We have now arrived at the final stage of this five-part blog series on product data, written by Rynhardt Hanekom and Rachel Miller from ChannelAdvisor’s Customer Success team.
So far in the blog series we’ve covered law one, which recommends that data be available for use in any of your business’s needs. Law two discussed why your data should be sustainable, made of building blocks that are scalable, smart and flexible. Law three covered how your data showcases the value, details and unique selling points of your products, whilst law four examined how your data should be excellent, exhibiting quality that allows it to be effective.
This final instalment will examine law five, showing how you can ultimately turn your product data into one of your business’s greatest assets. We’ll also provide you with a scorecard that will allow you to assess whether your business abides by all five laws.
The Final Law
The fifth and final law is making sure your product data is thorough and meets all the requirements of your business. Incomplete product data could cause content to fall through the cracks and put your business-building plans on hold. As a result, you’d need to invest more time to the data you already have.
We at ChannelAdvisor find that retailers who are looking to expand into new channels and markets are often missing key or recommended data points in their product data, including any of the essential four data laws mentioned in these previous instalments. Going through your entire inventory to add attribute information can be costly and time-consuming, especially if you have a large product catalogueueueue.
Typically, most retailers discover that their data isn’t thorough when they enter a new marketplace or channel that they haven’t sufficiently planned for — often one with attribute values for listings. Each marketplace commits extensive research into what works well, what is required to retain customer engagement, having a buyer commit and improve their overall retailing experience. It’s essential that the retailer also commit to this degree of thorough research.
Putting together a data-building plan is fundamental when constructing your data foundation, ensuring that you have the information needed to power your expansion plans. We recommend building out your expansion plans six to twelve months in advance and taking a look at the required data for those ventures right now. Ask yourself where you want your business to be in six to twelve months and how these targets affects your product data today.
By completing and rounding out your required data now, you’ll be making sure your expansion path runs smoother in the future. Ensuring your data is thorough can aid in completing your construction product data and leave your business assets in good standing.
Five Laws of Product Data Scorecard
Now that we’ve covered all the product data laws, it’s time to see whether your business ticks all five boxes. Complete this quick assessment to find out.
By now, we’re hoping your total tally is five. If not, ask yourself whether your data is really an asset that will steer your business in the right direction or is simply present so your products can be live on various channels in the hope that sales will materialise. A platform such as ChannelAdvisor can prove to be a considerable tool in improving upon these data laws.
Five Laws Summary
The five laws of product data will help you determine how you want to create your inventory data so that you achieve your desired results and acquire the data assets you need.
Using these laws with a powerful software platform such as ChannelAdvisor, which leverages a centralised inventory, could see you expanding into additional channels with considerable ease and fluidity. For more information on the ChannelAdvisor platform and how it can assist your online expansion, visit the ChannelAdvisor website.