Imagine the time before ecommerce became a thing. You would step into a store to buy a jacket. The storekeeper or the salesperson would ask you what you are looking for. They would ask you what size, color, fit, or material you prefer. Those were the simpler times, considering you had assistance finding what you needed. But, it did not offer the convenience of shopping from home. The emergence of ecommerce made it all possible.
As consumers switched to online shopping, product catalogs became the salesperson. Having a good online store meant more sales. While the dynamics are still the same, the definition of a good “online store” has changed.
Today, an online store does not just bring products to its customers digitally. It offers a seamless shopping experience from start to finish and beyond the purchase cycle.
In this blog, we will explore one of the critical aspects of an online store that makes or breaks sales. Let’s understand more about product catalogs, their importance, and the best practices in catalog management.
What are product catalogs?
In simple words, product catalogs display details about the product that are crucial for decision-making. For example, if a customer searches for a jacket and lands on a product page that does not mention the size or the material, the shopper will hesitate to purchase.
Whereas, if the product catalog showed them quality images, mentioned the size, material, care instructions, etc., in the description, and perhaps a video of how the product looks on a model, the shopper would convert.
So, what does it take to create perfect product catalogs that convert? The answer is simple. All you need is an efficient catalog management solution.
Catalog Management Challenges
To understand the importance of catalog management better, let’s first go through the challenges most businesses face.
1. Gathering and structuring product data
Product information is scattered across manufacturer, retailer, and brand databases. So, accurately matching the products before collecting the data becomes crucial. Product information on third-party websites is often unstructured. In contrast, a product catalog must have a product structure in the way it displays the information. Starting from the product title and descriptions to other key attributes.
So, you can imagine that if you’re dealing with a huge list of products, gathering and structuring the product data will be difficult and time-consuming.
2. Updating the product catalogs
Since product catalogs are crucial in driving sales, it’s important to keep them up-to-date. However, updating the catalogs can take a lot of your time, especially when you have an extensive list of products across multiple sales channels.
3. Creating new digital catalogs
The biggest challenge most businesses face is expansion. What happens when your business tries to scale? Does it have the capacity to launch its products into the market quickly? Most companies fail to capitalize on new opportunities because they take too long to enter the market.
If you are launching new products, it’s important that you have a way of quickly bringing these new catalogs online.
4. Ensuring data consistency and accuracy
With the same products listed on multiple platforms, it is crucial to display consistent information. Data inconsistencies and inaccuracies lower shoppers’ trust in the brand, leading to lost sales.
Every marketplace has a different set of guidelines for product content compliance to ensure a consistent and unbeatable experience for its customers. However, adhering to these diverse rules is challenging as multiple factors are in play. Complexity and variability, technical challenges, and data quality issues are a few of them.
Catalog Management Best Practices
Ecommerce and digital product catalogs were unheard of a few decades ago. The rise of ecommerce since the 1990s has taken the shape of one of the largest markets in the world. As we witness this remarkable transformation, launching and sustaining a business becomes seemingly difficult. Thanks to advanced technologies, managing these challenges is possible.
Ecommerce catalog management will be a cakewalk for companies if they leverage the power of automation and follow the best practices.
1. Organize your database
You can solve half the problem by consolidating all the product data into a repository.
Single source of truth: Product information from multiple websites should be collected and stored in one place. This makes it faster and easier to manage and update product catalogs.
Data accuracy: Your goal should be to maintain product data consistency across all channels. Remember. Customers dig consistency. They are more likely to buy from you if they see your product listing on multiple channels with accurate and complete information.
Scalability: Every business aims to expand at some point. When you are ready to add more products to your catalog, it’s important that your catalog management solution can scale along.
2. Categorize your product catalog
Having engaging product catalogs does no good if the customer cannot find them.
Product categorization: Grouping products based on some logic is extremely essential. When you add products to relevant high-level categories, you simplify the search. For example, a jacket could be mapped to women’s and men’s apparel. Ecommerce services like taxonomy recommendations can help in precise product categorization.
Attribute creation: Adding necessary attributes to product listings is a great way of driving positive customer experiences. Certain kinds of products may require more details than others for customers to make the right choices. For example, if you sell food items, you will have to specify additional information like allergens in addition to the basic information like quantity, flavor, etc.
Sort and filter: Shoppers love it when they can instantly find products. A search, sort, and filter option would allow them to narrow down the search and find the exact product in a few taps.
3. Offer quality information
The secret lies in the data quality. What good are your product catalogs if they display only half the information?
Product details: Product catalogs offer the first impression of your brand. Missing or inaccurate information can make you appear less genuine, and customers might assume that you don’t care much about delivering a seamless shopping experience.
Product visuals: Gone are the days when your catalog was complete with a list of features and some descriptive text. Today, customers engage when they see product visuals. Adding high-quality images and videos of products creates a realistic shopping experience.
Pricing accuracy: Pricing is one of the biggest aspects customers consider while making a purchase. Ensuring pricing information is correct and up-to-date should be equally important as managing any other product data. Companies can use ecommerce solutions like price monitoring to optimally price the products.
4. Upsell and cross-sell products
This is an effective strategy to improve sales. Grouping or bundling products based on customer buying behavior can definitely add value to your business.
Complementary products: Businesses can leverage purchase data and sell products that are usually bought together. This way, you improve the customer experience while doubling your profits.
Personalized recommendations: Each customer’s purchase history and browsing behavior offer you insights into their need. Using an analytics tool will provide you with a comprehensive view of this data, enabling you to tailor suggestons as per the buyer’s interest.
Product bundles: Creating attractive product bundles is a great way to further maximize sales. You can offer enticing discounts for purchasing related products. For example, a customer looking for an iPhone will also require AirPods. By cross-selling products, you can increase order value and customer satisfaction.
Find the best catalog management solution
The traditional approach to catalog management isn’t effective enough. With advanced tools and technologies, product catalog management has become effortless and more rewarding. You know you have found the right catalog management solution if it can help overcome the most critical business challenges and achieve your revenue goals.
Try our expert catalog management solution if you want to scale the business successfully.
