In this fiercely competitive market, it is not only important for businesses to match the price but also essential to match the products. It leads to an increase in accuracy while deciding the price, promotion, and discount strategies.
In today’s blog, we will clarify the topic with the help of in-depth examples. Let’s have a look at how product matching for industrial parts works.
What is Product Matching?
Product matching is the process of matching similar products from different sources via deep learning technology. Today, the customer’s spending habits have changed significantly in the competitive landscape. Hence, industrial parts retailers are pushed to develop a deeper understanding of the products, features, prices, and more. PriceIntelGuru constantly strives to provide the best tools for online retailers. Product matching is one such tool that can make your company the market leader.
Also, the enormous data volume is making it challenging to keep pace with the accuracy of the product data. Issues arise with data streaming from several vendors and suppliers, which affects the quality of the data. Hence, automated and deep-learning product data management solution is the key to the future of your industrial parts retail business.
Did you know that product intelligence in Industrial parts is a crucial factor in deciding the quality and accuracy of sales and market intelligence reports? Earlier, retailers used to match the products manually based on features such as titles, SKUs, and brands. It is time-consuming and counterproductive as the data is unstructured text with different information.
For product matching to be successful, industrial parts retailers need to extract attributes and duplicate and standardize information followed by categorizing it to ensure the best user experience. Without a categorization check in place, the customer might see product ‘X’ in the ‘Y’ search. Product matching helps industrial part retailers classify the variations and avoid any associated issues. When attributes and categories are not defined correctly, customers might end up buying the wrong products.
In present times, product matching is more than focusing on the basics. Modern tools and software enable industrial retailers to clean, standardize, and consolidate different information from various sources for creating unified product information. The main challenge of product matching is extracting attributes and classifying them to make sure that minor variations are identified in the process.
How to Match Products in Industrial Parts
There are several advantages of product matching for industrial parts. It offers a better buying experience to the customers as they are attracted to a customized selection specifically designed for their needs. It also leads to organized and more accessible inventory management via streamlined product selection. Product matching leads to higher buyer engagement and reduces turnaround time, as there is no need for extensive research of compatible products.
Here’s a look at how to match products in the industrial parts:
1. Research and Evaluate
Picture this: you want to establish an online business, but you find out that you have immense competition. So, to stand out, you have to be different or offer something different, and then you can have assured market share. But how can you do that? If you are an industrial parts manufacturer or trades, then the first step is to perform extensive research on various industrial parts available in the market. It must include an assessment of the customer needs along with getting an insight into the pricing trends. And this applies to every business. Without research, you cannot make an informed decision.
2. List of Specifications
After conducting thorough research, the next obvious step is to take into consideration a few factors, such as quality, price point, and safety standards, for creating a list of specifications for each product before you look for suitable options. This is vital for your business. However, if done manually, it can take much time, and sometimes data might also be missed. For that only, automated tools work wonderfully. Platforms like WebDataGuru extract every data, and then you can have your product matching done more efficiently.
3. Compare
After you have a detailed list, start comparing them on all criteria to find the one that matches your needs perfectly. This might require you to consider several sources or even visit physical stores to assess the items in person if needed. Now, when we say a list of your competitors or similar products, we mean a few. It is essential to understand here that you cannot consider all the competitors. Instead, you should focus on 3-5 competitors only. Otherwise, it is a futile effort. Product matching tools also achieve this kind of guidance.
4. Test
They should be tested for quality control and validated by experts within your company to see if they meet the specifications accurately.
5. Final Selection
Once all the testing has been done, choose the final product to be featured on the site or marketplace.
The product matching process is an essential part of the industrial parts retail sector as it makes sure that buyers receive the right product suitable for their needs.
Criteria for Product Matching
This process helps industrial retailers to find and display suitable products in their online stores.
1. Brand Matching
Brand matching is essential for positioning the products directly in front of the target market. It can be done by selecting items from the brands that buyers know and trust. It enables the merchants to bring brand awareness by placing complementary brands following the famous brands on their store page or website.
2. Price Points
Considering the price points, buyers are highly likely to begin browsing when they find what they are looking for from the start. Merchants must consider their budget and target demographics before placing different products in similar price ranges that are suitable for the target customer group.
3. Consumer Preferences
When considering product categories, considering customer preferences is crucial as it can benefit the store layout and develop marketing strategies based on consumer interests. Using the collected data via shopping history, reviews, ratings, email campaigns, website engagement, and surveys can help online retailers to understand buyer preferences better. It enables them to make decisions regarding which products must stay together within a specific category in the product matching for the industrial parts process.
Tips for Successful Product Matching
- Research your audience and take time to understand the intended customer base and the industrial parts they are looking for. It helps in finding the right product match quickly.
- When compiling a list of potential matches, look at factors such as availability, price range, current trends, etc.
- Make accurate and up-to-date product descriptions to avoid confusion and increase customer satisfaction.
- Monitor metrics such as customer feedback, inventory refunds/ returns, and satisfaction surveys regularly to stay informed about customer requirements and find the right match for them.
Case of Product Matching in Industrial Parts
1. Identifying Right Materials
Industrial parts need the right kind of identification of materials, or else it will lead to delays and efficiencies. A product matching software or tool with high and advanced algorithms can help in reaching precise materials efficiently. This will result in fewer production delays and wastage.
2. Cross Referencing and Inventory Management of Industrial Equipment
Inventory management is very crucial for every retail business. And when it comes to industrial parts the intricacies are more. So, with product matching, you can have an absolute record of your vendors and their product details in just one click.
How PriceIntelGuru’s Product Matching Can Help You Make Informed Decisions
If you wish to unlock the power of product matching, PriceIntelGuru’s SaaS model is a perfect choice. Our platform enables you to find similar, exact, and cross-referenced competitor products quickly and accurately. We can help you gain a competitive advantage with our product intelligence tools. Our tools enable competitor product matches within minutes.
For more information on our AI-powered product matching or price comparison tools, contact us today!
