eCommerce has become more lucrative than ever, with total US sales reaching a record-breaking $960.1 billion in 2021. However, this doesn’t mean that every eCommerce marketplace is automatically set up for success. In fact, the highly competitive nature of digital marketplaces means that many sellers struggle to make any impact whatsoever.
This is where eCommerce product catalog management comes in. Quality eCommerce product catalog data can make or break your business by providing customers with crucial information to help you build a brand that appeals to your target audience.
What is eCommerce Catalog Management?
In the simplest terms, your catalog is the full range of products that you offer on your storefront. eCommerce catalog management is the process of ensuring that you have accurate pricing and product information available for each item in your store or marketplace.
This information can be highly detailed. For example, product descriptions can include color options, sizes, dimensions, materials, price and other unique attributes that help a customer make his or her buying decision. The eCommerce product catalog must also be presented in an SEO-friendly manner to improve site rankings, while also being easy to navigate on your own web page.
Why is Catalog Management Important in eCommerce?
Regardless of whether a customer is shopping in a physical store or online, they value convenience. In fact, research from the National Retail Federation found that 52% of shoppers say at least half of their purchasing decisions are influenced by convenience. And, 97% will back out of an inconvenient purchase.
eCommerce product catalog management helps you deliver the convenience that can make all the difference in enticing customers to make that initial purchase — and continue to buy from you in the future.
A quality eCommerce product catalog delivers convenience by offering the right type of information to help customers make a purchase with confidence. Quality information can also reduce the likelihood of customers being dissatisfied and returning their purchases.
By streamlining the purchasing decision, you make your eCommerce store easier to use and foster brand loyalty.
3 Common eCommerce Product Catalog Management Mistakes You Should Avoid
Quality eCommerce product catalog management can be more difficult than you might expect. The following issues can result in lost sales and a poor customer experience:
Not Accounting For Different Sales Platforms
Your merchants likely sell across a wide variety of channels, such as Amazon, Instagram, eBay, and more. However, not accounting for differences between these sales platforms can create pitfalls. Different channels may require different sets of product information. They may also display product details in a different manner.
Your eCommerce product catalog data must be consistent across multiple sales channels so that customers always receive accurate information. Otherwise, you run the risk of creating an inconsistent experience, which will make it harder to build customer loyalty. This could also make some platforms fail to deliver adequate sales.
Not Adapting Catalogs For Different Audiences
Many sellers target multiple audiences, who require different sets of information. For example, a store like Home Depot will sell materials to both DIY homeowners and contractors. While a homeowner may only need to buy a few pieces of lumber, a contractor would likely look to buy lumber in bulk.
Failure to display the right information to the right consumer can cause major navigation issues that make it harder to make a buying decision. Inventory technology can help you display the right details to the right audience.
Inaccurate Product Categorization
Poor product categorization can undermine your online marketplace’s dynamic search and sorting abilities. If customers can’t easily search for and find a product, they will quickly abandon your store. Inaccurate categorization can also make it difficult to track SKUs and manage inventory.
3 Tips for Efficient eCommerce Product Catalog Management
Your eCommerce product catalog data can become a key differentiating factor that helps drive sales and customer loyalty. Here are some tips for more efficient catalog management:
Use Your Data to Upsell and Cross-Sell
eCommerce catalog data can be used to suggest related or alternate products when a customer is looking at an item on your site. This can be a great way to upsell and increase the value of an order, or to help customers find what they’re looking for if the current product isn’t a perfect fit. Amazon has previously attributed 35% of its sales to this practice.
Track Demand With SKUs
eCommerce product catalog data can also aid merchants’ SKU management. Tracking inventory using SKU numbers will help merchants identify when items need to be reordered. It can help them identify seasonal trends in demand, as well as when they should allocate more or less stock to a particular product. Automating reorder points can ensure that merchants never run out of stock, so that a marketplace is always ready to fulfill customer orders.
Use the Right Data Provider
The right data provider can make all the difference in effectively managing your product catalog. Cluster will help you keep all your cross-channel data in one centralized location. With real-time updates and complete visibility into your inventory, you can accurately track and manage product data.
This will help you standardize your catalog management process and break down information silos so you can have more trust in your backend data and be better equipped for winning more customers.
Make the Most of Your eCommerce Product Catalog Management
Quality eCommerce catalog data will make all the difference in helping your company drive revenue and improve the customer experience. With Cluster for Catalog Enhancement, you can have confidence that you are getting the data you need to put the right products in front of the right customers at the right time.
With data drawn from over one billion products, 23 million brands, and 85 thousand digital POS data providers, you will have the robust (and accurate) information you need to succeed. Additional marketplace services, such as price and demand benchmarking, can further help you increase your competitive edge and drive revenue. Book a meeting today to learn how we can help enhance your eCommerce product catalog data.
