Marketplace owners are confronted by a twin set of challenges when it comes to using user data to grow their platform. Firstly, which metrics should they track? Secondly, how to interpret the data in a productive manner?
A metric is only relevant if it supports the profitability and growth of your particular marketplace business. A framework like AARRR can help to organise metrics so that you can get the most out of them. Its main advantage is that it contextualises metrics by linking them to your sales funnel: acquisition, activation, retention, referral and revenue.
We’ve used the AARRR framework and tools like Snowplow and Amazon Kinesis to build custom analytics dashboards for our clients Affordable Art Fair used it to track specific user events, such as which product categories were viewed or which artists were added to wish lists. This helped them create more personalised ads, which increased engagement threefold.
Do you have a list of features in mind?
We can help you select and implement the right features for your marketplace.