E-commerce allows people to shop 24×7, and trends show online shopping is growing at a rapid pace. As per a leading report, around 2.14 billion people are expected to shop in 2021. With more people shopping online, it is fundamental for all online retailers to sell on different marketplaces.
From big e-commerce companies to small online retailers, managing product catalogues is a big challenge. However, technology already has the answer in the form of. Here is some information on how product data management helps businesses.
Keep Consistency in Product Data across All Channels
Consumers use search engines to find desired products, and they get various purchase options in this Omni-connected world. Brands need to ensure the product data and quality is consistent across all channels to gain the trust and confidence of customers. Also, maintaining separate product catalogues for multiple channels like suppliers, affiliates, and customers is a big challenge.
The product information management system can easily manage product data with little redundancy in the product information. Product information management software collates all product data in a centralised repository to provide complete visibility and access to brands, allowing them to respond to any market changes.
Manage Product Data Across Marketplaces
Brands have to target different marketplaces to reach a wider audience. Marketplaces have their data formats, and they have different requirements for attributes, catalogues, and product hierarchies. The more e-commerce platforms you list for, the more efforts are needed to update product data in required formats.
The product information management system can help in managing enormous data sets and keep them correctly updated. The software is designed to identify products, gather related data like specifications, check the data for discrepancies, compare and verify the data, and maintain accuracy.
Helps in Expanding Product Catalogue
To maintain business profitability and attract customers, e-commerce companies need to expand their product catalogues continuously. They need to offer a high and complicated line of products to customers. However, new products are short-lived and available across diverse channels, including offline channels. So many companies either create new products from scratch or recreate new products from existing products.
When new products are created, brands need to make them available to different marketplaces to cash on the existing trends. The product information management system helps brands in expanding product catalogues in an easier way. The software ensures consistent information is presented across all channels, and there is no conflicting information that might discourage prospective customers from buying these products.
Efficient catalogue management software can collate all videos and images related to products in a single location. The software can automatically transform images if there is a change in product data for a specific marketplace. Approved and updated digital assets play an important role in creating a consistent and meaningful brand experience.
Efficient Classification and Categorisation of Products
Maintaining a high product catalogue can be an overwhelming task for any e-commerce company. Poor categorisation and classification can frustrate customers and spoil the customer experience. In such cases, the probability of customers returning to your e-commerce platform is significantly less. Improper categorisation makes things difficult for customers like they are not able to find desired products quickly.
Catalogue management software helps in classifying and categorising products correctly against GDSN and NPC standards, thereby helping improve customers’ shopping experience. With the use of product catalogue management software, the e-commerce company can get a well-structured logical catalogue that is easy to navigate for customers.
The software reduces time-to-market and manual efforts and allows online retailers to manage products catalogue across multiple platforms seamlessly.
Easy Access of Product Data to Business Users
The software creates a centralised repository of product data that improves the accessibility of the data to all business users. For the timely launch of new products, teams need access to accurate product data, and the software makes the product data access easy.
To sum up, these are some ways in which a Master Catalogue Information System helps businesses.