The big names in the retail world employ taxonomists to classify their product data. But that is not possible for the average company. what do you do then? Luckily, there are business solutions that can help you sort and classify your data, while also prioritizing your products. Text Classification IAB Taxonomy is one of those enterprise-level automated solutions that allow you to take control of your data by enabling you to implement different categories, tags, etc… So continue reading Discover The Most Comprehensive Text Classifier API And Break Market, we will tell you more about it.
What does a product taxonomy actually mean?
To organize your products and make them simple to browse, use a logical, hierarchical structure. So, the product taxonomy for online retail stores aids customers in finding pertinent information just as the product categorization in a physical store. A product taxonomy’s primary objective is to enhance the shopping experience for customers while also making it simpler for store owners to maintain their product data.
How do I start creating a taxonomy?
1. A taxonomy – build category tree structures and define attributes
2. Data Governance: Monitor data compliance for newly introduced or imported products
3. Product information management: collate, merge and standardize data for a single source of truth
4. Data migration: from lower to higher versions
5. Debugging and standardization – fix product descriptions according to a defined structure
6. Competitor analysis: extract competitor lists so you can analyze the price of products
At a time when there are 2.05 billion shoppers online, you can’t afford to lose them to disparate data or inefficient processes. Automation is the key. And that’s exactly what Data Ladder offers with the IAB Tech Lab’s Content Taxonomy solution.
Then, organize product data to improve customer experience and increase sales and revenue it’s a domino effect.
Poor product data classification leads to poor consumer experiences, leading to poor internal productivity, which in turn leads to poor sales and growth. In contrast, a well-crafted product taxonomy improves the customer experience and optimizes productivity, leading to increased conversions, sales, and customer loyalty.
Then… what do you want for your business?
Let us explain how IAB Tech Lab’s Content Taxonomy platform can help you make sense of your product data. Book a demo today. Besides, if you’re wondering about the success of their customers, here are some numbers:
5% increase in market share.
2% increase in price.
10% increase in online conversions.
2.5% increase in sales of complementary products online.
Increase of 2.1 million dollars of net profit in the first year.
So, IAB Tech Lab’s Content Taxonomy will give you the numbers you need.
Text Classification IAB Taxonomy: The Most Comprehensive Text Classifier
The Content Taxonomy has evolved over time to provide publishers with a consistent and easy way to organize their website content. For example, to differentiate “sports” vs. “news” vs. “wellness” material. Text Classification IAB Taxonomy specification provides additional utility for minimizing the risk that content categorization signals could generate sensitive data points about some things. Like, for example, race, politics, religion, or other personal characteristics that could result in discrimination.
So, if you want to know more about this API we recommend…
Classify Any Text You Want And Improve Your Business With This API
Thank You For Reading Discover The Most Comprehensive Text Classifier API And Break Market
Also published on Medium.