Learn how to gain a competitive edge by ensuring optimal control over product attributes.
Turning online window shoppers into actual customers can seem tough, but the solution might be simpler than you think. Just shift your focus to product information. Why? Because product information holds the power to grab attention, teach, and connect with customers, encouraging them to pick your products over others. Now, "product information" might sound broad. In this article, we're putting the spotlight on a specific part - product attributes.
Let's dive into the essential aspects of product attributes.
What are Product Attributes?
Product attributes are the pieces of information connected to a product that describes a product to the customers. It helps buyers understand the product better and make faster purchasing decisions. The product attributes involve technical specifications, pricing, design features, materials used in the product, and more.
4 Types of Product Attributes:
Product attributes vary in use and nature, leading to their classification into distinct categories.
1. Tangible Attributes
Tangible attributes are the measurable features of a product, like size, color, and weight. For instance, when you want to buy a shirt, you might consider its color, size, design, and type of fabric - all the physical aspects that matter to you.
2. Intangible Attributes
Intangible attributes have non-physical qualities, like product quality, brand reputation, and aesthetics. For example, when choosing a smartphone, you might choose well-known brands like Apple or Samsung, considering their reputation and the overall quality of their products.
3. Functional Attributes
Functional attributes refer to how well a product performs and its features, such as durability, speed, and ease of use. When purchasing a car, factors such as speed, mileage, engine power, and the overall driving experience become pivotal considerations influencing the final choice.
4. Emotional Attributes
Emotional attributes are qualities that connect with your emotions, like customer service satisfaction or a brand's social impact. For instance, you might stay loyal to a brand because of the excellent customer service you have received or choose a product because it aligns with your values, such as being cruelty-free or environmentally friendly.
Most Common Examples Product Attributes
- Product name
- Brand
- Variants (E.G. Colors, styles, scents, flavors)
- Weight
- Technical characteristics
- Size or dimensions
- Number of units of components included
- Country of origin
- Components, materials, or ingredients
- Price and discounts
- Quality (E.G. Awards, reviews)
- Safety measures
- Verifications (E.G. ISO certified, clinically approved)
- Innovative attributes, and more
Why Do Product Attributes Matter?
Some eCommerce retailers don't pay much attention to product attributes as they think it's okay to miss a few pieces of information on the product page. Customers can make buying decisions based on the available attributes. Well, that's not true. Here are the important reasons why product details matter, especially for online businesses.
1. Making Informed Purchase Decisions
When you're trying to decide what to buy, product details really matter. They inform customers about the price, materials, and functionality.
For Example
When shopping for running shoes, product details, or attributes, play a crucial role. These attributes encompass vital information such as price, materials, size, cushioning, and suitability for specific terrains.
In the product attribute decision process, comparing multiple shoes involves evaluating their qualities, look, and features to find the perfect match that aligns with your preferences, needs, and budget, ensuring a unique and tailored choice.
2. Impact on Online Sales
According to Statista¹ research, “In 2021, retail e-commerce sales amounted to approximately 5.2 trillion U.S. dollars worldwide. This figure is forecast to grow by 56 percent over the next few years, reaching about 8.1 trillion dollars by 2026.” As more people shop online, having the right product information and product attributes is crucial to drive online sales.
If customers don't get what they expect, they feel dissatisfied, leading to bad reviews and returns. Clear product attributes and descriptions can make a better customer experience. “Brands that focus on enhancing customer experience can leverage 2.1x higher customer lifetime value, 1.9x higher retention rates, and 1.7x higher revenue growth.”, as per ROI Research of Adobe².
3. Brand Experience
When customers interact with a product's attributes, it shapes their experience with the brand. Positive brand experiences build good feelings, while negative ones do the opposite. The importance of attributes also depends on how customers see the brand compared to its competitors. So, paying attention to these details creates a better brand experience for your target audience.
7 Best Practices to Manage Your Product Attributes Effectively
Product attributes serve as the foundation for all product details, acting as the primary data points for each item. Managing these attributes is crucial to simplify product discovery, drive online sales, and deliver a compelling customer experience.
Here is your guide to effective management:
1. Conduct Market Research with Internal Collaboration
Ensuring your product information is top-notch requires teamwork. Bring your team together to dive into market research, gain deeper product insights, and model data effectively. Collaborating across different departments streamlines the management of product attributes, fostering a better understanding of ongoing processes and uncovering opportunities to enhance discoverability.
2. Create a List of Product Attributes
Building a list of product attributes is crucial for a thorough product understanding.
Identify Key Attributes
Consider aspects like color, size, and material. But don't stop there — look beyond! A list that seems complete can have missing elements, such as design and aesthetic features that empower your product attributes. For more ideas, study your competitors and see what attributes you might want to add to your list.
Check for Missing Attributes
Review your attribute list and take note of missing attributes. An effective technique is grouping them. Here's a breakdown:
- Physical Attributes: Covering size, color, weight, volume, etc.
- Technical Attributes: Detailing material composition, water-resistant quality, etc.
- Marketing Attributes: Encompassing product descriptions and features.
- Logistic Attributes: Including packaging type, estimated delivery time, etc.
By categorizing them, you ensure a thorough check, making sure no crucial detail is left out. This approach keeps your product information comprehensive and customer friendly.
3. Creating Families for Different Products
When you are selling different products, not all of them will have the same details. You have to figure out what groups or "families" each product belongs to. Once you do that, you can make lists of the specific details you need for each group. For example, if you are selling bicycles and helmets, they won't have the same features even though they're both related to biking. Creating these groups or families makes attribute management easy.
4. Analyze Your Competitors
To understand what your customers really want, start by checking out the top sellers in your industry. Take a close look at how they describe their products. Pay attention to the details they highlight. This is a great starting point to figure out the preferences and priorities of potential customers. By noting their attributes, you gain valuable insights into what clicks with your target audience.
5. Gather Customer Feedback
It's crucial to collect feedback from customers to understand the factors influencing their buying choices. Engage with your customers to gain valuable insights into how they perceive your products and what attributes matter most to them in making purchasing decisions. Building this connection helps you tailor your offerings to meet the preferences and needs of your customer base.
6. Consider Industry Standards and Regulations
Depending on the product you sell, it might need to meet specific industry standards and regulations. To uphold trustworthiness, ensure that your product attributes align with these legal obligations. This not only keeps you compliant but also builds credibility with your customers.
7. Automate Product Attribute Management with the Right Tool
Trying to handle product details without a proper system can lead to big problems. If you're using spreadsheets for product data management, there's a high chance of mistakes — like incorrect information, missing data, or data duplication. Use a Product Information Management solution that acts as a single source of truth for all your product data. It is an efficient place to manage all product attributes with ease. Harnessing the potential of PIM’s data validation capabilities, you can address the challenges of inaccurate, missing, and duplicate data.
How to Empower Your Product Attribution Management with Pimcore
Pimcore is an advanced Product Information Management (PIM) tool designed to simplify your product management tasks. It allows you to gather all your product data on a single platform, making it easy to manage and customize it according to your requirements. Whether it's creating and handling product attributes or configuring personalized computed attributes, Pimcore has you covered.
Dynamic Attribute Management
Pimcore allows businesses to customize product attributes dynamically, catering to specific needs. This flexibility ensures that product details can be adjusted promptly in response to market changes or evolving business requirements.
Intelligent Computed Attributes
Computed attributes function as automated formulas, enabling tasks such as creating discounts or standardizing data formats. By automating these processes, Pimcore ensures data consistency across different sales channels, reducing the possibility of errors and discrepancies.
Automated Product Family Creation
Pimcore's automation extends to creating product families, simplifying the organization of attributes based on the type of product. This is particularly useful when dealing with a diverse range of products that share specific sets of attributes, streamlining management.
Scalable Solutions
Pimcore's scalable solutions enable businesses to manage an expanding product catalog seamlessly. As the business expands, Pimcore ensures that product attribution management remains efficient.
Affordability for SMBs
Unlock advanced product attribution features with Pimcore at a budget-friendly cost, providing small to medium-sized businesses access to powerful capabilities without stretching their financial limits.
Real-time Data Management
Keep your product attributes seamlessly updated with Pimcore's real-time data management, reflecting changes instantly across various online channels. This proactive approach not only minimizes inaccuracies but also guarantees customers receive up-to-date and reliable information. Invest wisely in your e-commerce tech stack with Pimcore for streamlined and efficient product attribute management.
Conclusion
Mastering product attributes emerges as a strategic imperative for businesses. It not only streamlines product attribute management processes but also offers scalability and efficiency, ensuring a superior customer experience and bolstering overall success in the competitive landscape.
Source:
¹ Statista: www.statista.com/statistics/379046/worldwide-retail-e-commerce-sales/
² ROI Research of Adobe: www.business.adobe.com/why-adobe/roi/research.html
