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Marketplace Business Intelligence

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Marketplace Business Intelligence

Marketplace eCommerce business intelligence and performance monitoring is one of the capabilities of an aggregating platform like a marketplace. Which essentially takes information about all of the sellers in the market and enables those sellers to be able to see information that's genericized and has been decoupled from sensitive and private details around each of the sellers. In this article we are going to take a look at a number of implementations and capabilities available within a marketplace platform.

Building a Macro View of Your Marketplace

The Acquiring & Aggregation of Data

Data aggregation, putting the data into a macro view of the entire marketplace, this allows the data for each individual seller within that scope of overall data to be mapped out. So, you can do things like showing sellers how well they're doing within different categories of sales. Within the marketplace are they on of the top sellers within a particular category? Are they selling some of the higher interest items? Are there items trending up or down in interest within the marketplace? Are their items getting better reviews relative to others in the marketplace, etc.

In addition to that, they can also see things like; What are higher margin items that are selling in the marketplace? What are items that folks may be selling less of, but they're making a lot more money on? How are other sellers within the market doing with regards to returns? This kind of information can also be made available to buyers or maybe a buyer with a certain level of membership within the marketplace to get this access.

They can actually use that kind of data to view different sellers relative to the overall market’s capabilities. You can get this view of where a seller sits in a quadrant of service, support, and quantity of items sold to identify how they're doing with those items. With this data you are able to look for vendors who sell a lot and have high quality ratings, not just someone who sells a little and gets great ratings. You want someone that's getting high ratings and sells lot.

Create Credibility Through Quality

Providing Values and Quality Assurance

In addition to that, it's also possible for buyers to be evaluated and kind of genericized then presented to vendors as whether or not that buyer is a reliable buyer. Are they helpful in dealing with issues? Do they pay properly if they're not paying up front? You know, depending on the marketplace itself, there might be some pretty large and complicated transactions. So, having the aggregated data information as a backdrop into the background for review can help protect the vendor. These capabilities are available to sellers as well as buyers, and depending on how they operate within the marketplace, this can be really helpful information.

A lot of our marketplace clients can provide an extremely high amount of value to their members. In particular, their sellers or vendors on the platform by providing a detailed analysis and dashboard data around these types of points. You can essentially profile different types of buyers who are purchasing different types of items or profile buyers with the highest reviews. This provides vendors with the information on who generally with be the best to work.

When allocating advertising resources, a vendor can direct those resources around their ideal clientele. and that the best kind of choices and configuration as a vendor or seller are possible. You can see which categories are getting the highest margins and start to operate more within those categories. You can see which types of buyers are giving the highest reviews and why they're giving those high reviews. It’s possible to even determine what drives them to do that and focus the organization around those types of activities of service and support. That's a really effective way for vendors and your marketplace as a whole, deliver the highest quality of service and products.

Incentivize Buyers and Sellers

Ease of Access

In addition, it's also possible to reward buyers and sellers who, compared to the rest of the community, are top performers in total revenue, total purchases, total ratings and reviews. For a vendor, some of the questions to you could ask could be highly focused on their relationship to the buyers. How many ratings and reviews have they given as a seller? How well did they do with their ratings and reviews?

These type of data points can drive search results within the marketplace. As a marketplace, you would want to present higher quality venders’ products and items much higher than others. This will only benefit the marketplace as a whole by increase customer satisfaction.

You might even want to enable buyers to get a small discount if they are a really good, easy to work with buyer. You may want to auto-apply a discount or provide them with other incentives based on their behaviors within the marketplace. There are risks on both sides by enabling both buyers and sellers to have data that's positioning them within the marketplace. Essentially, it's showing where their position within the normalized overall market of buyers and sellers are. This can be really helpful so that the behavior can trend towards positive behavior across the marketplace. Being able to incentivize and reward folks based on optimal behavior that moves everyone in the right direction is going to help them to continue to improve their business, continue to improve their experience as a buyer, and continue to ultimately drive the marketplace towards better set of results for folks that are online using it.

How Can Clarity Help

Clarity Marketplace Experts

We certainly encourage you to look into the capabilities of not just having a marketplace, but having a set of data behind the marketplace that can provide real value and additional service and resources for users, be they buyers or sellers by giving access to the full set of data without any private information being available of course. If you'd like to review with our Clarity team members, we certainly would welcome the opportunity to share any helpful information or answer any questions that you might have. You're welcome to also take a look at these additional resources below, otherwise we hope you have a nice day and wish you the best with your project.

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