The Business Case for Better Data: Powering E-commerce Engines
Here’s a truth you’ve probably heard before: eCommerce growth has hit a wall. Costs are up, processes to manage data attribution are manual and labor-intensive, and the metrics that matter are generally stagnant. Retailers spend a lot on innovative tools to create a great user experience. Onsite search, filtered navigation, product recommendation and personalization engines continue to be evaluated and updated as new vendors come to market with interesting advances in these critical technologies. Edgecase (now GroupBy), once upon a time, even set out to create a better navigation experience for our clients, until we learned that the problem is more fundamental and far-reaching. Sadly, it’s not as simple as finding the right vendor to deliver the right experience. Instead, it’s about structured, enriched product data to fuel these engines for optimized performance.
For a long time we’ve neglected the importance of product data in the e-commerce space. Standard product attributes like size, color, and price are important, but really only scratch the surface when it comes to delivering a differentiated shopper experience. Language, customer sentiment, and merchandising strategies are constantly changing and keeping pace with that rate of change is virtually impossible, but a necessary evil. Shoppers have a vast vocabulary, and expect that retailers are able to keep up when it comes to product descriptions and “romance copy”. The truth is, using types of details as searchable attributes cause too much noise for shoppers and reduce the relevancy of search results.
Not to mention, merchandising and sorting rules are often driven off of structured product attribution. If retailers don’t invest in cleansing and organizing the foundational product data, they will continue to be limited by poor quality data and in turn, a poor customer experience. It’s why here at GroupBy we believe so deeply in complete, high-quality product data. We’ve seen for ourselves that when retailers fuel their e-commerce systems with properly enriched data, they see increases in engagement, conversion, and revenue. When product data is unstructured, it’s pretty useless. Once it’s organized and enriched, it’s a super fuel for a retailer’s’ e-commerce engines from search to mobile. Remember: great data fuels great results.
If you want more insight on this business case for better data, and a few others, be sure to check out our eBook, Hey…Your Dirty Data is Showing: The Business Case for Better Data!