Harrow, Middlesex, United Kingdom, September 7, 2023 – In today’s competitive market, quality product information has become a driving force behind revenue generation for businesses and of course! It makes all sense. In a time when information on anything is available at just one click, customers would expect to gain as much information as possible.
A buyer wants and needs to know about every product he is looking to buy, and it is a business’ job to provide him that information. Quality information around the product plays an essential role for the customers to make an informed decision. The information at their disposal is all what they have, to make a choice if they will buy your product.
Enriched product information like elaborate descriptions, product reviews, variant details, high resolution images or videos and more can change the way a buyer looks at your products. They enhance customer experience manifold and build credibility towards your brand. Product Information Management (PIM) can help you achieve that.
Let’s dive in to know how quality product information can help drive revenue-
Impact on building trust and credibility
Building trust and credibility is crucial in establishing a positive perception of your brand, leading to increased customer confidence, and driving customer conversions. By providing high-quality product information, you instill confidence in potential customers, making them more likely to choose your products over competitors.
Even a single negative experience can lead to a ruined long-term relation with a customer and maybe whoever they convey their opinion to.
In a 2012 Nielsen survey of 28,000 Internet users across 56 countries, it was found that 92% of consumers globally trust recommendations from friends and family, surpassing all other forms of advertising by a significant 18% increase since 2007.
Abandoned carts are a big disappointment
As much as abandoned carts hurt your revenue, they are a big disappointment for the buyers as well. Buyers have emotions connected to a purchase and not being able to have what they need due to erroneous or incomplete information provided by you certainly spoils their mood.
The average online shopping cart abandonment rate is around 70%, according to the Baymard Institute. Inadequate or incomplete product information significantly contributes to cart abandonment. By ensuring accurate and detailed product information, you can reduce abandoned carts, resulting in higher conversion rates and increased revenue.
Lesser returns, more revenue
Insufficient product information often leads to higher return rates. Improving product information can help reduce returns, save costs and generate more revenue for your business. When customers have a clear understanding of the product’s features, specifications, and usage, they are more likely to make informed purchasing decisions, resulting in fewer returns.
According to Invesp, around 30% of the products which are returned which are ordered online. While there are numerous reasons for the returns, rich product information contributes too. The clothing and apparel category experiences the highest return rates. These returns result in significant costs for companies, including both the expenses associated with processing returns and the negative impact on conversion rates and sales numbers. Also, handling returns may divert resources from fulfilling new orders and reduces overall productivity.
Improved product discovery and search rankings
A vast majority of online shoppers use search engines to find products, as highlighted by Google. Optimizing your product information with relevant keywords, descriptions, and attributes improves your search rankings. By enhancing product discoverability, you increase the chances of capturing the attention of potential customers, driving more traffic to your website, and ultimately boosting revenue.
Competitive advantage
Product content plays a crucial role in purchase decisions, with 81% of customers conducting online research before making a purchase, according to Oberlo. By providing high-quality, detailed product information, you gain a competitive advantage over other brands. Customers are more likely to choose a brand that provides accurate and comprehensive information, setting your products apart from the competition.
Improved SEO performance
Rich product information significantly improves SEO performance by enhancing visibility, increasing organic search traffic, and improving search engine rankings. When product descriptions, titles, and attributes are filled with relevant and descriptive information, search engines can better understand the context and relevance of the product. Increased organic traffic improves the chances of converting visitors into paying customers, contributing to revenue growth. This, in turn, helps search engines match user queries with accurate and comprehensive product listings, leading to higher visibility in search results.
Rich product information allows for better keyword optimization, enabling businesses to target specific search terms and attract more qualified traffic.
Cross selling and up selling opportunities
Cross-selling and upselling are powerful strategies to drive additional revenue. 35% of Amazon’s revenue comes from cross-selling. By providing comprehensive product information, you can identify opportunities for cross-selling related products or upselling premium versions, encouraging customers to make additional purchases and increasing the average order value.
A chance to increase your revenue:
Investing in quality product information is a strategic move to drive revenue growth. Businesses can unlock their revenue potential and deliver superior customer experience with accurate and consistent product information across all channels. Robust product information is the key to capturing the attention and loyalty of customers by driving conversions, and ultimately increasing revenues.
Media Info:
Name: Pranu Dhyani
Company Name: BetterCommerce
Email: letstalk@bettercommerce.io
Website: https://www.bettercommerce.io
Phone: +44 203 129 2722
Address: Richfields, Suite 3, 2nd Floor, Congress House, 14 Lyon Road, Harrow, Middlesex, HA1 2EN, United Kingdom.
