There are a number of ways to gather and validate testing hypotheses.
Always look into the data to try and identify patterns which could suggest potential hypothese to test. Compare this against qualitiative data such as customer services/social feedback to help build a full picture.
Gathering issues and forming an issue tree to help validate the hypothese and form solutions is a good place to start. Make sure that issues are mutually exclusive and collectively exhaustive (MECE) to ensure there is no overlap.
Hypotheses should be able to be phrased as a change: effect framework. This will help to get sign off internally when dealing with other stakeholders as it will clearly and concisely outline, what will be changed and what you predict the outcomes to be. If you can't phrase this as a statement then your hypotheses might need more work to be robust.
E.g. By changing the ranking cocktail set up on the New In category from (insert current ranking details) to (insert new ranking details), we expect to increase revenue by X%.
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