How to Get Product Data Right and Gain a Competitive Edge
Among all the influences of consumer buying decisions online, nothing ultimately carries more weight than accurate product content. But inefficient approaches and systems like spreadsheets, outdated databases and legacy applications to manage product data still rule in many CG companies. The risks are poor customer experience, higher returns and lost sales.
The shopper journey starts and ends with product information. Although what’s presented varies during each touchpoint, no other factor is present in every step — from awareness to interest, research to consideration, cart to checkout. And that’s just the front end.
The pandemic has intensified the need for better data management as CG companies expand sales channels and consumers buy more online. Across food and beverage, for example, BCG found the shift to e-commerce will drive more than 70% of sales through 2022.
The sheer number of platforms adds even more pressure — in the U.S. alone, nearly 50 e-commerce sites receive more than 1 million visits per month. E-commerce sales grew more than 30% in the first half of 2020, according to the U.S. Department of Commerce — a surge that’s expected to continue.
In the context of these trends, changing just one piece of product information through a manual, obsolete data management process feels like running in a dream — slow motion, to no completion. A digital world won’t wait; speed and accuracy are baselines of the experience.
Read on to find out how leading consumer goods companies, like Fender Musical Instruments Corporation, are setting themselves apart by getting product data right.