Incorrect product information is the main cause for lost revenue around B2B launches
Some 26% of UK decision makers admitted inaccurate product information as the greatest obstacle when stocking or attempting to secure a distributor for a product.
A quarter also revealed that products have been pulled or delayed due to inconsistent product information being inputted on internal systems. According to Steve Gershik, CMO at inRiver, this misinformation includes product descriptions, imperial versus metric measurements, usage information, and multimedia assets.
This leads to poor consistency across product marketers and merchandisers, which results in one in four customers having experienced returns or customer dissatisfaction.
Research by inRiver, a SaaS provider of product information management, surveyed 1333 senior decision makers globally with UK specific insights outlined.
Thor Johnson, CEO of inRiver, said: “When it comes to an effective and profitable product launch or development of a new channel, the devil is in the details. Millions of dollars and thousands of team hours are invested into and around the launch of any product, but many businesses struggle in making this process faster, scalable, and a frictionless experience for their buyers. Our latest research spotlights shared headaches among business leaders and offers guidance on how companies can bring new efficiencies to their go-to-market strategies for commerce and merchandising success.”