KPIs
Purpose
The metrics that actually matter — this doc operationalizes 00. Product Foundation → Success Metrics into concrete, computable definitions.
Marketplace Health
- Active merchants = merchants with ≥1 live offer in the trailing 30 days
- Active creators = creators with ≥1 approved application or attribution event in the trailing 30 days
- Liquidity ratio = active creators ÷ active merchants — tracked explicitly per Success Metrics' stated concern about one-sided growth
Conversion & Speed
- Click-to-sale conversion rate = accepted Sales ÷ attribution_click events, per offer and per creator
- Time-to-first-application = offer_published → first application_submitted
- Time-to-payout = sale_accepted → payout_paid — the single most important KPI given this is a core differentiator (Product Vision) vs. net-60 invoicing; should be tracked and watched closely, not buried among other metrics. Caveat (2026-08-23): the expected distribution of this metric changed under the bill-first-then-pay model — payout no longer follows acceptance instantly, it waits for the merchant's billing cycle to be charged via Swich (01. Commission Engine, 01. State Machines). Still meaningfully faster than net-60 invoicing, but "single most important differentiator" claims built on an instant-payout assumption should be re-benchmarked against the actual billing-cycle-gated timing.
Trust & Fraud
- Flagged rate = flagged Sales/Applications ÷ total (04. Security → Fraud Prevention)
- Refund/chargeback rate = refunded Sales ÷ accepted Sales
Revenue
- Platform fee revenue = sum of platform_fees.amount_cents over a period — the direct measure of whether the 2% flat-fee model (05. Payments) is actually working at scale
Open Questions
- None blocking — these are direct operationalizations of already-agreed success criteria; specific dashboard thresholds/targets can be set once there's real baseline data to compare against.
Update (2026-08-23): Campaign → Offer and Sale-Status Vocabulary Reconciled
"Live campaign" → "live offer" (Active merchants definition) — no separate Campaign entity (01. Domain Model). sale_verified and "verified Sales" → sale_accepted / "accepted Sales" throughout (Click-to-sale conversion, Time-to-payout, Refund/chargeback rate), matching 01. State Machines' reported → accepted/rejected model and 11. Analytics → Events' same-date update. Time-to-payout also gets a caveat above about the billing-cycle-gated payout timing under the current model.