As the behaviour of shoppers continues to adjust and evolve in the wake of the global pandemic, retailers must continually find ways to stand out in a crowded market. Leveraging advanced digital technology is one way that retail brands can gain a competitive advantage and deliver the first-rate shopping experiences their customers want.
Product Master Data Management (MDM) software can equip retailers across a wide range of sectors with the tools they need to improve customer satisfaction, grow customer loyalty, increase sales revenue and enhance the retail journey to ensure consumers continue to return to their physical and online stores.
7 ways an advanced product master data management solution can boost the retail experience:
- Empower customers with accurate information
Today’s consumers seek information-rich retail experiences that provide them with a precise level of details about the products they’re thinking of buying, in order to base their purchase decision on comprehensive, accurate data.
Whether on product labels or online product descriptions, using master data management software to take a transparent approach that empowers your customers with detailed information about your products—from food ingredients to clothing materials—is more likely to compel them to buy from your brand.
- Reduce your returns rate
By enabling a high level of data consistency and integrity, an effective master data management tool can help to increase customer satisfaction with your products and reduce product returns. With ecommerce channels, in particular, integrating your product data management solution with your online product descriptions can help to ensure consumers are presented with accurate and complete information about a product before they purchase, reducing the chance of confusion or disappointment upon receipt of their order.
- Improve brand trust
In an increasingly competitive retail environment, brand trust is a key factor in retaining customers and gaining an edge over your competitors. With master data management software in place, you can avoid the damaging consequences of inaccurate product data.
Product recalls, for example, can have a major impact on your business and will decrease brand trust. By automating your supply chain data management processes with a master data management solution, you can ensure your product data is consistent and complete. What’s more, should a product recall occur, your MDM software will provide the visibility you need to identify and remove the product in question quickly to minimise damage to your brand.
- Ensure cross-channel consistency
Advanced product data management software can streamline the processes required to keep product master data up-to-date across all your sales channels and locations, including physical stores, online sales channels, and different global locations.
By providing your retail brand with greater control over the creation, sharing and management of your product data, a master data management solution can ensure every customer touchpoint features the latest iteration of product data, with automatic updates each time information is added or modified.
- Personalise the retail experience
Digital-savvy consumers now seek highly-personalised retail experiences that are tailored to their behaviours and preferences. With an effective MDM solution in place, you can deliver this customised approach and gather loyal customers along the way.
Advanced master data management software integrates with your existing solutions such as CRM, ERP and GPS systems, allowing you to merge product data with customer geolocation insights. Equipped with this level of visibility, you’ll be able to create personalised retail experiences such as customised product recommendations that increase cross-selling and upselling opportunities.
- Introduce new products faster
With a streamlined, automated process in place for new product introductions and new product developments, a state-of-the-art master data management solution will empower you to bring products to market faster.
As a result of fast and efficient workflows, your organisation can respond quickly and nimbly to evolving consumer demands and changing market conditions, equipping you with a strong advantage in a competitive retail market.
- Boost customer engagement
Whether online or in-store, attracting the attention of shoppers requires more than just text-based product information. By incorporating rich content such as images, offers and other visually engaging media into your product data, you can stand out and grow consumer engagement.
Effective product master data management software that provides embedded digital asset management capabilities will make it simple to incorporate rich media content into your product information, making it simple to enrich product information with engaging visual data.
|To learn more about how Bizcaps can transform master data management processes for your organisation, visit www.bizcaps.com/flowscribe|