Background
Challenge
The global trade climate is continuously changing, and it accelerates even further by the trade war between the US and China. It has a tremendous impact on the global supply chain. Our challenge is to help companies cope with the fuzzy landscape of international trade and launch the MVPs.
Outcome
Help sculpting the value proposition and initial platform concept design. Allow the SMEs, to search, find, and connect business to accelerate global trade.
The Jasmine concept had raised the fund successfully from HSBC and became Seraitrade.com in 2019
Research
Three rounds of research were conducted
Understand the existing problems
What makes it hard for SMEs to do business internationally?
We did 8 in-depth interviews with SMEs in Hong Kong who trade globally and identify their pain points and group them into 4 categories.
After we played back the findings to the team, we nailed down our direction to focus on searching, reaching an agreement, and financing. We deprioritized production, order fulfillment, and payments & settlements due to the problem's complexity, cost, and effort.
Ideation
We have an ideation session based on the most voted theme inside seraching and reaching on agreement.
1. Making connection
2. Growing trust
3. Showcasing
4. Cashflow
2. Growing trust
3. Showcasing
4. Cashflow
Which drives us to believe the proposition is an exclusive network for businesses with the following features:
1. Verification
2. Trade circle
3. Showcasing
4. Opportunites
5. Financing
2. Trade circle
3. Showcasing
4. Opportunites
5. Financing
Concept testing- A trusted trade community
The online platform provides a radical way to showcase the value of your company, find sales opportunities, and makes building meaningful relationship easier
Goal
To validate an exclusive platform can give users confidence and how it can speed up “the make new connection” and “growing trust” process. In the meantime, we need to understand what kind of data businesses want to see to represent a potential trustable business partner.
Key questions to the customers
How do you get information of a new partner now? How well does it work comparing with the concept?
After seeing this, would you be comfortable to collaborate with the company?
How do you think the top companies/products list should be curated?
After seeing this, would you be comfortable to collaborate with the company?
How do you think the top companies/products list should be curated?
Findings
Every company should be pre-vetted
Businesses are willing to pay for an exclusive service.
The platform needs to differentiate the qualities of the leads but need to be careful on the rating system.
The rating system may generate unfairness and negative feedback on the company.
Businesses are not willing to disclose too much information on the platform except on their products.
Circle is an extension of trust to share information.
Businesses are willing to pay for an exclusive service.
The platform needs to differentiate the qualities of the leads but need to be careful on the rating system.
The rating system may generate unfairness and negative feedback on the company.
Businesses are not willing to disclose too much information on the platform except on their products.
Circle is an extension of trust to share information.
Concept testing- Smart simple fund
Using data and smart technology we offer fast, transparent access to funds when you need it, so you can free up your capital to concentrate on growth.
Goal
To validate businesses are trust using a fully digital journey on financing solution.
Understand business willing to share more data to get better offerings.
To understand user feeling secure for the platform to send the fund directly to the supplier.
Understand business willing to share more data to get better offerings.
To understand user feeling secure for the platform to send the fund directly to the supplier.
Key questions to the customers
What might be your barriers to use it? (data privacy, etc.) What do you think can be the downside of it?
Comparing it with the current financing solutions you are using, what are the advantages and disadvantages of it?
The more data you submit, the better financing solutions you might get. How do you feel about it? Why?
Comparing it with the current financing solutions you are using, what are the advantages and disadvantages of it?
The more data you submit, the better financing solutions you might get. How do you feel about it? Why?
Findings
The businesses feel the platform is not trustworthy if the process is too simple and fast
Companies want to know the pricing and amount they can get before the approval.
Businesses want to know what’s going on during the loan application process.
Businesses want to provide more data to showcase my credibility
Platform validates my buyer will give me more confidence.
Businesses trust the platform if it is back by HSBC.
Companies want to know the pricing and amount they can get before the approval.
Businesses want to know what’s going on during the loan application process.
Businesses want to provide more data to showcase my credibility
Platform validates my buyer will give me more confidence.
Businesses trust the platform if it is back by HSBC.
Final testing
To walk through the refined concepts some of the participants from R1 and R2
To gather more data from Singapore and UK buyers.
Final deliverables
