Digital commerce in manufacturing is accelerating. Product information is an area in B2B commerce that shows a big gap between companies that are successful and ones that aren’t, says a new survey of 100 companies by inriver Inc. Inriver Inc. is a product information management systems developer and services provider. For 96% of manufacturers, getting new products to market has accelerated because of the current business climate. And 88% of manufacturers are facing more competition than one year ago, the report says. 94% of respondents also say the automation of product information tasks has increased within their organization, with 95% of large companies using automation and artificial intelligence (AI) to tailor product information for different channels. But there are also gaps between manufacturing companies in how they do (or do not) display richer product information online, inriver says.
Big manufacturers have an edge with AI and data automation
- 98% of businesses with over $250 million in revenue are using AI and automation to update product data, compared to just 77% of smaller businesses.
- 60% of manufacturers say gathering product information is one of their biggest product-launch challenges.
- 27% identified improving trust in products as the biggest driver for maximizing conversion rates.
- 43% of manufacturers say customers are dissatisfied by products not being as expected.
- 55% of companies spend less than a month on product information when entering a new market or channel. 41% spend between one and six months.
- 41% of manufacturers use videos to sell products. 38% say they use virtual or augmented reality.
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