What is Time to Fill, and how do you calculate it?
In short – Average time taken to fulfill an order or fill a listing after it has been posted. A key marketplace metrics you should track.
Time to Fill Formula
Time to Fill = Total Time to Fulfill All Orders ÷ Number of Orders Fulfilled
Time to Fill measures the average duration between when a buyer places an order or a listing is posted and when the order is fulfilled or the listing is sold. This metric is particularly important in marketplaces dealing with services or time-sensitive goods.
Reducing Time to Fill enhances customer satisfaction by providing quicker service, leading to higher retention rates. For sellers, a shorter Time to Fill indicates efficient sales cycles, improving their engagement with the platform.
How can you find your Time to Fill?
You should generally be able to calculate your Time to Fill with tools you already posess. If that's not the case, signing up for an analytics tool may make sense.
Among others, twosided is one of the tools you could consider. Out-of-the-box, you'll get over two dozens marketplace KPIs and detailed tracking for your supply, demand and other factors that determine marketplace health.
Explore other metrics
Order Frequency
Average number of orders placed by a buyer within a specific period
Cross-Sell Rate
Percentage of transactions that include additional products or services
Supply-Demand Ratio
Ratio of available listings to active buyers
Listing Quality Score
A metric evaluating the quality of product listings based on predefined criteria
User Net Adds
Net increase in the number of users over a specific period