Accelerating Marketplace Performance with Platform Business Diagnostics
A white paper about the benefits of performing a deep analytics health check on your marketplace to provide context for observed results while informing actionable improvements.
A white paper about the benefits of performing a deep analytics health check on your marketplace to provide context for observed results while informing actionable improvements.
Marketplace success is dependent on the operator's ability to lean into what is working and to course correct what's not working...
With ever-growing pressures on margins and profitability, online marketplaces today are challenged to launch, operate, and scale quickly and reliably. Merely having an extensive product assortment and lower prices is no longer a clear road to marketplace success. What marketplaces need in order to succeed is a systematic evaluation of the marketplace platform ecosystem to identify areas of improvement and optimize its performance.
That's why any platform-based ecommerce operator (marketplace or drop ship) should perform a diagnostic exercise at different stages of the platform's lifecycle to ensure that the platform is performing optimally and meeting its business objectives. Before launching, it’s vital to set goals and share them both internally and externally to help manage expectations. Setting clear goals and benchmarks will help your organization prioritize the Key Performance Indicators (KPIs) and success metrics to monitor over four key phases.
The analysis is conducted using a combination of quantitative and qualitative data, including marketplace performance metrics, user feedback, and best practices. These periodic evaluations can be done by teams in-house or by external third parties who have the required expertise. The goal of the ecommerce marketplace platform diagnostic exercise is to identify areas of weakness or inefficiency in the platform and develop a roadmap for improvement.
Download this white paper to learn more about:
Common challenges facing marketplace operators
How to tailor your analytics specifically to each of the four phases of the marketplace lifecycle
What should be included in an effective platform business diagnostic
How to identify and shine a light on blind spots
How to use the results of a platform business diagnostic to increase profitability
Complete the brief form to download this white paper and learn more about business platform diagnostics.