Before validating a budget to finance a strategy, a service or a project, a question always comes up in the meeting of the employees of a company: What will be the potential return on investment, namely the ROI? There are currently several ways to evaluate this. At the same time, there are several methods to optimise the ROI in question.
Ensuring a better conversion rate
In order to achieve a satisfactory ROI, you must first ensure that you have a better PIM or Product Information Management. This represents a high value-added investment that can guarantee the success of a company’s or online shop’s commercial activities. As PIM has a major impact on search results and search engine ranking, companies need to achieve the best possible conversion rate. Furthermore, the increase in this index is the result of the growth in the amount of the basket and in turn the increase in turnover. That said, the strategy that companies should put in place to ensure better product information management must be one that offers the best possible conversion rate.
Have less return to achieve ROI in the shortest possible time
Convincing customers to buy your products or service is one thing, giving them satisfaction is another. Since your business is ongoing and not just temporary, customer retention should also be your main concern. In this sense, make sure that the products you send have as few returns as possible. Also, keep in mind that a returned item is costly for your image and reputation. Financially, a low return rate can have a considerable impact on your organisation’s costs. If this is the case, product information management should be evaluated.
Offer a diversified product catalogue
Once you have succeeded in optimising the return and conversion rate, you can then focus on accelerating the data before revisiting your catalogue. Is it comprehensive and diverse enough to give customers the maximum possible choice? If not, you need to revisit your marketing strategy as this is an important element in your PIM. To achieve this, you are advised to set up a Marketplace where customers can shop around without having to leave their computer.