Definition: Product matching is about identifying products that are the same or similar across different platforms, despite being listed under different names or with differing descriptions. It is an essential process for success in both online and in-person retail, delivering benefits for those on either side of the retail divide – both sellers and consumers.
Product matching identifies similar or identical products from different platforms – marketplaces, stores, or suppliers – despite variations in how they are listed. The easiest way to understand this is with an example:
Imagine a consumer is looking to buy a new smart TV, with a specific model in mind. Many retailers might sell that model, but could list it under different names, such as:
Additionally, each product listing page might have differences in the description or even the photos. However, product matching technology can determine that all of those different listings actually refer to the same product, despite their variations. This applies to all consumer goods categories and business-to-business (B2B) goods. What’s more, product matching is effective not only online but can also involve capturing and utilising data from physical stores through in-store retail audits.
Consumers are not the only ones who benefit from product matching in retail. Retailers, manufacturing brands, and suppliers can also find value in this process, with the following key advantages:
The value of product matching is clear to see, yet it is not always easy to implement. Numerous roadblocks and challenges stand in the way of retailers and suppliers.
Due to these challenges, incorrect matching can occur, leading to inaccurate product listings, pricing discrepancies, poor visibility of certain products, and other problems. Additionally, the market is constantly changing, with prices rising and falling, new products being released, and fresh competitors emerging.
To avoid issues and thrive in this dynamic, fast-moving environment, leading retailers turn to real-time retail analytics solutions like Assosia.com. These tools provide up-to-date, on-demand data, with advanced, intelligent features to understand differences in identifying codes and successfully navigate the aforementioned complexities for flawless, consistent product matching.
Automated: This method is purely software-reliant. It involves using algorithms and digital solutions, often powered by AI and machine learning, to match products automatically. It is effective for large-scale operations but may struggle with non-standardised goods.
Manual: The opposite of the automatic method, this is a human-driven process, in which teams manually review product listings to match those that are similar. It is not as fast or cost-effective as the automatic way, but humans can sometimes spot matches that machines cannot.
Hybrid: This method combines the benefits of both methods. It is often the most recommended option, particularly when dealing with large or complicated datasets.
Whichever method you select, accuracy should always be a top priority. Low accuracy levels can lead to false matches, which, in turn, cause some of the aforementioned problems, like low visibility and a lack of information for your sales and pricing strategic decisions.
The best product matching methods should also be flexible and customisable, with adjustable matching criteria to suit specific business needs. Assosia’s pricing and promotion tracking platform boasts high levels of flexibility to suit brands in retail, FMCG, and similar spheres of operation.
Providing the in-depth pricing and product data you need to make smart, strategic pricing, marketing, and sales choices, Assosia is the ideal solution for brands to reap the benefits of product matching. It provides all relevant tools and data for accurate matching, but goes further, with price and promotional analysis, plus omnichannel data collection, both online and in-store.
Additional features and benefits include:
For retailers, manufacturers, and suppliers, product matching is not optional. It is a must-have element in your business operations, an insightful and invaluable way to gain competitor data that you can then use to make smarter choices across the board. The deeper you dig into the market, both online and in-store, the better your chances will be of getting ahead of rivals and staying there.
Discover the full power of product matching, price tracking, and promotional tracking with Assosia. Contact our team today for your full free demo, and give your retail strategy an instant upgrade.
