eCommerce Data Management in 1-2-3
eCommerce is constantly changing, and having the right product information is crucial. Initially, many companies collected data for transactional records, inventory management, and regulatory requirements but soon realized that data holds more potential. By utilizing product information, businesses can pull insights into user behaviour, trends, and market demands to make informed decisions.
Unfortunately, eCommerce data management is difficult and remains a struggle for many. Studies show that inaccurate data can cost businesses an average of $15 million annually. Brands are eager to leverage data, but poor management can hold back their results.
How Does eCommerce Data Management Work in Retail Stores?
eCommerce data management involves handling information like product numbers, features, descriptions, and inventory levels, which can be stored manually or through AI-based data synchronization. While it may sound easy, making changes without in-store verification can lead to potential issues.
1. Data Synchronization: Online and In-Store
In 2022, 50% of brands perceive unifying online and in-store operations data as their biggest challenge. The key issue is aligning data from various sources, whether online or in-store. For instance, displaying an item as in stock online while unavailable in-store can result in “phantom inventory” issues, impacting customer satisfaction. Ensuring consistency across different platforms is crucial, as many stakeholders rely on this information.
2. Agility: Meeting Changing Needs
Businesses need a fast data management system that ensures accuracy, compliance, and allows swift updates and corrections when necessary. Simply put, being agile helps businesses adjust to any new changes to meet customer demands. In eCommerce, things change quickly, but often relying on retailers can cause delayed responses and inconsistencies in data across multiple platforms.
3. Data Alignment: Descriptions, Pricing, and Availability
According to a Forbes report, a remarkable 88% of shoppers deem detailed product content as extremely important when making a purchase. Notably, companies with multiple brands have to update over 200 product descriptions weekly for accuracy across various platforms. Relying on retailers for changes can lead to a lack of centralized control over data, causing discrepancies in product information, pricing, or inventory levels.
Cost to Brands When Data is Inaccurate
While insights can be useful in overseeing performance, relying completely on human verification can pose risks. Urgent data handling without proper verification from retailers and human oversight can disrupt growth and lead to unresolved last-minute updates. However, human expertise provides the judgment and finesse needed to handle complex data management scenarios effectively.
Partnering with Marketsupport Canada
Marketsupport offers a complete range of solutions for brands that sell products online. We handle everything from retailer audits to identifying improper listings, data management for accurate updates, data aggregation, data analytics, and more.
Contact us today to learn more.
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