In today's video, we explore how data can boost cart size, ramp up conversion rates, and minimize returns. We'll dive into the essentials of data governance and the importance of building trust with your customers through accurate, structured data, personalized offerings, and more.
Discover how harnessing the power of data can transform your business into a thought leader and drive lasting customer loyalty. Let's unlock your digital commerce experience's true potential with data.
Hey, folks. Okay, today we're gonna be a little bit simplistic. We're gonna talk about how data can help increase cart size, can help with conversion rates, and can lower returns in a digital commerce experience.
There's a lot of ways we like to talk about data and how it can help us, whether it's through analytics or whether it's through structured data, and master data, and product information. And a lot of the times we get caught forgetting the concept of, "Well, we need data to help drive some business opportunity for us."
If I have a digital commerce experience, I want to make it so that people trust the data so that I'm providing and serving up great data so people can make buying decisions, and I can help understand who my customers are, what my products are, so that I can build recommendations in, so I can build personalized offerings, and I can give the best price for my customers.
That could be a B2B site where I've got contracted prices or I might even have regionality-based prices dependent on what I've got in stock, and where I'm selling my products. All of this can come into play with a digital commerce experience.
And a lot of the times, we think of master data as a sunk cost. Something where, "Hey, as an organization, I need to create enterprise data governance. I need to create master data because that's the thing to do. That's the IT initiative that I need to accomplish today."
But in reality, data needs to be a business-focused driver.
When I look at product data, for example, on a digital commerce experience, and we'll get right into how it can help increase cart size and reduce cart abandonment, it's all about trust.
If I have a proper taxonomy, for example, where my classification structure is designed in an intuitive way, where my customers can find their products properly, and then I have a attribution alignment associated with where my products are, then customers can figure out exactly which SKU they're looking for because they'll use attributes to facet down to what they want.
Now, when I go into the product detail page, it might look great from a wireframing standpoint, but unless I have the proper digital assets, unless I have the proper short description, long description, feature bullets, and all of the specifications associated with that product or SKU, I may be in a situation where a customer isn't going to feel comfortable making a purchasing decision unless he or she has all of that at their fingertips.
That's a critical core component of data. It's that structured data that's gonna be served up to a customer, that's gonna be intersected with supply chain data.
- How much do I have?
- Is it in stock?
- And what's the price of the good?
- And how long is it gonna take to ship to me?
All of these components are critical to helping customers trust what you have to offer them.
Next is recommendations.
So on the one hand we just talked about how product information is imperative for the discovery process. Well, what if you have customers that like to browse and they don't necessarily know exactly what they're looking for? Data is going to be important to understand the demographics of who's looking at your site, and what I should be serving up, whether it's understanding what more than likely gets associated with a specific product or item within a cart, and serving up recommendations around ancillary products or accessory-like products.
Those are critical in driving up iterative cart size, and that's going to create a model where I can create a digital channel, that's not just taking information from a buyer's perspective, but taking it from the seller's perspective, and bringing that content upfront, bringing those products upfront, and then building out that cart size.
And that all brings you to this process where I have it in my cart, I have the information that's associated with it, I know how long it's gonna take to ship, I have all of the order management processing done behind the scenes, and now everything is confident.
I don't need to pick up the phone. I don't need to ask for a sales representative. I don't feel like I need to get up from my computer and go to the actual brick-and-mortar store to find the product I'm looking at.
Good data, built by good data governance within an enterprise will drive all of this in your digital commerce environment.
And in today's world, where everything is going digital and so much of it is starting to be middling, this type of focus will bring your digital experience to the top, both in terms of organic search for Bing and Google, but also generally for customers.
You want to create loyalty. You want to be a business leader, you want to be a thought leader in whatever industry you're in.
Having great data and having governance around that data is going to drive that. It's going to drive conversions, it's going to drive cart size, and it's gonna reduce returns because everything that you put is going to be trustworthy.