The Importance Of A Product Data Management (pdm) System For Your E-commerce Business

By Author: Vision Global
Total Articles: 8
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Over the years, the e-commerce sector has grown significantly and steadily, thanks to technological advances and innovations. The budding customer expectations involving product viewing and buying are also a major driver of change in the e-commerce environment.

Today’s customers have changed their concentration from brick-and-mortar stores to the easy, convenient eCommerce platforms to see/buy products. The purchase decision-making journey has become more complicated as now more consumers are looking up product descriptions, reviews, and recommendations from their colleagues and friends, both online and offline, before making a purchase decision.

The product info available on the e-commerce platform is essential for business owners. Product data can make your e-commerce business a success or failure. The quality and accuracy of the product information available on the e-commerce platform are critical to urging customers to make a purchase. This is where the product data management system role comes into play.

Challenges in Product Data Management for eCommerce businesses

Most E-commerce business ...
... owners would be aware of the challenges faced in PDM. Let’s check them out.

Incorrect Product Data

The accuracy of product data is critical to the success of e-commerce. If you're still unsure, here are some interesting statistics to summarize the facts.

According to a survey conducted by Forrester Consulting on UPS, 65% of e-commerce returns are due to errors at the front line of retailers. In addition, 22% of customers return their products because the images depicted on the e-commerce platform differ from the actual image of the product.

Inaccurate product data on e-commerce platforms can affect a customer's perception of a brand and its product/service offering. This loss of trust and awareness can be costly for e-commerce brands.

A product data management system can make sure that correct product data is being published and updated in real-time across the brand’s e-presence.

Structuring huge amounts of content

Globalization has changed the face of many industries, in which e-commerce is at the forefront. Followed by globalization are the growing product portfolio and the responsibility of managing large amounts of product data in an omnichannel environment.

This makes it difficult for e-commerce brands to easily update and streamline content and standardize product information. Performing this yourself can be tedious and time-consuming and is not a practical approach. However, a robust product data management system can transform the scenario for the better.

Decrease in productivity and effectiveness

Manually managing large numbers of SKUs across multiple platforms is not a scalable option. Reduced productivity, decreased morale, and perhaps carpal tunnel syndrome is some of its harsh impacts of it.

Without a central hub that offers easy access to standardized and centralized information, eCommerce businesses can anticipate a lot of back and forth and costly faults. It also impacts productivity and efficiency, both externally and internally.

Pros of Leveraging a Product Data Management System

Product data management services are at the forefront of the rapidly evolving e-commerce environment. They have actually become one of the basic aspects of e-commerce operations these days.

The basic benefits of a product data management system are diverse. The robust PDM system improves the overall processing of product information for e-commerce companies.

Here are the main ways a PDM system can influence an e-commerce business:

Improves Data Management

The product data management system acts as a central storage area for all structured data relating to the products. It permits the team to re-establishing clear outlines for individual responsibilities and ownership relating to product data management. An undeniably efficient workflow improves the quality and accuracy of product information and ensures timely updates.

Improves Customers Experience

Customer experience is very important for a successful business. Product data management systems ensure that products are accurately and properly described, separated, and stored. This will greatly help customers find products easily and quickly on their e-commerce platform. It raises awareness of their products and provides upsell and cross-sell opportunities.

Increase Productivity

A robust product data management system permits brands and e-commerce retailers to collect product information from multiple sources, including suppliers, to provide accurate and accurate product data for end-users to consume. PDM systems reduce the amount of time spent entering data, encouraging e-commerce brands to use this time to optimize their product portfolio. It will definitely increase sales and profits.

Improves Speed to Market

Time to market is paramount in today's competitive marketing environment. Introducing a new product to the end-user is essential to ensure that the product gets the required attention from the anticipated user base. The lag in time to market can be translated to lost sales and revenue opportunities. Product data management systems are one of the best ways to reduce time to market.

Improves the Searchability of Product Information

With their growing popularity and widespread adoption, mobile phones and smartphones have become the ultimate devices of choice for everyday tasks, be they ordering online or listening to music.

In the e-commerce space, access to real-time product information is crucial. The sales team needs this data to definitively answer technical product questions. A robust PDM system will ensure that all the latest product data is in a central repository and easily accessible 24/7. By leveraging a PDM system, e-commerce businesses can reduce unnecessary costs, empower their employees, and maintain good customer relationships.

Therefore, product data management is essential when it comes to improving the data quality and ease of your eCommerce business' product processes. Rich, high-quality product content is at the heart of a connected customer experience, leading to better customer engagement and increased sales.

Decreases Mistakes

PDM systems help eliminate the manual work of measuring the product yourself or guessing the material of the product. This information is imported directly from factual sources, reducing the likelihood of incorrect product descriptions. Accurate and detailed product descriptions make it less likely that customers will know what your order is and deal with the financial burden of returning the product.

The PDM system synchronizes with the inventory system, which also helps reduce inaccurate inventory quantities. There's nothing more frustrating for a customer than ordering a product just to know later that it's out of stock. The PDM system keeps track of inventory levels that are automatically updated on your e-commerce website.

Vision Global is a complete managed outsourcing service provider with a clear vision to help businesses of all sizes – from solopreneur to million-dollar firms to simplify their business processes and make them agile. We strive to help each client achieve sustainability in their business with the power of technology. Having been in the ITES industry for 2 decades now and working with clients from North America, the UK, Europe, and Australia, we have processed millions of data by which we have acquired rich domain knowledge. We provide customized solutions and services to perfectly fit our customers’ needs. For more details visit - https://www.visionglobalbpo.com/