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Retailers: What Strategic Initiatives Can You Power with Complete Product Data?

Posted March 24, 2019
On average, retailers are failing to return 92% of qualifying products on their e-commerce sites, meaning for every 10 products that could be returned, today, retailers are only returning one. This gap is due to incomplete, siloed, and poor quality data. With over 200 million shoppers adhering to a diet or health-related eating program and nearly as many indicating food allergies and intolerances affect the way they shop, inaccurate and incomplete data is not only costing retailers billions of dollars, but also damaging shopper trust and loyalty. Going beyond the information stated on the label through nutritional and ingredient analysis paired with systematic application of regulations and rules leads to the ideal state of data where a consumer can select an attribute or search for a keyword and experience holistic and personalized results capable of answering their every question. This data application improves user satisfaction, inherently helping to increase cart size and customer lifetime value. Unlock the Power of Complete and Accurate Data Imagine you have comprehensive product data, what innovative and strategic initiatives would you implement first? Advanced filters are often the first functionality retailers opt to implement for digital attribution. It’s a signal to shoppers that you have prioritized their need states and want to make shopping easy. With the right data, retailers have a massive opportunity to deliver an exceptional shopping experience. This video clip from our Stocking Your Empty Aisles webinar highlights how to leverage this data to build smarter product recommendations: Going even further, retailers are able to target sophisticated audiences driven by their unique attribute profile:   Retailers can leverage this data to optimize their paid search, allowing for easy discoverability amongst shoppers: There’s a huge opportunity to better serve consumers. Consumers shopping for products that meet their needs are being underserved by retailers today. The good news is that this robust data can be quickly implemented to address these challenges and greatly improve upon the shopper experience to build consumer loyalty. If you are interested in learning more about how to leverage our metadata to improve your e-commerce experience, please reach out to our Subject Matter Experts or your account representative. The full Stocking Your Empty Aisles webinar containing additional insight is also available here.