If there was ever a time to take your company’s digital presence to the next level, it’s now. E-commerce sales in 2020 and, so far in 2021, have surged due to continued Covid-19 restrictions.
But simply having a digital presence is no longer enough: customers expect higher standards of service online, and if a brand’s offering isn’t up to snuff, there are myriad places to where they can shop elsewhere, all at the touch of a button.
Customers expect an engaging, convenient and personalized experience wherever they shop, and expect information across each of a brand’s channels to be uniform and consistent: if a price is different online than store, a company’s credibility is lost.
Likewise, if information about a product online is missing, a business runs the risk of a customer purchasing the item and then having to return it.
And that often happens. According to research by Informatica, 64% of online returns are due to items not as described on the website.
” It costs [brands] million,” said Costa Mikhael, ANZ Business Manager of Master Data Management at Informatica.
“The reason these returns are happening is because there is not enough information describing the product. The customer assumed it was one thing and received something else.
“If you have more information, more images, you’re less likely to continue to get those kinds of returns.”
It’s not just about having missing information on a page. If a food does not have potential allergens listed, it could be a problem for customers and breach compliance issues for the retailer. If a large item like a fridge doesn’t have its dimensions or weight listed, it could be a problem for the delivery staff.
If the price is wrong, it can be a problem for a business’ bottom line: an item worth $1,000 that is listed online at $100 by accident can be a major problem.
What Mikhael thinks retailers need, and what Informatica has developed, is a product information management (PIM) solution, MDM – Product 360, which allows retailers and suppliers to capture information detailed information on each product in a database which is then shared within a company. online and offline stores, and ensures that all information is consistent.
“It’s about managing product information, collaborating with suppliers, delivering the right information to the digital platform, to your catalogs, to your mobile app and to your store,” Mikhael said.
“It becomes a single point of truth that you trust because it was built by the right people. [in your business].
“You can build a fancy e-commerce site quickly, but if you really want to treat your e-commerce site like another channel, like a store, you need to make sure the products are organized and presented with the same care that you in a place of bricks and mortar.
For more information on how your business can power its digital transformation with Informatica’s Product 360 PIM solution, feel free to contact Costa Mikhael directly at [email protected] or read the Informatica’s POV article “Retail digital transformation in Australia and New Zealand”.