A product taxonomy is equally valuable for searching and browsing categories. If a user performs a keyword search, the product taxonomy components act as filters or refiners that help clarify a search result. What can be achieved when product listings and categorization are done according to defined rules is beyond what you can imagine. Keep reading Top-Rated Text Classification For Companies With Large Amount Of Data, we will tell you about this and Text Classification IAB Taxonomy, a content categorization api tool to classify effectively.
How does a product taxonomy increase sales?
This is the big question. Is it worth all this effort to create taxonomies? Of course. The data says it all. Poorly designed retail sites sell 50% less than organized sites. 40% of employees or knowledge workers cannot find the information they need in data sources; 68% of companies we’ve worked with spend time cleaning up duplicate product information. In a nutshell, an organized product data structure benefits your consumer, your staff, and your store. Think about it.
Every hour your team spends manually reviewing, cleaning, or deleting duplicate records from your database is an hour tat they waste. It increases operating costs but does not contribute to the return on investment. A taxonomy, in this case, can improve productivity and also customer service by helping employees find information faster and more reliably.
Every minute the user spends browsing your site to find your product is a massive lost sales figure for your business. Imagine that a user leaves your website to make a $$$$ purchase on another site. Imagine that this user, who may also be a frequent buyer on the Internet, decides not to buy from you. These problems directly affect your sales and income.
Besides…
It’s also important to understand that your website visitors are not necessarily determined buyers. Most people are surfers who don’t know exactly what they are looking for. They may want to browse different categories and attributes. They will also want a list of alternative selections. A well-constructed taxonomy will allow your website to display related products and allow the user to make a purchase even if what they are looking for is not available. Instead of losing a sale, you’re getting a conversion by offering an alternative.
Conversions and sales don’t just happen at the time of consumer activity. It also occurs due to accurate insights, analysis, and reporting. When accurate information about your product is well classified and categorized, you can focus on gaining deeper insights or finding hidden opportunities. You can even perform product and catalog matching activities at the item level. Let’s say you want to compare items purchased from multiple vendors to determine which vendor can give you the best rate. You can also match items sold to specific classification rules for reporting and tax purposes. If the data is not classified, millions of dollars are being spent on taxes.
Text Classification IAB Taxonomy: A Top-Rated Text Classification For Companies With Large Amount Of Data
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. Some examples are race, politics, religion, or other personal characteristics that could result in discrimination.
