It is a critical question; you can answer this only if you have researched the company and the product well. Spend time preparing this question a day before, and note down the issues that come to your mind. Ideate a couple of solutions or suggestions and keep it handy with you. It would help if you were not spending more than an hour on this, too much of analysis will make you feel obsessed.

While answering, please don’t put your ideas upfront, but instead, analyze the thought process behind it. Ask them why they have done certain things this way and get more insight into it because they could have done a lot of discussions before implementing them. It is better to know their reasoning before telling any solution. Say only what is appropriate and explain how your suggestion can improve the product experience. Hence you can justify it if possible share metrics to track the performance of the solution you have suggested.

The answer to this says a lot about you to the interviewer—your eagerness to know about the product, and willingness to solve it. Overall the right answer would project you as a responsible person, and you are serious about it.