What is ecommerce catalog management and why is it important?
While many factors contribute to success in the competitive world of ecommerce, accurate and reliable catalog management is fundamental.
Brands operating on ecommerce marketplaces must maintain accurate product data at all times. Up to 70% of consumers abandon a product page due to poor or incomplete product information. The most effective way to accomplish this is through a well-executed ecommerce catalog management strategy.
What is ecommerce catalog management?
Ecommerce catalog management is the systematic arrangement, maintenance, and optimization of a company's online inventory.
This includes product listings, categorization, and the maintenance of accurate and up-to-date information to potential buyers. The goal is to build a well-organized, user-friendly catalog that improves the customer experience.
Online shopping is going to keep growing and growing. If we look at the first quarter of 2023, in all but one country, Gen Z consumers preferred to do most of their shopping online rather than in-store. Mobile ecommerce is projected to reach $728.28 billion in 2025. Therefore, all retailers must have a robust product catalog, serving multiple channels to optimize the consumer experience.
Poor catalog data means missed income opportunities. A well-organized catalog, on the other hand, is a valuable tool for organizations, allowing for effective marketing across several platforms and widening the scope of product discovery—a critical aspect in generating sales conversions.
Top tips for effective ecommerce product catalog management
Managing an ecommerce product catalog effectively has several challenges, including maintaining data accuracy and consistency, dealing with vast product databases, and negotiating the complexity of channel interaction. Businesses must also deal with digital asset management, variety and bundle structure, and competitive pricing strategy.
Addressing these challenges is critical to a seamless online buying experience and establishing customer trust, as well as maintaining efficient ecommerce operations for your brand.
Let's take a look at the top tips for overcoming ecommerce catalog management obstacles to set yourself up for success!
Maintain all your listings from a central hub
Efficiency is essential in catalog management. Businesses can centrally manage their product listings across multiple platforms using marketplace integration software.
Integration software enables synchronization of product information in your back end systems with what's displayed on your sales channels, removing the need for manual changes across multiple marketplaces. Businesses that centralize their catalog management processes can save time while ensuring uniformity and consistency in disseminating important product information.
Managing inventories, product content, orders, returns, and customer service for each channel independently creates many human tasks. Sellers frequently use spreadsheets to manage data, which they export in various formats. As you can imagine, this can be very messy, especially if you're selling on multiple marketplaces.
However, by using software like ChannelEngine, you eliminates the need for most of these steps. Everything can be managed from a single point.
This strategic approach improves operational efficiency and helps create a consistent and reliable customer experience across several digital touchpoints.
Ensure your technology stack is integrated
Integration serves as the foundation for effective catalog management. Businesses accomplish real-time data synchronization by directly connecting their Product Information Management (PIM) and Warehouse Management Systems (WMS) to sales channels.
Integrated ecommerce enables rapid changes, reducing the risk of mistakes and improving overall operating efficiency. The interconnectedness of PIM, WMS, and sales channels simplifies information flow, minimizing manual interventions and ensuring a synchronized product catalog. This direct alignment provides catalog accuracy and operational efficiency without the complexity of traditional data administration.
Maximize upsell opportunities with product bundling
Product classification that is consistent across your catalog makes it easier to create compelling product bundles. When products have logical and established categorization, locating complementary items that can be bundled is easier.
Businesses can profit from upselling opportunities by systematically presenting complimentary items. This strategy is not just customer-friendly but also a calculated attempt to raise the average order value.
For example, Amazon allows sellers to create bundles of two to five products, such as the ones below. Typically, this is at a discounted price for the consumer compared to if they purchased each item separately.
Product bundling is the first feature in ChannelEngine's ecommerce management platform, which uses Generative AI. The solution uses large language models to produce unique product titles and descriptions, saving you time while adding a creative touch to your messaging. This, of course, can be mirrored in all the marketplaces you operate, making it an effective strategy for increasing your sales.
Audit your product information to ensure accuracy
Accuracy is vital in ecommerce catalog management. Regularly checking product information allows you to discover and correct any errors. Providing correct product information, such as specifications, pricing, and availability, builds customer loyalty and decreases the likelihood of returns.
Mastering ecommerce catalog management is critical for ecommerce retailers looking to succeed in a competitive market. From centralized listing control to seamless technological integration and creative product bundling, each component adds to a well-curated catalog that attracts and converts potential buyers.