Selling online on marketplaces is challenging. Especially for beginners, it is extremely important to have tangible market intelligence in order to hit the nail of the head at the first go itself.
Looking into this, we have decided to publish market intelligence for online sellers on a MoM basis. These data sets are derived from the database of Orderhive app.
This is the first post of the series that highlights some of the most fundamental metrics sought by sellers and online businesses.
In the coming months, we will publish more complex and action-oriented metrics for our customers and the online selling community.
DATA AND ANALYSIS-
These orders have been generated within leading online selling platforms including, but not limited to Amazon, eBay, Etsy, Shopify, Bigcommerce, WooCommerce and many others.
We have analyzed over 1,000,000 orders in the last month. Here are some important metrics derived for the month of April.
Bottles Brush, Bar Keepers, Grocery, Scrubbers, Fidgety, and Mechanics are some of the leading product categories selling online. Almost 40% of the total orders have come from these categories.
Inference: As usual, the product size and fragility plays a significant role in driving the demand. Smaller and less fragile products (excluding apparels etc.) create significant demand as seen here.
Products falling in the $10-$20 price range attracts the maximum orders. 28.52% orders fall within this price range, trailed by $20-$30 with 16.65% of total orders.
Products priced less than $10 also generate substantial number of orders contributing to more than 15% to the total share.
Inference: This is a common trend that is reflected across many reports. Price sensitivity decreases as we move beyond $70-$80 range.
By the way, almost 86% of the total orders for the month of April fell under $100.
Amazon, leads all the way here generating more than 40% of the total orders. This is followed by E-Bay and Shopify with 21.42% and 20.45% of total orders respectively. Etsy and BigCommerce have sizable market share too.
Inference: Amazon is right on to the money with not only facilitating selling but also capitalizing on SCM. The entire experience with amazon is the most satisfying without a doubt. And this fact is reflected here as well.
Shopify contributes to 37% of the total cancelled order. This is followed by WooCommerce standing at 22%.
Inference: A large number of product categories within shopify stores leads to cancelled orders.
ORDERS WITHIN THE US
California tops the list with 9.61% of total orders within the United States. New York, Florida and Texas stand with 3.77%, 3.65%, and 3.47% of total orders respectively.
Inference: California being the most tech savvy and computer literate state generates the highest number of orders.
The US leads the way with just under 60% of total online orders. The UK and Germany trail with 13.47% and 8.25% of orders respectively.
Inference: The US has been leading the ecommerce business on a global scale since the early years of Amazon. India is an upcoming market that may see a lot of serge in the coming times.
The patterns here reaffirm the prerequisites for a go-to market strategy that online retailers must follow to succeed within the online space. The signals coming from Product Category, Product Price range and Selling Channels show a predictable pattern.
Capitalizing on these metrics will surely help sellers and online entrepreneurs attune their business to taste success.