As any online retail enterprise knows, competition out there is fierce. Brands and marketplaces are constantly seeking ways to stand out and attract new buyers. Countless tips have been offered to boost sales, from personalizing users experiences and streamlining payments, to utilizing social media and offering rewards.
While all these tactics may be successful, there is a proven method to boost sales and customer loyalty that has received little attention to date. By adding an additional level of data to your catalog you can significantly increase conversions and boost your Gross Merchandise Volume.
Why Your Catalog Is So Crucial
Imagine just for a moment that you operate a physical store. If your merchandise were jumbled and strewn higgledy-piggledy in your shop, prospective customers would probably leave within seconds of entering, despite the presence of an eager salesperson. The same principle applies to your online catalog, sans the salesperson. For buyers to want to browse and buy online, products need to be presented in logical order and with maximum relevant details. As you are well aware, there is no salesperson to provide missing product data or points of comparison.
What GMV Tells Us
It’s important to note that the gross merchandise volume is calculated before deducting fees, taxes, or other associated expenses. The GMV provides information that an e-commerce business can actively use to measure its growth in a given period. A GMV allows sellers to understand the gross value of all completed sales.
How Can Added Catalog Data Boost Your Sales?
A well-indexed eCommerce product catalog with added data layers can drive your sales significantly and bring your customers back again and again. Let’s discover how smart catalog management and more data can improve performance:
- More traffic
Factually, 40% of marketplace traffic comes from organic searches. If your catalog supplies only minimal product data, you are missing vital search opportunities. By providing an additional layer of product data, you can increase organic traffic by 20%. You have the ability to attract more potential buyers and drive conversion rates. You can also draw more sellers to your marketplaces. In practical terms, added information translates into more products and greater sales volumes.
- Longer Sessions
Not only can an optimal catalog attract more traffic, but it also increases and prolongs sessions. An enhanced catalog extends the total number of sessions by 8%, lengthens sessions on the product page by 5%, and boosts “add to cart” by 5%. The longer browsers spend in your marketplace, the better the chance they will become buyers.
- Improved User Experience
As anyone involved in online sales will tell you, user experience is crucial. Prospective buyers expect streamlined browsing and comprehensive data about each product. They want to view and compare similar products, observe demand levels and make knowledgeable decisions. A data-enriched catalog provides your customers with all the information they need to make an immediate purchase.
- Shared Product Pages
Shares are a great way to grow your marketplace’s popularity and acquire new customers. Browsers who enjoyed their purchasing experience will often share product pages with friends and family. Others will mention your marketplace on various social media platforms such as Pinterest. This kind of natural outreach is more personally inspiring than generic promotional ads.
- Customer Loyalty
While one-time buyers are vital, most enterprises and marketplaces aspire to engage their customers and turn them into return buyers. In order to generate customer loyalty, the latter must be offered a reliable and memorable user experience that will inspire them to come back for more. A catalog that provides listings of competitive products, rankings and clear pricing, is clearly looking out for its customers’ interests. That kind of corporate caring generates positive feelings and enduring trust.
Interested in learning more about how catalog enhancement can drive your sales and GMV? Click here.