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High Quality Product Data: Why Is It Important?

If you truly want to be multichannel, you need to have access to and control of your product data. Extract data from several different choices to fulfill any required marketing channel application and increase the visibility of your products. Shoppers want to shop before they buy. They want to be able to navigate your website and gather the data they need to make a sound purchasing decision. That’s why high quality product data is important.

Your customers want to feel good about their decision. Providing them with high quality product data makes them feel that, inspiring them to press the buy button. When your customers do not have a stellar browsing experience, they can get frustrated. This will lead them away from your brand and on to the nearest competitor.

High quality product data and proper data management are important in providing an excellent user experience. These two are the differences between a stressful shopping experience that drives away your customers to another site and a great shopping experience that is only a few clicks away to completing a purchase. So, make sure your site can accommodate all their needs.

For every product offering, all searchable words should be properly indexed. Also, use engaging and unique content in the following areas:

  • Category descriptions
  • Titles not derived from attributes
  • Features and benefits
  • Product buying guides
  • Short and long descriptions
  • User-generated reviews

Increased conversion is a result of using the right infrastructure and display for your website. This can be achieved through excellent product information management (PIM), high quality product data, accurate SKUs, and a well-organized customer experience.

Qualities of a High Quality Product Data

Accuracy
When it comes to product data, quality is more important than quantity. You should not only focus on gathering as much information as possible. You also need to think about whether it’s correct and how it can be used. Low accuracy levels of data lack insight. The decisions it influences are likely to be poor.

Integrity
Data comes from everywhere nowadays. That’s why data governance is important. These data will be arriving from all directions and at various formats. Other staffs may use spreadsheets, while some may put their faith on advanced data visualization tools. This disparity can cause a unique set of problems and make data useless. Data has to be available to everyone and should not be limited to the IT department.

Real-Time Integration
At the present, it is no longer enough to embrace information. It should happen quickly – or instantly. The periods of time in which you need to make a decision is shortening. Instant access to data will enable you to get ahead of your competitors, or at least keep up with them. You also need to be responsive. This is one quality that distinguishes a good company from an innovative one.

Without high quality product data, all you hard work and effort can be compromised. Inaccuracies can be detrimental to your business and bottom-line. On the other hand, accurate data levels can drive efficiency, profitability and growth. By ensuring data is accurate, your losses are wholly avoidable. To ensure high quality product data in your supply chain, click here.

Meet the Demands of your Customers with Quality Product Data

Consumers today have low tolerance when they search for product data. They demand more information about the products they purchase. Thus, you need to tailor your supply chain operations to meet their omnichannel demands. You don’t want to frustrate your customers by giving them poor quality product data.

To ensure quality product data, you need these three specific qualities of information:

  • Complete. Extended information is an important tool to ensure business success. It can reduce item setup time and enhance speed to market. Your customers do not need to guess the missing attributes of your products anymore. They don’t need to spend time chasing down the correct information too, and then end up buying from your competitors.
  • Accurate. In order to meet the demands of your customers, you need to commit to detail and quality product data. Data accuracy issues are often linked to basic product attributes such as weight and dimensions. Keep in mind that product information can be complete but not accurate. Inaccuracy to product details can make you lose a future sale.
  • Omnichannel Consistent. To catch up to your customers’ expectations, focus on more detailed, accurate and quality product data. Your customers expect your product descriptions to match the actual products. Make sure your product data is consistent in all platforms.

Quality product data is evident in e-commerce. Customers, nowadays, shop with their phones and laptops. They use these devices to find product information, availability and reviews, too. Hence, you need to provide digital information to support their purchasing decisions on every platform. Throw-in some high resolution photos and videos as well. Gone are the days of posting one image of your product, a few bullet points, and price tag. Remember, your customers want to see your product in multiple angles.

When your products are supported with quality information, your business can benefit in the following ways:

  • Fully optimized trailers. Accurate data makes sure all specs are accounted and planned so no gas or cost is wasted.
  • Maximized inventory. If product dimensions are accurate, you won’t lose space. You’ll know if you can add more items or if your space is not enough to display your products.
  • Efficient warehouse. Quality product data provides accurate information of size, weight, functionality and more. Your products will be better organized inside your warehouse for efficient collection and distribution.
  • Improved integration. When working with trading partners, it is important that all information remain consistent throughout manufacturing and distribution. Product data should be automatically updated so your retailers, suppliers, manufacturers and customers will have eyes on the same data. This creates a more cohesive experience in the supply chain.

Product data is most effective when it is specific and consistent. If there is no standard data collection and attributes, it can be difficult to manage your products. Through Product Information Management (PIM), all challenges associated with product data can be surmounted. You will be able to eliminate operational redundancies, reduce frustration, and improve your customers’ shopping experience. Click here to see our PIM solution.

 

How Product Information Impacts Retail Tech Trends

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:

Search Specificity
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.

Visual Searching
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.

Social Shopping
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.

How Poor Quality Product Data Restricts your Sales Opportunities

Product data impacts the customer’s purchasing decision and supply chain’s performance. Yet, many companies are still unaware of the implications of poor quality data. Inaccurate data confuses customers. It hampers their shopping experience and restricts their buying decisions. It costs retailers and vendors millions of dollars, and customers end up paying more for products that can be bought at a lower price.

Inaccurate or incomplete product data is common in poorly maintained databases. Such poor quality data should not be used in communications. Imagine what your customers will feel when their purchased items are totally different from those you described. They will be angry and disappointed, which will ultimately damage brand loyalty.

Roughly half of online shoppers return their purchases due to discrepancies between product data and the actual items they received. More than a third abandon their carts for lack of detailed and comprehensive information. As a result, many customers avoid the brand due to inaccurate product data.

Companies should strongly consider adopting a Product Information Management solution to achieve a great return on investment and enjoy the following benefits:

  • Superior Data Management
    Many companies still rely on old-fashioned methods to organize and maintain their data. PDFs and spreadsheets are scattered around the organization, making it more difficult to locate and maintain them, disabling the company from providing accurate information efficiently. A suitable PIM solution organizes and centralizes all product data so it can be achieved, shared and distributed across all available channels to easily and efficiently deliver the right information at the right time.
  • Easy Integration
    Companies need easy communication to complete all the tasks required during product management initiative. A superior PIM solution allows easy integration with other business enterprise systems or external third party applications.
  • Efficient Delivery of Product Data
    By delivering product information across all channels and business systems, you can greatly improve your customers’ experience. Every customer could require a different delivery channel. A PIM solution allows you organize product data for every client and push content through the appropriate channel.

Some of the negative effects of poor quality product data can be mitigated or completely avoid with the right Product Information Management solution. PIM allows you to store data in one location that can be accessed by all organization units. It also prevents incorrect or incomplete data from entering the system.

In ecommerce, a product is as good as the information associated with it. Many customers abandon their carts and look for similar item somewhere due to incomplete and inaccurate product data. To avoid adverse effects on your work efficiency, make sure you provide top quality data. Click here to learn about the best practices to improve and sustain quality product data