The retail sector has seen a rapid shift from brick and mortar stores to e-commerce stores in the recent past. People prefer to sit in the comfort of their homes and order online. Everything from clothing to groceries is now available online. During this e-commerce era, a new marketplace concept has come into picture. In this, various retail stores use online e-commerce websites as a platform to sell their products online as well.
This ensured that e-commerce websites have ample stock and everyone’s need was easily fulfilled. Various e-commerce giants have slowly transformed into marketplaces. They do not only have their own products to sell, but they also allow other sellers to use their platform to sell products to the customers. This way, the customers gets the assurance of the e-commerce giant and the sellers get a lot of customers to target as well. The problem, which arises in marketplaces, is ecommerce analytics.
Marketplace Ecommerce Analytics Challenges
With so many sellers and products, it was difficult to create a system that could depict the actual sales of different sellers and the overall sales of the ecommerce platform. Here are a few challenges faced in ecommerce analytics when it comes to marketplaces:
- Separating Customer Feedback:
The first challenge faced is separating the feedback of the customers. Customers don’t just review on a particular website that sells the product. They have various means in which they send out reviews. These include social media websites like Facebook and forums like Reddit. Customers are never specific with their reviews. They would just say that a particular site had a particular bad product instead of saying that a particular seller didn’t provide good quality product on a particular site. Therefore, identifying and separating customer feedback is one of the biggest challenges faced in ecommerce analytics.
- Analytics of Products:
Another challenge that is faced by marketplace ecommerce websites is product analytics. Some products are really simple as they can be reached from one simple way, but some products are complex as they can be accessed through various pages and categories. This creates a conundrum when it comes to ecommerce analytics. A lot of questions like what kind of marketing strategy led to the conversion, what category is getting more attention from the customers and many more arise, but are difficult to answer. All this creates challenges for marketplace ecommerce.
Marketplace Ecommerce Analytics Solutions
Marketplace analytics have grown tremendously in the past few years because of technological advancements in the fields of machine learning, artificial intelligence, natural language processing, cloud computing and big data handling. If it was difficult to understand and analyze unstructured data in the past, it has become relatively easy now. A lot of solutions for analytics of marketplace ecommerce now use the above mentioned technologies to convert all the unstructured data to bring out information that can easily pinpoint the questions that rose earlier. Here are the top solutions used in ecommerce analytics:
- Cloud-Based Analytics Solutions: With the latest virtualization technology, you actually don’t need to have a proper infrastructure setup to analyse and report your ecommerce’s metrics. With the help of cloud-based analytics solutions, you can just use a remote desktop or mobile to access data. This data is also remotely collected from your website using various code snippets embedded into your website’s functionality. Cloud provides with unlimited and scalable performance and storage solutions, which are reliable and secure. Therefore, by providing this, cloud solutions allow ecommerce websites to easily analyse plethora of unstructured and structured data that is thrown at them.
- Machine Learning and Artificial Intelligence Analytics Solutions: Along with cloud, AI and machine learning is one of the top solutions for marketplace ecommerce. With the help of complex AI and machine learning algorithms, computers can now easily understand and differentiate between reviews of various products. You don’t actually need the product ID or order ID to identify the product that is being talked about in a particular review. With proper analysis by these systems, you would get a few probable matches and you can narrow down to the product that is being talked about.
Marketplaces have made the work of sellers really easy and even customers have a lot of options to choose from because of this. This is the latest way of retail business online, which is why it is important to tackle all the issues in the marketplace ecommerce analytics. Hopefully more technological advancements would take place that would help tackle these challenges easily.