It is a well-established fact that the power of data can’t be undermined. It offers several opportunities. Markets fluctuate which means most of the products have only limited opportunities. A business needs to not only improve the engineering but also design and develop features that their buyers are looking for. It is all about creating demand and meeting that at the same time. Companies need to add personalization based on customer demands. Because today’s customer needs special attention and they like the feeling of exclusivity. There are several aspects such as free shipping, new shopping experiences, and innovation for customers to choose from. In times of such fierce competition, product intelligence can significantly improve your product’s popularity and bring traffic to you!
WebDataGuru is one of the leading product intelligence companies. We provide the best services to many industries across the globe. Identifying what needs to be done and how you can achieve the best results is what the product intelligence company does for you.
Today, we will focus on product intelligence and product intelligence company to make way for better understanding.
Read on to understand.
What is Product Intelligence?
At present we live in a product-led era wherein businesses that offer the best products win the deal. The process of gathering data and analyzing it for deriving insights into how people experience a particular product is product intelligence. It is not simply collecting product data for improving sales. Companies must develop a comprehensive understanding of the complete product portfolio right from the availability to description, specification to attributes, tags to promotions, and facets to ratings. A Product intelligence company can help you achieve that in a very significant way.
When a company gains meaningful insight by tracking and analyzing these metrics, the retailers can get a 360-degree understanding of the information which is needed to beat the competition.
What is the Significance of Product Intelligence?
Competitive intelligence enables a business in identifying the gaps within the retail process. It is not hidden that there are many gaps that need your attention. Now, when we say gaps there are some which will need your immediate attention and can be very prominent. Product intelligence offer an insight for performance improvement and making informed decisions. However, the information can be helpful only if you know its application in real time. It is all about timing and delivery in the online market.
A business needs to address a few questions such as when your and competitor’s products go out of stock. Which of your or your competitor’s product performs well in the sale season? Does a competitor offer a better product mix than yours or do you offer a better assortment? Answering these questions will help in beating the competition. Simplifying the process leads to better retention of customers. It also enhances the customer lifecycle value.
Now, let us understand the prominence of product intelligence in detail.
Apart from looking for the competitor, a business must first ensure that everything is fine in its backyard. In order to retain the competitive advantage, a business must develop a complete understanding of each product and its lifecycle.
Getting information on each product and their movement in the value chain helps in gathering crucial product and process information. When this information related to product performance is delivered back to your own business, you can drastically improve operations, enhance product design, and boost customer engagement.
With product intelligence, a business can significantly reduce costs such as indirect channel costs, manufacturing costs, and lost revenue. Companies that incorporate product intelligence in the product lifecycle witness improved brand engagement, a and product adoption along with safety compliance. With improvement in inventory intelligence, retailers can prevent loss.
Let us elaborate with an example. For instance, you manufacture t-shirts. Now, there are so many aspects such as size, price, material and so on to take care of. With the help of a product intelligence company, you can get an idea about the ongoing trends in the clothing retail business. With that, you can make apparent changes to your t-shirts and sell at a competitive price.
2. Smart Pricing
Product intelligence can help a business owner make the most important decision of pricing the product right. After all, pricing plays a key role in buying decisions. And product intelligence enables retailers to make improved pricing decisions for their products for different market segments. They need to understand the role of dynamic pricing in the market as it helps in increasing sales. If a business focuses only on offering the cheapest products, it can differentiate their product from that of the competitors.
The idea is to know everything about how a product is offered in the market i.e., discounts, price volatility, where the product is offered, stock availability, etc. It helps in understanding the aspects which bring value to the product.
3. Differentiate Product Information
It is better to make product information the differentiating factor. If the product ends up on a customer’s search, it can bring huge sales numbers. But the question is how to structure the product information in such a way that it can help the buyer find your product faster. You need to optimize the navigation system, category structure, and search in order to allow people to discover you easily with their input query.
If a business sells eyeliner that is vegan and lead-free but doesn’t put any information on the product listing. Their product won’t appear in the search results for products that have these features. Investing in in-depth information helps in making the product stand out when a buyer makes a search. Effective content can help in influencing buying decisions and offer better price realization.
4. Improved Product Experience
An important aspect of product intelligence is understanding the performance of a product on various channels. Customers these days are tech-savvy and might shop from a tablet, laptop, or smartphone.
It is to be known that apple stays ahead in the competition by gathering data about when, how, and where the products such as tablets, smartphones, computers, etc. are used. This information is used for determining the new features to be added or how the way products are being used can be tweaked to offer a comfortable user experience.
Retailers must understand the key metrics that are needed across digital platforms for making online shopping a great experience for buyers. The business must know how the products are placed across various channels.
For example, if the buyers are leaving your products after putting them in the cart, try to investigate the reason. Maybe the product lacks proper description, images, reviews, or specifications. Product intelligence offers actionable insights for boosting the brand’s image on digital platforms.
Tips for Implementing Successful Product Intelligence Solution
1. Product Research
Market research is important for determining what buyers are looking for. It can be done by collecting customer feedback via online ratings and reviews. This insight enables a business to decide which areas to focus on. Product intelligence company.
2. Product Tracking
It can be an effective strategy to analyze what brings success to your business. Trending products can be found by monitoring the social media cues, search signals, product reviews, as well as competitor data. Product tracking enables you to explore various product opportunities and get insight into product performance.
3. Competitor Analysis
It is a perfect and ethical strategy for the growth of the business. A business needs to understand the competitive scenario, and identify direct, indirect, perceived, and aspirational competitors. Research and monitor top sellers and find out about their best products, units sold per day, revenue, etc.
4. Product Keyword Tracking
Product keyword tracking can be used for monitoring the ranking of the product and the position of the target keyword. It helps in finding out about the keywords that perform the best and drive customers to the products.
Product intelligence is an excellent tool for sustaining a competitive advantage. It can help in successfully solving the product puzzle.
Push Your Business to the Top
Now, you have a better understanding of the concept of product intelligence. Every company needs to scrutinize their products at regular intervals to avoid replacements by customers. As price is not just the only factor that drives purchases, the end product also has to be good in order to have repeat orders. That’s how you have customer loyalty. WebDataGuru can help you in garnering that customer loyalty with the latest product intelligence software. Order a free demo today !