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actowiz-123 · 9 months ago

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Transform Data into Dollars Leveraging Digital Shelf Analytics

Introduction

In consumer brands, the digital marketplace presents unprecedented opportunities for customer engagement and market expansion. Within this dynamic landscape, incorporating Digital Shelf Analytics becomes pivotal in a brand's eCommerce strategy. This cutting-edge technology provides crucial insights into a brand's visibility, encompassing organic and paid aspects on various marketplaces. It delves into essential facets such as content quality, pricing strategies, promotional initiatives, and product availability. By emphasizing concepts like Digital Shelf Analytics, ROI business, eCommerce scraping services, retail analytics, and retail data collection, brands can effectively utilize these insights to understand their competitive positioning and elevate their overall market performance.

Despite the challenges many brands face in understanding whether insights from the digital shelf translate into actionable strategies that drive tangible business impact and ROI, there is evidence that effectively leveraging these insights can lead to significant, measurable benefits.

The crucial question remains: Does Digital Shelf Analytics live up to its promises? At Actowiz Solutions, we have collaborated with numerous brands, empowering their eCommerce growth through digital shelf analytics. This article will explore these insights, revealing the concrete and quantifiable results that brands can attain through their investments in digital shelf analytics.

Unlocking the Power of Digital Shelf Key Performance Indicators (KPIs) for Business Impact

Digital Shelf Analytics is a robust system that analyzes key performance indicators (KPIs) related to the digital shelf. This system provides brands with precise recommendations to strengthen these KPIs and monitor improvements over time. The following concisely explains digital shelf KPIs and the impact areas they are expected to influence.

Eliminating Out-of-Stock Situations: Ensuring Seamless Product Availability for Shoppers

Accurate and timely insights into product availability are essential for brands to streamline large-scale replenishment processes, exerting a significant influence on sales and establishing a robust correlation between product availability and revenue. Through the utilization of Digital Shelf Analytics, purchasing and replacement teams can configure notifications to swiftly identify low or out-of-stock items, facilitating prompt corrective action. This capability extends to specific ZIP codes or individual stores. Additionally, product availability plays a pivotal role in determining a brand's Share of Search and search rankings, as online marketplaces prioritize displaying in-stock products among the top results.

Maximizing Digital Shelf Visibility: Unveiling the Significance of Share of Search

In the digital realm, product visibility is paramount – if a product isn't visible, does it exist? With 70% of consumers never venturing beyond the first page of search results on major online marketplaces, a brand's product visibility for relevant search keywords, particularly on the first page, significantly influences awareness metrics. Enter the concept of Share of Search, akin to securing prime shelf space in a physical store. Leveraging digital shelf insights and benchmarking against category leaders, Share of Search ensures that your products garner substantial attention on the digital shelf.

Elevating Content Quality for Enhanced Product Visibility and Sales Impact

In the competitive landscape of a crowded marketplace, creating captivating product descriptions and visuals is like providing your products with a powerful megaphone. Elevating content quality, encompassing product names, titles, descriptions, and images, empowers brands to ascend the search result rankings, resulting in heightened visibility and, consequently, increased sales.

Harnessing the Influence of Social Proof: The Impact of Ratings and Reviews on Sales Growth

The power of public opinion is significant, as research has shown that a single positive review can result in a 10% boost in sales. Additionally, accumulating multiple favorable reviews can push a product to a 44% higher trajectory. This connection between ratings and sales is unsurprising, as each step up the rating scale can lead to significant revenue growth.

While anticipating a correlation between these key performance indicators (KPIs) and downstream impact metrics like impressions, clicks, and conversions, we delved into this connection through an analysis of real-world data. We precisely monitored digital shelf KPIs for our client and scrutinized the enhancements in these metrics.

It's important to note that not all observed impact areas can be solely attributed to enhancements in digital shelf KPIs. Nevertheless, a strong and clear correlation does exist. The following section presents an in-depth case study that sheds light on the results of this analysis.

From Data to Success: A Complete Example of Digital Shelf Analytics Making a Difference

Join us as we explore the journey of a well-known consumer packaged goods (CPG) brand that specializes in baked food and desserts. Through their experience, we aim to showcase the transformative effects of our Digital Shelf Analytics products suite. In the time period from August ‘22 to July ‘23, the brand actively utilized various critical components of Digital Shelf Analytics used for Amazon. These modules, which include Share of Category, Share of Search, Availability, Reviews, Ratings, and Content Audit, served as essential digital shelf key performance indicators (KPIs), significantly shaping the brand's performance at different stages of the buyer's journey.

The typical buyer's journey unfolds in three distinct stages:

Awareness: Shoppers explore various product options displayed on category and search listing pages, gaining an initial understanding of the available choices.

Consideration: Shoppers narrow their selections, evaluating a few products more closely as they move closer to a purchase decision.

Conversion: In the final stage, the shoppers make their final product choice and complete the purchase.

Now, let's delve into the data to comprehend how digital shelf KPIs played a pivotal role in driving tangible ROI on Amazon for the brand across these stages of the buyer's journey.

Stage 1: Raising Awareness

Stage 2: Deliberation in Progress

During the consideration stage, shoppers refine their product choices based on factors such as average rating, the number of ratings, price, product title, and images. This emphasizes the critical importance of brands creating meticulously detailed product content and accumulating significant ratings.

These enhancements are likely inclined by the overall improvement of content quality that is given distinctly in the section given below.

Stage 3: Guiding Decisions

As buyers move to the next stage, they reach a crucial point of purchase. Several factors influence this decision, including product availability, content quality, and the quality of reviews that reflect customer sentiment.

As revealed by the data, the growth in critical digital shelf KPIs collectively exhibited a robust correlation with impressions, page views, and conversion rates. It's crucial to acknowledge that the impact of each KPI cannot be viewed in isolation, as they often exhibit interdependence. For instance, enhancements in content and availability could elevate Share of Search, while accurate content contributes to more positive customer feedback. Brands should adopt a holistic optimization approach to digital shelf KPIs to generate sustained business impact.

Effect on eCommerce Sales

Digital Shelf Analytics is a powerful tool that can help brands achieve unparalleled online success, from increasing product visibility to boosting conversion rates. While it's not yet possible to create a direct connection between sales revenue and Digital Shelf Analytics, there is a clear correlation that should not be ignored. By using digital shelf KPIs, brands can optimize their eCommerce performance across all stages of the buyer journey. Therefore, it's crucial for brands to work with the suitable partner and leverage digital shelf insights to perfect eCommerce tactics and strategies.

However, the eCommerce arena is constantly changing, and you can learn so much about how every digital shelf KPI affects brand performance online.

If you want to see your brand succeed in eCommerce, contact us today to learn more about how Digital Shelf Analytics can help you drive higher sales and market share. You can also reach us for all your mobile app scraping, instant data scraper and web scraping service requirements.

#DigitalShelfAnalytics #ProductAssortment #ProductMatching #StockAssortment #eCommerceScrapingServices

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indianetzone336 · 2 years ago

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#B2BMarketplace #ProductAssortment #BusinessGrowth

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visulon · 1 year ago

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Why Assortment Planning is Important?

A careful selection of products for the retail market can maximize sales for the retailer. This careful selection is Brand's best Assortments created per channel. Assortments should carry all images with all values. And while doing that, if the product marketing team can thoroughly analyze margins, IMUs, and decide targets, it gets genuine. That is where Visulon’s data-driven, 3D-supported, and AI-induced Assortments make the final difference.

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visulontechblog · 8 months ago

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𝑹𝒆𝒗𝒐𝒍𝒖𝒕𝒊𝒐𝒏𝒊𝒛𝒆 𝒀𝒐𝒖𝒓 𝑹𝒆𝒕𝒂𝒊𝒍 𝑮𝒂𝒎𝒆 𝒘𝒊𝒕𝒉 𝑽𝒊𝒔𝒖𝒍𝒐𝒏'𝒔 𝑽𝒊𝒔𝒖𝒂𝒍 𝑨𝒔𝒔𝒐𝒓𝒕𝒎𝒆𝒏𝒕 𝑷𝒍𝒂𝒏𝒏𝒊𝒏𝒈

In the fast-paced world of retail, staying ahead of the curve is essential for success. One game-changing tool that's transforming the industry is Visulon Inc.'s Visual #AssortmentPlanning. This innovative solution is not just a step forward; it's a leap towards a more dynamic and effective retail strategy.

𝐔𝐧𝐥𝐞𝐚𝐬𝐡𝐢𝐧𝐠 𝐭𝐡𝐞 𝐏𝐨𝐰𝐞𝐫 𝐨𝐟 𝐕𝐢𝐬𝐮𝐚𝐥𝐢𝐳𝐚𝐭𝐢𝐨𝐧

Gone are the days of tedious spreadsheet #assortments and endless back-and-forth communication. Visulon's #VisualAssortment Planning brings your retail strategy to life with its intuitive and visually-driven approach. Imagine being able to see your entire #productassortment in a single glance, effortlessly arranging and rearranging items with a drag-and-drop interface. This level of visual clarity empowers #retailers to make informed decisions quickly, resulting in a more streamlined and efficient planning process.

𝐀𝐝𝐚𝐩𝐭𝐚𝐛𝐢𝐥𝐢𝐭𝐲 𝐢𝐧 𝐚 𝐃𝐲𝐧𝐚𝐦𝐢𝐜 𝐌𝐚𝐫𝐤𝐞𝐭

In today's ever-evolving retail landscape, adaptability is key. Visulon's #VisualAssortmentPlanning provides the flexibility needed to navigate changing trends and #consumer demands. Whether you're optimizing assortments for different seasons, responding to #market shifts, or fine-tuning based on customer feedback, this tool empowers retailers to stay agile and responsive.

𝐂𝐥𝐢𝐜𝐤 𝐇𝐞𝐫𝐞 𝐓𝐨 𝐊𝐧𝐨𝐰 𝐌𝐨𝐫𝐞: https://www.visulon.com/real-time-visual-assortment-planning.aspx

#AssortmentPlanning #RetailTech #VisualMerchandising #ProductManagement #EfficiencyBoost #Innovation 🚀

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pjpxl · 4 years ago

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How Product assortment can do the Categorization of Your Website Hierarchy to Increase Sales

Most of the online store owners know that if customers are not able to locate the products they are looking for on their online stores, then they would not visit the store again for their further purchase. Also, it is not untrue that offering more products in online stores can maximize out more revenue. The same fact holds true for product information also. The well the product is categorized, the more traffic it will generate, which will affect the store’s revenue in a far big way.

Just for say, if you are planning to initiate your new product with a lot of uniqueness and different particular ingredients. Thus,

You move towards the grocery store and will search only for particular items.

You are not able to find the checkout lanes, with this the return of the cart is a faraway point from your purchase.

Thus, you get pissed off for not being able to find the particular items and breaks-down the navigation of the store.

Sadly, it is considered as one aspect of the brick and mortar store which is all cloned by the online store with improper product navigation and organization creating a big wall between the customers and order completion.

Therefore, there exist a number of ways in which this disorganization can be encountered with a very clear category structure and obvious product aspects.

Also, Read- How to Build Better Brand- eCommerce Branding Essential

What is Product Taxonomy?

When the word “Taxonomy” is heard, immediately the idea of classification of organisms into the hierarchical manner as per the biology concept hits our mind. It is quite correct, except in this case the term is elaborate not the classification of organisms, but the classification and organization of the unorganized data in an e-commerce store or on the website for the perks of users and the potential business.

Taxonomy is a greek term used to describe the laws of placing orders. In simple words, it is known as categorizing, organizing, grouping and most of it get the fact that why this is being carried out.

Let’s consider the very common shopping experience from which everyone has passed through, an elementary apparel store. On arriving at the homepage, we came to know that clothing has been put under the category of men’s and women’s.

After deciding on this first selection, we can now notice that the clothes are divided between shirts and pants. This process is simple, logical, and to the point.

The Effect of using taxonomy on websites

If you start an eCommerce business,Plan out your website’s taxonomy will make the process easy for your content and relevant products to be found by users of your site. You should make sure that you know who the users of your site are and how they will be using your website.

Your eCommerce store product taxonomy has been comprised of three parts: categories, tags, and attributes. If you did not focus on these items when you first set up your store, now is the time to take another look and update them as needed.

Also, Read- How to build eCommerce Website

Why the product taxonomy important for you?

It is considered that product assortment really works well. It very well clarifies the hierarchy and relationship among various elements and capabilities that are present in your business. It defines that what can be easily sold, and who has the charge to manage the things. With this, it also tells that who takes the functions like delivery and support.

How does it work to enhance your eCommerce sales?

If will have a look online for seeking advice on improving your store or increasing sales, what you will read is likely to have a scope from designing tips to general marketing ideas and strategies.

But hardly gets the answer to the question of “how do I make my store better?” in a simple way. Is it not a matter of practicing out marketing methods until and unless you find out one that sticks. Sometimes the reason your store is not effective can be having less to do with marketing and more to do with the decisions you have taken at the very beginning of its lifespan.

It is clear that visitors to your site falls into the two categories: ‘

Searchers

Browsers

It is easy and simple to understand that how good product taxonomy benefits browsers.

Therefore, the users are peaked at the header or the hamburger menu, scrutinizing categories and subcategories.

It is also essential to know that your customer base and should offer a logical organization that reflects their shopping patterns and forms.

The different searchers are not going to shift through levels and levels of doing the listing of pages. These customers go directly to the search bar as soon as they land on your homepage and arrive knowing what they are in search to find.

Also, Read- Product Branding for eCommerce

The things which can be done more

Any e-commerce store can use all three of the taxonomies to make shopping and sorting through products faster and easier for customers. Let’s probate how you can do that via your navigation, widgets, and a few other options.

Different navigation styles

Entrepreneurs use varied ways to search for the same product in an online store. With the product taxonomy, you are able to tag content based on both type and product. Organization gets affected by the user interface and user experience of your potential site. The main thing to first consider is where your products should actually live.

Optimize the search engine

As it is already discussed above, the importance of taxonomy as related to product recommendation on internal searches. But if too many results are returned, you might as well be back where you started.

It is seen that tiddlers work best when provided with the full structured data, and clear organization, with hierarchy and distinctions better to be called out, is a bright radar telling Google exactly how to find your content.

Product taxonomy powers the facets and filters on your search engine results pages and helps make sure that the proper products are promoted in searches.

Don’t ever do the over-categorization

Using something that offers you the visualization of the product assortment by drawing the tree on the whiteboard. One of the unintentional consequence of doing a taxonomy is to exercise that you might do the over-organize.

If you find that a viewer of your site has to spend more time on navigating than looking at the actual products, you have too many levels as well as subcategories.

If you want to learn more about eCommerce,how to grow online, product photography and product image editing please click on https://pixelphant.com/blog

#productassortment #producttaxomomy eCommerce eCommercewebsite

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