Incorrect product info is main driver of lost launch revenue, study finds
today Oct 22, 2019
A new study has found that 26% of UK businesses have had product pulled from shelves or experienced a delayed product launch because of inaccurate or inconsistent product information.
The data, released by inRiver, a leading SaaS provider of product information management (PIM) solutions, is based on a survey of more than 1,300 business decision makers across sectors including fashion, luxury goods, manufacturing, construction, and food and beverage.
The survey found common drivers of lost revenue, delayed or cancelled product launches, and customer dissatisfaction among global businesses.
In addition to inaccurate information, businesses are struggling with increasing competition. The average business has more than five competitors, and for some firms, this exceeds 15, according to inRiver. Businesses expect competition to get even more challenging in the future, as they are faced with new online rivals and the ‘Amazon Effect’.
But solving the issue of incorrect product information is not that simple, as many businesses across the world continue to update product details manually. In the UK, business leaders said the biggest challenge is ensuring product details meet all the standards and formats of a new market, while 52% of US bosses complained about their messy way of keeping track of information updates.
“When it comes to an effective and profitable product launch or development of a new channel, the devil is in the details,” said Thor Johnson, CEO of inRiver.
“Millions of dollars and thousands of team hours are invested into and around the launch of any product, but many businesses struggle in making this process faster, scalable, and a frictionless experience for their buyers. Our latest research spotlights shared headaches among business leaders and offers guidance on how companies can bring new efficiencies to their go-to-market strategies for commerce and merchandising success.”
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