We are all familiar with design thinking. Put simply, design thinking is an iterative process for creative problem solving that is user-centric. It is a universal method that can be applied to any stream to find solutions that bring users, technology, and business needs together. A good UX UI Design Company can easily drive your ROI and increase the lifetime value of your product
It’s a stated fact that ROI of UX Design can be up to an unbelievable 9,900%! That’s if you spend $1 you can expect $100 in return. According to McKinsey, companies with top quartile McKinsey Design Index scores outperformed industry benchmark growth by two-to-one. To take another example, Bank of America saw a 45% customer increase in their 5 steps online banking enrollment process after investing in good UX design. A good UX design increases conversions and generates value for businesses in the most literal sense of the word. Let’s observe a few staggering numbers to help you:
- 89% of users purchase from a competitor after a poor customer experience. This shows that good experience design isn’t just a luxury, but is a modern necessity. Every business needs to invest in ensuring a positive user experience, otherwise, they are actively pushing their customers towards the competition.
- 70% of new projects fail due to a lack of user acceptance: UX also has a major impact on innovation and the inception of new products or services. Good UX can help a company solve the onboarding issues, make the app or website extremely inviting, and the phases like login, signups, and checkout more convenient and easy. Being able to communicate the value proposition upfront without asking too much information from customers is one of the great tips.
- Development time can be reduced by up to 55% by investing in good UX. This shows that foresight and experienced designers reduce project costs and development cycles in the long run. Additionally, 80% of post-launch fixes in digital products are on the UX side, so implementing good UX early saves plenty of headaches later on.
- Up to 90% reduction in support costs: Many organizations reported huge saving in support tasks after investing in good UX design. Most of these processes can be automated and help companies. This just adds to the long-term benefits and value adds of good user experience design, alongside the already mentioned short-term advantages.
- Good UX design improves KPI’s by up to 83%: In general, good UX design allows companies to achieve the goals which they set out for themselves more consistently, perhaps as a culmination of all the value-added throughout the design, development, and even post-launch periods.
- Increased Personalization:Experience design is fundamental in understanding the nuances of differentiation in these personas and tweaking the design to fulfill differences in user objectives as well. This customization and attention to detail help companies win customers in the long run. For example, Spotify serves music to you based on your preferences.
A well-executed UX/UI strategy can help novel products stay in business longer by staying relevant to user needs and evolving with their changing preferences. Thinking of design from the user’s point of view and innovating to make their life simpler will always prove to be a rewarding strategy.
