Electrical wholesaling, like distribution and retailing in every sector, is about buying, stocking, selling and delivering products.
So it stands to reason that the product data in your computer system is a key factor in the success of the business.
But while wholesalers are prepared to invest in computer hardware and software, few give the same consideration to their product data strategy.
Here’s why they should.
1. Poor quality product data costs money
An incorrect catalogue number or inadequate description may mean that trade counter staff can’t find the product in the system or the warehouse.
An incorrect trade price or unit of measure may mean that orders are lost, products sold at a loss or invoiced incorrectly leading to delays in payment.
This may be going on for months before the problem is identified and corrected, at a significant cost to your business.
Core product data is vital to maintaining the profitability of your business.
2. Good quality product data makes money
For wholesalers who choose to subscribe to an extensive product and price database there are significant gains beyond simply keeping your stock file up-to-date.
- Access to price and availability of thousands of products outside your normal stock profile enables you to respond and fulfil more diverse enquiries
- Availability of a wide range of product
3. Maximise return on your software investment
Good quality product data is essential to maximise return on your software investment.
Your data provider should:
- have the flexibility to cope with bespoke requirements
- be willing to adjust data structure and format to suit the individual needs of different software packages
- have experience and expertise in your industry
4. Create the bedrock for successful e-commerce
Electrical wholesalers are under increasing pressure to offer e-commerce channels to their customers alongside traditional trade counter services.
Inaccurate product data is a key barrier to e-commerce success.
Third party product data goes a long way towards overcoming this problem as it shares a common coding structure with the data used by electrical contractors - putting you in pole position to respond when your customers ask for electronic discount terms data, purchase order facilities and invoices.
5. Easily generate product content for your website
Trading data and content for your website are two sides of the same coin.
Select your data provider carefully and you will find a lot of core data can be re-used on your website.
Additional data you will need at the core of your catalogue may also be available including pictures, 360° images, technical specifications, safety data sheets and lists of additional related products etc.