Our own needs led to the creation of this analytic tool. We have several stores operating on eBay and one day, their sales began to drop: and we needed to know why. In the end, we managed to sustain our store and it was this amazing tool that aided us in the process. We figured we should share it with others to help them in their business ventures, too.
The first thing we reviewed was whether we had not overlooked some important changes on eBay. Once every quarter year, eBay reviews its policies (eBay updates). Some of these changes can affect Top Rated Sellers (for example, the establishing of a new requirement to provide 30-day returns to buyers), others had affected listing descriptions (external content for viewing over https only). Still, we simply could not find a valid reason why our sales were dropping. From what we could see, we were following all set requirements even more so than our competitors.
The items we sold on eBay fell into a niche category. We did not have a wide scope of item categories in which we were listing. The next thing that occurred to us was that perhaps it was simply a matter of an overall market drop. But since we also had a separate e-shop not related to eBay that was doing fine, we figured this was not the case either.
We began to look at how our competitors were doing. In the past, we did occasional market research on competing sellers who were selling similar items. We therefore had a list of our biggest competitors at our disposal for review. The question was, how to go about finding out how their sales were holding up.
We began with our own, very basic (and laborious may we add!) research. We monitored many set price auctions (buy it now), this however, led to no useful conclusion. One person simply could not process so much data at once. That is, they can, but they would end up spending hours doing that. And so, we began pondering how to automatize things a bit.
Our first attempts included creating a basic function model, which did give us some basic numbers about sales (at that time, our competitors were also experiencing sale drops). We then added some visualizations that would give further useful information on how we, as well as on how our competitors :-), were doing.
And so, we came up with the product we are offering you now.
Our analytics tool MyStoreAnalyst.com is here for you and will help you to analyze your selling performance (your turnover, the important items to focus on, which items to end to save on selling fees, etc. – see features for more information). The best part is, you can apply this tool to analyze your competitors, so you can gain better insight and make your business more successful.