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E-commerce has become more challenging than ever! New retail media platforms are being launched every day with advanced features and ad types on marketplaces such as Walmart and Amazon. Handling several platforms and tasks needs different tools and teams. And getting a single app or software can help you achieve better in lesser time. As several tools are required for marketplace monitoring and performance is tracked across various spreadsheets, it is tough to gain a complete understanding of the e-commerce monitoring.
For instance, selling your products via marketplaces is a significant part of the e-commerce strategy. And right tools can help in managing all the marketplaces in one unified platform.
Marketplace management helps in streamlining operations. Irrespective of whether a business starting with the marketplace or is ready for the next level, the right tools will help! They help in seeing what orders are coming in, adjusting the inventory in real-time and setting-up fulfillment rules. By integrating with any marketplace, you can optimize the sales potential in any part of the world.
Today, we will discuss the significance of having a good marketplace monitoring tool by your side which can help you get the best results.
Marketplace monitoring is not just about keeping an eye on the competition, it's about gaining a deeper understanding of your customers and using that knowledge to continuously improve your offerings.
Organizational Challenges of Marketplace Management
Organizations are stepping up toward the digitization of operations. Getting companies behind this process takes time but the intent is necessary. To begin with, businesses have growing volumes of data for analysis across different applications. And any kind of lack of operation and process standardization can result in missed opportunities. Usually, advertisers deal with diverse data sources such as:
- Retail data- sales, operations, margin, and inventory
- Advertising Data-Search and DSP
- Digital shelf insights-content audits, the share of voice, and price trends.
- Internal data science- hypothesis
Now, this happens, when a single team is handling with a huge volume of data from various sources, and they find it challenging to put everything together to get a complete insight into the marketplace. The market is wide, vivid, and cut-throat. Taking necessary actions and initiatives makes it possible for companies to get their bottom line in order. However, every team of the company namely the supply chain, sales, marketing, data science, and finance team deals with huge data coming from different sources. These data need to be organized and clear to have an efficient result.
Stakeholders find it difficult to be on the same page with all this data. It is almost impossible to create cross-organization efficiencies. That is where our marketplace monitoring comes into the picture. PriceIntelGuru is one of the leading price intelligence companies catering to the distinguished needs of the industries.
Advantages of Intelligent Marketplace Monitoring
AI tools are here to stay and are going to make the run faster and smoother. Bringing forward the best foot forward will not be enough, but businesses will have to take the help of best tool available in the market in an efficient manner. Let us explain why. Basically, there are tools but using them appropriately makes all the difference. Building trust in your customers is significantly important but retaining that customer is also necessary.
Intelligent marketplace management is more than just offering a single source of truth for the data.
1. Easy Analysis
When the different pieces of data are put together, it is easy to analyze and get insights into future opportunities. It enables them in making cross-functional business decisions. Efficient e-commerce monitoring consists of:
- Machine learning and real time analytics.
- Algorithm-based recommendations for meeting execution gaps.
- Improved efficiency of the departments in a business
With the help of data input and predictive analytics, a business can gain a better understanding of current happenings. It also helps in getting an insight into how to get ahead.
2. Balancing the Demand
Markets have gaps in different industry segments. Understanding those gaps is vital but filling those gaps is more business-oriented approach. With the help of marketplace monitoring, you can make a change in the way your business operates. Marketplace monitoring tracks the gaps in the demand and supply of a certain location or certain demographics enabling you to grab that opportunity to swoop in and get the most out of it. The chance of conversion increases if a business addresses a dire need of a customer. That is like hitting a jackpot!
3. Identifying the Pricing Trends
It is not a hidden fact that pricing is the key to growing your business. Changing pricing trends is very daunting for every business, especially for online retail businesses. Amazon utilizes a dynamic pricing strategy and changes constantly sometimes even daily. So, knowing the price change and adapting your price according to the prevailing trends, needs constant monitoring. And you can do that with the help of a powerful marketplace monitoring tool like ours.
4. Understanding Consumer Behaviors
Many companies and conglomerates spend billions of dollars to just understand the likes and preferences of their target customers. They invest in many data extraction platforms like WebDataGuru, then conduct primary surveys, and conduct focus groups just to decipher the likes and dislikes of their demography. Now, imaging, you can do that with the help of a tool. Well, it is possible to get instant feedback and reviews and build a stronger product or service for your customers with our marketplace monitoring software.
5. Optimizing Marketing Efforts
It is not enough to have a good product or service but companies need the best channels to reach their audience at the right time. With the help of marketplace monitoring you can get insights into your marketing goals and the efforts you are putting in by studying the analysis provided by our tool. Knowing that you are going on the right path can boost the momentum of your business objectives.
Marketplace management allows a business to sell products across various marketplaces such as Amazon, eBay, etc. with just a few clicks. Marketplace or e-commerce monitoring helps a business significantly increase turnover owing to easy and fast management of all the marketplace accounts.
Apart from that, it helps in centralizing the orders, billing, and communication with the customers. A business can get complete control of its multichannel marketplace with a single platform.
- Marketplace management enhances communication. It empowers the employees to offer a high level of service due to access to the same customer data.
- By setting the preferred fulfillment method, you can automatically route the orders depending on the optimal routing business rules.
- A business can analyze the marketplace performance in real time and make the relevant decisions for optimizing the sales.
- Ensure consistent order management across ecommerce marketplace during the order lifecycle.
Marketplace Monitoring Use Cases
There are tools in the market which can make marketplace monitoring easy for your business. They make sure that the business is retail-ready and gets sales from a single source of data backed by market monitoring and analytics. You get relevant information for the optimization and making recommendations. Automation enables the teams to progress from insights into action.
Here’s a look at the major use cases for intelligent marketplace monitoring:
1. Sales Dashboards and Alerts
Switching from various data sources to a single platform for appropriate sales analytics is an important step toward intelligent and informed decision making. The company can view different data on sales, profitability, availability, visibility, advertising, and content.
Apart from that, notifications and alerts enable a business to shift from reactive to proactive management.
The notifications for major insights like changes in traffic/ content, out-of-stock items, etc. enables the business to be active in your responses.
2. Purchase Order and Inventory Management
With the help of marketplace monitoring, purchase order and inventory management can become easier. Usually, purchase orders and inventory management are time consuming manual tasks. Understanding the inventory forecasts, unhealthy inventory, and order fill rates offer a clear understanding of the real position. It enables the business to adjust its strategy accordingly.
3. Catalog Management and Content Automation
Inventory management helps with catalog management and how a business describes its product taxonomy across various levels and marketplaces. The marketplace monitoring tools make it easy to manage the stock levels and replenishment for avoiding out-of-stock items. It can also help in improving the way a business manages its catalog content across the marketplace.
With a clear picture of the catalog, a business can optimize the content across various product pages, and brand pages. With the help of a retail readiness score and suggestions for content changes a business can optimize its ads. Predictive alerts notify when ad spending is driving customers to an ASIN that is receiving low reviews.
4. Ratings and Reviews
Tracking and organizing the reviews has an enormous impact on sales. Intelligent marketplace management enables a business to aggregate and organize the reviews across different brands and categories. It helps in identifying the trends, gaining insights on product innovations, and upgrades in sales for determining the impact on their growth.
These are some of the key benefits of utilizing market monitoring and analytics. Marketplace monitoring boosts the cross-functional organizational efficiencies.
Automate and Accelerate with Us
As you know, it is crucial for a business to shine and thrive in this highly competitive world, we bring a reason to go for the best tool that is present in the market. Gone are the times, when businesses were just limited to a certain goal. Today, every company wants to grow more, and this is the right time to do that. Are you ready to win? Then contact us and take the first step towards many success stories!