August 20, 2018
Kahuna Marketplaces: The Marketplace Health Dashboard
Personalization. As a marketplace operator, you’ve probably heard the term dozens of times. You also probably have implemented it within your property. Think sending messages to users along the lines of “Hey there, [First Name], we have a sale on [Product Category] today that you might be interested in.” Although the messages add some value, when sent at incorrect times, they’re bound to be lost in the routine flood of communication.
In order to overcome this challenge, savvy marketers are embracing extreme personalization to get ahead of the competition. It’s a technique where marketers not only optimize the content of messages, but also the timing so that they’re able to engage with their target audience at a 1:1 level.
You can have the greatest inventory and/or best sellers, but if you’re not engaging with them at the right time, your platform will just be a one-and-done property because it won’t stand out from the rest. This means buyers/sellers will find platforms that better fit them in the long run
That’s why top-performing enterprise companies are more than twice as likely as their peers to use artificial intelligence within their marketing.
Marketplace operators that use extreme personalization are able to deliver a more customized experience to buyers/sellers which enables the platform to remain front and center even as time goes on. This helps reduce churn and increase the odds buyers and sellers will continue to return even as time goes on.
Although differentiating yourself from the competition is a crucial part of marketplace success, such actions only go so far. Marketplaces require communication and coordination between parties. Retailers on the other hand simply require users to fill their cart and check out.
Extreme personalization helps marketplaces improve liquidity by enabling them to improve communication between sellers. This means more transactions end up happening. Extreme personalization is the fuel behind better communication which means fewer transactions die.
As marketplaces grow, there’s the issue of seller listings not getting enough traffic. In the past, search and categorization functionalities used to be sufficient to boosting traffic, however that’s no longer the case. After all, buyers are unlikely to go to the 2nd or 3rd search results page.
There are a variety of solutions to this problem, one of which being intelligent product recommendation engines that only recommend products to buyers that are likely to make a purchase. This application of extreme personalization not only improves liquidity, but helps reduce buyer frustration by ensuring they’re only sent listings that are in stock.
“3 Digital Marketplace Challenges That Can Be Overcome Using Extreme Personalization,” is an eBook designed to help marketplace operators such as yourself embrace this technique. By adopting the model within your marketplace, you’ll have a secret weapon that enables you to outperform the competition.
Download the eBook today and learn how to: