In this competitive digital world, any retailer who is managing multiple sales channels will need product catalog management as they know how difficult it is to keep all the product listings engaging, up to date, and accurate simultaneously. Nowadays online retailers are hustling against keeping their website and product details updated for beating the tough competition as well as striving to meet customer expectations. This is the reason that e-commerce retailers need product catalog management where you can update descriptions, imagery, availability, specifications, shipping info, pricing, etc.
Importance of Product Catalog Management
Product catalog management is defined as the process of maintaining all product details consistently, accurately and engaging across every marketing and sales channel. Its importance is two-fold. First, it will keep your employees productive as your business expands digital marketing and sales strategies across multiple channels. Secondly, it will provide the customers with an enriched user experience and product details they are looking for which help them during the purchasing decision.
1. Enhance User Experience
With the implementation of product catalog management, the website has all the required information such as product details, shipping info, pricing, images, reviews, links, etc. which enhances the user experience. When the user is surfing the website, the information should be consistent across all the web pages among different product categories that help the users one step ahead in the buying decision. Product marketers should create catalogs by anticipating the buyer’s needs instead of providing general information.
2. Improved Branding
Branding is the most important aspect that retailers should focus on their website while using distinct images, colors, logo, caricatures, font family, call to action, etc. which will enable the brand to stand apart amongst its competitors. The website design, product catalogs, and rich UI helps the users to recall the brand whenever they think of a repeat purchase. Product catalog management plays a very crucial role for online retailers to maintain their brand integrity in the digital marketplace.
3. Higher Conversion Rate
E-commerce product catalog management helps online retailers in improving the conversion rates as the customers or prospects and the sales personnel have contextual conversations instead of spending time on problem-solving. When product catalog management is done effectively, it helps the website visitors to make the purchasing decision more efficiently as they can get all the relevant information required regarding the product and service of the company.
4. Generate Sales Offline
Nowadays, many customers research the products online and then buy them offline – in standalone retail outlets, malls, and shops. In such circumstances, the retailers need to provide the buyers with the required information on the website so that they can reach the buying process faster than ever. The information present on the landing pages, websites, product pages, and microsites enables the buyers to feed relevant information while making up their minds for purchasing the product.
5. Consistent Product Information
Every e-commerce retailer must have an efficient product catalog management procedure that will help them in updating the website particularly the product with their detailed specifications. It will eventually help the visitors to become fully aware of the product features before buying it. Having consistent detailed product information will help you in reducing cart abandonment and increased sales. There should be proper accurate information on your website. No false acclamations and information should be attached to the product information that may mislead a customer.
6. Empowers Omnichannel
A modern customer is looking for an enriched user experience while making purchase decisions. It can be easily obtained with the integration of e-commerce product catalog management in the website. Not only does it provide consistent relevant information across the website but also it optimizes every channel that a customer uses. A flawless omnichannel experience is a key attribute for online retailers to attract more customers that come as a byproduct of product catalog integration.
7. Boost Customer Retention
Research says that almost 86% of the customers will not make a repeat purchase from a website that provides poor product information. Hence, retailers must understand the importance of product catalog management in the website. It will help in boosting the rate of customer retention and customer acquisition also. Consistency of product information is important that is directly proportional to consistent customer support.
8. Optimized Business Growth
Any e-commerce retail company with excellent digital product catalog management must have a strong foundation that helps in expanding the business to the next level. With an organized website, not only the UI will be smooth but also customers will enjoy a rich browsing experience that will be inclined towards the buying decision of the prospective customers. A well-detailed website is always proven to generate more sales compared to the sites which don’t have digital product catalogs integrated with it.
9. Makes Partnership Profitable
In terms of business growth, relationships between the wholesalers, dealers, vendors, suppliers, and the company stakeholders matter a lot. If the vendors find a great platform for exhibiting their products, then they will collaborate with you to sell their products through your website. The brand value will not only increase but also opens the path of business growth to the next level. Standardizing product data is enough to make profitable partnerships with the internal and external stakeholders. And it can be possible due to the efficient implementation of product catalog management on the website.
10. Smooth Flow of Information
With efficient product catalog management, the steady flow of information is maintained between the stakeholders, suppliers, vendors, and the company people. The product marketing team can easily publish the relevant information on the website through Content Management System (CMS) for the end-users like the customer success team and the sales team. Hence, there is no relative fretting over old information in CRMs, emails, desktops, storage repositories, and libraries.
11. Reduced Business Cycle
Have you ever thought of sending to and forth emails to the customers regarding product information endlessly? Imagine how much hassle will be there in the whole procedure that will yield zero outcomes. Hence, with the implementation of a digital product catalog on the website, all the information can be updated timely including the offers. However, the relevant information available to the buyers in an appropriate manner, not only reduces the clogs in the business cycle but also increases sales.
12. Customer Specific Pricing
Most of the B2B retailers believe in customer-based pricing. The price of any product or service depends on which customer is buying it. Individual or conglomerate customers have their budget constraints, and the companies quote according to their needs. With the help of digital product catalog management, you can maintain the information accurately on your website. Always ensure that the correct prices are shown online based on the type of customers.
The main goal of e-commerce retailers should focus on offering a seamless customer experience. It will eventually help in reduced cart abandonment and increased sales. Customers who have experienced a good user interface will surely come for repeat purchases from that website. Product catalog management must feature the content on the website that provides relevant information regarding the products. Hence, retailers should know the USP of their product and make their product a must-have for the target customer segment with the help of digital product catalogs.