Product Data Management

1. Product Data Management – An Effective & Innovative Way To Experience Business Growth As businesses around the world undergo digital transformation, business leaders understand the importance of product data/information. Better data management tactics help businesses to avail themselves of more benefits and push to achieve business goals. This article elaborates on the importance of product data and why businesses should give importance to the efficient management of product data. https://www.credencys.com/blog/product-data-management-an-effective-innovative-way-to-experience-business-growth/| hello@credencys.com

2. What is Product Data? / Product scheme In this, the product is defined based on its attributes. The business can define as many attributes as possible and then select the main ones that play a crucial role in building customer confidence. AI-defined product data This helps to provide a universal definition of the product. This allows defining the product on a common platform, thus enabling comparison with similar products for better clarity and comparison. Product metadata The metadata for the product does not relate to the physical aspect of the product but includes the intellectual information for the product. It includes the details like its availability, location, review score, number of variations, etc. https://www.credencys.com/blog/product-data-management-an-effective-innovative-way-to-experience-business-growth/| hello@credencys.com

3. Product Title It is very important as it influences the customer to click and get diverted to the shopping site. Product image The image of the product helps the customers in deciding on purchasing the product. Product image helps the customer to get the true details of the product thus making the selection. Product category Customers always start their search by defining the category of their choice. Thus it is essential to define the category of the product properly so that the product is not missed out while searching based on category. Product type Providing the keywords, help the customers to reach the product more efficiently. It also allows the channel to identify the product. Product description: Description influences the customers to make the purchase. The true description of the product helps to create the product’s confidence in the customer’s mind. Why Should You Optimize Your Product Data? https://www.credencys.com/blog/product-data-management-an-effective-innovative-way-to-experience-business-growth/| hello@credencys.com

4. How Product Data is So Useful? • The product data qualities required by the different search channels to make it to the top search list include: • Rich product data satisfying the keyword requirements. • Mentioning the strong benefit statements. • Providing product specifications and assortments. • Providing details in the languages based on the targeted public. • Product data is the main thing that attracts the customers and retailers and this leads to increased or enhanced business. Thus it is important to keep the product data always updated. This plays a very important role in developing customer confidence in the product as well as in the business. https://www.credencys.com/blog/product-data-management-an-effective-innovative-way-to-experience-business-growth/| hello@credencys.com

5. What is Product Data Management? • Here are the lists of vital data managed by PDM software • Product description • Brand name along with product • Information about supplier/vendor • Product order details along with price • Details of product materials • The benefits of this product data management include: https://www.credencys.com/customer-data-platform/| hello@credencys.com

6. Importance of Managing Product Data • Enhance sales strategy: understanding the competitor’s strategy and the public demand will help the organization in developing its marketing strategy for the product. • Pricing data: managing product data allows in understanding the market trend for the product thus the business can adjust the prices of their products to stay ahead in the competition while managing the sales and profits. • Curating other products: Curating the product details from the different sites can lead to a better comparison of the products and proving the best to their customers at a reasonable cost. • Affiliate marketing: Embedding the affiliate links for the product reviews can help to build the product-focused customer response. This will enable in providing the most accurate inventory information to the marketers thus easy handling of the product sales. • Product inventory management: The eCommerce site relies on the manufacturer to provide all the product-specific information. This data collection, organization, and maintenance can at the time become a tedious and time-consuming process. https://www.credencys.com/blog/product-data-management-an-effective-innovative-way-to-experience-business-growth/| hello@credencys.com

7. Challenges of Product Data Management • Data Ingestion • Many businesses suffer a lot while collecting data from various suppliers and organizing. Sourcing and data consolidating is a big problem for enterprises and growing businesses when they start selling a wide range of products. As the different suppliers, onboard data in different data and storing in a different location will result in data silos and data redundancy. • Data Transformation • With normal data handling tools transforming product information into digital assets is become a bit difficult. For enrichment of product data owning PDM software is essential. https://www.credencys.com/blog/product-data-management-an-effective-innovative-way-to-experience-business-growth/| hello@credencys.com

8. Challenges of Product Data Management • Data Distribution • Data distribution challenges occur for brands and retailers when they tend to share data with multiple vendors or suppliers. Without proper and uniform data format support distributing product information via multiple channels becomes a hectic job for brands and retailers. • In addition, without proper data management offering, personalized product data/content to potential buyers becomes impossible. Without personalization, it is hard for businesses to sustain themselves in today’s heavy competitive marketplace. https://www.credencys.com/blog/product-data-management-an-effective-innovative-way-to-experience-business-growth/| hello@credencys.com

9. Conclusion • Product data is very important for gaining customer confidence. Creating the product data, managing it, and optimizing is a tedious task and time-consuming. But it is very essential in creating product visibility across the various marketing channels. In this competitive world, while targeting multiple territories, it is essential to have a robust and true product information database. • A true and reliable product information management platform allows the retailers and brands for efficient campaigning of the product. Good product data ensures the best quality product with better product visibility. This helps in retaining the original customers while attracting the newer ones efficiently. https://www.credencys.com/blog/product-data-management-an-effective-innovative-way-to-experience-business-growth/| hello@credencys.com