Read time 2 minGlobal e-commerce sales have seen unprecedented growth fueled by Covid-19 restrictions which are estimated to jump to nearly $26.7 trillion in online sales. This meteoric growth, which continues to accelerate has spurred a massive demand for catalog management solutions and services. According to research, the catalog management system market is expected to grow at 9% CAGR between 2021 to 2026.
Data bear the fact of how critical catalog management is for e-commerce businesses to be successful. In fact, it is the differentiating factor that enables players to gain an edge over the competition. Let’s look at 3 defining aspects that show how critical catalog management is to an e-commerce business.
Handling ever-growing SKUs
In an ever-scaling e-commerce market, every e-commerce player needs to have the ability to efficiently manage millions of stock-keeping units (SKUs) along with their relationship with other aspects including product taxonomy and categorization. And all this without compromising the quality of the product content. Handling and managing product catalog, its taxonomy, is in itself a complex task, made even more challenging in the face of an ever-growing number of SKUs. This is an ongoing process where online store owners need to manage millions of product data that continues to grow exponentially almost near real-time to avoid any downtime or impact on sales.
Creating product taxonomy and structured categories
Product taxonomy demands in-depth knowledge of products, their attributes, and the platform and skill to logically create structure, categorize, and present them to the customers. The sale of products on an e-commerce site almost entirely depends on the way products are categorized and presented. Poorly structured categories or limited/inaccurate attributes can severely impact and influence search results, making it increasingly difficult to find/discover products easily. So, assigning relevant attributes, building an easily navigable and comprehensible catalog is essential for your customer to find what they are looking for, add to cart, and checkout.
Upgrading the catalog continually
In a dynamic marketplace characterized by constant disruption and shift demands to manage and upgrading the product catalog to keep pace with the changes and respond to market demands. Disrupting business models, new social media trends, influencer effects, novel product launch strategies, dynamic pricing, and the likes, the e-commerce landscape is in a constant state of flux. Failing to keep pace with the trends that reflects in your catalog would only spell losses for an e-commerce store – in terms of sales, brand loyalty, and eventually market share. The penalty for poorly managed products catalog is heavy and sometimes irreparable.
Whether you have just digitized your catalog management or have been using software for a while, tell us the challenges you are facing, and we can help you streamline and boost product information. Springbord can help you maximize returns on your existing catalog management investments and build a product catalog that is primed for conversions.
