According to Shopify Plus, sales in the global eCommerce market will reach $ 4.5 trillion in 2021. And global organic search brings, on average, 65% of customers to your platform. They are all looking for unique, complex descriptions of the products they want to buy. But how to find the Grail in product content and thereby increase sales? In this article, we’ll share the secrets of product data management with you.
Product Data — The New DNA of Digital Commerce
Do you still think your product descriptions are the best? Some statistics are especially for you: A/B data testing from Virtucom Group showed that the integration of unique, complex product content increased the conversion by 6-36% compared to the results when the product had only basic information. The figure is not only impressive but also shows us how important product information management is.
Product data is a complex of information about a product that allows you to compile a comprehensive idea of what a customer will receive from a purchase. Extensive product data includes:
- Commercial data: articles, names, models, and prices.
- Classification data: color, size, and additional functions.
- Characteristics: composition, and properties.
- Technical indicators: instructions, and warranty cards.
- Data on the origin of product: licenses, certificates, and standards.
- Advertising data: tags, metadata, and keywords.
- Warehouse information: product stock, discounts, purchase prices.
- Digital information: illustrations, video, and audio reviews.
- Sales information: codes, names, unique links for each platform for the sale of goods.
- Information on language localization: translation of descriptions, characteristics, instructions, and packages.
Is it all necessary? Judge for yourself, however, according to GE Capital Retail Bank, 81% of shoppers look for information about a product online before a deal is made. Considering the search engine optimization and digital content criteria, you can be sure that your product pages will show up on the web and will be clicked on. By providing a comprehensive description, you ensure that the customer will never leave the page with your product and search for more relevant or complete data.
At the same time, in the event of a successful purchase, you will reduce the risks of a return due to a mismatch in the description at least 2 times. But the presence of such information in the product description is one thing, and the presence of relevant, catchy, and competent information in accordance with the latest requirements of the network is completely different. For this reason, brands & retailers face a number of problems in product data management.
9 Challenges With Product Data Management
Despite the many advantages of regular and high-quality product content management, according to Zazzle Media, 60% of specialists find it difficult to arrange materials on a regular basis, and 32% of marketers even consider content marketing procedures to be bad in their company. Here are 9 key issues that can cause you to fail your product content strategy:
1. You can’t cope with different product data requirements from the retailers, so delays with product launches frequently happen.
Retailers are always targeting differently to meet different customer needs and reach more segments. More differences = more requirements for unique content. More product content = more time to design it in accordance with all sales partners’ templates. Longer time-to-market = less sales. The solution to this problem lies in the omnichannel eCommerce strategy and automated product content transformation according to received data models from retailers.
2. You spend more than three hours adjusting the new product for the given requirements.
On average, a brand spends about 3 hours syndicating and delivering 1 product content information to just 1 retailer. The retailer spends 1 to 4 hours on product content writing or transformation for a single product. In a dynamic environment, where only the pricing policy can change 2-3 times a week, updating information will take about 30% of the specialist's time, and time is money. The solution to this problem lies in automating the product data distribution by connecting the brands’ databases with retailers’ portals through APIs that are already built into most product information management systems.
3. You got tired of manual product sheets management.
Collecting, clustering, processing, and organizing product information is an essential stage in an eCommerce strategy. In the conditions of data importing from several sources, entering it into numerous spreadsheets, editing, and exporting the final version to sales platforms, the product data exchange usually results in errors, which can happen in 90% of cases. Product content optimization using the PIM system will reduce the risk of errors to almost 0 and speed up work by almost 6 times.
4. You need up to one week of work until new products go live.
The construction, development, and implementation of a product content strategy are fundamental works in creating a new product entering the market. Developing customized content for different categories of buyers and retailers to test hypotheses will increase the ROI percentage, but it will take too long, and this time is extra valuable in a highly competitive market.
5. You face the problem of poor communication between teams responsible for product data.
According to analytics, three or more specialists in a branded company usually work on creating content for one product. The efficiency of information exchange and coordination of work is critical in adherence to deadlines. Having a single database with product content templates allows you to eliminate the dissonance between incoming and outgoing information and increase the team's productivity almost three times.
6. You encounter an increase in the number of errors during the product content syndication.
Omnichannel development is a great sign of brand scaling and increased sales. But the more platforms appear where the brand is presented, the more difficult it is to manage the product data. In particular, it happens due to differences in product information requirements. Product data delivery automation, considering information processing algorithms, and the unique characteristics of each sales channel will increase the turnover without increasing the number of routine tasks.
7. You should deal with employees’ burnout and increased turnover.
A large number of typical tasks increases the emotional burnout of company employees, leading to layoffs in two out of three cases, which results in direct losses because of downtime. The transfer of technical work to product data management software will reduce the moral burden on staff, which will ensure an optimal working climate in the company.
8. You noticed the decreased creativity of the marketing staff.
Working with one-template problems also affects the format of decision-making in non-standard situations. According to statistics, only 35% of employees will seek solutions from a non-standard angle in monotonous circumstances a few times per year. It, in turn, affects the development prospects of the company. Reducing the chore by using the PIM solution will give staff more time to find creative, innovative ideas.
9. You encountered the lack of a single source of truth.
Differences in specifications, digital descriptions, labels, and other information lead to the need for a product content audit, which takes additional time during the product specification sheets preparation. The presence of a single source of truth with well-developed scripts for updating the data in case of their change will eliminate errors in product descriptions and increase customer loyalty.
Cracking The Chaos: Product Data Management Automation
An increasing amount of routine tasks, the growing number of errors due to the human factor, slowing down the process of product entry into new markets - this is just the tip of the iceberg when working with product data management and syndication. If you have already faced at least three problems from the list in your current work, you need automation. The best alternative is to integrate a PIM system. Brands worldwide have already become affected by this trend: the market for IT solutions for product information management is growing by at least 12% every year.
PIM system benefits that will increase product data consistency in a company’s eCommerce strategy:
- Ease of use: the intuitive interface allows you to involve even Junior level specialists in the content creation process.
- Allocation of user rights: customizable access rights protect your content from errors of external staff and keep the company's trade secrets.
- Data structuring: get only the content you need, which is automatically distributed according to the algorithm you set.
- Information optimization: Convert content to the format, look, and design that you need, thanks to built-in scripts.
- Content relevance: only new, reliable data on product characteristics.
- Multichannel integration with any software ecosystem: get information from multiple sources at once to ensure maximum content of product pages.
- Import automation: customize the regularity to meet your product content requirements and get information in just a couple of clicks.
- Export automation: Distribute unique, comprehensive product data tailored to the individual needs of online markets and connected retailers in minutes.
Manage Product Data Easily With Gepard
Are you already familiar with Gepard? If not, let's get acquainted!
Our team of 150 developers and marketers has been working daily for 15 years to improve PIM and syndication tools to meet the changing market requirements of EMEA. We have already proven the effectiveness of our Gepard PIM & Syndication solutions by nearly doubling operational efficiency for clients. HP, Lazada, GS1, Amazon, and many other market leaders have already assessed the benefits of automatic product information management and syndication.
Who will be the first in applying an automated approach to managing product data and focusing on the eCommerce strategy optimization: you or your competitors?
Let’s discuss the challenges with product data management you may have faced. Just fill out the contact form and our expert will contact you promptly.