How to Increase Sales With Data-driven Decisions

How to Increase Sales With Data-driven Decisions

Today’s eCommerce landscape is highly competitive. With more and more businesses competing to capture a larger share of the market, it is important to understand the best ways to increase sales. One of the most effective methods for doing so is to make data-driven decisions. The use of data-driven decisions is becoming increasingly important in the modern eCommerce world. 

Businesses are using data to make more informed decisions, increase customer engagement, and drive more sales. Data-driven decisions can help businesses understand customer behavior, target new customers, and optimize the customer journey. In this article, we will discuss how businesses can use data-driven decisions to increase eCommerce sales. We will discuss the importance of data-driven decisions and how businesses can use this information to make better decisions and improve their online presence.

In the world of online business, having a deep understanding of your customers and their behavior is crucial in maximizing your sales. This is where ecommerce data analytics comes in. By utilizing vast amounts of data generated from your website and other sources, you can gain valuable insights into your customers and make data-driven decisions to improve your ecommerce strategy.

What is Data-Driven Decision-Making?

Data-driven decision-making is an approach to making decisions that relies on the analysis of data from multiple sources. This data can include customer demographics, purchase history, website traffic, website interactions, and more. It is a way of using data to make decisions that are informed by the evidence, rather than assumptions or intuition.

Data-driven decisions help businesses to make better decisions that are based on evidence rather than guesswork. They can also help to identify key trends, understand customer behavior, and optimize marketing campaigns. This can be especially beneficial for eCommerce businesses, as they need to make decisions that are informed by customer preferences and the changing market.

The Importance of Data-Driven Decisions

Data-driven decisions are becoming increasingly important for eCommerce businesses. Data-driven decisions help businesses make better decisions by allowing them to understand customer behavior, target new customers, and optimize the customer journey. By utilizing data-driven decisions, businesses are able to gain valuable insights into customer behavior, which can help them make more informed decisions. Additionally, data-driven decisions help businesses understand the customer journey, enabling them to optimize the customer experience and maximize sales.

Data-driven decisions also provide businesses with the ability to target new customers. By understanding customer behavior and preferences, businesses are able to target potential customers with personalized offers and messages. This helps businesses increase their reach and attract new customers. Furthermore, data-driven decisions allow businesses to gain insights into customer preferences and buying habits, enabling them to better tailor their products and services to meet customer needs.

Using Data-Driven Decisions to Increase eCommerce Sales

Data-driven decisions can be a powerful tool for increasing eCommerce sales. By understanding customer behavior and preferences, businesses can optimize their online presence and increase sales. Here are a few ways businesses can use data-driven decisions to increase eCommerce sales:

Understanding Your Customers

One of the most important aspects of e-Commerce data analytics is understanding your customers. By tracking their behavior on your website, you can learn about their preferences, buying habits, and pain points. This information can then be used to optimize your website and improve the customer experience, leading to increased conversions and sales.

Segmentation

Data-driven decisions enable businesses to segment customers based on their behavior and preferences. Segmenting customers helps businesses understand customer needs and target potential customers with personalized offers and messages. Additionally, segmenting customers allows businesses to better understand customer behavior and optimize their online presence to meet customer needs.

Personalize Messaging

Data-driven decisions can help businesses personalize their messaging to meet customer needs. By understanding customer behavior and preferences, businesses are able to create targeted messages that are tailored to customer needs. Additionally, businesses can use data-driven decisions to create dynamic content that is tailored to each customer. This helps businesses increase engagement and drive more sales.

Optimize Product Pages

Data-driven decisions can help businesses optimize product pages to meet customer needs and increase sales. By understanding customer behavior and preferences, businesses are able to create product pages that are tailored to customer needs. Additionally, businesses can use data-driven decisions to understand customer reviews and feedback, enabling them to improve the customer experience and increase sales.

Pricing

Data-driven decisions are also useful for eCommerce businesses when it comes to pricing. By leveraging data, businesses can optimize their pricing strategies to maximize profits. For example, businesses can use data to identify the best price points for their products and services, as well as identify the most effective promotions and discounts. Additionally, data-driven decisions can help businesses create dynamic pricing strategies that are tailored to their customers’ needs.

Marketing

Data-driven decisions are particularly useful for eCommerce businesses when it comes to marketing. By leveraging data, businesses can identify customer preferences and target their marketing efforts more effectively. Additionally, data-driven decisions can help businesses create more effective marketing campaigns that are tailored to their customers’ needs. By leveraging data, businesses can identify the best channels to reach their customers and optimize their campaigns for maximum effectiveness.

Data-driven decisions can also help businesses create better customer segmentation strategies. By segmenting customers, businesses can create more personalized marketing messages and campaigns that are tailored to their customers’ needs. Additionally, data-driven decisions can help businesses identify new customers and target them more effectively.

Test and Measure Results

Data-driven decisions can help businesses test and measure the effectiveness of their strategies. By using data-driven decisions, businesses are able to track the results of their strategies and make adjustments as needed. This helps businesses understand customer behavior and optimize their strategies to maximize sales.

Key Metrics to Track

To gain the most valuable insights from your ecommerce data, it is essential to track the right metrics. Some key metrics to track include:

  • Website traffic and sources
  • Conversion rates
  • Average order value
  • Customer lifetime value
  • Cart abandonment rate

Utilizing Customer Data

Once you have a deep understanding of your customers and the metrics that matter most to your business, you can start to utilize this data to make informed decisions. For example, you may use this data to:

  • Personalize the customer experience by showing them products and content that align with their interests
  • Optimize your website’s layout and navigation to improve the customer journey and increase conversions
  • Offer targeted promotions and discounts to specific customer segments
  • Improve your product offerings by identifying popular and profitable products

Visualizing Data for Better Understanding

Visualizing data allows businesses to make sense of large amounts of data quickly and easily. It also makes it easier to see trends and correlations between data points. Visualizing data can help businesses identify areas of opportunity, such as new markets, products, or services. It can also help them identify areas of weakness, such as customer service issues or inefficient processes.

Data visualization tools such as charts, graphs, and heat maps can help businesses explore and understand their data in more detail. They can also be used to communicate data insights to teams and stakeholders in an easy-to-understand manner. Dashboards are a great way to present data in an organized and digestible way, allowing businesses to monitor performance and take action when necessary.

How Cluster Can Help

Cluster tracks pricing and promotions across sales channels to present high-demand and relevant items, help understand if a product is in high demand given its category and see how or why your share is shifting. Book a demo now.

Competitive intelligence: Achieving the Right Price Benchmarking

Competitive intelligence: Achieving the Right Price Benchmarking

Are you looking for the best ways to gain a competitive advantage in the marketplace? Do you want to make sure you’re setting the right prices for your products and services? Have you been trying to find the right price benchmarking strategies to stay ahead of your rivals? If so, then you need to understand the importance of competitive intelligence and price benchmarking. Why competitive intelligence and price benchmarking are essential tools for any business and will provide strategies for achieving the right price benchmarking. 

What is Competitive Intelligence?

Competitive intelligence (CI) is the process of gathering and analyzing data to gain insights into your competitors’ activities and strategies. The goal of CI is to enable a company to make informed decisions that will give it a competitive edge in the marketplace. It can involve monitoring your competitors’ pricing strategies, marketing campaigns, product launches, customer service initiatives, and other activities. By understanding your competitors’ strategies, you can develop your own strategies that will give you an advantage.

What is Price Benchmarking?

Price benchmarking is the process of comparing the prices of your products or services to those of your competitors. This allows you to identify any pricing discrepancies and make adjustments accordingly. The goal of price benchmarking is to ensure that your prices are in line with industry standards, while still allowing you to remain competitive and profitable.

There are several methods that can be used for price benchmarking, including:

Online research: Utilizing search engines and industry websites to research the prices of similar products or services offered by your competitors.

Surveying customers: Asking customers about their experiences with the prices of similar products or services offered by your competitors.

Directly comparing prices: Visiting your competitors’ physical locations or websites to compare the prices of their products or services to yours.

Why are Competitive Intelligence and Price Benchmarking Important?

Competitive intelligence and price benchmarking are essential tools for any business that wants to gain a competitive advantage in the marketplace. Price benchmarking is a vital process for any business looking to stay competitive in today’s market. By regularly comparing your prices to those of your competitors, you can ensure that you are offering your products or services at a fair and attractive price point. Without these tools, it’s impossible to know how to price your products and services effectively.

Competitive intelligence and price benchmarking give you the information you need to make informed decisions. By understanding your competitors’ strategies, you can develop strategies that will give you an edge in the marketplace. You can also use price benchmarking to make sure you’re offering competitive prices and to identify new opportunities for pricing optimization.

The Advantages of Price Benchmarking

Improved competitiveness

Regularly benchmarking your prices against those of your competitors, you can ensure that your prices remain competitive and attractive to potential customers.

Increased profitability

By identifying any pricing discrepancies and making adjustments accordingly, you can increase your profitability and boost your bottom line.

Better understanding of the market

Through the process of price benchmarking, you can gain a better understanding of the market and the pricing strategies of your competitors.

Improved customer satisfaction

By offering fair and attractive prices, you can increase customer satisfaction and loyalty.

Cost savings

By identifying areas where you can reduce costs, you can ultimately save money and increase your profit margins.

Strategies for Achieving the Right Price Benchmarking

Now that you understand the importance of competitive intelligence and price benchmarking, let’s look at some strategies for achieving the right price benchmarking:

1. Gather and Analyze Data

The first step in achieving the right price benchmarking is to gather and analyze data. You need to collect data on your competitors’ prices, promotions, and other activities. You should also look at industry trends and customer feedback. This data will help you understand your competitors’ strategies and identify opportunities for pricing optimization.

2. Use Automated Tools

There are a number of automated tools available that can help you gather and analyze data. These tools can automate the process of collecting and analyzing data, making it easier and faster to gain insights into your competitors’ activities and pricing strategies.

3. Monitor Your Competitors Regularly

You need to monitor your competitors regularly if you want to stay on top of their strategies and pricing changes. You should set up alerts that will notify you when your competitors make changes to their prices or launch new promotions. This will help you stay up-to-date and make sure you’re always offering competitive prices.

4. Develop a Pricing Strategy

Once you’ve gathered and analyzed data, you need to develop a pricing strategy. This strategy should be based on the data you’ve collected and should take into account factors such as market trends, customer feedback, and your competitors’ strategies.

5. Test and Adjust

It’s important to test and adjust your pricing strategy regularly. This will help you identify any areas where you can optimize your pricing and ensure you’re always offering competitive prices.

The Importance of Setting the Right Price

Setting the right price for your products or services is essential to the success of your business. If you charge too much, you may find that you’re not competitive in your market, and that you’re not able to sell as many products or services as you’d like. On the other hand, if you charge too little, you may find that you’re not able to cover your costs, and that you’re not making a profit.

When it comes to pricing, benchmarks can be incredibly valuable. They can provide a sense of what the market is willing to pay for similar products or services, and can help you to understand what prices are reasonable. Additionally, benchmarks can help you to identify areas where you may be able to charge more, or where you may need to reduce your prices in order to be competitive.

There are a number of different types of benchmarks that you can use to inform your pricing decisions. 

How Can Cluster Help?

Build and enhance product data efficiently to understand insights from channel to channel. Complete solution from catalog integrity and assortment to seller onboarding and more. If you’re ready to start growing your store with the most accurate cross-channel eCommerce data in real-time, book a demo with us today!

Private Labeling: What Sellers Need to Know

Private Labeling: What Sellers Need to Know

Are you an e-commerce seller looking to expand your business? Do you want to increase your sales and profits without creating a product from scratch? Private labeling may be the answer you’re looking for. But what exactly is private labeling and what do you need to know to make the most of it? 

The world of private label selling is an exciting and rapidly growing market. As a seller, it’s important to understand the ins and outs of private labeling in order to stay competitive and succeed in this industry. In this article, we’ll take a closer look at what sellers need to know about private labeling, including the benefits, risks, and best practices for success.

What is Private Label Selling?

Private label selling refers to selling products manufactured by another company, but are branded and marketed as your own. This allows you to sell products under your own label without having to create them yourself. Private labeling is a great way to quickly and easily expand your product offerings without having to invest in the design, research, and development of a new product. 

Private labeling is popular among e-commerce sellers for a few reasons.It’s an easy and cost-effective way to expand your product offer without investing in design or development. Allows sellers to control the branding and messaging of your products, giving you an edge over competitors who are selling the same products. And it gives the flexibility to choose exactly what products you want to sell and when allowing you to respond quickly to changes in the marketplace.

Benefits of Private Label Selling

There are many benefits to private label selling, including:

Increased profitability: By selling private label products, sellers can often mark up the price of the product and earn a larger profit margin than they would with a traditional retail product.

Increased control over product selection: When selling private label products, sellers have more control over the products they offer to their customers. This allows them to better cater to the needs and preferences of their target market.

Increased brand recognition: Private label products are branded with the seller’s own branding, which can help increase brand recognition and loyalty among customers.

Risks of Private Label Selling

While there are many benefits to private label selling, there are also some risks to consider, including:

Quality control: As a private label seller, you are relying on the manufacturing company to produce a high-quality product. If the product is defective or of poor quality, it can reflect poorly on your brand.

Limited ability to customize: Private label products are typically mass-produced and may not offer the same level of customization as products that are manufactured in-house.

Dependence on the manufacturing company: If the manufacturing company goes out of business or experiences production delays, it can disrupt your ability to sell the product.

How to Get Started With Private Labeling

Now that you know the benefits of private labeling, you may be wondering how to get started. Here are some tips to help you get started:

Research Your Market

The first step in finding the right product for private labeling is to research the market. Take the time to explore what’s already out there and get a feel for the competition. Look at the products that are currently available and try to identify any gaps in the market. Are there products that don’t have a strong presence or don’t seem to be selling well? If so, this could be an opportunity for you to capitalize on.

You should also look at the trends in the industry. What products are gaining popularity and why? Are there any new technologies or materials that could be used to make a product more desirable? By understanding the current market, you’ll be better equipped to find the right product for private labeling.

Identify Your Target Audience

Once you’ve done your research, the next step is to identify your target audience. Who are you catering to? Are you targeting a specific demographic or a certain type of consumer? You should also consider their needs and wants. What do they need that isn’t currently available? What products could you offer that could meet their needs?

Once you’ve identified your target audience, you can start looking for products that they would be interested in. This will enable you to narrow down your options and make it easier to find the right product for private labeling.

Find a Manufacturer and Negotiate the Price

Once you’ve identified a product to private label, you’ll need to find a manufacturer. Visiting the manufacturer is the best way to get a firsthand look at the facility and process. You can get a better sense of the quality of the products and services the manufacturer provides. It’s also a good idea to ask for samples of the products the manufacturer produces, so you can gauge the quality for yourself.

You can also do this by searching online for manufacturers in your area or by contacting a trade association for referrals.

After it, you’ll need to negotiate a price. Make sure you get the best deal possible by negotiating for better terms, lower prices, and bulk discounts.

Evaluate Different Products

Once you’ve identified your target audience and the potential products that could meet their needs, it’s time to start evaluating different products. Take the time to really research each product and consider the pros and cons. Is it something that you can realistically manufacture and supply? Does it have the potential for growth? What kind of customization options are available?

You should also consider the cost of each product. It’s important to find a product that you can produce at a reasonable cost so that you can make a profit. Also, consider the time it takes to manufacture each product. If you’re looking to launch quickly, you may want to look for products that can be produced quickly.

Design Your Brand and Test the Product

Once you’ve negotiated a price, you’ll need to design your brand. This includes creating a logo, designing packaging, and deciding on a name.

Before you launch your product, it’s important to test it. Test the product to make sure it meets your standards and that it will be well received by your customers.

Best Practices for Successful Private Label Selling

To succeed as a private label seller, it’s important to follow a few best practices, including:

Research manufacturers carefully: Before partnering with a manufacturing company, research their reputation and track record for producing high-quality products.

Maintain strong communication with the manufacturer: Maintain open and regular communication with the manufacturer to ensure that all orders are fulfilled on time and that the product meets your quality standards.

Create a strong brand identity: Develop a strong brand identity for your private label products to help them stand out in the marketplace.

Monitor your competition: Stay informed about the competition and their private label offerings to ensure that you’re offering competitive products and prices.

Private label selling is an exciting opportunity for sellers to expand their product offerings and increase profitability. By understanding the benefits and risks of private labeling, as well as following best practices for success, sellers can take advantage of this growing market and build a successful business.

How Can Cluster Help?

Sellers can save time and get a positive ROI by utilizing deep learning to optimize their stores. If you’re ready to start growing your store with the most accurate cross-channel eCommerce data in real-time, book a demo with us today!

Why is Product Taxonomy So Important for eCommerce

Why is Product Taxonomy So Important for eCommerce

Product taxonomy is an essential element of any eCommerce business. It helps to ensure better navigation of products and can assist in search engine optimization, as well as product management. Investing in a well-defined taxonomy can pay off in the long run as it can help to increase visibility, rankings, and sales.

In the digital age, product taxonomy is more important than ever before. Customers expect a shopping experience that is easy and intuitive, and product taxonomy can help to provide this. It is an essential tool for any eCommerce business and should not be overlooked. Investing in a well-defined taxonomy can pay off in the long run and help to ensure a successful and profitable business.

What is Product Taxonomy?

Product taxonomy is the practice of organizing products into categories and sub-categories to create a hierarchical structure. This structure helps shoppers find the items they’re looking for quickly and easily. Product taxonomy is also known as product categorization, product classification, or product categorization.

Taxonomies are made up of product attributes such as color, size, material, and style. These attributes are organized into categories, sub-categories, and product types. For example, a product taxonomy for clothing might include attributes like color, size, material, and style, which are organized into categories like tops, bottoms, and outerwear.

What is a Product Taxonomy in eCommerce?

A product taxonomy in eCommerce is an organized system for categorizing products according to their attributes. It helps shoppers find the products they’re looking for quickly and easily, and provides retailers with valuable insights into customer behavior.

Product taxonomies are typically created and maintained by the eCommerce platform or by the retailer. A well-structured taxonomy is essential for providing shoppers with a seamless and intuitive shopping experience and can help to boost sales and customer loyalty.

Why is a Product Taxonomy Strategy Important?

A product taxonomy strategy is an important part of any business’s operations, regardless of size or industry. A product taxonomy is a hierarchical structure that organizes all the products of a company into logical groups and subgroups. It is used to classify and categorize products, making them easier for customers to find and for businesses to manage.

Having a well-structured product taxonomy strategy is essential for a company’s success, as it allows them to improve the customer experience, simplify product searches, and increase sales. Here are three key reasons why a product taxonomy strategy is important for businesses.

Improves the Customer Experience

A product taxonomy strategy is important to improve the customer experience. It makes it easier for customers to find the products they are looking for, as the product categories are clearly organized and logically structured. This makes it easier for customers to browse the website, as they can quickly find the product they’re looking for without having to search through an overwhelming number of products.

A well-structured product taxonomy can also help customers find related products and upsells. For example, if a customer is looking for a laptop, a product taxonomy strategy can help them find related accessories or upgrades easily.

Simplifies Product Searches

A product taxonomy strategy can also simplify product searches. Customers can use the product categories to quickly narrow down their search to find the exact product they’re looking for. This makes the process of finding a product much easier and faster for customers.

A product taxonomy can also help businesses improve search engine optimization (SEO). By organizing products into a structured taxonomy, businesses can ensure that their products are more easily found by customers. This can help them drive more organic traffic to their website and increase their sales.

Increases Sales

A product taxonomy strategy can help businesses increase their sales. By organizing products into logical categories, businesses can ensure that customers are presented with the most relevant products for their needs. This makes it easier for customers to find the products they need, which can lead to higher sales.

Better Recommendations

A product taxonomy can also help businesses create personalized product recommendations. By analyzing customer behavior, businesses can make product recommendations based on the customer’s previous purchases and interests. This can help businesses increase their sales by presenting customers with the most relevant products for their needs.

Product Taxonomy Best Practices

There are a few key best practices for creating and managing product taxonomies. The following tips can help you ensure that your product taxonomy is well-structured and effective:

1. Start with the customer in mind

When creating a product taxonomy, it’s important to think about the customer first. Think about the attributes that shoppers use to search for products, and organize these into logical categories.

2. Keep it simple

A complex taxonomy structure can be confusing and overwhelming for shoppers. Keep your product taxonomy as simple as possible to ensure that shoppers can navigate it easily.

3. Be consistent

Make sure that your product taxonomy is consistent across all channels and devices. This will make it easier for shoppers to find what they’re looking for and ensure that search results are accurate.

4. Monitor and update

Product taxonomies should be regularly monitored and updated to ensure that they remain accurate and up-to-date. This will help to ensure that shoppers always have access to the products they’re looking for.

Product Taxonomy Challenges of the eCommerce Retailers

Creating and managing an effective product taxonomy can be challenging for eCommerce retailers. Here are some common challenges that retailers face:

1. Scalability: Product taxonomies need to be able to scale as the business grows. As the number of products and categories increases, the taxonomy needs to be able to keep up.

2. Internationalization: If you’re selling products internationally, you need to be able to create and maintain product taxonomies in multiple languages. This can be a time-consuming and complex process.

3. Complex products: Some products are complex and have multiple attributes that need to be taken into account when creating a product taxonomy. This can greatly increase the complexity of the process.

4. Changing products: Product taxonomies need to be regularly updated as products change and new products are added. This can be a time-consuming process, and it’s important to ensure that the taxonomy remains accurate and up-to-date.

Differences between B2B Product Taxonomy and B2C Ecommerce Product Categorization

Level of detail

The primary difference between B2B product taxonomy and B2C product categorization is the level of detail. B2B customers typically have a more focused, specific list of needs, and thus require more granular product categorization. This means that B2B product taxonomy should be much more detailed, enabling customers to easily find the exact product they require. B2B product categories should be highly specific, and include sub-categories to further refine the search. For example, a B2B customer looking for a laptop may be interested in a specific model, processor type, or other features. A B2B product taxonomy should have categories for each of these features, so that customers can easily find the exact product they are looking for. 

B2C customers are typically more general in their needs and are shopping for a wider range of products. As such, B2C product categorization should be much broader, allowing customers to quickly find the items they want without getting overwhelmed by too much detail. B2C product categories should be broad but still organized logically, allowing customers to easily find what they need. For instance, a B2C laptop category may include sub-categories such as laptops by brand, laptops by budget, and laptops by use case. 

Structure 

The structure of B2B and B2C product taxonomies also differ. B2B product taxonomy is often organized around the customer’s workflow, whereas B2C product taxonomy is organized around the customer’s buying journey. B2B customers are typically looking for a specific product to solve a particular problem, so the product taxonomy should be structured around helping customers find the products they need. This could include categories such as products by industry, products by application, and products by use case. On the other hand, B2C customers are often browsing and exploring products, so the product categories should be organized around the customer’s buying journey. This could include categories such as products by trend, products by lifestyle, and products by price. 

Keywords

B2B and B2C product taxonomies also differ in terms of how keywords are used. B2B product taxonomy typically uses more technical and specialized keywords that target buyers at a more specific level, while B2C product categorization typically uses more general keywords that target a wider audience. For example, a B2B product taxonomy may use keywords such as “high-performance processor” or “rugged laptop”, whereas a B2C product categorization may use keywords such as “bargain laptops” or “gaming laptops”.

How Product Taxonomy Can Boost Sales

Product taxonomy can be a powerful tool for boosting sales. A well-structured taxonomy makes it easier for shoppers to find the products they’re looking for quickly and easily, increasing the likelihood that they’ll make a purchase.

Product taxonomies can also be used to target specific customer segments. For example, a retailer could create a taxonomy that focuses on customers who are looking for eco-friendly products. This would enable the retailer to target customers who are specifically interested in eco-friendly products, increasing the likelihood of successful sales.

How Can Cluster Help?

 Build and enhance product data efficiently to understand insights from channel to channel. Complete solution from catalog integrity and assortment to seller onboarding and more. Schedule a demo today.

Why Marketplaces Need eCommerce Catalog Management

Why Marketplaces Need eCommerce Catalog Management

Catalog management is essential for any eCommerce business. It is the process of creating, organizing, and maintaining product information, such as product descriptions, images, and pricing. Catalog management helps customers find the products they are looking for and enables the retailer to drive sales and increase their bottom line. Marketplaces are no exception – they need catalog management to ensure their product listings are accurate, up-to-date, and relevant. This article will outline the challenges faced by product catalog management in eCommerce, the benefits of catalog management for eCommerce retailers, and best practices for eCommerce catalog management.

What is Catalog Management?

Catalog management is the process of organizing, managing, and maintaining a catalog of products for an eCommerce store. It involves tasks such as creating product descriptions, adding and updating product images, categorizing products, and setting pricing. Catalog management can be done manually, but it is often automated with the help of software and tools. A good catalog management system should provide the ability to quickly and easily add, update, and delete products from a catalog. It should also provide the ability to assign product categories, set prices, and manage product images.

Why is eCommerce catalog management important?

Catalog management is an essential part of running a successful eCommerce store. It is important because it allows you to easily manage, organize, and update your product catalog. It also helps to ensure that customers have access to accurate information about the products they are interested in, which can help to increase sales. Furthermore, a well-managed catalog can help to improve customer engagement and create a better shopping experience.

Why does your eCommerce need Catalog Management?

Catalog management is essential for any eCommerce store. It helps to ensure that customers have access to accurate product information, which can help to increase sales. It also helps to create a better shopping experience by making it easier for customers to find the products they are looking for. Additionally, catalog management helps to improve customer engagement by providing customers with relevant product information and images.

Challenges for product catalog management in eCommerce

Catalog management in eCommerce poses a number of challenges, including:

Data accuracy: Inaccurate product data, such as price and availability, can lead to a poor customer experience and lost sales.

Data consistency: Customers expect consistent product data across different channels and platforms.

Data organization: Product data must be organized in a way that makes it easy for customers to find what they are looking for.

Data integration: Product data must be integrated with other systems, such as inventory management and fulfillment, to ensure accuracy and efficiency.

Data security: Product data must be protected from unauthorized access and data breaches.

Data scalability: Product data must be able to scale with the business as it grows.

The Benefits of Catalog Management for eCommerce Marketplace

eCommerce catalog management is a powerful tool that can help eCommerce marketplaces improve their customer experience, increase efficiency, and reduce the amount of manual work required to manage their product data. By utilizing catalog management, eCommerce marketplaces can ensure that their customers have access to accurate and up-to-date information about the products they are interested in. This can result in increased customer satisfaction and loyalty, as well as improved search engine optimization and inventory management.

1. Improved Customer Experience

By providing accurate and up-to-date product information, customers can easily find the items they need and make informed decisions about their purchases. This can lead to increased customer satisfaction and loyalty.

2. Increased Efficiency

Catalog management makes it easier and faster to add new products to the marketplace, as well as update existing products. This can result in increased efficiency and cost savings in the long run.

3. Enhanced Search Engine Optimization

Having accurate and up-to-date product information can help boost the visibility of the marketplace on search engines. This can result in increased traffic and sales.

4. Improved Data Quality

By using catalog management, eCommerce marketplaces can ensure that their product data is accurate and up-to-date. This can make it easier to identify and fix any errors or inconsistencies in the data, resulting in improved data quality.

5. Better Inventory Management

By having accurate and up-to-date product information, eCommerce marketplaces can better manage their inventory. This can help reduce the risk of running out of stock, as well as improve customer service.

6. Reduced Duplication Of Work

By using catalog management, eCommerce marketplaces can reduce the amount of manual work required to manage their product data. This can save time and resources, resulting in increased efficiency.

7. Improved Reporting

By having accurate and up-to-date product information, eCommerce marketplaces can generate more accurate and detailed reports about their sales and inventory. This can help them better understand customer trends and make more informed decisions.

Best practices for eCommerce catalog management

To maximize the benefits of catalog management for eCommerce retailers, there are a few best practices that should be followed:

Organize product data: Create a clear and organized structure for product data that makes it easy for customers to find the products they’re looking for.

Integrate with other systems: Integrate product data with other systems, such as inventory management and fulfillment, to ensure accuracy and efficiency.

Automate data entry: Automate data entry to reduce manual data entry and eliminate errors.

Optimize product data: Optimize product data for search engine optimization (SEO) to ensure customers can find the products they’re looking for.

Monitor data quality: Monitor product data for accuracy and consistency to ensure customers have the best experience possible.

How to Improve your eCommerce Product Catalog Management?

One of the best ways to improve your eCommerce product catalog management is to use automated tools and software, such as Cluster. Automated tools can help to reduce the amount of time needed to manage the catalog, as well as help to ensure that product information and images are kept up to date. Additionally, it is important to make sure that product information is accurate and up to date, and that images are of high quality. Finally, it is important to make sure that product categories are well organized, as this can help to improve the customer experience.

The Role of Product Catalog Management in Business Results Improvement

Product catalog management can play a critical role in improving the results of an eCommerce business. A well-managed catalog can help to increase sales by providing customers with accurate product information and images, which can help to improve the shopping experience. Furthermore, it can help to reduce costs by reducing the need for manual catalog management. Additionally, it can help to improve customer engagement by providing customers with relevant product information and images.

How Can Cluster Help?

Complete solution from catalog integrity and assortment to seller onboarding and more. Cluster’s flagship capabilities and use cases for marketplaces are also effective for adjacent enterprises including aggregators, remarketing and fulfillment. Schedule a demo today

Seller Onboarding: Steps to Create The Best Onboarding Process for Your Marketplace

Seller Onboarding: Steps to Create Onboarding Process

Onboarding is an essential part of any business. It is a process that ensures the successful integration of new employees, contractors, or vendors into the company. Seller onboarding is the process of introducing a new seller to the company, its culture, and processes. 

Seller onboarding involves collecting and verifying data from sellers, setting up accounts, and providing them with the necessary information to start selling on the platform. Additionally, seller onboarding requires collecting information such as contact details, payment information, product catalogs, and more. This guide provides advanced strategies to help sellers through the onboarding process. 

What Is Seller Onboarding?

Seller onboarding is the process of introducing and acclimating new sellers to the marketplace. It is a vital part of the onboarding process and is designed to ensure that the new sellers understand the marketplace’s policies, procedures, and expectations. The goal of seller onboarding is to make it easy for sellers to join the marketplace and quickly get up to speed. This can be done through a combination of onboarding materials, tutorials, and training sessions.

What Is Marketplace Seller Onboarding?

Marketplace seller onboarding is a specialized version of seller onboarding that helps new sellers understand the unique dynamics of a marketplace environment. Marketplace sellers are different from traditional retailers because they have to compete with other sellers on the marketplace for the same customers. As a result, they need to understand the marketplace’s rules and regulations and how to best position themselves to be successful. 

Why “Seller” is Different from Supplier, Vendor and Merchant

A seller is an individual or business who offers products or services for sale. The term “seller” is often used interchangeably with “supplier”, “vendor”, and “merchant”, however, there is a distinction between the four. A supplier is someone who provides goods or services to a marketplace. A vendor is someone who sells goods or services directly to a customer. A merchant is someone who sells goods or services in a physical location. 

Why Is It So Important to Onboard Sellers the Best Way?

Onboarding sellers the right way is important because it is the first impression that new sellers will have of the marketplace. It sets the tone for their experience and can have a major impact on the success of their business. If the onboarding process is confusing, time-consuming, or not tailored to the needs of the seller, it could lead to them abandoning the marketplace before they even get started. On the other hand, if the onboarding process is well-designed and efficient, it can give the seller a great first impression and inspire them to stay and build a successful business on the marketplace. 

The 4 Best Seller Onboarding Examples of the Market

1. Amazon

Amazon is a great example of seller onboarding done right. They have a comprehensive set of onboarding materials and tutorials that cover everything the seller needs to know in order to get started. They also offer a wide range of support services, such as customer service and technical support, to ensure the seller’s success.

2. eBay

eBay is another great example of seller onboarding. They have a thorough onboarding process that covers everything from setting up a seller account to listing items and managing transactions. They also offer a wide range of support services, such as eBay University and Seller Support, to help sellers get off to a good start.

3. Etsy

Etsy’s onboarding process is focused on helping new sellers quickly get up to speed. They have a comprehensive set of tutorials and FAQs, as well as a dedicated team of onboarding specialists to answer questions. They also have a Seller Handbook that covers everything the seller needs to know.

4. Shopify

Shopify’s onboarding process is designed to be quick and easy. They have a wide range of tutorials and FAQs, as well as a dedicated team of onboarding specialists to answer questions. They also have a set of onboarding materials that cover topics such as product photography, setting up shop, and more.

Steps to Create a Great Onboarding Process for Your Marketplace

Seller onboarding requires careful planning and preparation. The following steps outline the process for successful seller onboarding:

1. Establish a goal and timeline

The first step in the seller onboarding process is to establish a goal and timeline. This should include an understanding of the seller’s desired outcome and the timeline for achieving it. It is important to be realistic when setting goals and timelines, as they will guide the onboarding process and determine its success.

2. Communicate expectations

It is important to establish clear expectations for the seller, and to communicate these expectations to the seller in a timely manner. This includes providing the seller with detailed information about the company and its products, as well as the policies and procedures they will need to follow.

3. Create an onboarding plan

The next step is to develop an onboarding plan. This plan should include a timeline of events, activities, and milestones that need to be completed by the seller. It should also include a copy of the company’s policies and procedures, as well as information about the products and services offered.

4. Set up a training program

The onboarding plan should also include a training program for the seller. This program should be tailored to the seller’s needs and should include hands-on activities and demonstrations to help the seller gain a better understanding of the company and its products.

5. Provide support

Seller onboarding should also include a plan for providing support to the seller. This can include setting up a support group, providing one-on-one mentoring, or offering online resources. It is important to ensure that the seller has access to the resources they need to be successful.

6. Monitor progress

The final step in the seller onboarding process is to monitor the seller’s progress. This includes tracking the seller’s progress against the timeline, as well as providing feedback on their performance. This will help ensure that the seller is meeting their goals and that the onboarding process is successful.

How Cluster Can Help Sellers Onboarding

Leading marketplaces can fix seller abandonment by building a best-in-class product data catalog that takes the onboarding burden off sellers. With Cluster, marketplaces can offer complete and automatic product listings to create a frictionless onboarding experience.Cluster simplifies the onboarding process, making it easier and faster. Book a meeting now.

5 Ways Power Sellers Can Make Or Break Your eCommerce Marketplace

Ways How Power Sellers Can Make Or Break Your eCommerce Marketplace

eCommerce sales account for nearly $5 trillion in revenue today. Regardless of what industry you specialize in, it’s clear that this is the landscape of business that we all need to capitalize on. 

When building your own eCommerce marketplace, it lives and dies by your ability to attract the best sellers. These top performers, known as power sellers, are essential to the growth and success of your platform. 

Keep reading to learn more about the benefits of improving the marketplace seller and buyer experience by encouraging power sellers. 

1. Quality Sellers Bring More Shoppers

If you don’t have sellers, you don’t have shoppers. A marketplace power seller has the most volume and a vast inventory of products that people can choose between. 

Not only does this attract new buyers, but customers will begin shopping exclusively with these sellers, offering them repeat business. These marketplace power sellers bring you the most revenue when you collect your fees. 

Seller intelligence is a solution that can help identify power sellers providing you with the contact information that you need to build a rapport. This relationship can help you grow their conversions and improve your market share. 

2. You’ll Increase Brand Awareness and Trust

When you have power sellers, they legitimize your marketplace on a larger level and build trust with consumers. 

It typically takes at least 5 impressions for buyers to make a decision to purchase. Your marketplace vendors have a vested interest in getting more attention to their personal stores, which ultimately brings more awareness to your platform. 

This is why encouraging power sellers ranks highly among the most important eCommerce tips you can follow. Buyers are more hesitant to shop with vendors that only have a few confirmed sales or reviews. Having more trusted sellers will give you a larger inflow of traffic and revenue for the long haul. 

These sellers serve as your foundation, which you can build on the more you attract these power sellers. 

3. Shoppers Will Have a Better Experience

Power sellers are full-timers with their online stores that are constantly making improvements. The customer wins most because these improvements reward them with a better shopping experience as a whole. 

Power sellers also deal with greater sales volume, are more responsive to customers, offer more payment options, and tend to ship orders faster. They often run full-time businesses offline, such as a brick-and-mortar retail store that sells similar products. 

Because of this, these professionals are more likely to stay up-to-date with new eCommerce ideas and trends to consistently accommodate their customer base. They often run blogs and post videos so that their customers are informed. 

You’ll build shopper intelligence and attract your ideal customers when you’re always investing in improving their experience. 

4. Your Platform Will Attract Different Segments of Business

Power sellers will consistently bring you more eCommerce leads. This is one of the best things to learn when figuring out how to attract sellers to your marketplace. 

These power sellers will network with each other and always find new and different ways to improve what they do best. For instance, a power seller that is successfully selling products to consumers might choose to take the private label approach or look into things like dropshipping. 

This ultimately expands the reach of your outlet and the type of service that you provide to consumers. When your shoppers have more options for the types of products that they can get on your platform, it’s a net positive for everyone involved.  

5. Power Sellers Provide Constant Marketing

You can also count on power sellers to continuously market themselves and their brands. They have a vested interest in building their brand awareness, which will also raise more awareness to your platform. 

When you have a relationship with these power sellers, you can use eCommerce marketplace data to study the demographics of their customers and how they get their conversions. This can help you with ad placements and figuring out which customers you’d most likely to target. 

Having data at your disposal is best when you’re trying to figure out where to find eCommerce business leads because your goals will be more accurate and measurable. 

You’ll be able to scale your platform to achieve the type of growth that you expect, and can collaborate with your power sellers on ideas. 

For example, with Seller Intelligence, you’ll have the benefit of:

  • Taxonomy mapping
  • Analytics and price benchmarking
  • Access to seller store analytical tools
  • Product matching for more accurate categories
  • Real-time data to help get more sales and traction from seller channels
  • Product data enhancement
  • Catalog enhancement tools

It’s best to work deliberately with power sellers so that you can get on the same page with your marketing goals and steer them in the same direction. 

The Ultimate Marketplace Seller Experience

The marketplace seller experience that you create means everything when you’re trying to grow your platform. Power sellers are your bread and butter, and will help you get the results that you’re looking for. 

If you’re intent to get sellers to your eCommerce marketplace website, you need a helping hand. At Cluster, we have a team of professionals that are skilled and equipped to make all of your goals a reality. 

With Seller Intelligence by Cluster, you’ll have the data needed to put it all together.  

To book a meeting with us, use our contact form or send us an email at info@datacluster.com.

3 Product Page Data Enhancements to Win More Traffic

Product Page Data Enhancements

The eCommerce market is expected to surpass $52 trillion by 2027. That’s nearly 4 times as large as its 2021 value.

More customers mean more competitors. While eBay and then Amazon long dominated the eCommerce scene, the pandemic created a shift. With more time spent at home, consumers had more time to shop around.

Because of that, smaller eCommerce sites have more opportunities to make their mark. How can an online marketplace stand out amongst the growing competition?

The first step is retaining customers. The number one way to do that is product page enhancements.

That’s right, it’s not all about SEO! There’s no point ranking highly on a search engine if customers abandon or don’t even fill their carts. For long-lasting success, your product pages have to convert browsers through to purchase.

Then your site traffic and search engine rankings will organically increase. And your product pages will be optimized enough to sustain your success.

Here’s our guide to specific product page enhancements every marketplace should be making and why.

Improve Loading Speeds

As basic as it sounds, loading speeds can make or break organic traffic generation. If your site or your product images take a few moments to load, it can put users off completely. In fact, 53% of people expect a web page to load within 3 seconds

If it loads too slowly, the same survey found that nearly half of customers will be dissatisfied. And if they click away from your site that quickly, it hurts your traffic substantially.

Buyers want a swift, painless experience. Don’t give them time to second-guess their purchase or your professionalism! 

Accurate Product Information

The best product page enhancements are all about product information. Product data enhancement is the key to winning more site traffic. Attention to detail at this stage is the number one way to push customers through to purchase.

eCommerce product data includes written information, as well as images and other details. We’ve broken down how to improve each area.

Product Descriptions

Product data is everything. Potential buyers want to know every detail about your products. Data-driven product catalog management should be central to your strategy.

That goes beyond dimensions and delivery dates. An eCommerce product description should be as thorough as seeing it in person.

In a brick-and-mortar store, shoppers can pick up the product. They can feel its weight, gauge its size, and read more information on the package.

eCommerce marketplaces can combat these challenges by providing just as much information.

If any product information is missing, consumers won’t have the confidence to buy. Or they may return the product.

For online purchases, the average return rate is a staggering 20%. The problem is not just lost revenue, it’s a loss of confidence in your marketplace.

If your product descriptions do not accurately represent the product, they won’t just return it – they won’t come back. That is less site traffic from repeat customers, which leads to less organic traffic generation.

Clearly, an accurate product description is key to repeat customers, which drives organic traffic.

Accurate product data also helps your product get identified by search engines. Besides a clear description, search engines respond well to these details:

  • Global trade item numbers
  • Manufacturer part numbers
  • Brand names
  • Stock keeping unit numbers

Consistently structured product data is also helpful for both search engines and consumers. On every product page, data should appear in the same order and in the same places, so people know where to look. 

This is especially important if several stocked products are relatively similar. Their differences and unique identifiers should be clear enough that customers and search engines can distinguish between them.

High-Quality Images

Good images are just as important to consumers as good data. Bad images, or worse, none at all, reflect badly on your business. If you can’t provide several high-quality images from a variety of angles, buyers jump to questioning your authenticity.

Your goal should be to provide enough images that users feel they’ve seen the product in person. That will give them the confidence to buy and come back in the future.

Visible Product Reviews

Reviews add to your site’s verifiability. In fact, nearly 90% of customers surveyed said that they read reviews before purchasing a product online. The same survey found that even more than 90% of people trust reviews as much as recommendations from people they know.

Make sure it’s easy to leave a review so that previous buyers do so.

Include an image option with reviews so that buyers can upload images alongside them. These candid review images add to buyer confidence even more than professional ones.

Buyers are also interested in your responses to reviews. If any customer leaves a negative review with a complaint, you may want to respond to save face.

According to the survey mentioned earlier, these business responses are read by and are important to nearly 60% of customers. Make sure you represent your business well and respond in the most considerate way possible.

Product Page Enhancements for Your Online Marketplace

Putting these enhancement tips into practice will win you more traffic. But working with us gets that number even higher.

Our solutions for marketplaces go beyond product data enhancements. They win more traffic by fixing attribution, removing duplicates, forecasting demand, ensuring accurate taxonomy, and creating an optimal shopper experience.

Don’t struggle through manually improving product pages in-house. Instead, let us go through your marketplace with a fine-toothed comb and find every optimization opportunity.

Book a demo with us today to learn how.