Blog » Multiple ways to boost your product discovery process in e-commerce
Multiple ways to boost your product discovery process in e-commerce
Author name: Anton Koroid
In the dynamic world of e-commerce, where customers are eager for choice, a seamless product discovery process is the key to attracting and retaining shoppers. Product discovery is the pivotal moment when customers find what they want and embark on their online shopping journey.
According to research by Insider Intelligence, a leading US data and insights provider, this critical phase is divided almost evenly between the retailer (50%) and search engines (50%), with Google being the most popular starting point (46%), followed by Amazon (20%). However, when users are unsure or have no specific idea in mind, a majority (62%) of e-commerce journeys begin with a search engine, while only 38% commence with a visit to a specific retail site. In this article, we will delve into strategies and techniques to enhance your product discovery process in e-commerce.
Definition
One of the key points of an e-commerce business is searching and exploring attractive products or services by regular users, casual visitors, or potential customers. This process is called product discovery.
Most strategies here rely on studying customer search behavior and guiding the buyer to the right product at the right time. While it's important to align search queries with search results, e-commerce product discovery is much more than just improving product search capabilities.
For the product or service provider, the task is to unveil the product as a whole based on its attributes, advantages, and extensive internet analytics. Additionally, it involves adapting product messaging to promote products among specific buyer groups. One way or another, we all use the product discovery process to one degree or another, but it’s important to understand the mechanics of the process.
The number of online shoppers worldwide has risen along with the rise of e-commerce. According to the latest research, as of 2023, the number of digital buyers is at 2.64 billion, which makes up to 1/3 of the population worldwide. In other words, one out of every three people you see is an online shopper.
Component items
Key elements of product discovery include identifying customer needs, conducting market research, and creating a minimum viable product (MVP) that needs testing and validation. Let’s look at them in more detail.
Customer needs’ identification. The initial stage of product discovery involves conducting user research, analyzing customer feedback, and understanding customer behavior. By gaining an understanding of what its customers want and need, a company can create products that have a better chance of success in the marketplace.
Conducting Market Research. Understanding the target audience is paramount. Analyzing preferences and trends of separate niches or local markets allows us to offer products that highly resonate with customers’ needs and desires.
Product idea and testing. Before launching a new product, it’s worth performing thorough market research and testing to ensure it aligns with the target market’s demands.
Creating a minimum viable product (MVP). Starting with the product’s early minimal version assumes gauging customer interest and gathering feedback for further improvements.
Possible Strategies
To ensure effective product discovery in e-commerce, several strategies can be used, which can be roughly divided into:
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working with already loyal and potential customers through digital channels, including the use of testimonials and reviews, influencer marketing, and deep personalization,
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using advanced artificial intelligence (AI) and machine learning (ML) technologies.
To ensure effective product discovery in e-commerce, it’s worth combining several of these strategies. Let’s take a closer look at them:
Using customer testimonials and reviews. Leverage the power of social proof by prominently displaying customer testimonials and reviews. Positive feedback can influence potential buyers and boost their confidence in products/services.
Use of social networks and commercial marketing. Engaging with interested subscribers on social media platforms and investing in commercial marketing campaigns allows us to reach a broader audience. Ads in social influencer partnerships can drive traffic to any e-commerce site.
Implementation of AI (artificial intelligence) and ML (machine leaning) technologies. Both AI and ML can enhance product recommendations based on user behavior, increasing the likelihood of customers discovering the products they desire.
Personalization and customization. The shopping experience for each customer can be tailored by offering personalized recommendations, special discounts, and custom product options.
Tools for a better product discovery process
eCommerce sites and product catalogs powered by PIMinto product information management system (PIM) offer faster and more streamlined process for customer product discovery. Several PIM features are used to accomplish this, among which are: Robust filtering and search capabilities. The e-commerce platforms can be driven directly by the PIM data and assist customers in finding what they’re looking for. Proper product data maintained in a PIM can keep product and homepages dynamic with promotions and active content. Regular updates with promotions, featured products, and engaging content entice visitors into further web site and product exploration.
Every page e-Commerce and brand portal page should be crafted to offer product-related content, whether it’s blog posts, videos, or customer stories, reviews. This keeps customers engaged and encourages them to explore, and return. Managing all this content can be difficult. A PIM or Product information system is perfect place for storing and organizing all your product data that you use on your site. E-commerce sites should be mobile-friendly, product data should be presented cleanly and in an organized manner. Many customers browse and shop on their mobile devices and expect a solid mobile experience. Additionally, running promotional activities and campaigns can attract new customers.
Regular collecting and analyzing data on user behavior, conversion rates, and sales trends should not be avoided, or neglected. In the future, these insights can be used to make informed decisions and continually optimize the product discovery process.
Conclusion
The number of online shoppers has been growing over the past few years. In 2023 the year-over-year increase of digital buyers number is 80 million which means growth to 3.1%.
The need for rapid product on-boarding is growing amid the rapid expansion of the e-commerce industry. In an increasingly digital and competitive environment, only truly high-speed PIM (Product Information Management) systems operating in real-time mode can fulfill this requirement and make managing your product data easier.
PIMinto allows the implementation of individual product on-boarding strategies and methods or their combination tailored to the needs of specific local markets and niches. This approach can create a more comprehensive and engaging path for customers to discover products, ultimately leading to increased sales and customer satisfaction.
Modified on: 09/22/2023