What is Product Feed Management? How Does It Help Businesses?
The shopping trend has drastically changed in the last few years and many new online shops are coming up. Online sales are a big challenge to the company as the competition is increasing and they need to grab the attention of the potential crowd. In this post, we help you understand what is product feed management and its lucrative advantages to your business.
For increasing online sales, the enterprise should advertise its product across multiple platforms. They should make sure that they provide accurate, true, and updated product information to the customers to gain their confidence. It is essential to manage the product feed information
What is a Product Data Feed?
Before diving into the core topic, let’s discuss some basics about product data feed.
A product data feed is a digital file that includes all the information about the products. In tech terms, the product data feeds are built by the various attributes of the products like Product ID, Product Name, Title, Description, Image, Inventory details, Product Price, and so on.
In most cases, the product data feed would be in a CSV, TXT, XML, or JSON file format. Here one thing must be noted, managing a product data feed manual for a business that handles a high number of products would be a time-consuming job. So, it is highly recommended to prefer a product feed management tool for better governance.
What is Product Feed Management?
The product details play a very crucial role in the product-based industry and this data needs to be updated frequently to keep it in sync with the real-time details. Product feed management is the process of optimization of the product feed details for improving the shopping campaign results. This process involves enhancing the source quality and the feed quality.
Product feed quality includes improving the quality of the product feed as it will help to provide accurate product details to the customers while they are searching for the product of their choice while shopping.
The primary step of optimizing the product feed includes the optimization of the product title. The product title should include details that give important information to the viewers regarding the product.
Source feed quality is related to the available product details. There is vast information available about the product thus it is essential to provide adequate and the right details to the customers.
These details also include the product image as it helps in building the visuals in the minds of the customer enabling them to make their purchase decision. The images and graphical visuals should be of good quality providing accurate details about the product.
There are many product feed management tools that are cost-effective in managing the feed and providing a competitive edge. These tools help in processes like data creation, inventory updates, etc. It helps in maximizing the shopping campaign ROI.
Don’t miss reading Data Feed Management – All You Need to Know to have exclusive insights into different aspects relayed to product feed management. It helps you understand how a feed management system empowers your business and helps you drive better revenue.
Why Product Feed Management is Important for Businesses?
The product feed management system in e-commerce helps in managing the products in the catalog by monitoring, organizing, and administering the details on the different sales channels.
Every sales channel has specific rules and requirements for the appearance of the data. The product feed management system stored the details in a centralized location and managed the information shared with different sales channels.
An efficient product feed management system is an essential online strategy for eCommerce. This helps in understanding how to optimize the data and manage it efficiently for improving the results in business and achieving the goal.
Product feed management allows for connecting information between the several channels involved in the sales of the product. It allows for optimizing the product listing and keeping it synchronized with continuous updates.
The three key advantages your business can gain by implementing product feed management include:
- Monitoring, enriching, and updating the product details simultaneously or all the sales channels,
- Creating specific product feed details tailored as per the specific requirements and strategies of different platforms and distribution channels,
- Allows controlling the performance of the product and monitoring its specific sales and campaign.
Implementing an effective product feed management system helps in running an effective campaign for reaching out to potential customers.
When Your Business Needs Feed Management Solution?
For the successful running of the eCommerce business, it is important to portray the products on a variety of channels like search engines, retargeting networks, comparisons on shopping websites, etc.
There are certain complications or obstacles faced by the business while navigating their customer’s journey for the product. It is essential to overcome these obstacles to provide an enhanced multi-touch journey. These issues include:
Poor control over the individual digital channel
For the successful promotion of the product over the individual channel, it is essential to provide the details as per their requirement. Manually building the product feed is a tiresome and time-consuming process.
It has increased the chances of incorporating errors, overlooking inaccuracies, etc. The feed requirements of the channel may be ever-changing and it is coping with the changes. The product feed management system will help in managing all the requirements of the channels at a faster pace thus fulfilling channel requirements.
Difficulty in maintaining accuracy
For product data feed, analysis is cumbersome and dicing and slicing of the data is also difficult. The major challenges include the segmentation and labeling of products in the catalog that are used efficiently for a product campaign.
It is also important to get details regarding which products are performing well on which channels, are the sales better online as compared to in-store performance? What are the reasons for underperformance if any? And etc.
Limited impressions and clicks resulting in poor ROAs
The quality of product data provided on the different channels is very important. The poor quality of product feed can result in low impressions and clicks. The main reason can be missing attributes, insufficient product descriptions, low-quality images, etc.
While playing the advertisements, the marketers prefer focusing on optimizing the bidding strategy. The main aim should be on improving the quality of feed and using proper feed attributes for supporting it. A good quality feed will get a good paid strategy that will grant satisfaction and generate revenue.
Testing feed as a slow manual process
Testing the feeds is very important to check the performance of the key metrics like impressions, clicks, CTR, and ROAS. Testing the images, titles, and other attributes is time-consuming and include multiple steps. Testing magnitude is overwhelming but it is essential as it will be beneficial for the business.
Faulty selling journey
For the growth of the business, there are several channels involved. Handling the different countries, channels and warehouses can become difficult as it is important for keeping the orders in sync and the proper management of the inventory.
Overselling the product can affect the customer experience and is challenging to control. It is important to manage all the feed details efficiently to avoid any issues.
Time plays a crucial role in this competitive eCommerce business thus it is essential for prioritizing the tasks and achieving the business goals. It takes a lot of time and effort for launching the new product, planning of the new campaign, product launch, etc.
An efficient feed management system will help faster learning and improvising to achieve the business goals.
Once you identify the need for product feed management, it is very essential to understand the ideal process of product feed management and select the right product feed management system for your brand that helps you gain maximum business benefits at least investment.
Benefits of Product Feed Management
Having a very good product feed management system will always help your business to maintain the desired quality for your product data. The system will easily identify the errors and fix all those common issues quickly.
In addition, the system allows you to track the data change activity and roll out the changes at any scale. This will be handy if any hiccup happens during feed updates.
Apart from that, product feed management does offer a wide range of benefits. Here are the lists of some key benefits of implementing the product feed management tool your business can get, take a look.
1. Product data quality
The product feed management tool enables enhancing the quality of the product data. It helps in identifying the errors and issues and fixing them to optimize the details. It allows for optimizing the data for supporting the eCommerce campaigns.
It helps in keeping the feed healthy and optimizes the data for each of the channels involved in eCommerce, thus empowering the data for handling bigger catalogs with higher SKUs.
2. Marketing and data agility
The implementation of the product feed management system allows the business to adapt easily to the competitive landscape for unexpected changes in the market.
It provides the agility for executing the multi-channel strategy for scaling the product without affecting the product quality. It allows for segmenting the feeds, running analysis, and understanding the catalog performance while running ads and launching new campaigns.
It also provides the agility to run tests constantly to check the performance of the different variants like product title, images, types, etc. for different channels.
3. Overall control over the feeds
The feed management tools help in getting a clear and complete view of the product information. It also provides details about the errors that occur on the different channels and provides a solution for solving these errors. It allows for monitoring the sales channel by visualizing the product performance and allows for optimizing the details.
4. Making the campaign strategy dynamic
A good feed management tool has the ability and power for enhancing the performance of the product in the campaign. Even if the product is underperforming, but has good product feed information that can provide a good margin and perform well in the market. This all depends on designing an efficient campaign strategy using a good feed management tool.
5. Improved campaign performance
The expected outcome of the campaign can be achieved when the event is properly organized after optimizing the data efficiently. A good feed management system will strive for building new features that will help in improving the performance. It will always keep some room available for improvement with the changing and ever-evolving market needs.
This is essential for staying ahead of the competitors. The feed management tool should keep testing their product content and also keep themselves well-informed about the changes that will affect the clicks and impressions.
6. Enhanced customer experience
A robust product feed management system will help in keeping the product information updated thus providing the updated details to all their customers. This will enable the customer in accessing accurate product details and lead to the building of customer trust, increase customer satisfaction and provide a frictionless product purchase experience for the customer.
The data quality management tool also allows for keeping the track of the inventory and the orders thus improving the customer experience. A good product feed management system will keep the stock details updated across multiple channels thus allowing for processing the orders directly from one location and helping in providing a flawless shopping experience.
How You Can Monitor & Enhance Data Feed Quality?
Product feed management systems help in the optimization of the feed and allow for showing the relevant products for the relevant queries raised. This optimization will help in providing the correct, clear, and relevant product details to the customers to get the perfect idea of the product. Thus, it is essential to keep the product data always updated with real-time details.
For placement on Google Ads, it is important to know their requirements and develop the quality of feeds. These requirements include various aspects like advertising policies, tax, and delivery rates, landing page requirements, currency, language, etc. The product feed management tool will help in providing all the essential feed details as required.
Once all the feed requirements are known, it is important to check the relevant information about the products. The product should be properly defined with the use of different attributes and labels.
Some of the attributes may be mandatory but it is important to provide as many details as possible. Providing maximum details will help the customer in locating the product of their choice with ease based on their query.
Here are the tips to improve product data feed quality.
- Use only high-quality images, videos, and any other digital assets which are relevant to your products.
- Always provide relevant data for your product description
- Product title and description must include essential product attributes along with other key details.
A detailed product feed with precise details will attract the target audience. Also, it helps in increasing the chance of success in generating profitable sales.
Utilizing Tools for Managing Product Feeds
Keeping the track of the product feed and constantly updating the details is very essential for providing accurate and real-time details to the users. Maintenance and optimization of the product feed is a time-consuming and tedious process that cannot be handled manually.
Automation of this process with the help of robust product feed management tools will help in saving time for strategic and creative tasks.
The different features that should be available in a good product feed management system include:
- It should be able to download the product feed from the online store,
- Allow in continuous monitoring of the feed, quicker identification of the errors, and correction of these errors for ensuring everything works efficiently.
- Should have the ability to adapt quickly to the changing state of product inventory by removing or adding the products as necessary.
- Feed management tool will help in keeping the product feed details constantly updated, and reflected using various performance indicators like ROAS, ROI, etc. for increasing the sales and profits.
- The tool should be easy to use and should have a 24/7 support system that will help in handling any issues that arise while working with the tool.
Feeds of the products must be updated frequently, so it requires constant attention from data specialists. However, maintaining and optimizing the data manually will be a daunting task. Introducing automation on product feed management through the tool is highly recommended if you want to succeed in business, especially in the eCommerce sector.
The more you manage to optimize your product data feed will help in many ways for your business. Effective product feed management with the right set of tools will give you a higher chance of running successful ad campaigns on various platforms.
Effective management of product data feed will result in higher data relevance along with higher data quality scores. In addition, a well-optimized product data feed will help businesses to achieve a higher return on investment (ROI).
Let’s wrap It Up
Automation of online sales and marketing is essential for optimizing productivity. The robust product feed management tools are helpful for every size of store. It enables efficient management of product catalog and sales channels and thus staying ahead in the competitive business world.
Implementation of the feed management system helps in optimizing the product feed for targeted channels thus enhancing the relationship with the customers and increasing the conversion rates. Implementing feed management helps in building customer trust in the product and the brand.