Measuring your marketplace metrics can help you to on control of what’s happening with your marketplace platform. And also allow you to find the bad and good metrics to optimise different part of the user journey. Improving the user journey/stage going to increase the conversation rate and also retain users for longer time. Let’s go through in brief on what marketplace metrics to track and how it can help you. Using farming marketplace as an example. We are also sharing how visually you can track as some of the things we do internally as well
How would it help: see how much revenue is coming on average from each listing that is on the platform
A chart will explain the sum of how much money is earned in total from all of the listings on the platform divided by the number of these listings = average.
How much the platform earns from one relationship with a customer on average?
In simple terms, customer lifetime value is the average amount a customer bought on the platform throughout his journey. For example: If John bought 20 time in your shop for average transaction value of $10 in one year. John CLV = 200.
Using this number you could derive how much profit you make from a customer and also how much money you can spend on advertising.
How many sales does each seller/farmer have per day / week. Understanding this number can help you how much benefits each seller is leveraging from your platform. If they are happy, they will stay with you.
This is a typical metrics and default metrics to track. Monitor how much each farmers sells and combine all together to see the final value per day / week.
Monitoring performance by categories can give you insight on if any specific set of categories are emerging or declining. This specific category also implies whether you are receiving only specific set of sellers in your platform.
For example: You could be only receiving only vegetable sellers and not fruit sellers. That meas you may need to have a special campaign to bring fruit sellers.
One of the crucial thing in marketplace is liquidity. Liquidity means sellers are able to sell and there is buyers demand. vice versa. Track how many users are using the marketplace by city, radius, etc and split that number by Seller vs Buyer. So you can identify if there is Supply or Demand issue.
That can be seen as a map widget that tracks the activity of users in a specific region. Likewise, if there are 500 farmers working from France, and 200 from Germany, french region will be brighter highlighted on that map chart
That could be evaluated by the number of products sold over a specific time frame.
Identify the set of inactive accounts on specific time. Find whether this inactive is increasing, it could have a negative impact in your growth if it’s increasing. You could also identify the reasons why they become inactive(Through analytics or communicating with them), this will help you to avoid future churns.