Online marketplace dashboard example
Who is an online marketplace dashboard for?
A Founder or CEO of an online marketplace business.
Why is an online marketplace dashboard useful?
Successful two-sided marketplaces create demand, supply and a desire for buyers and sellers to transact consistently. No two marketplaces are the same, but key metrics normally fall into three categories--buyer activity, seller activity and revenue. However, ultimately, the one metric that matters will be the volume of sales and revenue.
Attracting enough buyers is a key focus for a growing online marketplace is. Building supply comes second and can be modelled based on demand. This executive dashboard focuses on communicating how well the two sides of the marketplace work together to generate revenue.
If you are looking for a traditional e-commerce dashboard, this example would be a good fit for you.
How can an online marketplace dashboard help you achieve your business goals?
As the founder of an online marketplace, you want an overview of the business’ growth, on both the revenue and stakeholder sides. By tracking the right online marketplace metrics, you can spot early signs of decreasing buyer demand that will negatively impact your revenue. For example:
Scenario 1: Has the volume of buyer searches decreased in the last few months and you’re starting to see a drop in revenue?
Action 1: Search is the primary way in which users find sellers, so you’ll need to investigate what is causing the drop. Check the number of searches without any results–this is a great opportunity to acquire new sellers and monetize the growing demand.
Action 2: Investigate the search queries themselves–it may be that you already have inventory to satisfy the demand, but buyers struggle to find it. Consider adding new navigation linking to this popular category to increase discoverability.
Tracking how fast you’re growing your buyer and seller base will ensure you can maintain a balance between supply and demand. For example:
Scenario 2: Has the number of sellers decreased, but revenue has increased?
Action 1: Investigate which of your sellers are generating the most revenue and focus on increasing the number of listings per seller.
Action 2: Review the buyer search queries and plan a seller acquisition campaign that will satisfy this demand. To check the success of the campaign, track the listing conversion rate for these newly acquired sellers.
Scenario 3: Has the number of buyers decreased, while the number of sellers has increased?
Action 1: Investigate how engaged your buyers are. If engagement has dropped, look at relaunching your seller acquisition campaign to match the needs of your audience. It is always easier to model supply based on demand rather than the other way around.
Action 2: Revise how quickly you onboard sellers. It may be that it takes too long for them to become active and start listing inventory, which is deterring buyers.
On a monthly basis, you’ll want to make sure you hit revenue targets against your goals, while keeping buyers happy. In a two-sided marketplace, user reviews are great indicators of a good reputation. Declining ratings could signal an issue with the reliability of the service. For example:
Scenario 4: Has the percentage of positively rated transactions been dropping?
Action: Revise those transactions–a decline in ratings could signal fraudulent sales. You’ll want to address that immediately before it impacts revenue and buyers start leaving.
Scenario 5: Have the percentage of active listings and revenue been decreasing?
Action 1: Identify your most successful sellers and focus on increasing the number of listings for those sellers.
Action 2: Revise your seller list–if the buyer searches no longer match the inventory, it’s time to either acquire new sellers or ask existing sellers to diversify.
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Online marketplace dashboard example
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