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Keep your customers happy with real-time digital shelf analytics
The challenges for today’s retailers and brands are only too real. The pandemic has accelerated the shift to online shopping at an astounding rate. Meeting shopper needs effectively means understanding what online consumers are looking for. But that’s not all. Meeting those needs fast with intuitive engagement is what drives conversions and a great customer experience.
To accomplish that means there must be a foundational system in place which can monitor the digital shelf, including consumer activity, the performance of competitive products, and even when products get knocked off the digital shelf in real-time. This keeps your products selling, customers happy, and optimizes every engagement from stock-outs to price monitoring with closed loop reporting.
Don’t leave anything to chance when it comes to digital commerce.
The digital shelf is not new to consumers. It has just taken on more of a significant role in our lives and for many has become the go-to for purchases. In fact, the growth of e-commerce has skyrocketed in the last few years. Shoppers still venture into stores to make purchases, however, a hybrid approach of in-store and online shopping is more common these days.
The other big development changing how retailers and merchandisers sell on the digital shelf is the importance of marketplaces for consumers. A recent study by inriver showed 44% of consumers start their online reach via marketplaces. Incredibly 78% of product searches on Amazon do not include a brand name.
That impacts more than just your search engine optimization or advertising spend. It means shoppers’ behaviors have fundamentally shifted, and brands and retailers need to adjust accordingly to meet their expectations.
Lost revenue calculator
Have you done a content audit recently? Do you know your product information performance status? Is your content service provider on point?
Inriver’s lost revenue calculator helps you take the pulse of how your content is performing by uncovering the areas that are potential revenue pitfalls. Are you losing out on too much potential sales opportunities?
Beating the competition means staying ahead of the curve and being on top of what your buyers need to make purchase decisions. Inriver Evaluate is the digital shelf analytics (DSA) solution that can help you deliver the closed loop reporting you need so you can maximize your revenue.
Managing your product information matters
Generating revenue on the digital shelf is easy, maximizing revenue is not. Don’t dwell on your success, focus on your opportunities. Identifying high-performing and under-performing product information can help increase opportunities for conversions and turn them into actual sales.
Nearly half (44%) of all online shoppers start their product search at marketplaces. However, if shoppers don’t find what they want quickly, they’ll move on to your competitors instead. Is that what you want? The good news is that the indicators for lost sales are clear, and you can identify and solve them before they impact performance on the digital shelf in three key areas:
Consumers need improved findability when seeking products. If a consumer can’t find a product, they can’t buy a product. Broken links or missing links interfere with findability. This extends to optimizing relevant keywords and increasing visibility in key categories.
Recent inriver data showed that low findability affects an average of 30% of products across online channels. Even well-known brands suffer from low findability as brand loyalty has changed. In fact, 59% of consumers report they are likely or quite likely to purchase a similar product from a different brand if a specific brand can’t be found quickly online. Shoppers are fickle.
Product detail issues
When shoppers approach the digital marketplace, they want great product detail pages and expect accurate, consistent pricing. But according to inriver data, on average, 40% of products have missing product or inaccurate product information. That’s 40% too much!
Does it shock you that 62% of shoppers say they have decided not to buy a product online because of a poor product description? Of course not. Without the right product information, buyers don’t have all the relevant information to help them make a purchase decision. Missing product information erodes trust, and that is essential for a positive customer experience.
Do you know if you have product detail issues? Can you monitor and proactively address any issues before they impact sales? Price monitoring is one key area to monitor product detail. Missing images and inconsistent content are additional areas you need to monitor, manage, and optimize. Can your DSA solution do that?
Where physical store out-of-stock rates run at around 10%, according to inriver data, the average online stock-out rate is 30%. The really bad news is that 60% of online shoppers are likely to switch to a similar product from another brand when the item they desire is out-of-stock. That will impact revenue for sure.
Luckily, solving stock-out issues is possible and is actually manageable with the right product information management (PIM) and digital shelf analytics (DSA) solution.
Are you driving omnichannel commerce and optimizing each revenue opportunity? Or are you letting your competitors beat you?
Use our lost revenue calculator to see where you can improve in the three most common areas impacting revenue on the digital shelf: product findability, product detail, and products that are out-of-stock.
Get an idea of where you might be losing revenue, but also understand the opportunity to improve those numbers with a few changes and the integration of the right technology.
The calculations are derived from inriver data gathered from thousands of online transactions in our recent online shopper survey. Give it a try.
An inriver survey of 6,000 online shoppers showed correct product information, findability, and availability were key factors which influenced buying decisions. Getting those factors wrong left online consumers irritated and frustrated, and not likely to make a purchase.
However, once you know what might negatively impact a buying decision, you can solve it before it affects the sale.
With the increase in adoption of digital commerce and the rising importance online marketplaces, retailers, merchandisers, and channel managers need to optimize their digital shelf.
That’s where inriver can help. Online business growth is great, and the ever-expanding channels offer unprecedented sales opportunities. However, no organization (of any size) can make digital commerce work without the ability to scale.
Meeting customer needs at scale on the digital shelf starts by investing in a foundational solution. A product information management (PIM) solution with integrated product data syndication (PDS) helps supply, enrich, plan, publish, syndicate, and evaluate critical data with ease across all your touchpoints.
And with AI functionality and a multi-tenant SaaS platform, the inriver solution is future-proof, enabling you to meet the needs of your brand today, as well as those of tomorrow.
The digital commerce landscape is always evolving and consumers are fickle. Ever wonder why you are losing conversions or sales might be down despite amazing products? It is because 69% of shoppers have decided not to buy a product due to a poor product description.
In a digital-first world, product information is your most valuable asset! Online consumers rely heavily on product information to help them make their decisions. If shoppers can’t touch or feel your product like in a brick-and-mortar store, they rely on the product data brands or resellers provide make decisions. This includes 3D images, videos, product specifications, reviews, and more. And, don’t forget, a digital world is global, so each marketplace, channel, and geography must meet specific formatting requirements, localizations, and language.
Are you ready for that?
Do all shoppers rely on product information when shopping online? Pretty much. It inspires trust so they feel confident in their purchase. In fact, 57% of all male shoppers say product descriptions are most important when shopping for consumer electronics. According to the inriver study, the importance of product information for consumer electronics is higher than other segments including household goods, and even personal care/cosmetics.
So how can brands and retailers solve the challenges digital commerce brings?
The inriver PIM solution can unlock limitless possibilities in today’s digital-first world. Learn what to look for in a PIM solution to deliver a stellar customer experience and drive revenue.
Product information management (PIM) solutions enable brands to scale across channels and platforms, no matter how many products or SKUs they have. In a digital-first world, product information is your most valuable asset! Bring compelling stories to life, obtain actionable guidance on what influences buying decisions, and quickly adapt to changing needs – all from a single platform.
To win on the digital shelf, it’s imperative you control the creation, enrichment, syndication and auditing of product data to keep it accurate and relevant. It’s also vital to know how your shoppers get to your digital front door. What they buy and how they interact on your site is managed by digital shelf analytics (DSA) which supports product availability.
Today the digital shelf across different touchpoints requires all the care and attention to merchandising, display, and marketing that a physical shelf requires, and more.
Backing up a PIM with DSA secures real business success in a tough competitive environment.
Product information management is essential for a great buying experience.
Even as consumers, we know accurate, complete, and compelling product information is critical to our customer journey. It is what drives engagement and ultimately, sales.
This creates the need for brands to continually monitor and update their content to keep pace on the digital shelf. Too often, issues including out-of-stocks and poor findability impact the buying experience and cause lost sales.
Marketers and product managers need to be given real-time data and insights to proactively solve those revenue pitfalls before they impact a purchase. To deliver a stellar customer experience today requires the ability to make changes in an instant, anywhere your buyer is.
Content development efforts are often collaborative and against tight deadlines. Add in the fact regulatory guidelines, marketplace requirements, market conditions, and buyer preferences are constantly changing.
Creating, enriching, syndicating, and measuring product information across channels and marketplaces with a few clicks of the button is the only way digital commerce scales today.
Anticipating and understanding how to optimize product information on the digital shelf and being able to action it before it negatively impacts revenue is a must for brands today. Engagement intelligence is needed to fully optimize the buying journey for digital commerce.
Every customer engagement matters. Competition is fierce and marketplaces and channels are getting heavily crowded. Make sure each and every engagement is an excellent customer experience. Complete and rich with product information, consistent and optimized product detailed pages drive purchases on and off the digital shelf. Make these changes now to drive your digital commerce. Don’t wait until the holiday season has passed you by.
Experience matters. Inriver started the product information management space and has grown by helping customers drive more revenue with PIM.
Customers like Cartier, Estée Lauder, Bugaboo, New Balance, WE Fashion, and many others rely on inriver to meet the changing needs of a digital-first world.
Partnerships, connectors, and integrations ensure inriver is a future-proof solution. You know today’s challenges, but you need to prepare for tomorrow’s. Change is constant, especially in digital commerce. Be ready with inriver.
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