Product Roadmap — InstantMojo
“ A product roadmap is a high-level visual summary that maps out the vision and direction of your product offering over time. A product roadmap communicates the why and what behind what you’re building. It’s a guiding strategic document as well as a plan for executing the strategy.”
With the mission to make SME businesses enterprising, Sampad, Akash, and Aditya started InstantMojo in the year 2012. In the beginning, the offering included a payment link that could be embedded into any website or selling page. The aim was to help businesses to make a presence online by helping them in collecting payments. Sellers did not need to invest or have the knowledge of setting up a payment gateway, as InstantMojo as a product was handling this.
InstantMojo Journey:
With the launch being just a webpage, it has continuously grown over the years.
In 2014, It launched new categories for physical goods, events and services merchants in its portfolio.
In 2015, Launched its free Online store.
In 2016, It launched its App in the AppStore,
In 2017, Crossed 300,000+ merchants using their products
In 2018, the company transitioned to the “Business operating system for MSME” mindset.
2018 snapshot of InstantMojo :
“We crossed 700,000 merchants on the Instamojo platform and in Q4 alone, we added 100,000+ new merchants. Today, we have 250,000+ active merchants on our platform — a new record for Instamojo and the overall industry perhaps!”
Product Roadmap 2014
Instamojo transitioned from selling digital products to mass markets to an all-encompassing payment gateway covering features like payment dashboards for merchants, dispute resolution desk as the business grew. With the transition, it is imperative that their product roadmap would have also changed focused from digital marketplace related features to payment collection and distribution, merchant profile management and other website integration. In addition to this with the increase in mobile penetration and booming mobile wallets landscape and mobile banking technology, they would have to prioritize the mobile app launch to capture mobile banking transactions.
Reasons for prioritization
- Payment Dashboards — Status of payment made by end customers as they need clear visibility of the amount pending and credited. Cash flow is one of the most important aspects of business and dashboards are likely to simplify this aspect for them.
- Dispute Resolution service — With an increase in transactions, failure rates or payment issues could rise and to effectively ensure a thorough service, the team would have to invest in creating features to resolve conflicts effectively.
- Instamojo Payment Button for websites: Having a button embedded on a web page and could help aid the check out from the same page user-friendly.
- Android and iOS app Release: For every business, more than 50% of the traffic is through mobile. However, the launch of android would have to be prioritized over iOS as it is likely to have a higher penetration in the desired user base. But for a slightly affluent market, iOS would also need to be launched in a couple of quarters from the Android App launch.
- Payment Integration: To collect payment from various buyers and suppliers both for digital and physical products, payment gateways integration is a must. This enables users to pay through the mode of their choice.
- Next-Day Payout — With last minute bookings of services and orders increasing certain suppliers would want a faster payment processing and would be happy to pay extra .25% for faster processing. To meet this demand, they would have created this service for extra revenue opportunities.
Future Landscape:
Mandate of GST has taken the country by storm. Hence, many companies are focusing on providing solutions for GST and demonetization by going digital. They have concentrated on providing digital marketing solutions, affiliate marketing and, Google analytics integration tools. This year also must have concentrated on providing all integrated customer support.
“Till Aug 2018, 100% of our revenue was coming from mojoPayments. Closing FY19, 11% of the revenue is coming from non-payment products and services.”
With the non-payment products and services portfolio increasing its revenue share, it is likely to see a lot more traction from both the supply and demand side. The team is likely to continue it in the future.
To conclude, the changing landscape does take a toll on the product roadmap. And as seen in the article, it is essential for the brands and the companies to continuously evolve themselves to the changes happening in their industry.
