands that advocate sustainability, yet only about 26% actually do so.
Unclear and nebulous concept of sustainability for customers
Despite growing consumer demand for sustainable goods, it's not always clear what consumers are actually demanding. Sustainability remains a nebulous concept that means different things to different people and continues to shift as a priority over time. Many consumers struggle to identify what makes a brand or product sustainable to begin with. Some are unwilling to pay a higher price.
Barriers: a lack of clarity and awareness, as well as perceived higher price points, a lack of availability of preferred styles and brands, perceived inconvenience and the belief that a product isn’t truly sustainable.
Just because sustainability is important to consumers doesn’t mean they feel sufficiently empowered — or even willing — to shop sustainably. Our research shows that a lack of clarity and awareness, as well as perceived higher price points, are the main factors preventing consumers from purchasing sustainable goods. Other barriers include a lack of availability of preferred styles and brands, perceived inconvenience and the belief that a product isn’t truly sustainable.
Methods from conservation psychology aim to motivate greater environmental action.
The field of conservation psychology studies people’s attitudes and behaviours toward the natural environment. Researchers have found seven ways to motivate greater environmental action.
- Equip people with (the right) knowledge. People need to know both why an action is important and how to do it. People are often hesitant to do something that’s unfamiliar, so being able to try new actions out in a small way can be reassuring. Pilot programs are a great low-risk strategy.
- Help people process information. People absorb ideas and make decisions in specific ways (see NBS’s report on Decision Making for Sustainability for a full review). For example, people are more affected by stories than by abstract statements. They’re more moved by positive messages than gloom and doom — no more images of drowning polar bears! And hearing a message multiple times, in multiple ways, is often necessary for it to sink in.
- Leverage the leaders. People look to leaders — formal and informal — as they’re deciding how to act. If others they respect are doing or endorsing behaviors, people are likely to follow them. Leaders might be nearby in the organization or more distant public figures. Peer action also sets a standard. Group activities can be a way to show that peers are engaged.
- Make actions easy and enjoyable. People can have wonderful intentions, but without practical support, the action often won’t happen. If a recycling bin is close by, people are more likely to use it. If a product’s not readily available, people may not seek it out. Positive messages, social norms, and group activities can make sustainability-related behaviors seem more fun.
- Allow participation. People want to be involved in issues that concern them. Participation can mean many things, including just having information, but people often want the opportunity to contribute ideas as well. Participation leads to positive attitudes and often innovative ideas.
- Take one step at a time. People can be overwhelmed by major change; generally, they prefer to get comfortable with one behavior before they try another. Consider introducing a new initiative gradually and connecting it to things people are already familiar with. A simple example might be expanding community outreach efforts from philanthropy to volunteering, with the same organizations.
- Pause rewards. Rewards should be used carefully. They tend to be effective while they continue. But once they stop, the behavior usually drops off. Rewards are “extrinsic motivation,” motivation from outside the person. Motivation that people develop internally, rooted in their beliefs, is more long-lasting.
How to nudge consumers toward sustainable purchasing and behavior.
Use Social Influence
Harnessing the power of social influence is one of the most effective ways to elicit pro-environmental behaviors in consumption as well. Telling online shoppers that other people were buying eco-friendly products led to a 65% increase in making at least one sustainable purchase. Telling buffet diners that the norm was to not take too much at once (and that it was OK to return for seconds) decreased food waste by 20.5%. A major predictor of whether people will install solar panels is whether their close-by neighbors have done so. And, in perhaps the most dramatic finding, telling university students that other commuters were ditching their cars in favor of more-sustainable modes of transportation (such as cycling) led them to use sustainable transport five times as often as did those who were simply given information about alternatives.