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Don’t Compromise Data Quality in Pursuit of Speed: How Business Growth Begins with Master Data Management

Riversand

By Riversand

On December 19, 2019

Be wary of MDM vendors that emphasize speed over quality of data. An MDM platform’s main function is to provide a business with a single source of truth for all their data and information. While a speedy solution will push your product content to your commerce end-points quickly and put your products in front of your customers faster, it will leave you exposed to the long-term risks and customer dissatisfaction.

Customer Experience

Customers increasingly place more importance on their shopping experience. Online shoppers demand accurate and detailed product information before they purchase. They want a consistent, authentic experience rather than a quick impersonal experience. They want to be wooed!

Customers also want to know that their vendor’s values match their own. Whether it is the organic content of the food they eat or the sustainability of the manufacturing process, customers want to know as much as possible about the product before making a purchase.

Omnichannel Shopping Trends

As customers look to enhance their shopping experience, most shoppers use multiple channels simultaneously – 81% of consumers conduct online research before making a purchase.

As enterprises embrace digital transformation, one of the first things they do is implement an omnichannel strategy. An omnichannel approach is great for businesses because it allows them to engage with their customers across various channels and formats. When executed properly, with consistent messaging and information across all channels, it can be great way to improve customer experience and sales. But when consistency is ignored, the customer ends up with misleading or inaccurate information leading to confusion, losing trust in the loss of trust and ultimately leaving the brand.

Good Data Quality Positively Correlates with Increased Revenue

Poor data quality results in in revenue loss for a business in three particular ways:

  • Inconsistent product information confuses customers, who are less likely to move forward with a purchase if they are not clear on what the product’s value or attributes are.[1] This will manifest itself in greater shopping cart abandonments and a higher bounce rate from your website or e-commerce site. Alternately, even if the customer ends up purchasing the product, there will be an increase in product returns as customers end up with products they didn’t want.
  • Customers who cannot find details of the product that they’re looking for or find contradictory details are likely to end up irritated, angry or feeling misled. This will lead to negative reviews discouraging future customers from making a purchase.
  • Customers who feel misled or confused about their shopping experience are likely to form negative associations with the brand. While lost revenues and negative customer reviews can be overcome in the short term, a decrease in perception of the brand is much harder to overcome.

Next time you need to make a decision between quality and speed in Master Data Manaegment, remember who won the race between the hare and the tortoise!

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Reference:

[1] https://www.criticaleye.com/inspiring/insights-servfile.cfm?id=1873