For online retailers, one of the biggest challenges directly affecting the customer experience is inaccurate product data. If the picture does not match the description, the comment is not true, the size is inaccurate, or the product description does not match the actual product, then the chance of the product being returned will be great. This will not only bring additional losses to retailers such as freight and cargo handling fees, but may even lead to the loss of customers. By integrating and controlling your product data, the product return rate can be reduced by 25%, creating huge opportunities for you to save costs and increase customer loyalty.
As an MDM manager, you definitely want to quickly recover the investment in MDM solutions for stakeholders. To achieve this goal, you may first need to control product data. In the previous article, it was suggested to clean up customer data. However, it is also very important to ensure the quality of product data.
Poor product data can cause a lot of wasted time, inefficiency, and processing errors. If product information and attributes are inaccurate, it will become very difficult and error-prone to carry out effective analysis and obtain effective insights. Fixing product data problems and maintaining data consistency will bring a very positive and widespread ripple effect to the enterprise, and will quickly prove that investing in MDM systems is a wise choice.
Inaccurate or insufficient product data is one of the most common causes of product returns.
If the data must be processed manually, then a large amount of product data from suppliers will create a backlog, resulting in delayed product launches.
Duplicate product data can cause trouble for customers' online searches and increase the chance of sending wrong goods.
Product data usually comes from multiple sources: manufacturers, distributors, content service providers, translation companies, point of sale, ERP and DAM systems, etc. Applying the MDM system to product data will allow you to build a trusted and securely accessible central repository for integration with all other systems and product master data.
The rich and reliable product data will allow you to communicate with your customers more confidently and promote more effective innovation and collaboration. If you are unsure whether you have the latest product information when carrying out catalog marketing or e-commerce marketing activities, there may be small errors that will worsen the work that was originally difficult to carry out. On the other hand, when you deal with a large amount of information such as online retail catalogs, high-quality rich content can help you stand out from the market competition.
There is no doubt that all major stakeholders will benefit from product data integration. The question is, how can we concentrate on solving the data integration problem so as to create value at the fastest speed?
Answer: A strategic MDM approach is required
Master data management is like driving. Cleaning the data is equivalent to cleaning the windshield: you can see results immediately, effortlessly, and see more clearly and drive faster. Starting with this simple job can not only improve the success rate, but also accelerate the creation of value for the company and increase the return on investment. Every employee and middle-level manager, every business area and strategic goal will benefit from both pure and accurate customer and product data.
