What goals and success metrics would you set for buy & sell groups?

Describe the feature

• Different buy and sell group have a different purpose to serve, in general, the buy and sell groups serve the businesses to business or business the consumers to serve their purposes
• For the sake of simplicity and this problem, let us consider a used car Market-place which connects the Seller( Consumer) to the buyer (Consumer)
• The Revenue model is the commission received through a sale facilitatio

Define the goal of the feature

• The goal of the feature would be to connect the right buyers with the right sellers
• Get the right product as per his preferences, and appropriate price with minimum hassles like – Offline visit, negotiations, documentation etc
• To connect with the genuine buyers and get the right price for the item posted for the sale, ideally in the minimum time frame

Walk through the customer journey

• The typical user journey would be,
• The seller posts the advertise, on the Facebook marketplace and provides a few details about the product. Like, Price, color, Make, model, kms driven etc.
• The buyer searches for the product with the filters(price range, color, kms driven, age etc.) which he wants to buy the product
• The buyer shortlists the product, takes the contact details and connects with the seller and negotiates to buy the product and completes the deal

Map and quantify (through metrics) user behaviours in the customer journey

• Awareness
  • Number of website visitors
  • Number of app downloads
  • Click through rates on the search engines like Google, Bing etc.
• Acquisition
  • # of buyer sign ups
  • The number of seller signups
  • The number of items posted for sale
  • Average number of visits for each product
  • The Average number of product checks by a borrower before making a final product purchase
  • Acquisition source
  • Customer acquisition cost
• Activation
  • The average number of bids placed
  • The number of products posted for a sale
• Engagement
  • The number of product reviews by a buyer, seller
  • The number of interests shown for buying a product
  • The number of photos/ videos watched about a product posted
  • The average turn around time from posting to the product to the sale of the product
  • Sales/ Cart abandonment rate
• Retention
  • % of the repeated borrowers in the same/ different category
  • The Customer NPS score about the overall buying/ selling experience
• Revenue
  • The number of items sold
  • The number of items posted/sold
  • The revenue generated through the sales
  • The average value per sale
  • The Profit generated through sales
  • Average profit per sale
  • Customer Lifetime value
• Referral
  • The number of refrences of the friends provided
  • Acquisition received through referal
  • Reviews and referals from the referred customers