The importance of multi-marketplace analytics tools
- •Collating reports across platforms
- •Tracking seller fees across marketplaces
- •Managing inventory with multiple sales channels
- •Managing costs with multiple sales channels
- •Collecting platform-specific customer data
- •Optimizing marketing for each channel
- •Tracking revenue across countries
- •Set yourself up for selling on multiple marketplaces
Selling across multiple marketplaces can grow profits through increased revenue and offer safety through revenue stream diversification.
But clearly, multi-marketplace selling presents challenges when analyzing sales across more than one platform. Here are some specific factors that are difficult to track effectively and what to look for in an analytics solution.
Collating reports across platforms
It’s simply challenging to collate reports from different eCommerce platforms. Each platform has its own way of visualizing selling data, but it allows you to download the data in a spreadsheet format.
Even when you download report data as a spreadsheet, matching different reports can still be difficult. Platforms don’t always label their data in the same way, and they don’t always have identical reporting periods.
In theory, you can manually resolve these issues. But collating data takes an inordinate amount of time and is prone to error.
When you use an eCommerce analytics program that can read data from different marketplaces, you can easily compile accurate, matching reports. The program you choose should at least draw reports from all the platforms you sell on.
Tracking seller fees across marketplaces
All marketplaces charge fees to sell on their sites, but these fees vary both in structure and amount.
Most marketplaces charge a flat monthly fee plus a per-item fee. The monthly fee may be tiered, depending on your turnover and desired service level. Marketplaces can charge per-item fees for each listing or each sale. And marketplaces sometimes have other fees that you must also take into account.
It’s important to monitor seller fees accurately and promptly so that you can make adjustments to limit this expense. If fees rise or fall on a platform, you might want to change the seller account type, adjust your product price, focus on selling more or fewer product lines, or take other actions.
You might need adjustments as long-term trends play out, or you might want to make short-term adjustments if your business faces significant seasonal sales fluctuations.
The analytics software you use should constantly update the seller fees you pay on different platforms. Real-time data will give you the timely information you need to make changes.
Managing inventory with multiple sales channels
When selling online, being able to deliver on orders is crucial. Unfilled orders prompt negative reviews that can devastate sales. Even order fulfillment delays can reduce your rating.
To ensure you can promptly fulfill orders, you need an inventory tracking program that monitors sales across channels in real-time (even if you’re using Amazon FBA). As soon as a customer places an order on one platform, the system should immediately update your inventory on all other platforms. Of course, immediate updates are possible only if the system is fully automated.
Managing costs with multiple sales channels
Shipping and other common eCommerce costs can vary significantly across platforms, products, and delivery time frames. Aggregating shipping data from just one platform can be time-consuming, not to mention doing the same for all the platforms you sell on.
It’s especially important to keep your costs as low as possible to preserve margins. Because shipping fees must be paid with each order, even a small reduction in per-order shipping rates can result in significant savings.
The best way to track multiple stores’ worth of costs is to use a comprehensive business expense management system. Combining at least two sales channels in reports may show that shipping from one location is better than shipping from another. Ideally, all analytics will be within one comprehensive program.
Collecting platform-specific customer data
Many eCommerce platforms make at least some customer data available to sellers, and some platforms offer a ton of information. Understanding this data can help you craft better descriptions, advertising campaigns, and products for customers.
Broad customer data is helpful, but platform-specific data is even more useful. Analyze who’s buying on each platform, and you might notice that different demographics are purchasing from different platforms. If you notice such a trend, you can adjust your listings and advertising campaigns accordingly.
A good multi-channel eCommerce platform will collate all customer data, as well as make it easy to see platform-specific data.
Optimizing marketing for each channel
Platform-specific customer data will help you optimize marketing campaigns and online advertisements for each platform, especially if the data includes click-through and conversion rates. After setting up a few campaigns on a platform, you can get data that shows the most effective campaigns and then focus solely on them.
Platform-specific marketing and advertising data are especially helpful because platforms have multiple advertising opportunities. You might target different keywords on different platforms and design advertisements according to various parameters.
As eCommerce platforms increasingly feature sponsored listings, the importance of having software that can provide detailed marketing data by platform also increases.
Tracking revenue across countries
Selling across marketplaces doesn’t involve simply listing on different platforms. It often involves selling in different countries, too.
Having revenues and expenses on various marketplaces’ international platforms only complicates tracking, especially in terms of financials.
A global accounts provider can make tracking international sales easy and help you save on fees by paying in local currency.
A global accounts provider can set up accounts in the countries where you have substantial sales, so you can conduct business in those countries’ currencies. As you move profits into your US-based account, the accounts provider can also efficiently manage exchange rates.
Plus, linking multiple international accounts makes tracking sales, inventory, and analytics across countries much simpler. You can automatically take care of sales, transfers, and payments.
Set yourself up for selling on multiple marketplaces
Maximize your online sales by setting yourself up to sell on multiple marketplaces simply and accurately. Find analytics software that provides the robust reporting capabilities you need, and open global bank accounts with a central provider so you can easily optimize and track international sales.
Don’t waste any time — get on the waitlist for Airwallex’s all-in-one eCommerce financial solution today!
Margaret runs marketing for Airwallex US, working with great companies across eCommerce, consumer goods, consulting, and tech to deliver excellent experiences to shared audiences.
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