Over the past few months, we've been actively posing questions to senior decision-makers in the Czech Republic and Slovakia. Our focus has been on B2B and B2C companies in the consumer goods sector, with over 1,000 SKUs and multiple sales channels.
Below are the questions we posed and the insights we've drawn:
1. Do you have confidence in the accuracy of your product data?
A staggering 82% of respondents said they don't.
When asked about the proportion of their data they believed was inaccurate, 90% estimated that a WHOLE QUARTER was!
2. Do you customise your product information for various sales channels?
Only 17% of respondents modify their data specifically for their websites, marketplaces, social channels, apps, and catalogues.
69% use the same information across all channels.
14% of the respondents were uncertain.
3. How many hours per year do you spend cleaning the information for each SKU?
Surprisingly, only 19% of companies actually monitor this.
Of these, 4% spend less than 5 minutes per SKU annually.
Of the remaining 15%, about half dedicate between 5 and 10 minutes to each SKU per year, with the rest spending between 10 and 25 minutes!
The primary reason 81% of companies cited for being unsure was that they had "other challenges and priorities, and the efficiency and cost of product management weren't top concerns".
4. Where do you manage the product information presented to customers?
The responses to this were quite enlightening!
Only 7% of companies utilise a dedicated Product Information Management platform for their product data.
36% try to manage this within an ERP.
Another 18% rely on Excel or Google Sheets, primarily because their ERP system doesn't offer the capability.
32% manage their product information directly on their eCommerce platform, which often restricts them from tailoring it for other sales avenues. 7% of respondents were uncertain.
Where does your company stand?
If you find yourselves in the red or orange zones, we're here to assist! Contact us today.