Simon Walker, Director, Product Management at Stibo Systems discusses the rise of m-commerce and why retailers need to focus on publishing accurate product information.
Last week the British Retail Consortium, in association with Google, released figures showing that the numbers of people using mobile browsing increased by 216% in the past year. We all know that the future of shopping is online, but it seems that customers are increasingly turning to the small screen: mobile and tablet devices as part of a general lifestyle shift. Instead of popping to the shops, people are purchasing on their iPads. As a result, retailers and marketers need to ensure that their websites are mobile friendly, and also that content is consistent across all channels. The key to retaining customers therefore, is through good, accurate product information – and a great website.
Today, one in three people in the UK own a smartphone according to Deloitte. The mobile platform is set to be the stage for the next battle for retailers, and momentum in the mobile market continues to gather around powerful smartphones, consumers are increasingly adopting mobile apps to navigate their way around the mobile web. Just this week Sainsburys launched two new apps for iPhones and iPads – testament that large retailers are beginning to see the power of mobile.
However, not only do retailers need to have a great mobile app and website, they also need to feature detailed, real-time product information. A poor website with lack of information about different products, such as creative descriptions, size guides and links, could deter consumers from making a purchase and may potentially have a negative impact on the bottom line of a business. If you are not in the shop, touching fabrics, smelling fresh fruit and trying on different sized dresses, details become incredibly important. Therefore, if retailers are able to provide good mobile websites, with consistent product information and good search capabilities, it is likely that the number of retail searches will continue to rise again next year.
Retailers are also beginning to explore the potential of QR codes in store. These codes can be used on product packaging and shelf edge labelling as a way to link customers through their smart phone to rich online content. The online content can include detailed product specification, how to guides and rich interactive media.
With regard to the multi-channel commerce environment, having timely access to consistent product information requires that businesses systematically control the flow of product information and release it into multiple channels in a synchronised manner. But having generic text about a product isn’t going to engage buyers- product information needs to be detailed and relevant to the brand in order to inform and captivate customers. This is where marketers slot into the data chain.
Product information also encompasses buyers’ guides, manuals, ingredients and FAQs, as well as in-store support and contact centre sales representatives – things that retailers may not necessarily think about when putting together a website or mobile application. But these are all enriching things that will engage customers and keep them coming back. So why are retailers and marketers missing the mark when it comes to product information?
Data is difficult to handle and keep track of, particularly for large retailers. Lots of time-consuming systems and spreadsheets are often needed to introduce new products to market, and basic data about a product can often get lost or inaccurately inputted. Also, for companies that trade through multiple brands and multiple languages, creating and maintaining versions of product information is expensive and time consuming. By using a single PIM (product information management) system, retailers are able to streamline product information – overcoming operational and cultural challenges.
Of course, product information management is only one aspect of the e-commerce ecosystem that needs to be improved. Retailers need to ensure that their websites are web-friendly and compatible across all platforms, while the growing popularity of tablets means that people are going to be doing a lot more mobile shopping over the next year – generally people feel more comfortable browsing on a larger tablet-style device. But product information management can sometimes be overlooked – to the detriment of retailers. As the foundation to achieving a coherent cross-channel experience, it is time retailers put more value on managing their product information – or risk haemorrhaging customers in this increasingly digital age.
Simon Walker
Director, Product Management, Stibo Systems