Marketplaces today are no longer what they used to be: they are ecosystems, especially in the currently competitive digital world. For an organization to succeed in this setting, it requires market knowledge on the strengths, weaknesses, opportunities and threats of a certain marketplace. In comes a full marketplace audit, for that matter.

By definition, a Marketplace Audit may be described as a comprehensive exercise involving the identification of the marketplace and its subsequent evaluation to determine an organization’s fit within it.

It is necessary to have a Marketplace audit just like you conduct a health checkup to your business. It is a comprehensive assessment of your business, reviewing your website’s efficiency, UX, offered range of products, sellers’ productivity, and niche relevance. Thus, market opportunities can be disclosed, and the strengths can be built on to provide the best conditions for the development of the marketplace and organizational financial performance.

Why do I Need a Marketplace Audit

Identify Growth Opportunities: Learn about the opportunities that are lurking within your marketplace through the analysis of data.
Enhance User Experience: The user interface of the different platforms of a business should be friendly and should satisfy the needs of the customer.
Optimize Seller Performance: Unleash the sales potential to obtain actionable advice from the recommendation of the strategies.
Increase Marketplace Revenue: Promote more sales and increase profitability with the help of certain measures.
Stay Ahead of Competition: Have a competitive advantage through the identification of the market trends as well as the market forces.

Components of the Audit of a Marketplace

Market Analysis: Analyse your Target Customer Base and its Competitors and the general situation in the Industry.
User Experience Audit: Determine how easy it is to find what one is looking for, how the website is structured, and the experience a customer would have.
Product Assortment Analysis: Measuring of such strategies includes assessing product differentiation, product pricing strategies, and the level of customers’ demand.
Seller Performance Evaluation: Check the level of sellers’ satisfaction, productivity, and assistance requirements.
Technology Assessment: Assess how well your marketplace platform is doing and how well it can do more for you.
Financial Analysis: Identify proper methodology to assess the health of the marketplace based on the KPIs that is assumed to be effective.

In this blog, we focus on the strategies that can be employed in selecting the suitable marketplace audit partner. Choosing the right firm for your marketplace audit is a decision that should be well thought out. Look for a provider with:

Deep Marketplace Expertise: Field experience in your respective industry and your model of the market place.
Data-Driven Approach: Dependence towards analyzing data for purposes of decision making as a viable strategic option.
Customized Solutions: Specific audit services for your requirement making it convenient for you.
Proven Track Record: Past positive experiences with its audits and changes in the marketplace.

Conclusion

An audit of the marketplace entails a proper assessment of the different dynamics needed for business success. Using the best practices and sound evidence, you will be able uncover the hidden opportunities and ensure your marketplace’s profitability.