The importance and necessity of quality product data –– and product information management –– cannot be overstated. Your product data improves search visibility, engages consumers and compels them to buy, and significantly influences your bottom line.
Operating from a single source of truth empowers your brand to meet and exceed your marketing and sales goals. This article explores the value of product truth in an omnichannel market and why and how to build a central source of truth for your brand.
In the digital commerce landscape, the word “truth” is often used without a concrete understanding of all the term encompasses. Regarding product data and information, truth refers to the attributes used to describe a product, including:
Your product truth is the data, information, and content shoppers use to learn about your product and make a purchase decision.
Your product truth must be accurate, up-to-date and consistent across all channels when listing and selling products. As a seller, you operate in an omnichannel market. Consumers shop directly from your site, from third-party sellers on retail sites, and through other channels. They expect –– and demand –– data consistency everywhere they interact with your brand.
Inconsistencies, missing product data, or a lack of quality data raise red flags for consumers. When shoppers see discrepancies in product data, they leave your site. 1WorldSync research found that seven out of ten online shoppers said poor content or a lack of content would dissuade them from buying a product.
Poor product data can also affect your bottom line even after the sale. Issues with product content are at the root of preventable product returns every year. Shoppers demand consistency. Building a central data source enables you to provide that consistency –– plus more –– to keep shoppers confident in your brand and satisfied with their experience.
Operating from a single source of truth empowers you to maintain quality, consistent product data across all sales channels, increasing your engagement, sales, and revenue.
Read on to discover practical tips for building a central source of truth for your brand.
As discussed above, your marketing and sales strategies must include creating and utilizing a single source of product data truth. The steps below provide a solid foundation for building your source of truth.
As you work with various retailers, you will find that each has its product data requirements and demands. Creating streamlined workflows within your content creation processes helps your team efficiently deliver the product data each trading partner requires.
Identifying data requirements is essential for visibility and sales with each unique trading partner’s site. Incomplete product data that doesn’t meet retailer standards prevents shoppers from finding your products, significantly impacting your sales.
Leveraging a single source of truth helps you meet product data requirements and earn more sales and revenue for your brand.
Data analysis helps you identify and track data sources. You must consider external market perspectives when mapping your data. A thorough analysis enables you to understand the most effective, engaging, and conversion-driving ways to represent your product data.
Product data must be standardized and validated before being published to trading partner sites. Your team must ensure it conforms and adheres to retailer criteria. Clean data bolsters your relationships with trading partners, increases operational efficiency, and helps your business grow.
Below are the following benefits of data standardization and validation practices:
Reducing data errors via a central source of truth allows you to sell more and optimize your online presence on an increasingly competitive digital shelf.
Operating from a single source of truth enables you to disburse product data and information in real-time. Your teams need effective, practical methods to update and edit content as your product data changes. The more products you carry and the more retailers you partner with, the more complex data disbursement and management become.
Building a central source of truth keeps your data in one location and allows for quick, streamlined edits. And because all data is housed in one location, all team members can access the same data, keeping everyone on the same page.
Real-time changes appear instantly to all parties with access to your data. All product information is updated across platforms, ensuring consistency for your teams and customers.
Taking hold of the digital shelf requires brands to win their share of search (SOS). Securing top-ranking positions on the SERPs (search engine results pages) empowers you to get your products in front of your target audience faster than your competition.
First-page Google rankings deliver exponentially higher traffic than products that fall to the second page or lower. Recent research found that only 0.63 percent of users clicked on a link from Google’s second page of search results, while the number one ranking spot earned more than 27 percent of clicks.
Winning SOS matters for engagement and sales. Your product data plays a significant role in increasing this metric. Building a central source of truth empowers you to efficiently manage your data to increase visibility and rankings on big players like Amazon and Walmart and through organic traffic from Google and other search engines.
All the steps and factors above contribute to your brand’s success in an omnichannel market. Your product content and data are your brand’s primary drivers of traffic and sales. Managing your data from a single source of truth is essential for your company to compete in this market. And the best way to manage your content is through a Product Information Management (PIM) system.
A PIM system allows your teams to efficiently and effectively manage your product content across all channels and platforms. It is a centralized hub of product data and management tools that empower you to aggregate, validate, and communicate your content across your systems.
In short, a PIM solution is your central source of truth. It houses all the tools and processes you need to centralize data through one convenient system. PIM solutions allow for:
Implementing a PIM system enables your team to manage your data faster with greater compliance and fewer errors than through manual management. As your brand and business grow, manual data management becomes impossible. A PIM provides you with everything you need to organize and disburse product information. A quality PIM with expert support enables you to sell more across more channels, increasing your revenue and helping your business thrive.
The team at 1WorldSync knows the ins and out of product data management. Regardless of your industry, we have the expertise, resources, and tools to help you effectively manage your content from a single source of truth.
Connect with us to learn how our products can simplify content management; save you and your team time, energy, and money; and help improve your bottom line.