A recent Forrester report notes that by 2019, online retail sales will grow to $480 billion. Already, retail depends on the online experience for almost every stage of the buyer’s journey, whether customers are researching for and purchasing products exclusively online, or using the web to make their in-store purchases. Better web classification for brands will be critical as the market shifts under the pressures created by increased competition and demand.
Moving away from simplified product classification
Most of the taxonomy and retail classification products that currently serve the industry provide underwhelming results. A taxonomy strategy that’s shallow and manufacturer-focused makes perfect sense on the retailer’s back-end system, but it will likely deliver results that don’t make a lot of sense to shoppers.
To achieve better retail classification for brands and products, you need to be able to understand more about your customers. What typically gets them to your site in the first place? What kind of products are they looking for? What compels them to stay on your site to shop, and ultimately buy?
The good news is, you have the answers to these questions in your customer data. The bad news: Your data is a mash-up of customer profiles, tracked data, social intelligence, and some third-party information, too. eContext pulls all of that seemingly disparate data through its filter, tags it, and delivers a clean picture of your data, mapped to categories in 21 highly intricate tiers.
Because we’re experts at classifying data from so many different types of sources, we’ve become very good at identifying nuances in language. Over the past 13 years we’ve developed more than 55 million language elements that guide the intelligence behind our classification system. This enables us to exceed by 1000 times the number of tiers offered by the industry-standard IAB list.
A deep taxonomy for deeper engagement
By using the eContext framework, you can unify content on your site, and bring products together in ways that make sense for your customers. You’ll be able to deliver the results they want faster and with a more reliable level of accuracy, and you’ll be able to make better recommendations to them so that they’ll stay on your site to shop and make purchases.
As the market gets more crowded, and retailers of all shapes and sizes start finding ways to capture shoppers, you’ll need the best tools available to stay competitive. eContext is a key tool that will help you see the big picture while delivering the page-level results your customers are searching for.