Why has Faire's brand onboarding process seen a 20% drop in completion rates over the past month?

Introduction

Faire's brand onboarding process has experienced a significant 20% drop in completion rates over the past month, raising concerns about the platform's ability to attract and retain new brands. This issue directly impacts Faire's growth and marketplace dynamics, making it crucial to identify and address the root cause promptly.

I'll approach this problem systematically, starting with clarifying questions to gather context, then ruling out external factors before diving deep into internal causes. We'll analyze the user journey, break down the metric, form data-driven hypotheses, and conduct a thorough root cause analysis. Finally, we'll develop a comprehensive plan to validate our findings and implement solutions.

Step 1

Clarifying Questions (3 minutes)

• I'm noticing the timeframe is quite specific. Has there been any significant change to the onboarding process in the last 1-2 months?

Why it matters: Recent changes could directly correlate with the drop in completion rates. Expected answer: Yes, we updated the UI of the onboarding flow. Impact on approach: If true, we'd focus on the UI changes as a primary factor.

• Looking at the completion rate metric, I'm wondering if we're seeing a uniform drop across all brand categories or if it's more pronounced in certain segments?

Why it matters: This helps us identify if the issue is universal or specific to certain brand types. Expected answer: The drop is more significant in newer, smaller brands. Impact on approach: We'd investigate factors that might disproportionately affect smaller brands.

• Considering the 20% drop, has there been any change in the quality or volume of brands attempting to onboard recently?

Why it matters: Changes in the incoming brand pool could explain the completion rate drop. Expected answer: We've been running more aggressive acquisition campaigns. Impact on approach: We'd examine if the campaigns are attracting brands that are a good fit for the platform.

• I'm curious about any changes in the competitive landscape. Have any major competitors launched new features or incentives for brands in the past month?

Why it matters: External competitive factors could be drawing brands away mid-onboarding. Expected answer: No significant changes from competitors. Impact on approach: We'd focus more on internal factors if the competitive landscape remains stable.