Let’s face it: the e-commerce scenario is burgeoning each year. Giants like Walmart and Amazon have quadrupled their inventory as sale season approaches. From massive selections and free shipping to inventive new shopping experiences, customers today have a plethora of options to choose from. In such fierce times, the power of Product Intelligence can drastically increase your product popularity or bring your customer to you.
Product Intelligence to the rescue
Product Intelligence can be defined as deep understanding, insights and analytics on a company’s products at that of its competitors, and how both are merchandised and sold in the marketplace.
In a broader sense, product intelligence is a lot more than understanding prices. It’s about understanding availability, description, specs, attributes, tags, promotions, facets, ratings, etc. By tracking, analyzing and gaining insights from changing trends can retailers gain a comprehensive understanding of information that’s required to stay ahead in the competition.
The consumer today leverages technology to find the best deals. Retailers lose out on sales when they fail to appear in customer search feeds. Given below are some ways through which you, a retailer, can use product intelligence to drastically improve market performance.
Real time competitive intelligence can help you identify gaps in your retail process, and provide insights for better performance and informed decisions. However, this knowledge is useless if you don’t know how to apply it in real time. When do your or your competitor’s products go out of stock? Which products of yours or your customers perform the best during a sale season? Is your competitor’s assortment mix is better than your, or vice versa?
Addressing these questions can help you go a long way in truly competing with your rivals. Insights from the above findings can give light to new ideas which can entirely up your game in the e-commerce battle.
Don’t be deceived if you thought this meant pricing cheap. Understanding the play of dynamic pricing forces in the market is critical to increasing sales. Too much focus on giving away the cheapest products can come at an expense of differentiating your products from your competitor’s.
The takeaway here is to know everything about how a product is offered in a market: price volatility, discounts offered, where the product is offered, stock availability etc. It is essential to understand the attributes which drive value for your product.
Make product information your differentiator! Your products are likely to amass huge sales only if they end up on a customer’s search. But how you structure your product information can help a customer find you faster. This essentially involves optimizing your navigation system, category structure and search so that people discover you from their input query.
For example, you sell a brand of eye liner that is lead-free, vegan and hypo allergic and do not reveal that information on your product listings. In this case, your product will not be discoverable in customer’s search for a product with these attributes. But investing in this level of information is key to making your product stand out in customer searches.
An essential part of product intelligence involves understanding the performance of your product on various digital realms. The technology savvy customer may shop from a smartphone, tablet or a laptop. The retailer needs to understand key metrics required across all digital platforms to make online shopping a great experience for the customer. As a merchant, you need to know how your products are placed across different channels.
For example, if customers are abandoning your product after adding them to cart, investigate whether it lacks proper descriptions, specifications, images or reviews. Product intelligence can provide actionable insights to boost your brand’s digital image.
Wish to know how product intelligence can skyrocket your e-commerce game? Contact us at Datahut, your big data providers.