ArtisanHub, an online marketplace specializing in handcrafted artisan goods, should prioritize a multifaceted approach to monitor key performance indicators (KPIs) in assessing user engagement, sales growth, vendor satisfaction, and platform reliability. This report will provide insights into the KPIs that should be prioritized and monitored regularly.
1. Average Session Duration (6.84 minutes): This KPI represents the average amount of time a user spends on the platform. A longer session duration typically indicates higher user engagement.
2. Monthly Active Users (MAU) (3,321): This is a critical metric to understand the level of engagement and activity on the platform.
3. Repeat Purchase Rate (47.57%): A high repeat purchase rate indicates customer satisfaction and loyalty.
4. Net Promoter Score (NPS) (39): This measures the willingness of customers to recommend the platform to others.
1. Total Revenue ($72,102.80) & Gross Margin ($32,940.79): These are critical for measuring the overall financial health and profitability of the platform.
2. Average Transaction Value ($28.18): This indicates the average amount spent by customers per transaction.
3. Conversion Rate (2.48%): This represents the percentage of visitors who make a purchase, a crucial indicator of sales growth.
4. Customer Acquisition Cost (CAC) ($19.98): Monitoring CAC is vital to ensure sustainable growth.
1. Total Number of Active Sellers (623): A high number of active sellers is a positive indicator of vendor satisfaction and engagement.
2. Average Time to Resolve Disputes (2.88 hours): Quick resolution times are indicative of effective vendor support, impacting overall satisfaction.
3. Percentage of Positive Reviews (76.43%): A higher percentage of positive reviews can reflect the satisfaction level of the vendors.
1. Operational Downtime (0.53 hours): Minimal downtime is crucial for maintaining user trust and satisfaction.
2. Percentage of Successful Deliveries (97.16%): This indicates the reliability and efficiency of the delivery system.
3. Total Number of Products Listed (8,746): A diverse product listing is essential for a reliable and attractive platform.
1. Enhance User Engagement:
– Implement strategies to increase the average session duration and the number of monthly active users.
– Focus on improving the NPS by collecting and acting on user feedback.
– Develop customer loyalty programs to increase the repeat purchase rate.
2. Boost Sales Growth:
– Optimize the conversion funnel to increase the conversion rate and subsequently the total revenue.
– Monitor and control CAC through efficient marketing strategies.
– Increase average transaction value through upselling and cross-selling techniques.
3. Improve Vendor Satisfaction:
– Establish effective communication channels with sellers to resolve disputes quickly.
– Encourage sellers to maintain high-quality products to increase positive reviews.
– Maintain a healthy relationship with sellers through regular engagement and support.
4. Ensure Platform Reliability:
– Invest in technology and infrastructure to minimize operational downtime.
– Maintain a high rate of successful deliveries through reliable logistics partnerships.
– Regularly update and diversify product listings to keep the platform attractive and reliable.
ArtisanHub should focus on a balanced approach to monitoring and improving the KPIs related to user engagement, sales growth, vendor satisfaction, and platform reliability. By implementing the above recommendations, ArtisanHub can effectively gauge and enhance its overall performance, ensuring sustained growth and success in the marketplace.
Compose a report on which key performance indicators (KPIs) should ‘ArtisanHub’, an online marketplace for handcrafted artisan goods, prioritize and monitor to effectively gauge user engagement, sales growth, vendor satisfaction, and platform reliability.
– Total Revenue: $72,102.80
– Average Transaction Value: $28.18
– Gross Margin: $32,940.79
– Revenue from Ads: $4,886.96
Seller & Customer KPIs:
– Total Number of Registered Sellers: 695
– Total Number of Active Sellers: 623
– New Sellers Acquired: 20
– Total Number of Customers: 4,258
– Monthly Active Users (MAU): 3,321
– Customer Acquisition Cost (CAC): $19.98
– Average Time to Resolve Disputes: 2.88 hours
– Percentage of Successful Deliveries: 97.16%
– Operational Downtime: 0.53 hours
Product & Inventory KPIs:
– Total Number of Products Listed: 8,746
– Average Inventory Turnover: 4.64 times
– Top-selling Categories: Pottery & Ceramics, Handmade Jewelry, Leather Goods
Engagement & Retention KPIs:
– Average Session Duration: 6.84 minutes
– Repeat Purchase Rate: 47.57%
– Churn Rate: 11.61%
– Net Promoter Score (NPS): 39
Marketing & Traffic KPIs:
– Total Website Traffic: 33,688 visitors
– Traffic Sources:
– Direct: 39.14%
– Search Engines: 53.30%
– Social Media: 13.94%
– Conversion Rate: 2.48%
– Click-Through Rate (CTR): 2.01%
Feedback & Reviews KPIs:
– Average Product Rating: 3.74 out of 5
– Total Number of Reviews: 573
– Percentage of Positive Reviews: 76.43%