The ecommerce market is booming. According to Statista, total online retail sales in the United States increased 9% from $343.2 billion in 2019 to $374.4 billion in 2020, and ecommerce sales will exceed $470 billion by 2024.
As the market continues to grow, the landscape is becoming increasingly competitive. Understanding how data informs your marketplace management helps you unlock valuable insights for your brand and can help you surpass the competition.
As more brands begin selling online in your space, you want to better understand your customers, identify opportunities in the supply chain, and implement solutions that drive growth. A deep understanding of your business’s ecommerce data can give you the edge.
When a brand optimizes its use of ecommerce data, its customers reap the greatest rewards. A data-driven marketplace strategy helps you analyze customer behavior and uncover their needs. For example, you can ascertain and leverage information about purchasing patterns, where first-time buyers typically start, or what retail channels are driving the most repeat customers.
Brands need a marketplace management platform that aggregates customer journey data and presents it in one place. With access to timely ecommerce data and reporting that is consistent across channels and easy to replicate for performance tracking, your brand can leverage cross-channel insights on its customers.
Furthermore, having one data platform for management of all ecommerce sales and logistics transactions from all relevant marketplaces, with the ability to segment channel data, empowers you to strategize on how to transform or optimize your supply chain to meet or increase demand.
As a result, you can:
Siloed data is a problem. It limits visibility across an organization, reduces cross-functional insights, and leaves issues unnoticed. With fragmented data, across channels, it is very labor intensive to compile and analyze a comprehensive marketplace picture.
And with different partners managing ecommerce sales and fulfillment, brands end up with a disjointed data story and missed opportunities for each end of the business to inform the other.
With a comprehensive view of ecommerce sales, across geographic regions, inclusive of fulfillment transactions, your data story can help solve operational and business challenges more efficiently and quickly.
Additionally, you want your marketplace management solution to enable your teams to test hypotheses against historical and real-time data. For instance, before executing a new ad strategy, you need to know how it could impact your business. With access to cross-channel data, you can make the most informed decisions about where to spend your ad dollars.
WBX Commerce’s marketplace management technology offers a single solution to view all your marketplace data, so your teams can effectively extrapolate the outcomes of testing from a usable data picture.
Data is key to making smarter decisions and identifying new opportunities. But it’s only valuable to your business when you can easily interpret it and use those insights to take action. WBX Commerce’s marketplace services offer transparency into your ecommerce data and usable insights into your business to help your brand thrive in an environment that will only get more competitive.
Your brand’s fulfillment and sales operations have distinct performance indicators and report numerous disparate but important data. As mentioned, efficiency across both of these verticals is crucial to the successful operation of your business.
But trying to manually collect, compare, and analyze data from different parts of these separate operations is difficult and error prone. Worse still, you’re likely missing out on key performance indicators and important trends.
When a brand uses WBX Commerce for both marketplace services and fulfillment, WBX Commerce’s technology aggregates data from sales and fulfillment transactions into a single dashboard that’s easy to interpret. This means that your sales can inform fulfillment and fulfillment can inform sales. With a fuller performance picture, your brand can implement changes that benefit both its business and its customers.
It can be very difficult to make informed decisions using raw data. To effectively use that data, a brand needs to compile it, analyze it, and identify relevant, actionable insights. This can be expensive and time consuming, requiring a dedicated team or an in-house analytics infrastructure.
The simplified interface of WBX Commerce’s modern commerce platform removes the heavy lifting. Our technology pulls data from various application programming interfaces (APIs) and other sources into a data warehouse. And from here, WBX Commerce provides data visualizations that heighten business intelligence and enable your teams to make educated decisions without downloading, manipulating, or even interpreting the data.
Ecommerce data is key to making strategic and informed decisions that improve customers’ experiences and generate revenue and growth. With powerful vertical integration, WBX Commerce’s marketplace management platform enables you to visualize all of your brand’s ecommerce data clearly and act on insights to seize opportunities before the competition.
When you partner with WBX Commerce, you get much more than a marketplace manager. There’s a team of experts at WBX Commerce available to implement many marketplace management solutions for your brand. You can count on them to handle listing optimization, marketplace preparation, ecommerce marketing, fulfillment and logistics, and more. To learn more, reach out to WBX Commerce’s ecommerce experts today.
