The simple trick of doubling your eCommerce business profits: Automated Product Content Enrichment
Product content is everything in today’s world. From being at the top of your market to getting more profits, rich product content plays a vital role. Consumers make their buying decisions based on the quality of product information available to them on the product detail pages and listing pages. Therefore enriching your product content is much more crucial. But first, let us understand the basics of content enrichment.
What does enriched content mean?
Enrichment, in simple terms, means adding more value to your content. Let’s take an example. Two retailers, let’s call them Retailer A and Retailer B, sell leather jackets on an eCommerce marketplace.
Retailer A has the following description content on their product listing page,
“Jacket Leather, Wtrprf, yel XL”
Retailer B has the following product content on their listing page,
“Waterproof Leather Jacket. Set yourself in style in this waist-length poly/vinyl-coated leather jacket. It features vented sides to keep you cool, a comfortable poly lining, four-snap front closure with packets, reinforced seams, and adjustable cuffs. Bright yellow color aids visibility.”
The first product description looks like an incomplete sentence, i.e., It gives only the basics and isn’t very useful to a customer. Some customers might not even understand the terms used there, which would affect their purchasing decision.
The second product description is fully enriched. It gives all the necessary details required by the customer and much more, thereby enabling them to make better decisions. In short, it adds value to the selling. Content enrichment, in short, can be summed up as a value addition to your product’s information.
How can content enrichment determine cart abandonment?
Today, customers want high-quality product information presented to them instantly. Failing to offer the desired result within seconds can lead to customer churn and lesser conversion, especially in an eCommerce landscape. This high-quality information determines the buying decision of customers.
Shopping cart checkout of any eCommerce site like Amazon, Walmart, etc., is the most critical process where a lot of traction happens in buying decisions. A lot of questions may arise in the buyer’s mind during checkout. If those questions are not quickly answered, it leads to cart abandonment.
Bringing the customer to the checkout page is a tedious process and requires a lot of effort. When the buyer leaves the cart on the last step, it is no less than a tragedy. Businesses can avoid this by adopting automatic eCommerce content enrichment for their products. Products with enriched content answer all the buyers’ questions and give them additional reasons to buy the product. Many software like PIMworks helps customers’ buying decisions by automatically enriching the product content from top websites and marketplaces.
Here are some of the advantages of enriching product content that can help you double your business profits.
- Increased business opportunities with Cross-selling and Upselling
One of the critical advantages of enriching your product content is that it opens new avenues for revenue generation. By enriching your overall product content, you can start to upsell your products.
Buyers looking for a mobile phone can also buy a mobile phone case and additional screen protection if the content displayed to them is enriched. This helps you sell more, thereby increasing your overall profits.
Enriched content also helps in cross-selling products, thereby improving your brand visibility among the buyers. Better the brand visibility, more the chances of profits and revenue.
- Improved customer experience and satisfaction
Online purchasing is all about context. Some customers read every paragraph for every detail, whereas others prefer to scan through the entire content.
Enriching your product data and content helps you fill all the necessary gaps in your product catalog and lets you categorize the right product content to the right buyer. Customers feel more related to the product they are buying and buy more than what they planned.
Online product descriptions have a small window to impress, and enriching them helps make a good first impression among the buyers, thereby satisfying them and earning you more money.
- Global standard compliance
Enriched content is very much vital to make informed buying decisions. But data enrichment does not mean just adding more to your records.
Enriched product data describes valuable data relevant to your product and at the same time compliant with market standards globally. This market compliance brings in the necessary authentication required for your product which helps in improving the decisions made by the buyers.
Many websites use conversational chatbots built with AI and ML technologies that use enriched data from top websites and marketplaces to answer customer questions, thereby improving their buying experience accurately.
- It sets you apart from the competition.
When customers evaluate a product, they depend on your description and specifications to help them decide whether to buy from you. If that information is inconsistent or incomplete, it could mean a lost sale.
A customer conducting online research may find an identical product from a competitor for the same price. The only differentiating factor is your enriched product description.
If you offer more information, they’ll be better equipped to make the right decision and feel confident buying from you. Consistently delivering high-quality product information at the scale sets you ahead of the competition and helps you earn more.
Importance of a PIM for better enrichment
If the product information is scattered across multiple places, it becomes very difficult to manage it. Managing all your product information is as important as enriching it. A PIM (Product Information Management) system can help you maintain all your product information from a centralized repository giving you complete control over your business. A centralized repository facilitates faster product discovery, brings accurate search results, and provides a rich experience to your consumers. Ecommerce players must incorporate a Product Information Management solution into their business to meet the changing landscapes.
You can check customizable solutions like PIMworks that sample data from top-performing websites and marketplaces, giving you the best-enriched content possible and enhancing your overall customer experience. Get PIM software incorporated into your business, maximize your business profits and take your business to the next level.