The 3 Truths of Product Data Management Components

by | Feb 24, 2021 | Data Management, Digital retail, eCommerce, Retailers

Online shoppers expect comprehensive product information before they will consider making a purchase. If products have limited or blurry images, missing item details, or the descriptions aren’t engaging, a competitor is just a click away. eCommerce retailers know this but improving item data can be a challenge. The most common frustration I hear is how difficult it is to rapidly secure accurate product data from vendors that meets their requirements. Let’s explore why this is, and what can be done about it.

The Components of Product Data Management (Manual Process)

There are many steps to securing item data and components of product data management, including:

  • Request (and remind) vendors to send the data.
  • Receive the data from vendors or login to their portal.
  • Transform the data into a useable format.
  • Validate the data is accurate and complete.
  • Contact the vendor to correct data as needed.
  • Upload data to an eCommerce platform or PIM.
  • Review data regularly to keep it up to date.

As you can see, the process relies heavily on emails, phone calls and spreadsheets. In today’s retail environment, retailers using these manual processes are finding it hard to keep pace with consumers. Unfortunately, the need to do each component of product data management well is critical to success. Any delay in item setup means lost sales. The faster an item appears online with complete product details, the more money the business can make.

Here are some truths about manually securing the components of product data management to better understand why it is a retailer’s top challenge.

Truth #1: It will frustrate you and your vendor, but it’s worth it

Every retailer wants complete product data for item setup, but each one asks for it in a different format. This puts a lot of strain on vendors, leading to longer turnaround times and data inconsistencies. The more a retailer can make it simple, the faster and better it will be. This is especially true with vendors who work through several intermediaries such as manufacturer reps and distributors. They’ll need to wade through these layers to get to the person and data they need. I’m not saying retailers should skimp on their requirements, just recognize the process won’t be easy. Both sides will have some challenges but remember how critical it is to have high quality images, all the attributes important to your customers, and accurate dimensions and sizing.

Truth #2: Rapid item setup increases sales and market share

Your business objective is likely to expand the online assortment of SKUs within an existing or new category. Any delays in the item setup process takes away days or weeks of potential sales. This was especially true in 2020 when shoppers’ needs changed rapidly and demand for items such as hand sanitizer, patio heaters and home goods spiked. Those retailers who not only secured these products, but also had them on their eCommerce site fast, captured the majority of incremental sales. Other retailers experienced delays in posting these items due to long item setup times. They missed the curve and the additional sales. Speed matters in today’s retail.

Truth #3: Product data will never follow a standard

If you have 20 vendors, you will receive 20 different item setup sheets. None of them will easily come together and most will contain discrepancies. Your staff will likely spend hours combing through spreadsheets and searching for missing or incorrect data. If your vendor base grows to 100 vendors, your challenge (and the time you’ll spend) changes from being time-consuming to simply insurmountable. Even with the best descriptions and coaching, vendors will always complete these forms in an inconsistent manner.

The Components of Product Data Management (Automated Process)

The good news is that product data management doesn’t have to be hard. As part of the SPS team and a former buyer, I know the challenges of item data firsthand. I also know the value of data to consumers, buyers and vendors. The best advice I can give is to automate every manual step that can delay the process.

For example, using the steps identified above as components of product data management, automation can simplify the process. Here would be the steps in an automated process:

  • Provide vendors access to an item management service, or if they already use a service, have them add you as a retailer that should receive their data.
  • Receive item data that is complete and compliant with your requirements, and in the format you require.
  • Click a button to upload the data to an eCommerce platform or PIM.
  • Have the service automatically alert vendors when new attributes or data is needed.

 No more wrangling suppliers to respond, deciphering spreadsheets, or checking for missing images or data. There is one output or file that meets your requirements and is ready for your eCommerce platform…and it scales as your vendor base grows.

At SPS, our item management service is designed to make this a reality. We offer eCommerce retailers a full-service solution that delivers rapid compliance from your vendors and offers eCommerce product data cleansing. We make it simple for you, and for them. Not only are manual steps a thing of the past, but the initial item setup is also much faster. You surely have better things to do that don’t involve spreadsheets.

We can show you a better way to address the components of product data management. Contact SPS for a no-hassle demo.

Scott Roti
Latest posts by Scott Roti (see all)

RELATED POSTS