‘Tis the season when retailers become inundated with extra inventory for peak season celebrations. Whether that’s holiday-only products or goods likely to spike in popularity, keeping up with changing inventory needs is key to maximizing Q4 revenue.
Central to executing these quick inventory shifts is improving how you manage the data displayed on content across your eCommerce platforms. Recent research by Syndigo found 73% of consumers consider inaccurate or incomplete content a strike against the retailer, while 1 in 3 said they’ve returned an item because it didn’t meet expectations based on available information online.
When holiday celebrations are on the line, there’s no room for product page errors. Here are a few tips to better manage your data for a brighter customer experience.
Put every data point in its place
With a flood of new products in your inventory comes an overwhelming amount of data. Ingredients, nutrition facts, and product dimensions will all need to be cataloged and displayed on any page where the product is sold. Multiply that task across all your sales platforms, and keeping all that data straight becomes a full-time job, if not several!
Instead, look to centralize this data. With Product Information Management (PIM) solutions, all incoming data can be sorted into the appropriate product profile and distributed across your network to all pages containing that product. This ensures customers don’t have to leave the website to do additional research and gives you peace of mind that your product pages remain up-to-date and consistent.
Avoid the dreaded stock-out
No one likes to discover the product they need is sold out. But customers will become especially frustrated if they’ve driven to the store only to find out the product that was supposedly in-stock according to the website is actually sold out.
During the holidays especially, you need real-time out-of-stock alerts to help label sold-out items as quickly as possible. Integrate your master data management (MDM) solution with out-of-stock alerts to track trends in sellouts over time and ensure you have enough of your most popular products in-stock before peak season.
Continually analyze your strategies
Your eCommerce strategies are continually evolving — as are your rivals’. That’s why it’s important to look at the holiday season not only as the culmination of your year, but as a chance to gain key insights on your customers’ buying habits — and your competitors’ strategies — for January 1 and beyond.
Keeping an eye on your digital shelf analytics can help you stay ahead of the game. You can work with data management partners to track pricing trends across your competitive landscape, understand buyer sentiment, and monitor how your business appears in search results, just to name a few capabilities.
Win the shelf with smarter data management
Buyers have plenty of options in an always-on economy, and they’re going to look to the retailers that offer as much data as possible before making a purchase. Technology can help you gain a leg up on your competition, ensuring your data is consistent and up to date across your platforms.
With solutions such as PIM, MDM, and digital shelf analytics, you’ll be well-equipped to keep up with new inventory and meet customer expectations throughout the holidays.
*This article by Syndigo’s Benny Blum, SVP of Product, originally appeared in TODAY’S GROCER magazine.
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