Stuff CEOs and Sales Managers Really Need to Know
Think about the last time you personally went to the web to research a potential purchase—and remember that, according to the latest Google research, more than 77% of potential buyers of our products do just that. What were the things that led you to a particular product, brand or even place to buy?
Speed to market for new products has been the bane of our industry since its beginning, and it’s an all too familiar story. Hard-earned money is spent on product research and development, WDs stock the shelves and then things just seem to slow down, often leaving new products laying on the shelves for weeks or months waiting to be “discovered.” Even in today’s digital age, we just can’t seem to get everything in sync to provide a seamless path of information from product inception to the warehouse shelves to the reseller and consumer… until now.
About 18 months ago, the SEMA Data Co-op launched its online Product Information Management System, a data-management interface that equips a manufacturer to load product data into the system directly, automatically validates that data to industry standards and...
That’s why every manufacturer and reseller of consumer products needs to be paying attention today to where the Internet is going and learn how to leverage its substantial influence and power.
Now hear me out before you get your hackles up and declare me yet another of the “end of the brick-and-mortar” doomsayers. The statistics are there for anyone to read, and the fact-based opinions of some very sharp folks are telling us in no uncertain terms that consumers are continuing to gravitate to the Internet to research and purchase all sorts of goods. The automotive parts and accessories category is no exception.
An Exclusive Progress Report on the SEMA Data Co-op
When SEMA launched the SEMA Data Co-op (SDC) a little over two years ago, the goal was admittedly ambitious: to revolutionize the way automotive specialty-equipment manufacturers (data suppliers) convey product information to warehouse distributors and resellers (data receivers) for the benefit of all. Now, according to Jon Wyly, the co-op’s CEO, the SDC is delivering thousands of data sets a week, representing millions of part numbers and tens of millions of vehicle applications, through a database that continues to grow by leaps and bounds daily.
Questions From Your Industry Peers
Continuing the theme from our last column in the October issue of SEMA News, let’s look at some questions that came from the Council Summit in Pomona, California, back in July. The folks attending this event represented a great cross-section of the industry, and all were very inquiring minds that made for some great conversation and questions.
We’re pleased to report that the SEMA Data Co-op has surpassed critical mass and is rolling! Your industry-owned product data repository now has more than 350 brands covering more than 2.7 million live part numbers. Every week, we see thousands of data exports pulled down by data receivers—our industry’s resellers and retailers. That means that more products are getting more exposure, leading to increased sales.
That’s great news. Meanwhile, the marketplace continues to evolve. These days, more than 50% of all sales begin with online research, and studies show that a product listing that offers an image is more than twice as likely to sell as one with no image. Rich data—images with multiple views, video files, audio files—is reported to be as much as 17 times more likely to prompt a sale.