Designing Secondary Market for The First Equity Crowdfunding in Indonesia — Santara

The challenge

Our users mainly new investors who never try share trading and a few experience investors who trying to find other investment options. Our goals for this secondary market were to make secondary market easy to use for both users who have experience in share trading and users who doesn’t have experience in share trading. Also, to make the experience as simple as possible while still give user enough information relevant to the shares of the company they were going to buy or sell.


Concepting and Wireframing

Early wireframe. Many things change but the whole basic ideas stay the same.

Clean, Simple and Easy to Navigate

So here is Santara secondary market :


When building a digital product we should try to suit the people using it and deliver the best user experience. Santara secondary market go through two user test phase. The first is usability test where only 5 selected user tried the prototype and the second is beta test (limited releases) where every users can register to try the prototypes before full release.

We discover so many things from this beta test!

Few important changes we made after beta testing :

  • We decide to add sell button in business detail. In beta, we found that users check their shares through businesses list rather than portfolio page. So we add sell button in business detail to make it easier for user to sell their shares. We also add candlestick option in the chart.
Left if user check the business where they have their shares. Right if user do not have shares.
  • We change some of the error messages. We found that some error messages aren’t clear enough for user and change it.
  • We change the input field in the transaction page. We found that some user doesn’t realize that you can input total shares by keyboard, instead they clicked the add shares button repeatedly. So we decided to remove add and subtract button in input shares and the button only appears when users already input their number, so add and subtract button only used as a complement when user want to add or subtract their desired number.


We launched secondary market on March 18th, 2020. Secondary market open for 10 days. The feature gives us positive results.

5,763 transactions in 10 days

About Rp 2,700,000,000 total transactions in 10 days

About 21,000,000 shares traded in 10 days



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