Successful conclusion of market research pilot

December 2019

We concluded our first pilot with the Czech market research agency STEM/MARK on November 21.

Written by: Dominique Kunz December 10, 2019

The 10-week pilot served to test the usability and acceptance of the VETRI app with the STEM/MARK panelists and the ways in which VETRI can be integrated into the market research agency’s existing infrastructure and business processes. 

After the community testing phase in May of this year, the pilot was the first test of the application with users who were unfamiliar with the concept of VETRI and in most cases had no previous knowledge of blockchain and/or cryptocurrencies. 

Next to the analysis of the performance of the app in terms of downloads and user retention, we also ran our own survey at the end of the pilot period to obtain more qualitative answers from users. We were strongly encouraged by the positive feedback. Below is a selection of the questions we asked and their results: 

Would you recommend the application to friends and family? (scale 1-5)

Average 4.59

Would you use the application again? (scale 1-5)

Average 4.78

Did you know cryptocurrencies before joining the pilot?

Very well – 12 %
A little – 68%
Not at all – 20%

Next to the qualitative evaluation, we had a close look at the user on-boarding funnel:

User on-boarding funnel (100%=922)

Additional numbers for context:
Total number of surveys provided to users during the pilot: 21
Average percentage of surveys completed per active user: 70%

The numbers show that there is still potential for improvement in the on-boarding process. Based on this data, we are now already working on fine-tuning the user flow to further decrease friction. 

What’s next

We are evaluating the potential for a future collaboration together with our partner based on their business needs. As mentioned in previous updates, we are looking to form a “consortium” of players with similar needs to jointly use and further develop the Market Research infrastructure that we have built,. For more insights into the near to midterm business strategy, be sure to check out the piece by Project Lead Yves Petitjean. 

On the feature front, we are planning two major updates.

  • Redeeming VLD tokens for gift cards within the app

To close the loop of the VLD token ecosystem, users will be able to exchange their earned VLD tokens for gift cards directly within the app. The feature is already technically implemented and is currently undergoing the last UI polishing. 

  • Easy account backup

As any dApp (decentralized application), we have to deal with the question of how to protect non-crypto savvy users from losing access to their wallet by losing their private key. Solving this issue in our eyes is a necessary prerequisite for scaling the application to a “non crypto” audience. We decided that as a first measure, we will give users the opportunity to voluntarily back up their private keys with us. By making the backup voluntary, we allow privacy-minded users to stay anonymous and retain full control over their keys. Implementation of this feature is planned for Q1 2020 and will also entail an extensive overhaul of the on-boarding UX.

Get in touch.
VETRI Foundation
Bahnhofstrasse 3
8001 Zürich, Switzerland