The best thing about selling online is the ability to get almost real time results and feedback about your products and campaigns. Sellers on Wish receive a variety of data and metrics on their store’s performance daily. If you are new to online selling, you might experience data overload when trying to analyze your business performance. Here’s the top three metrics you should be most concerned about.
1. Conversion Rate
Wish’s business is based on revenue sharing with our merchants. This means you only have to pay us when you have actual sales. To ensure we provide the best selections for our customers, we encourage a variety of products and healthy competition among our sellers. With so many products uploaded daily, how do you know which products are performing well?
Every seller on Wish is provided with a robust performance dashboard. Specifically, your Sales Performance tab provides a high level overview of your store’s performance on the Wish marketplace. How many impressions (views) did your products get? Of those who views, how many clicked “Buy”? Of those who clicked “Buy”, how many checked out and finally ordered that product? This transaction cycle defines how Wish evaluates every store and every product. How many views did it take to make $1, $2, and so on. The more effective your listings, the closer ratio of impressions to every $1, the more likely Wish is to recommend your products to more customers.
Furthermore, this competition extends to new products on the marketplace competing with existing, established products. Does your older but established product on Wish deserve to be displaced on the feed by a new product that is new and unknown? Wish will usually favor products with higher conversion rates over those that have lower conversion rates. However, that does not mean that established products in the feed can never be replaced by new products. A high converting product may be good this month but new products with great conversion rates are added all the time. The best sellers on Wish are always adding new products and optimizing their product listings to maintain a competitive edge.
2. Shipping Performance Metrics
Time to door (TTD) has always been a core focus for Wish. Like any marketplace, Wish loves happy customers and we want to exceed their expectations in terms of delivery time. With this in mind, Wish provides sellers with a comprehensive Shipping Performance tool that provides an overview of shipping times by carriers so that sellers can choose the best method of delivery.
It is important for Wish merchants to ship orders with valid tracking numbers that provide last-mile tracking. That is, customers (and Wish) should be able to track the order from when fulfillment starts with the shipping carrier to when the order arrives at the customer’s door.
3. Trusted Store Status
Achieving Trusted Store status is a great way to receive more impressions and sales. Any merchant on Wish can view their Trusted Store status on the Trusted Store Performance page.
Eligible products from Trusted Stores are also marked with a special Verified by Wish blue badge to indicate their status to customers.
The five prerequisites to become a Trusted Store are the following:
- 99.5% of your products are covered by a brand authorization or are unbranded. Wish respects intellectual property and has a strict zero-tolerance policy against counterfeits.
- Valid Tracking Rate must be greater than or equal to 95%. This is defined as the number of orders confirmed shipped by the carrier. We use this to ensure your products have been shipped correctly to the customers, and to reduce customer queries about the status of their orders. This one is pretty simple to check; does the tracking number you added to your order validate with the carrier? If not, you may have input your tracking details incorrectly.
- Late Confirmed Fulfillment Rate must be less than or equal to 10%. This is the percentage of orders with valid tracking that are not confirmed to be shipped within five days of the order placed. As we mentioned, prompt delivery is a core part of the shopping experience on Wish and we want our customers to be able to expect their orders to arrive within the promised delivery window.
- Average 30 Day Rating must be greater than or equal to 4. Customers have the option to rate products on a scale of 1 – 5 after they receive their products. This rating is to ensure only merchants with high quality products receive a Trusted Store status.
- 63-93 Day Refund Rate must be less than or equal to 10%. The timeframe extends this long to enable a larger sample size when evaluating your account.
To sum it up, Wish focuses on the performance of your individual products but that does not mean your store has no affect on your ability to be successful. Consistently strong shipping performance and reviews will passively benefit your entire catalog of products. Every good Wish store has a strong combination of performing products and consistent shipping, which are the key factors to success.
Want to learn more? Visit our Merchant Help Center for more useful details.