How would you define success for Meta (Facebook) Shops?
Meta- Eva Richardson
First, i would like to validate my understanding of FB shops.
It is a free feature embedded in the Facebook app that allows businesses to personalize their product catalog, interact with customers thru messenger/Instagram and make a sale. It helps provides businesses with deep insights/analytics of how their products are doing. Does that sound good? IVR: Yes
Clarify: When you say I am PM for shops, I am assuming that I am responsible for all platforms and geography as USA? IVR: Yes
Any specific category of products who want me to focus upon. IVR: All
Approach: I will start with the company’s mission and how shops fits into it. Analyze the market, choose a goal and then look at the users, their motivation behind using shops, journey and then dive into metrics. How does that sound? IVR: Pls continue
Mission: FB mission is to build communities and cultivate meaningful conversations among people. Shops provide SMB’s to make their products available to consumers and helping the businesses flourish in both regular and challenging times. So it complements Fb overall mission to build stronger communities
Analyze Market: Shops is a free feature for SMB’s. Fb makes money thru commission on sold products and ad revenue that comes in from businesses as they set up campaigns for their products. Marketwise i see shopping on snap, Venmo but not sure if they allow curating catalog. There is companies like shopify and bigcommerce, that allow in doing so but reach is completely dependant upon the business as they set up their own website/portal.
As shops is relatively new feature in FB app, I would like to focus on adoption and engagement. Does that sound good?
Users:
- businesses: they will use shops to sell their products quickly
- consumers
I would want to focus on businesses, as they need to take an action for using shops and the feature exclusively is built for helping them.
Journey: Enroll in shops –> download commerce manager–> curate content –> interact with customers —> make sale —> look at analytics dashboard and improve targetting/pricing
Metrics:
- Awareness
- #/% of businesses who are aware of shop feature from businesses who have pages on FB: This can be achieved through shop feature visits (marketing emails/organic on FB)
- Acquisition:
- #/% of businesses enrolled in shops (DWM)
- #/% of enrolled businesses who downloaded commerce manager (DWM)
- Activation:
- #/% of businesses who curated and submitted at least one product (DWM)
- Engagement
- #/% ^ in products curated on shops (DWM)
- Average # of products per business curated on shops (DWM)
- #/% ^ in msgs sent + received with customers for products in shops (DWM)
- Median time to sell a product: Not taking average because some high ticket items make take long time and may skew the average
- Revenue
- Gross Merchandising value (DWM)
- #/% ^ in products sold (DWM)
- Median $ value of product sold
- Satisfaction
- NPS rating
Looking at these metrcis, I would choose my north star as “Median time to sell a product” and should be low because it contributes very heavily towards the impact of the feature. Secondary Metric would be “Average # of products per business D/W/M” curated on shops.
Counter metric: Return rate of the products – if % is increasing it could lead customers to loose interests in products on FB and can even potentially push them away from Fb platform.
Gaming metric: % ^ in customer complaints – businesses may curate catalog that is attractive (product/pricing), but the quality is much lower than displayed. I would also look at ensuing quality check by banning businesses who do so and doing preliminary check before exposing their catalog to customers (difficult to do operationally)