The quality and completeness of product data across your business platform has a significant impact on your bottom line and the overall success of your business. To facilitate the best virtual interaction with your product, great content is the differentiating factor that can make or break an online sale.
Poor product data leads to consumers returning online purchases (over 40%), abandoning the shopping cart (~30%) or even discarding the brand altogether if the information is unreliable and inconsistent (86%) .
Hidden pitfalls of poor data quality can become a serious barrier for a profitable and sustainable business system. Some of these include:
• Preserving the integrity and accuracy of data as they transition from one platform to another
• Incorporating product data into the old databases when bringing a new brand into their group/product catalog
• Slow day-to-day operations due to siloed information and fragmented supply chains (bad processes, data disconnects and supplier issues cost retailers ~$1.1 trillion globally in lost revenue )
• Retaining clients during the early stages of the engagement, when the customers are not committed to a brand yet and are looking for options on the market
• Omnichannel fulfillment (the digital and in-store functions under a single technological umbrella) to project a polished product and brand image
• Providing variety in the product portfolio to keep all the microsegments of the market interested
• Preserving the fresh look and feel of their brand
Consumers are looking for high-quality products, an excellent fit, and reasonable prices. They expect a variety of personalized choices, immediate service and have grown agnostic to brands. Superior product information provides your consumers with basic data like the styles, colors, size, price and the models available in stock to more detailed information such as how to use the product, distribution details and servicing, warranty, and repair information. When displayed in combination with digital assets and used correctly product knowledge boosts the enthusiasm for your products and grows the customers’ confidence in your brand .
Some of the most common red flags, which indicate that it might be the time to take a second look at your data and how you use it are :
• Incomplete data (inaccurate sources of data, data that has been transferred, processed and converted from multiple systems, batch feeds)
• Siloed information and limited access to necessary product information when needed (for example when the Customer Support or Finance team need to pull in product information)
• Manual data entries (corrections, typing errors, mishandling missing information, duplicates)
The best way to ensure that your online sales is not dropping off due to bad product data is to employ a product information management system. Benefits of a Modern PIM include – Product syndication, Data quality, and validation, Data governance, Digital asset management, Workflows, and Scalability.