As countless new products flood the market every day, driving competition up aggressively, product discovery has become critical to the success of any eCom business. You invest money and resources into building a relevant assortment, while a substantial portion of your budget is spent on promotion; yet your customers still can’t find the product on your site, or your product doesn’t show up on a Google search.
Let’s take a look at an effective strategy for identifying and addressing discoverability issues using an outside-in approach.
First, ask yourself the following:
• What are the key terms that are generating the highest conversion rates for your competition?
• Why am I not succeeding with top trending products while my competition is?
To help answer these questions, here’s an example of how using Digital Shelf Intelligence supports product discovery inefficiencies at eCom giants Amazon and Walmart:
A popular product found at both retailers is the Sony Wireless Noise Canceling Over-the-Ear Headphone; great for people working from home since they can eliminate distracting background noise like kids screaming. It sells at both retailers for $278 and is a highly trending product ranked #12 in its category on Amazon.
So how is Amazon outperforming Walmart on this product? While Amazon ranks on the first page of Google’s search results, Walmart doesn’t. This means that in all likelihood, consumers looking to buy this product won’t end up purchasing it from Walmart. In addition, Walmart hasn’t recognized the fact that this is an extremely popular product that can drive additional traffic to its site, thereby boosting sales. In the big picture, they aren’t maximizing the benefits of discoverability that a popular product like this can produce.
The screen capture below from the Market Beyond Digital Shelf Intelligence platform shows which are the most popular converting search terms, and pinpoints product discovery issues for an internal site search or an organic web search, in order to help optimize your promotion strategy and search engine rank. Furthermore, we can infer that while Walmart will likely convert loyal users that regularly visit their site, a Google search will probably not let the user know that Walmart carries this product.
Discoverability offers three main aspects to consider:
1. Direct competition for the same product
2. Exposing your site to new buyers
3. Assortment awareness
To ensure that you’re able to identify discoverability issues on your site, you’ll need to consider an outside-in approach and adopt advanced technology in order to cope with the enormous number of products and information online.
The use of advanced AI technology helps retailers quickly identify crucial gaps in their discoverability, both on internal site search and organic search engines like Google. This allows retailers to make intelligent decisions on search and promotions, with up-to-date competitive insights needed to drive profitable growth.
Sign up to our newsletter to get the latest news about Market Beyond