How Data Enrichment Drives eCommerce Success
There is no single formula that leads to eCommerce success.
Achieving growth is a complicated path that requires a wide variety of strategies, preparation, and sometimes luck to make it go smoothly. Yet, there is one aspect of eCommerce success that eCommerce stores and companies often overlook: data enrichment.
Reported by the Aberdeen Strategy & Research Group to increase lead conversion rates by 36%, and used by many Fortune 500 companies to see 50% growth in sales and customer satisfaction, data enrichment should form a vital part of any eCommerce strategy for success.
But what exactly is it, and how does it dramatically impact sales and conversion rates?
Here is everything you need to know about data enrichment, how it drives eCommerce success, and how to use it to grow your own eCommerce business.
Understanding Data Enrichment in eCommerce
In theory, data enrichment is simple. It refers to the process of enhancing, refining, and augmenting existing data with additional information, using multiple sources to create a more complete data set.
When applied in the eCommerce industry, this means improving the quality and accuracy of your product data by adding high-quality images, more detailed descriptions and specifications, and any other relevant information to help customers make informed buying decisions.
While sometimes (wrongly) categorized as a tedious admin task, data enrichment is crucial in multiple aspects of the eCommerce industry.
Effective product data management is critical not only for maintaining a consistent and accurate product catalog, but also for enabling more effective admin (saving time and hassle), increasing conversions, and even boosting a site’s SEO, searchability, and customer trust.
Tackling Data Enrichment Practically
This is all easier said than done.
Data enrichment is easy for one product, but this process becomes complicated, time-consuming, and costly exceptionally quickly for stores with hundreds, thousands, or even more products.
Book a demo with Trustana today to discover a way to achieve immaculate data enrichment without spending years and millions on admin.
Key Benefits of Data Enrichment for Online Retailers
From improving your digital asset management to directly aiding higher conversion rates, good data enrichment offers a lot of potential for any eCommerce business.
Here are some of the key benefits you’ll want to take advantage of:
- Enhanced Product Discoverability: Search engines rely on your website’s data for accurate search results. Because of this, more accurate and complete product data leads directly to better discoverability, with your product pages appearing more in search results.
- More Accurate Product Recommendations: Using enriched product data, through AI-powered solutions you can offer more accurate product recommendations to website visitors, allowing you to direct customers more effectively to the product they want to buy.
- Improved Customer Experience: Detailed descriptions, higher-quality images, and more accurate specifications increase customer satisfaction, as your enriched data allows them to make more informed buying decisions.
- Lower Item Return Rates: Alongside increasing satisfaction, allowing your customers to make more informed buying decisions via your enriched product data decreases the rate of returned items as customers receive the products they were expecting.
- Higher Conversion Rates: Customers more easily discover your product through search engines, have their confidence in your business increased by more detailed product information, and buy more frequently by being directed to the products they want through recommendations.
Trustana’s data enrichment solutions help you unlock all these benefits by improving how you manage product information.
Our tools can compile data from multiple sources to help enrich your product data, giving you the framework to gain these benefits.
Our AI-powered digital asset management solutions allow you to quickly use your newly-enriched data to create more accurate product recommendations, while our product categorization tools make enhancing your site’s discoverability simple.
Case Studies: Real-World Success Stories
All of this sounds great, but you’ll want evidence. How can you be sure that data enrichment works this well to boost eCommerce success?
Let’s take a look at Trustana client, Primea.
New to market in 2023, Primea was eager to get products onboarded to their eCommerce website as quickly as possible. They just faced one problem: with so many products, enriching and onboarding all the product data would likely take months.
Much too long.
Then, they found Trustana.
Immediately getting to work, we quickly transformed many of Primea’s incomplete SKUs suppliers gave them into website-ready product information packages, enriching the data to help create an intuitive eCommerce site.
Along with saving Primea and its founder Kash “months of work,” these enriched SKUs allowed Primea to launch powerfully into the market, using the enriched data to boost conversions and product searchability.
Integrating Automated Data Enrichment with Your eCommerce Strategy
Whether you are just entering the industry or an eCommerce veteran, you almost certainly have an overall eCommerce strategy.
So how do you integrate automated data enrichment into your existing plans?
With the right approach and tools, bringing in and harnessing the benefits of automated data enrichment can be a smooth and rewarding process. To help you, here’s a guide on how to integrate this brilliant new tool into your current eCommerce strategy:
1. Assess Your Current Data
Before bringing in new tools, you’ll want to lay the groundwork for success.
Start by evaluating your current product data and product information management systems to identify and note any important gaps, inconsistencies, or mistakes.
This will allow you to hit the ground running and prioritize essential areas for your automated data enrichment tool to focus on first.
2. Define Your Goals
Like any tool, automated data enrichment isn’t magic, and will need direction if you want to get the most out of it. Before you start finding the right tool for your business, think carefully about what specific improvements you want data enrichment to bring you.
Whether it’s focusing on improved SEO and discoverability, reducing returns, or something else, remember this when integrating your new tool to more accurately determine its success.
3. Find the Right Tools
Not all data enrichment tools are equal. You’ll want to compare different providers and search for a platform and plan that works best for you, both in terms of price and what benefits it can deliver.
If you’re looking for a flexible and adaptable tool with the options to expand capabilities later, Trustana Connect and Trustana Enrichment are both excellent tools.
4. Standardize Your Data
It is also worth standardizing your data by establishing a consistent data format for your products across your entire catalog to speed things up.
This will make updates and integrations easier, although truly effective tools and providers such as Trustana Connect will be able to quickly integrate with multiple new systems to sort through, organize and unify your data into a more consistent format.
5. Implement Your New Data Enrichment Tool
With all the preparation done, you’re ready to move forward!
After choosing your preferred tool and provider, you can begin integrating their service into your database, allowing them to enrich your product data automatically.
To make the improvements you want, this new tool may request additional product details to aid enrichment, such as pulling more information from manufacturers, or using AI to generate enhanced product descriptions.
6. Review and Improve
This mustn’t be the end of your data enrichment journey. Make sure to consistently review and verify your enriched data to check for accuracy and relevance.
Not only this, you should also regularly analyze the effectiveness of this enriched data in aiding your original goal, whether that be increasing discoverability or improving customer satisfaction.
All of this will improve you and your team’s productivity by saving you admin time, all while improving your eCommerce site and allowing you to go to market with new and existing products much faster.
Overcoming Common Data Challenges in eCommerce
As a vital element of all eCommerce businesses, data management comes with many challenges.
Accurate data, from consistency to complete information, can benefit customer trust and convert visitors into sales. Meanwhile, as product catalogs grow, the manual task of managing and updating product information makes scaling extremely difficult.
Luckily, Trustana’s platform is carefully crafted to be the key to overcoming these challenges.
Our automated data enrichment and management help reduce errors and fill out incomplete data. Alongside this, our AI-powered solutions help fill in missing product information and automate regular updates, helping you scale without needing additional human hours to manage your product information.
This is hosted on a centralized data management platform, which allows you to easily view your catalog in one place and roll out updates across multiple channels.
Future of Data Enrichment in eCommerce
Moving from paper documents to digital databases, the field of data management and enrichment has come a long way.
It’s nowhere near finished evolving.
New technologies such as AI and predictive analytics are already being used by cutting-edge software providers such as Trustana to enhance digital data management and provide speedy, accurate data enrichment.
Even newer technologies including advanced image recognition and voice-search capabilities are starting to bring forward the possibilities of data enrichment in more exciting ways.
At the forefront of it all is Trustana.
We strive to stay ahead of the curve and offer our clients the best data management tools and solutions available.
Contact us today to discover how Trustana can help your eCommerce business harness the benefits of effective data enrichment.
