Importance of Product Data in Driving Sales
When you don’t have a storefront and a salesperson to do the talking, your product content has to be rich. So, your task is to reduce the uncertainty as much as possible. Remember, customers won’t always buy the better product; they prefer the product they better understand and can find. PIM Analytics can be important tool in your toolkit to make sure your product content is working as intended.
In an Omnichannel environment, the risk of insufficient data is significant. Many of our clients have shifted from adding content to their flagship commerce site to distributing their products across social media and third-party marketplaces. However, if incorrect information is disseminated in these channels, your product sales and company reputation are at stake. This underscores the importance of effective product data management and the use of tools for identifying and rectifying problematic areas.
The shopping experience is cross-channel, so the data has to be consistent across all channels. Customers often shop in an omnichannel manner. They may get a catalog in the mail and then shop online, see a Google ad and then navigate to your site, or even shop online and then call in the order. In all of these cases, the consistency of your product information is crucial. It’s not just about making a sale but building trust. Customers who see the same information about your product across different channels are more likely to trust your brand and stay engaged longer. Learn more about the benefits of a PIM here.
PIM Analytics for Identifying Problematic Areas
In addition to web analytics and sales reporting, you can integrate between the PIM and external systems to see what’s going well and not so well with your product data. Major PIM providers offer various analytics capabilities. These tools can empower product managers by providing insights into product data performance, helping them better understand what works and what doesn’t. This understanding is crucial for improving product data quality and, in turn, driving sales.
InRiver Digital Shelf Analytics (DSA):
What is a Digital Shelf? It refers to all online touchpoints where customers interact with products, including reseller sites, search engines, social channels, and brand websites. It’s the digital equivalent of physical retail spaces where customers discover, compare, and purchase products. It’s the core of a company’s digital presence.
DSA uses intelligent automation to continuously monitor product listings, providing real-time insights into buyer behavior, product performance, and competition. This information is vital for optimizing product detail pages to improve customer experience and profitability. This product is your virtual secret shopper!
Continuous monitoring of product listings is necessary, as minor errors can significantly impact visibility and reliability. Online shoppers make snap judgments, shun inconvenience, and can change their minds quickly. The correct Product Information Management (PIM) tools are essential for tracking performance and maintaining optimized content.
Integrating syndication with DSA capabilities is a valuable feedback loop. This approach ensures a constant flow of information between a brand and its digital touchpoints, allowing for the ongoing optimization of content and maximizing profitability across all customer interactions. We’ve been in the trenches of data export and import processes for a long time, so we know what can go wrong. Validating that what goes out is what you expected is valuable. We have an excellent relationship with inRiver.
Akeneo Business Analytics Studio (ABAS):
ABAS provides two sets of metrics: Productivity and Business. Productivity shows
- The average time from product creation to 100% completeness
- Total products enriched over a defined period.
- Tracks time spent enriching products step by step in a workflow.
Those are enhanced with Business Metrics:
- Total page views
- Average add-to-cart rate/views
- Average conversion rate/views
- Total number of units sold
- Total revenue
ABAS distinguishes itself by reporting on enrichment workflow efficiency and a baseline against shopping behavior and sales. A feature with real potential value is their industry benchmark dimension to the reporting. You can see how you’re doing against others depending on your industry.
For our B2B clients, the only way to know what’s going on is if they track customer behavior once they log in. Pricing is usually hidden behind a login. In some cases, we have seen clients hide the products themselves! But ABAS allows you to load that data and break it down product by product. This requires some e-commerce maturity as that tracking needs to be in place on your e-commerce portal. We don’t always see that go in the first launch of an ecommerce website. Learn more about our expertise and partnership with Akeneo.
Syndigo Analytics Reports
The file describes various features of Syndigo’s analytics reports designed to help e-Commerce businesses enhance their performance and strategic decision-making. Here’s a summary of the key features of each report:
Buy Box Report:
- Real-time metrics and monitoring.
- Competitor tracking.
- Easy data access and marketplace monitoring.
- Strategic insights for quicker reaction to market changes.
Out-of-Stock Report:
- Real-time product availability monitoring.
- Automated tracking and low-stock alerts.
- Customizable dashboards and reports.
Pricing Report:
- Real-time insights into pricing changes and competitor pricing.
- Unified view for easy analysis.
- Identification of behavior trends and quick response times.
Ratings and Reviews Report:
- Real-time activity and centralized feedback view.
- SEO optimization and brand-building tools.
- Multiple data views for detailed analysis.
Share of Voice Report:
- Real-time insights into ad placement and competitor activities.
- Advanced technology for precise ad placements.
- Automated monitoring and all-in-one access to critical data.
Share of Shelf and Share of Search Reports:
- Analysis of brand positions for specific search terms.
- Competitor benchmarking and keyword strategy optimization.
- Retailer-specific analysis for targeted marketing.
Which PIM Analytics Tool is Right For You?
If you don’t have a PIM yet, I don’t recommend using the analytics as specific selection criteria. Rather, the foundations of a PIM and how it meets your needs regarding data governance, source of truth, quality of product data, and integrability are paramount. There are commonly understood best practices you probably need to adopt before diving deeper into these features.
It’s also important to decide what to do with this information once you have it. If data from third-party marketplaces isn’t what you expect in your product data, it may be necessary to troubleshoot the outbound feeds you have to them. If your products get good page views but are seldom added to the cart, you might consider if your product information is complete and rich enough. Changes to the e-commerce systems may be necessary to improve overall user experience, brand, and trust. You may need professional consulting to make sure your move is the right one, in other words, to solve the right problem. We have subject matter expertise covering PIM strategy, solution architecture, best practices, and feature guidance, as well as the deep technical experience to make your vision a reality. Contact our experts today for other inquiries and information.
