How Branding Helps Retailers Cross-Sell

According to a recent Salsify Research Report, EchoCove Research surveyed Ecommerce executives at 250 brands and retailers on the state of product content in their organizations today, and how brands and retailers must partner to meet shopper demands. The results show a clear divide across the industry, says the report, as retailers value product content more than brands do.

Current Brand/Retailer Objectives
Activity

Brands

Retailers

Sell more online

71%

50%

Impact the in-store shopping experience

37%

59%

Personalize customer experiences

68%

50%

Source: Salsify Research, January 2017

More retailers than brands believe detailed product content helps:

  • Retailers know they need detailed product content to drive sales
  • Retailers use product content to drive business results
  • Retailers can’t sell more across more channels without help from brands

Retailers’ top goals include:

  • Optimize product content for each channel     60% agree
  • Increase online assortment of products     63% agree
  • Grow online sales     84% agree

But, brands are still struggling internally to:

  • Improve collaboration
  • Speed retailer onboarding
  • Reduce errors

55% of brands report there’s room for improvement in their in-house product content processes.

  • A majority of brands are misrepresented online
  • Content accuracy won’t improve in silos
  • Brands must prioritize stronger retailer relationships
  • A majority of brands say their product content is inaccurate online today
  • Less than half of brands prioritize strengthening relationships with retailers
  • 68% of brands say they will dedicate resources to a retailer that provides them performance data

Ultimately, retailers and brands share the same priorities. Both agree content accuracy and faster time to market will drive results, says the report.

Brand and Retailer Priorities
Top 3 Priorities Brands Retailers
Grow online sales   X
Provide accurate in-house product info X  
Ensure product accuracy X X
Launch products quickly X X
Source: Salsify Research, January 2017

Over the next 2 years brands and retailers expect to sell more SKUs on:

  • Social media     80%
  • Online marketplaces     72%
  • Mobile shopping apps     78%
  • Google Shopping     73%

Retailers and brands agree that they need better product content management

  • 74% of brands, and 64% of retailers, don’t have a PCM system that meets their needs
  • 62% of brands and 51% of retailers are still using spreadsheets or homegrown databases

Effective product content management is a collaborative closed-loop process, says the report. To differentiate, you must invest in a solution that supports continuous content creation, collaboration, and optimization. The right process will speed time to market, increase digital assortments and grow sales, concludes the report.

Contributed by Jack Loechner at MediaPost

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