The Future of Collectibles: Building User Habits and Retention in the Digital Age

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Hatched by Glasp

Sep 27, 2023

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The Future of Collectibles: Building User Habits and Retention in the Digital Age

In recent years, the global collectibles market has seen exponential growth, with an estimated size of $370 billion (TechCrunch). However, the COVID-19 pandemic has brought about significant changes in consumer behavior and preferences. As we adapt to the new normal, it is essential to explore the future of collectibles in the digital realm and understand how to build and deepen user habits for better retention.

To create great retention, we need to recognize that habit building is a science. Users have motivations, cognitive and physical friction, rewards, and more that all play a role in shaping their habits (Reforge). Instead of solely focusing on revenue retention, which is a lagging indicator, we should concentrate on improving the core inputs of retention: Activation, Engagement, or Resurrection.

Activation refers to the process of getting users to experience the value of the collectibles platform or product. It is crucial to provide a seamless onboarding experience that showcases the unique features and benefits of digital collectibles. By offering tutorials, interactive guides, or personalized recommendations, we can ensure that users understand the value proposition from the start.

Engagement is the key to building and deepening user habits over time. It is not enough to have users simply visit the platform; we must encourage them to actively participate and interact with the collectibles. Gamification elements, social features, and exclusive events can create a sense of community and foster a higher level of engagement. By continuously offering fresh content, limited editions, and collaborations, we can keep users coming back for more.

Resurrection, or re-engagement, plays a vital role in retaining users who may have become inactive or dormant. By understanding the underlying behavior that drives engagement, we can identify the marginal audience that is likely to churn. It is essential to assess whether users are experiencing real value or merely temporal value. If their engagement is solely driven by current events, rather than the broader value proposition, they may not retain in the long run. By proactively reaching out to these users with personalized offers or reminders, we can reignite their interest and increase their likelihood of returning.

In the ever-evolving world of digital collectibles, it is crucial to adapt to changing consumer behavior and preferences. Here are three actionable pieces of advice to improve user habits and retention:

  • 1. Embrace the digital experience: As more and more collectors turn to digital platforms, it is essential to provide a seamless and immersive experience. Invest in user-friendly interfaces, intuitive navigation, and visually stunning designs to captivate users and keep them engaged.
  • 2. Foster a sense of community: Collecting is often a social activity, and digital platforms should aim to recreate that sense of community. Encourage users to connect with each other through forums, chat features, or virtual events. By creating a supportive and interactive community, you can enhance user engagement and retention.
  • 3. Offer exclusive and limited-edition content: One of the key drivers of engagement in the collectibles market is the thrill of owning something unique or rare. By regularly releasing exclusive or limited-edition digital collectibles, you can create a sense of urgency and FOMO (fear of missing out) among users. This can significantly boost engagement and retention.

In conclusion, the future of collectibles lies in the digital realm. As we navigate the challenges brought about by COVID-19, it is crucial to focus on building and deepening user habits for better retention. By understanding the core inputs of activation, engagement, and resurrection, we can create a compelling digital experience that keeps users coming back for more. Embracing the digital experience, fostering a sense of community, and offering exclusive content are three actionable steps to drive user habits and retention in the ever-evolving world of digital collectibles.

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