As product information management advances, businesses are discovering new and exciting ways to grow. They are seeking other ways to manage information, gather insights, and make sound decisions. They are looking for ways to go beyond the basics and are making PIM a part of their competitive advantage. There are 5 trends that enable companies to capitalize on product data. But, how does product data impact these trends?
Trends in Product Information Management
- Machine learning to improve data reliability
- Discovering data relationships through graph technology
- Acquiring intelligent recommendations with cognitive systems
- Achieving clean and current data via collaborative curation
- Monetizing data for new revenue streams
Retailing has changed over the past ten years. Shoppers now have various shopping options. From visiting malls and stores, they can also purchase items via in-app purchases, their laptops and smartphones. The blending of the shopping avenues (called omnichannel purchasing) is now a way of life for shoppers. Here’s how product information impacts the above retail trends:
As the ecommerce becomes more saturated, companies should break through the online noise by having rich product data and attributes. Consumers are using specific search terms to find what they are looking for. By having rich product data and attributes, your product is more likely to appear on top of the searches and more likely to end up in your customers’ hands.
Competing with Larger Players
Virtually every company today is competing with big retail giants, whose web presence dominates search results. Their fast delivery models and free shipping features gratify most customers, too. To compete with them, you need to reinforce your online strategies with great product information. Provide a robust and complete data to appear near the top of your potential customers’ search. Streamline your data to make sure it moves quickly and effectively along the supply chain.
When it comes to ecommerce, words are not the only way to get seen. You also need to upload a photo of your product. This gives your customers the opportunity to identity and buy a product when they see it on a blog or website, without additional purchasing information. Make sure you have a high volume of high quality images to increase the chances of your product photo to show up in the results.
Nowadays, shoppers have become more knowledgeable. They do their homework before purchasing a product. Although detailed product specifications are rich product information, they are turning to friends and families for reviews. That’s why social elements are so important. Extend your product data beyond attributes. Consider adding videos, images and customer reviews to take advantage of social shopping.
Omnichannel success depends on rich and compelling product information. Make sure you take advantage of this by giving your customers the information and experience they expect. Click here for 5 types of product data that improve online sales.