Every day, 85% of users (3.4 billion) spend six and a half hours browsing the Internet, according to Nielsen. Ecommerce is obviously a highly popular sales channel. However, there are so many online options out there that shopping is becoming increasingly complicated. Above all, today’s online buyers seek smooth and convenient shopping experiences.
One of the main advantages of marketplaces and large enterprise websites is that they carry a huge range of products all under one umbrella. Users can view multiple similar products in one place rather than hop back and forth comparing items and prices on different websites. Nevertheless, this very same advantage can turn into a disadvantage if products are not displayed in an organized way. Haphazard cataloging can cause duplications, inaccuracies and inconsistencies, which are serious turnoffs for potential buyers.
Clearly, it is not enough to offer a large variety of products. No less important is HOW you display them.
Here’s how you can boost your sales and facilitate efficiency through product matching and consolidation
1. Create groups of identical and similar products
Organize your catalog so it provides clear groups of similar products, thereby preventing duplication and boosting search results. Product matching and consolidation enable an accurate and user-friendly display of related products for your buyers’ perusal.
2. Structure your product data to enable comparison
By structuring your product data/prices consistently across the board, you give your user the opportunity to methodically compare similar items and come to well-informed decisions. Users are more likely to make a purchase when equipped with detailed and comparable data about products of interest.
3. Beat your competitors’ offers
AI-empowered product matching provides enterprises with dynamic tools to check out competitors’ websites in order to compare prices and products. By gaining insights into pricing for similar products to yours, you can develop ways to make your offering more attractive. Additionally, you can adjust your prices and product lines regularly to remain ahead of the competition.
4. Avoid overstocking and optimize inventory
An advanced product matching algorithm enables automatic updating of new product variations. If a catalog is low-quality, the website’s product manager as well as the potential buyer may be informed that an existing item is unavailable. The enterprise will end up reordering a product already in stock, while the buyer will have departed to a different website. By dynamically optimizing inventories and new products, the high cost of overstocking can be prevented.
5. Achieve high Google ranking with easy navigation
Google ranks your marketplace/website based on ease of navigation. If customers leave your website quickly, without visiting more than one page, Google’s crawlers assume that the user found the page content unsatisfactory. It will then down-rank your pages in search results. In order to boost your ranking and conversions, it is crucial to offer visitors easy navigation on well-organized pages.
6. Create a productive and enjoyable user experience
By providing an organized display of similar merchandise with clear specifications and product reviews, you are effectively streamlining the user experience and generating trust. This is the path that leads to increased conversions and less returns. All this makes for memorable purchasing and long-term customer loyalty.
Interested in learning more about how AI-based product matching and consolidation can boost sales and increase efficiency? Contact us today.