Enrich your product data with Machine Learning & Artificial Intelligence
When we plan to buy something, the first thing we do now is to check out the details of the product in the online store from where we normally make our purchases. Subsequently, we check for the same product on a few other e-commerce sites to compare the prices and other specifications to reach a conclusion as to which store to buy the product from.
With most e-commerce platforms being a marketplace and not selling products directly, it's extremely important that the product data and product description is
as accurate as possible. Customers like to make informed purchases and when the product description is clear with rich content, they make confident purchases irrespective of the sales channel.
As a seller, it would benefit to have a presence on multiple platforms and be prepared to capture the sales instead of focusing on a single platform and expecting every visitor to buy. While selling on multiple platforms, it's often cumbersome to update the same description everywhere and accord to their guidelines. Usage of Product Information Management (PIM) tools can bring down this hassle to minutes which would take hours if done manually. Another advantage is zero error as the same information is automatically pushed using APIs. When done manually, there arise chances of error creeping in during copying and pasting of the information.
It's not just enough to put up relevant information on the e-commerce site, but understand how your visitors are engaging. Enriched product data implies that your client isn't ignored speculating on the particulars of your product, and consequently reducing the dropouts.
When customers are left alone to conjecture about the product, there is a possibility that they wander away to your competitors for that precise information they are seeking. If you could provide the apt description with enhanced product images, item availability, the schematics and product warranty, customers would end up buying more, attributing to higher sales! Product Data Enrichment empowers you in adding value to the information of your product on a range of navigation links, landing pages, making it comprehensive and rich. It would also help in reducing assistance sought by the customers. At present sellers use MS Excel or other ERP softwares to enrich the product data. It's heavily human depended and the feedback is delayed as the person has to first compute, make inferences and then update the changes.
When ML and AI are incorporated into the product data enrichment, the system captures the metrics and loop it back into the system giving instant feedback.The AI would then make the necessary changes to cater to the needs of the customers.
Very soon there would come a day when the ML and AI systems are so smart that they would dynamically update the content derived from big data on various platforms to suit the needs of different categories of customer profiles. This way, businesses can be rest assured that customers are served with relevant information they seek to make the informed purchase and increase the sales. For customers, having served all the relevant information they can reduce the dependency on manual research to find the best fit of the product.
Get a demo today
See the power of product management for yourself.