3 Ways to Instantly Boost Product Data Efficiency

Product data performance is one of the most critical factors any business should focus on.

In order to ensure your business is performing optimally, it is important to take an analytical approach to your product data and review your product performance analytics. Typically, product performance analysis requires a 360-degree approach that addresses each aspect of your customers’ journey, including data in connection with your marketing funnel, conversion rate, and retention.

The goal of this analysis is to identify key areas of optimization that improve sales and other KPIs. One of the key metrics you should observe carefully is your product data efficiency. By keeping your product data organized and optimized for driving sales, you will see a significant boost in your business’ growth.

But this isn’t easy.

As a growing business, you most likely have large volumes of complex data to manage, enrich, and distribute across multiple sales channels and geographies all the while coordinating with multiple departments and team members within your organization.

Plus customers nowadays crave an authentic and dynamic shopping experience, which requires more engaging content, and in turn, more complex product data, which means…

Product data efficiency has never been more important, and businesses are beginning to take notice.

So, in order to keep up with the rapid pace of e-commerce evolution, let’s take a look at a few ways to boost your product data efficiency to help grow your business:

1. Centralize your product data in one location that is accessible to your entire team

Most likely, your business has multiple departments and teams handling product data, and consequently, that data can be inconsistent and cause major headaches because there are “too many cooks in the kitchen” without any centralized location to manage the data in one place.

If you leave your teams to navigate multiple tools separately instead of aggregating product data, you’ll run into inefficiencies such as overlapping workflows and inaccuracies in product data. For example, if there are employees accessing your ERP who otherwise wouldn’t need to, your data efficiency and fidelity will suffer.

By using a centralized catalog, you can store your product data in one location where your entire team across any department can access it. This way, you can link all your assets easily with associated products and have full access across your team.

Another important benefit of centralized product data is that it’s much easier to export it to multiple sales channels, which makes launching new channels for your business and updating data across the board much simpler.

2. Keep your product data up to date in compliance with each sales channel’s rules and policies

This will make sure your product data is up to date and it follows all the rules laid out by a particular marketplace channel. Before a particular channel requests further improvements to your product data or, even worse, rejects your product data outright, make sure you are proactive in defining your taxonomy and remaining compliant with a channel’s policies.

So before you receive notice from a marketplace or begin seeing a poor performance, review all your sales channels’ policies and best practices to make sure your product data is compliant.

3. Implement a Next-Gen Product Information Management (PIM) Software to increase product data efficiency

For brands that supply or sell any kind of product, a Next-Gen PIM is very valuable. A Next-Gen PIM is a robust tool that supports not only high volumes of product data but also a strong omnichannel strategy for your business.

Since most businesses store their assets in a scattered, unorganized way across multiple locations, teams, and servers, a Next-Gen PIM is able to solve a major product data issue by centralizing it and allowing for bulk edits to your data across multiple channels by multiple team members.

So, if you want to centralize your product data for easy bulk editing across multiple teams and keep your product data up to date and in compliance with each sales channel’s policies, implementing a Next-Gen PIM is the perfect solution for ensuring high product data efficiency.

But that’s not all.

Once your business has implemented a Next-Gen PIM to manage your product data, the next step is to optimize your product data and make it even more efficient.

In particular, a Next-Gen PIM like Amber Engine’s allows your business to not only handle large volumes of data, but also improve efficiency. A Next-Gen PIM organizes, improves, and exports your product data however you need it for every marketplace channel without the manual formatting and time-consuming clean-up.

In addition, it also allows you to quickly manipulate and make changes to product data with a bulk editing feature. One simple change can be applied across the board to the full set or a subset of products. Now team members across all your departments can centralize and update product information in a Next-Gen PIM like Amber Engine’s by making changes to groups of products using complex or simple formulas similar to a Microsoft Excel function.

Another benefit of using a Next-Gen PIM is that you can also create dynamic and static product lists and use advanced search functions to identify particular product data based on certain criteria to increase efficiency.

The bottom line is that product data efficiency is more important than ever before. Multiple sales channels and consumers’ demand for a dynamic and engaging shopping experience require high volumes of product data to be processed and optimized quickly.

Centralizing your data in one location that is accessible across multiple departments and geographies and making sure your product data is compliant and optimized for each sales channel is critical for business success.

The good news is that implementing a Next-Gen PIM and optimizing your product data within its interface are the most important steps to increasing your product data efficiency. If you’re interested in adding a Next-Gen PIM, you may want to check out Amber Engine, which improves your product data management and also offers product data enrichment. Learn more about Amber Engine’s Next-Gen PIM here.