5 Effective Ways to Improve Product Management Strategy

Some of the recent e-commerce studies have shown that over 30% of online customers in the U.S. are often willing to buy well-described products even from the merchants they’ve never heard of before. Modern consumers spend a considerable amount of time studying their potentially new belongings before actually buying them. Therefore, detailed product information is often one of the most important factors in their decision-making process. Detailed and understandable product pages give a valuable contribution towards the user’s experience, often leading to an increase in sales.

The article you are currently reading is going to discuss some of the possibilities of improving your existing product management strategy and the steps you would have to take to make this happen.

Why is product management strategy so important?

Nowadays, retailers cannot ignore a tremendous power of a detailed, high-quality product description. It is of crucial importance for any vendor to be able to present their products in the best possible way as to avoid any risks of losing a potential customer.

Those customers who are spending a great amount of time researching their next purchases will usually start their journey by typing the name of their desired product on Google, Bing or any other search engine, visiting a couple of a websites, reading some customer reviews and comparing product prices. Once they arrive at your online store, it is your job to make their user experience as pleasant as possible. Failing to do so will lead to customers abandoning your site and buying their new products elsewhere.

As mentioned above, well-structured product information will play a significant role in the customer’s decision whether to buy products from your site or not. Detailed and comprehensive information will help your business increase trust, giving customer that necessary feeling of confidence.

Statistics show that before making a final decision, customers tend to visit 3-4 websites. The website with the most comprehensive product information will have more chances to win a new customer.

How to improve your product management strategy?

We as individuals aren’t perfect and there is always some room for improvement. The same applies to our product management strategy.

Determining the areas you need to pay extra attention on may seem to be a complicated task. But don’t worry, in this section, we’ve completed our lists of the topics you might need to work on for improving your existing product management strategy.

1. Do a research on the customers you are currently targeting

When it comes to developing your product management strategy, the very first thing you should do is to think about the customers you are going to target. Who are those people? Where can they find information about your products? What are the products and services they are likely to be looking for?

Designing an efficient product management strategy would involve answering those questions. As the result of that, you will be able to pick up the most appropriate keywords, product information and design the most convenient website architecture. Moreover, being able to speak your customers’ language will give you an ability to present your customers in the way your clients would like them to see. Both on the search engine result pages and on your own site.

2. Focus on optimizing your site for SEO

Search Engine Optimization (SEO) plays a crucial role in getting new visitors to your store. Effective SEO is done by optimizing the content your product pages for the keywords you would like the business to be discovered. That means, including your keywords in the page’s title, H1-H6 headers, Meta descriptions and ALT tags. If you haven’t worked on your SEO yet, we strongly suggest starting optimizing your web resource in order to gain an edge in the today’s online competition world.

3. Take advantage of Content Management Systems

Content Management System is a tool which will help you to upload, edit, and manage product information both quickly and efficiently. Some of the popular CMS tools include Wordpress, Drupal, Joomla and Magento. These handy instruments would give Content Managers a freedom of quickly managing product information from one single place.

4. Make your customers feel special

As proven by the recent marketing studies, the use of personalized ad texts often lead to a 10 times increases in CTR in comparison to presenting your products in the neutral way. More and more businesses are using personalization as their competitive advantage hence gaining repeat and loyal customers.

How does an effective personalization look like? It may be represented by product recommendations, personalized ads, email marketing, images and product descriptions. An extensive and accurate customer research will help you deliver a variety of content to attract as many customers as possible.

Personalization is quite a complicated task, requiring you to manage different data sources and using them in conjunction with well-designed e-commerce strategy.

5. Present your products in the best possible way

This is the practice of thinking about the kind of products you would like your customers to see and displaying them in a way they will be willing to buy them. If you are an online merchant, product information plays a crucial role in the customer’s decision making process. The necessary list of attributes you should include in your product information include prices, price discounts, color, sizes, height, SKU, brand name and product description.

You will need to spend a considerable amount of time ensuring that your product information satisfies these high standards. It is also possible to employ a couple of employees just for the sake of keeping your product information up to a certain high standard. A better way of solving this problem is to take an advantage of some of the Product Mass Actions extensions which will allow you to save a tremendous amount of time updating a bunch of products in a blink of an eye.

Additional Mass Actions in Magento 2

Copying Custom Options in Magento 2

Updating price attributes in Magento 2

Updating multi-select attributes in Magento 2

Conclusion

So, these are the top 5 tips on how to improve your eCommerce Product Management strategy. By accomplishing this task you will have more chances of attracting new customers and inducing them to buy more stuff from your site.

Keeping the high standards of your product pages you may have on your site can be easily accomplished with the help of Mass Product Actions instruments. They will allow you to apply the same routine time-consuming actions to multiple products all at once.