A study conducted by Think with Google, suggests that 59% of customers feel more confident about making a purchase decision after doing thorough research online than they do in-store.
A client confined to the premises of a traditional brick-and-mortar shop is severely restricting their addressable market. Keeping this in mind, retailers are re-evaluating their online strategies and listing products on multiple marketplaces and sales channels.
The pandemic acted as a catalyst towards providing an omnichannel experience. However, this comes with a lot of challenges, particularly for stores that have a large number of products to offer. To carry out this transformation effectively, a streamlined and enriched catalog management system becomes essential.
A smart way to get started is to create optimal content that resonates with your customers and search engines. High-quality content is essential for discovery on sales channels as well as websites. Today this task is done manually, which can be a laborious process to undertake.
Products need to be tagged and descriptions need to be written keeping SEO in mind so that they can appear when people search through listings.
The process of integrating these requirements means that the intricacies of each platform need to be considered – which is quite a complex task. The good news is that there are semi-automated solutions out there to solve this problem efficiently. All you need is to give them the feed and they take care of the rest.
New products need to be listed on marketplaces daily. These products need to be digitized and reflect on online catalogs as well. This puts a lot of pressure on employees as it requires attention to detail and a hint of creativity as well.
Every market has its guidelines to follow. This can be challenging for growing companies to juggle, particularly if they don't have enough people on their teams. It can be helpful to have one person in charge of editing submitted content on each marketplace. However, this is not ideal as it might increase costs and time.
Even with the right talent, it is challenging to tag thousands of products accurately. A single error in following a certain marketplace guideline leads to rejection and lost time in terms of sales.
Listing a product with incorrect data leads to incorrect search results. This makes it difficult for customers to find what they’re looking for and causes them to leave the site.
Websites need rich content so customers understand the product and its features thoroughly. Both in terms of image and text. If there is a misalignment of expectations it leads to returns.
According to SaleCycle, products that don’t match their description account for over 64.2% of the returns. A simple solution to this would be improving your catalog management system.
Product tagging is a tedious task that requires attrition and perpetual re-training of employees. Some companies outsource this task to agencies.
But, even when done by agencies, it is still carried out manually. The right thing to do would be to automate this process.
How cataloging workflow is semi-automated
Catalogix is an ingenious AI tool that accepts feed from anywhere, catalogs large inventories, and enables multi-channel syndication at the click of a button.
It comes pre-programmed with AutoML - Computer vision and NLP models that extract all relevant attributes from the images such as product category, type, sleeve length, etc, and from text data such as address; HSN codes, material, etc. shared and autogenerates tags for all products.
Specialists at Streamoid manually QC all data to ensure accuracy and omit any kind of redundancy. Additionally, it prevents rejection from marketplaces, making the entire process cost and time effective.
A translation layer uses this information to automatically populate data into the formats required by all marketplaces via excel sheets, CSV’s or API’s. This reduces the chance of having inaccurate or incomplete data.
Since the data is interpreted by AI there is consistency in the interpretation of data. All errors from QC are looped back to re-train the ML models so the system gets better and better over time. It is an iterative process.
So, once you give the feed to Streamoid all you have to do is read the reports on when the product went live on your chosen channels.
Benefits of automated product tagging and content development
Automated product tagging ensures you go to market faster without compromising on the quality of content. Having quality content like product titles and descriptions are effortlessly optimized, making it possible for search engines to find your products easily.
Enriched Catalog System
Automated product tagging means we can add as many attributes as we feel is necessary not just the mandatory ones. This enriched data enables you to slice and dice your catalog in more meaningful ways.
Clear product descriptions and accuracy of product tags lead to increased buyer confidence.
Improved Business ROI
An efficient catalog system means better product discovery and conversion. Fewer shoppers abandon their carts leading to improved rates of conversions and reduced returns.
Better SEO Ranking
Product images are automatically tagged with consistent taxonomy and multiple attributes. This annotates your product images with tags in a way that helps you rank better on search engines.
Add new marketplaces with ease
All it takes is a click of a button to translate Streamoid Taxonomy into any Taxonomy be it brands taxonomy or marketplace taxonomy. It is completely automated.
Streamline your cataloging process, effortlessly list your products on all channels and marketplaces. Contact Sales@streamoid.com to learn more.