Pallete

Art investment Platform (SVA X Goldman Sachs)

ROLE
• Led UX design process
• User Research
• UI Design & Interactive Prototyping

TEAM
‍Nayeon Kim
Danny Weng
Jane Guan
Sukky Yan

TOOLS
Figma
Protopie
Miro

dURATION
15-Week

INITIAL CHALLENGE
FROM GOLDMAN SACHS

How might we make creative mediums more accessible as viable investment opportunities?

SOLUTION OVERVIEW

A Platform That Helps Even Non-wealthy People To Start Investing In Art

Pallete allows ordinary millennial investors to invest in art by helping them see the creative medium as a viable investment vehicle. As it connects investors to promising new artists, investors can start investing in art with a small amount of money, and new artists can obtain an opportunity to promote and sell their works.

CONTEXT

Online sales in the art market has been growing up

During the global pandemic, many physical spaces for buying and selling arts closed.

Millennials have emerged in the art investment field

As the online art market is growing, Millennials who are comfortable in the digital, get into art investment.

Non-wealthy people are excluded from the art industry

Compared to other investment vehicles, the current art industry is focused on wealthy people.

DISCOVER PROBLEMS

To understand the problem context in the market, we visited three galleries in New York and interviewed artists, gallery managers, and an art dealer as our stakeholders. Also, we conducted 7-in-depth interviews with different types of millennials, from beginner investors to professional investors, to identify their thoughts and needs in art investment.

WHAT THEY SAID

I always start investing from small amounts of money, and I hope buying art can be more personal, you do not have that experience, unless you are super wealthy. ”

- Daniel,
UX designer eager to buy creative mediums

Art and real estate are something you wanna live in or have in your space, hopefully, it’s a smart investment choice. I do want something that I can enjoy, it’s an emotional investment.”

- Kelsey,
Product strategist seeking to invest in other investment vehicles

I knew a lot of artists and I bought from them because I want to support them. I know that I can sell it later, but I do not know how and where to sell it.”

- Alex,
Art instructor collecting enthusiast

KEY FINDINGS
FROM INTERVIEWS

Millennials tend to
start investing ...

with a small amount of money
in what they are interested in

Millennial investors
who collect artworks
don’t know ...

where they can find artworks that suit their taste
where they can sell their art collections
when the value of their artworks goes up

Millennials don’t invest in art compared to other investment vehicles
because of ...

WHAT WE
FOCUSED ON

We could find more pain points and opportunities from non-wealthy people than wealthy investors in the art investment market through our research. Based on our insights, we embodied our initial challenge by narrowing down just ‘Millennial- investors’ to ‘Millennial investors who are not wealthy.’

rEDEFINED
cHALLENGE

How might we lower the entry barrier of art investment for ordinary millennial investors who are not wealthy?

WHY 'NON-WEALTHY' MILLENNIALS?

During research, we found out there exist more pain points in starting the art investment from average millennials than wealthy millennials.

PERSONA

We decided our target user group as Kelsey
‍
• who is non-wealthy millennial
• who is currently investing in something
• who loves art

USER JOURNEY map

Based on our persona, we created Kelsey's journey map by dividing 5E steps;

Entice, Enter, Engage, Exit, Extend

SYNTHESIZING

After narrowing down our target user group and challenge, we synthesized all findings to find opportunities to solve their pain points during the journey of art investment. Through this session, we could decide what we will focus on.

COMPETITOR ANALYSIS

Before deciding on our features, we analyzed eight relevant products with different characteristics to understand the current market, from art auction apps to stock apps.

pain points &
oPPORTUNITIES

DESIGN THE SOLUTION

iNFORMATION
ARCHITECTURE

LO-FI WIREFRAME (INITIAL VER.)
& uSER TESTING

After ideating features and building IA, we created low-fidelity wireframe with our initial idea.

Then, we conducted user testing with the wireframe and iterated our features and UI design based on feedback from users.

ITERATION
AFTER USER TESTING

pROTOTYPE

Onboarding

Discovering user taste

Pallete gathers data of the user’s art taste by allowing users to swipe images of various arts during the onboarding process.

Explore

Recommendation for
artwork and new artists

Using a data algorithm, users can find affordable artworks that suit their tastes from new artists.

Explore

Easy checking the value of artists

Our own scoring system, Pallete score allows users to look over the artist’s growth potential.

Pallete score will be based on
- Award-winning careers
- Evaluation by art experts
- The number of Google searches
- The number of Social media followers

Sale

Reselling artworks
to make an investment return

Users can resell their artworks from collections and manage the resale process on the market.

My Pallete

Tracking the status
of investment value

Pallete informs market signals of the artworks that the user currently has.It allows them to resell them on the market.

Tier system
Tier system for users allows users to 
 motivate to transact actively in the app

TAKEAWAYS

Figuring out where to focus

I learned it was essential to determine our focus among many insights from research to craft a viable product at the starting point. We tried to iteratively narrow down our problem statement more specifically by synthesizing our interviews and secondary research.

Verifying solution and design through user testing

After creating the initial prototype, we conducted user testing with three actual target users on Figma. We discovered what we overlooked or something different from our assumptions by observing how users use our product. We could iterate our features and design based on testers' feedback from user testing. I realized that user testing allows UX designers to verify their assumptions and design, one of the most critical processes to make a user-centered product.

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NAYEON KIM
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