Marketplace Analytics Visualization: Expose The Most Important Data

“The purpose of visualization is insight, not pictures” Henry D Hubbard

“Visualizations act as a campfire around which we gather to tell stories” Al Shalloway

We understand that you might be really curious about the thoughts mentioned above and what we are driving at. Both authors believe in the effectiveness of visualization and so do we, that’s why here we are going to analyze the concept of “Visualization” as a feature for an online marketplace.

In this article, we will show you the benefits of data visualization for your marketplace analytics, kinds of metrics to picture, ways to make an effective presentation, tools you can make use of for data visualization, open-source analytical tools, and reporting solutions.

What Is Data Visualization And Why Is It So Essential?

On a general basis, data visualization is the display of a large group of data in the visual form. However, presentation of data depends on the type of data structure. Most often, data is organized in bars, columns, pie-charts, line graphs, sunbursts, etc.

As an agent of exploration, visualization enables deep search and the discovery of valuable gems in your data. Visualization in your project intensifies the processes of analysis, the search of relationships, comparison and progress monitoring, and makes the project more appealing than ever.

Once your project is working at an optimum level, this enables you to make accurate data-driven decisions, monitor efficiency in performance metrics, scrutinize the areas that should be reinforced for more effectiveness, and have the understanding of your customers’ needs and their reaction to your product.

Advantages Of Data Visualization For Your Marketplace KPI Analytics

In a multivendor marketplace, the modes of data arrangement and analysis have great influence on marketplace performance. Therefore, the aim of having all the essential data within your grasp should be the optimum goal. Undoubtedly, this will make it easier for you to see the loopholes in your systems or areas that can attract more revenue and customers.

The following are the benefits data visualization will add to your online marketplace business.

• Swift Information Processing
  A research carried out on the human mental process reveals that our cerebrum can easily interpret pieces of information if arranged orderly and systematically. As a result, an average person can focus on one area without getting distracted by irrelevancies. Visualization works the same way, the whole attention is focused on relevant data while the rest is cast aside or omitted.
• Customer’s analysis
  Data visualization helps in identifying your clients, monitoring their activities, making a cross-comparison of their interests, budgets, scale of preference, age, etc.
• Sales Analysis And Cross-Comparisons
  Data visualization also enables easier tracking, surveying, and comparison of transactions made on your marketplace.
• Constructive Data Presentation For Service Providers
  This feature can also extend your business to the service providers that are available on your marketplace. Without a doubt, data visualization will also allow them to improve their services and increase the number of clients and sales.
• Interaction With Data
  As a scientific tool, visualization enables you to use most of the techniques in the field as a bonus. You will also be able to utilize charts, manipulate the structures, place them wherever you desire, and share them with your team.

Kinds Of Metrics That Are Essential For The Marketplace

Technically, if there are individual differences between people, no doubt that marketplace data would vary for marketplace owners and service or product providers. Each of these concepts needs separate analytics. Let’s review the metrics that come in handy.

Data for service providers

• Number of buyers per day/month/year
• Activity tracking per day/month/year
• Customer liquidity (the probability that a visit will lead to a transaction)
• Profit by countries/cities
• Repeat purchases ratio
• Revenue from buyers
• Number of orders per buyer
• Analysis of customer segments
• Market conditions and trends
• Data for the marketplace owners

Data for marketplace owner

• Number of listings on the marketplace
• Listing growth rate
• Provider liquidity (percentage of listings that lead to transactions)
• Total sales value of the products or services sold via your marketplace.
• Tracking the steps user takes before buying.
• Customer acquisition cost (how much money you spend on a new customer, e.g. customer support or paid ads)
• Seller growth rate
• Revenue by location, market, acquisition channel or time
• Take rate (percentage of the Gross Merchandise Value retained by your marketplace)
• Data visualization tools

Software for Data Visualization

Metabase
This is an open-source Dashboards & Data visualization software programmed to enable the distribution of data and analytics across your company regardless of the size of each unit and other branches.

Source: Metabase

Aside from data sharing, Metabase also enables users to run their queries (even if they are not tech-gurus) and link the answers to their queries from the database.

Furthermore, these users can also transform their data into different types of graphs and charts to make it more appealing. The application of Metabase in data visualization can also upgrade existing questions, build, assemble, and share important data.

You can find some examples of how companies use Metabase for Data Visualisation at their website.

Apache Zeppelin
Apache Zeppelin is a web-based notebook that allows interactive data analytics, visualization, and collaborations. Once you are a regular user, the open-source program allows you to import voluminous data, search it, query it, and more.

Source: Apache Zeppelin

ReDash
This is an open-source data collaboration and visualization forum, and as a program designed to enable easy access to millions of records; no doubt that your world of data has just gotten enlarged. It also enables you to connect and query your data source, transform them into visualizations, build dashboards, manipulate data without writing SQL queries, and share them with your company.

Source: ReDash

Bime
Bime is a mighty modern BI tool and analytics platform that’s capable of integrating data from different sources (flat files, CRM, databases, and web apps) into valuable information. This platform will help you measure and understand your clients’ experiences as they engage your platform, and prescribed ways to improve your services to attract more revenue and customers.

Source: Bime

Magento BI
Business Intelligence is a tool for marketplaces that allows you to get insights into your Magento. This tool will help you monitor, track, and survey deeper analytics such as cohort analysis, churn analysis, marketing ROI, e-mail segmentation, holiday performance, etc.

Source: Magento BI

In a nutshell, Marketplace Analytics Visualization will transform your data into discoveries and insights. It will enhance deeper analysis; therefore, eradicate loopholes in the system and multiply your revenue.