3 Data Rules For Marketplaces Serious About Growth
Take control of your marketplace data, take control of your future.
In today’s data economy, standardised and well-populated information is what fuels your growth, provides your competitive edge and, ultimately, impacts your marketplace valuation.
Fast growth can often equal shortcuts, and this has caused some weak data practices across the expanding eCommerce sector. But improving your data won’t actually slow you down. In fact, it will create a strong foundation for future growth and make your team’s lives easier on the way.
At detected, we work with marketplace data all day, every day. We’ve seen it all - the good, the bad and the ugly. And you might not realise, but it takes less effort than you think to transform your marketplace data.
Just follow our three data rules, and you'll be flying in no time.
1. Start as you mean to go on
Collecting relevant and validated data from the moment a seller registers on your marketplace underpins an effective data strategy. This is known as seller verification.
Seller verification at the point of onboarding helps you to “know your customer” (KYC), also referred to as “know your business” (KYB). This practice is essential for compliance, but it also helps you mitigate fraud and improve customer experience on your platform.
Plus, you’ll attract high-quality sellers from the outset and be able to see exactly who is selling on your marketplace and the health of their business. Which, in turn, will indicate your marketplace health.
But not all seller verification tools are born equal.
By using detected’s seller verification tool, from the moment you welcome a seller on board, you’ll have access to lifetime management of that seller in just one step. In addition, you can obtain on-demand seller information through our API or web application.
If you’ve been trading for a while without seller verification, don’t panic. We'll start by verifying your current sellers before integrating new seller verification during the onboarding process.
The result? Validated, cleansed and fully-populated seller data in one unified platform.
2. Be audit-ready
The eCommerce regulatory landscape is complex and fast-changing.
The latest GDPR, AML5, and PSD2 developments have made compliance a necessary evil for many marketplaces. Nothing creates more stress than an unprepared-for data audit sneaking up on your team.
But it doesn’t have to be that way.
Working with a dynamic data provider gives you access to regulated seller data on-demand, which means that you can hit any compliance deadline in your stride. No downtime or preparation is needed. No stress and no team time spent on non-revenue generating activity.
At detected, we maintain and update real-time information from sellers across the globe and match this against those trading on your marketplace. We track data on 250 million companies in 160 countries, so you can “go global” without worrying about foreign laws and regulations.
Need help fast? If you’re facing an upcoming compliance deadline and need help quickly, detected can turn it around for you. We accept unstructured global data in any form and return it to you cleansed, de-duplicated and standardised. Easy.
3. Use your data to build trust
Beyond compliance and seller management, great data can unlock something extremely valuable - buyer trust.
On marketplaces using detected’s verified badge, buyers can see critical seller data at the point of purchase. This means that 84% of consumers surveyed who said they research seller credibility before making an online purchase, won’t have to leave the buying process in order to do so.
Right now, online reviews are under scrutiny and consumer trust with online sellers is fragile. But transparent, third-party verified seller data isn't subjective. Instead, the credentials of a business are listed, reassuring consumers that their purchase is protected and their money is going to a reputable seller.
For those who want to rebuild consumer confidence and increase trust, transparency is critical.
Ready to level up your data game?
It’s never too late to take control of your seller data. At detected, we accept unstructured seller data in any form and turn it into a clean, de-duplicated and fully populated seller database.
Get started today.