Product Taxonomy

Increasing Productivity through Product Taxonomy

Product taxonomy is defined as creating a structure to organize all available products in a way that customers can find. In product taxonomy, all available products are put into several categories to which specific attributes are applied. A good taxonomy is a perfect combination of user behavior, trends, and cultural differences. The end result being it becomes easy for the customers to find their desired product amidst the long list.

Having a proper product taxonomy is very important as it leads to faster purchase decision-making and incremental business sales. Improper taxonomy can cause loss of sales. Product taxonomy cannot and must not be avoided. In this blog, we will look at how product taxonomy increases productivity.

Research has found that a poorly structured website causes 50% less sales as compared to a properly organized website. Visitors tend to visit a particular website while they browse over the internet. If your products are not properly placed within the website, either the website will miss out on potential searches, or the visitor will visit your website but will be unable to find the product. In both the situations, your product sales will be affected.

A well-built taxonomy will allow your website to display relevant products at all times, directly impacting the decision-making process of the buyer. Clear distinct categories and correct labelling directly improves business sales.

Here are some best practices to develop the right product taxonomy for your eCommerce business:

  • Get an energetic team onboard and explain them the importance of good product categorization. Try to get a qualified team who have degrees in information science or linguistics. They will be capable of understanding the right terminology and hierarchy.
  • Understand your users’ psychology and shopping behavior. Study the way customers navigate through different websites and choose their product. Find out their search behavior and factors that influence their buying decision. You can also talk to them or conduct a survey to understand their likes and dislikes distinctly.
  • Have a deep understanding of your entire data. Focus on information that really matters to your buyers. Maintain the accuracy of the product information.
  • To categorize, start visualizing your products with various attributes. A complicated taxonomy is of no use to anyone. Prepare a proper hierarchy to all the categories. Stay consistent with names at all levels. Users tend to spare lesser time searching for products; hence, the taxonomy needs to be as simple and clear as possible.
  • Allow your users to navigate and test your taxonomy in all possible ways. Take reviews and modify your taxonomy accordingly to make it better. Taxonomy must be updated regularly. Add new categories and improve the hierarchy whenever necessary.
  • The taxonomy must be the same across all the business units within the company. There must not be any discrepancies internally.

Product taxonomy is an important foundation for the success of any eCommerce business. A good product taxonomy is always built keeping the users in mind. It can start with simply writing on a few cards and creating divisions, to developing them into a brilliant architecture that customers would love to visit again and again in order to shop. Product taxonomy made right will increase productivity and enhance business sales. In the longer run, an efficient taxonomy minimizes the work of both the buyer as well as the seller.

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Three ways to Streamline your eCommerce Supply Chain

Supply Chain is an important process for any organization which enables efficient movement of raw materials and finished products from the manufacturer to retailer, distributor, finally reaching the end customer. A strong supply chain can reduce costs and increase customer satisfaction.

For an eCommerce setup, the supply chain process includes sourcing, storage, fulfillment, distribution, IT and transportation. Supply chain most often takes care of three aspects of any product – Price, Quality, and Lead Times. It depends on the organization whether they want a well-priced product, high quality product, or a product that reaches the fastest to the market. The main objective of supply chain is to have the right products in the right quantities at the right moment and at minimal cost.

Here are some of the benefits of an efficient supply chain management:

·  Reduction of costs across the supply chain and more efficient management of working capital

·  Efficient management of raw materials, work-in-process, and finished good inventory

·  Increased efficiency between supply chain partners and their transactions

·  Enhanced customer value

In this blog, we will look at the ways in which you can streamline your eCommerce supply chain in order to help it function more efficiently.

1. Dock to Dock Processes and Systems

Avoid stock delays by increasing throughput and product order cycle time. One can improve the process by getting some work done by the manufacturers, in order to reduce delays and expenses. It is best to have vendor compliance policies, transportation routing guide, and product specifications barcoding in place to ensure that there is minimal mismanagement. This way supply chain delays can easily be avoided.

2. Optimize Inventory Management

Inventory management is an important part of supply chain. Having the right items in stock at the right time can be challenging. The solution to overcome this challenge is to be efficient in planning, purchasing, and managing inventory. Another tip is to have clear communication with the vendors on the purchase order delivery dates.

3. Reduce Shipping Costs

eCommerce companies are finding ways to shorten their delivery time which will result in reduced shipping costs. Shipping costs can be reduced significantly if one takes care of the inventory management. Having the right stock and shipping it at the right time helps in faster delivery. This way, customers can expect low-cost shipping charges or even free shipping charges at times.

Streamlining supply chain is very important for any eCommerce business as it enables better customer service. This also proves to be of financial advantage to the organization, since it reduces freight costs, and optimizes the entire process for better functioning. Companies must assess and streamline their supply chain process regularly in order to avoid any fulfillment delays and unnecessary expenses.

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Make your e-store work more for you with Unifi-I

Unifi-I enhances your e-commerce store with sub-second-page load speeds, giving the user a better e-shopping experience, which helps to retain customers and build a relationship. Converting your eCommerce sites to sub-second eCommerce websites accelerates your conversion by 15-30 %. 

Let’s look at how Unifi-I can get more out of your e-store for your business. 

  1. Improved User Experience – Improves user experience such as navigation and searchability. Seamless skimping between pages without delay or search results or page clicks that output the results in instant, keep users engaged in your e-store.
  1. Speed – Unifi- I enable faster loading of WebPages. The ideal response time to keep the visitor engrossed in your e-store is 0.1 sec. Unfi-I achieves a sub-second page load by making your website ultra fast and super fast which helps to load web pages faster making your e-store connect with your visitor instantly.
  1. Increased Time on Site – Visitors spend more time with your e-store when it is easy, comfortable, and user friendly to surf through your e-store. With Unify, It results in more traffic, and more browsing actions get converted to purchases resulting in better conversion.
  1. Right Technology and Tools – Unify-I integrates your e-store using front end technologies such as Progressive Web Applications (PWAs), Single-Page Applications (SPA), and AMP which decrease the page load time for speed optimization. 
  1. Better SEO Rankings – Improved page loading speed results in decreased abandonment rates and makes people come back for more. With higher SEO ratings due to increased traffic, your website will be recognized by Search Engines like Google, Bing etc.
  1. Improved Conversion Rates – Faster page loads result in better conversion rates. Pages that are loaded in 2.4 seconds have a 1.9% conversion rate. Even a slight increase in conversion rate has a huge impact on the e-store revenue. 
  1. Advantage over competitors – With a modern front end using Single-Page Quick Ordering Web App technology Unifi delivers the competitive advantage in a faster page load that your e-store requires to stay at the top of the game. The website that loads faster will rank higher. 

A study proves that 53% of web surfers exit from pages that take longer than 3 seconds to load. Even a one-second delay in website page loading time reduces the number of page views by 11 %. This goes on to show how page load speed is crucial to reach your customers and it is the most important aspect for a successful online presence. 

Altius’s quest to offer perfect eCommerce Solutions have led to continuously assimilating, researching and analyzing customer’s business needs and the hindrances they face in running their e-store. Unify-I offers e-stores’s ease in running the platform with awesome navigation and speed to generate higher revenue.