Product reporting is the process of reinforcing product positioning, testing customer usage and brand acceptance. It is a guiding tool for predictive analytics that can lead to optimum product performance and effective market share based on product-demand fitment.
A product report revolves around product capabilities and performance. In the world of online businesses, millions are products and services are bought and sold over the day, with sensitive claims of sellers with regards to various attributes including quality, technology-used, performance and longevity. Reporting monitors the optimum performance of a product and compares it with other high-performing products.
Minimizing damage to reputation
Building a reporting system that throws up all incidents of product failure will enable the production team to stay on proactive mode, before a product becomes a prey to its own pitfalls.
- When a product is found defective or is malfunctioning, effective reporting will bring it to the immediate attention of product managers.
- By drawing products from the market, businesses get a chance to establish their credibility.
- By replacing under-performing products, corporate image of an organization is boosted, since customers appreciate the responsibility taken by the business to assure client satisfaction.
Reporting on product performance assures the business that everything is fine with its product performance. Any lapses identified by competition will mean a threat to survival, that can be effectively averted with objective reporting.
Meeting market requirements effectively
Accurate reporting of products will empower a business to find its optimum position in the industry for meeting market requirements. This is because, even the most well-conceived and marketed products fail to perform in the market.
- Market preferences and priorities are ever-changing in today’s dynamic set-up. To keep in pace with market requirements, an objective reporting tool will ensure if all ideal criteria are met.
- Failure to meet with market standards will force products out of competition. To avoid this businesses must build effective reporting tools that can make them respond in a timely fashion.
An opportunity to understand production process better
Almost all online retailers have platforms wherein customers can report defective products. The reporting mechanism must be one that truly reflects:
- The circumstances in which the product started malfunctioning. This is important to ascertain whether there has been a breach in usage instructions, or a shipping related disorder.
- The extent of loss in terms of time, effort and money suffered by the customer and in case the products are replaced, the extent of monetary loss suffered by the organization in making good the loss suffered by customers.
- Flaws in the production process that can become a future threat to profitability and market repute. In fact, product reporting tools are ways of enabling the production team to understand their processes better, in order to take stock of deficiencies in production and take corrective measures accordingly.
Facilitates product analytics
One most welcome offshoot of accurate product reporting is product analytics, which has recently emerged as a specialized application in Business Intelligence (BI). Businesses can benefit immensely by investing in product analytics software that can lead to effective reporting.
- Collecting customer feedback and sifting them organically in order to bring to light factors that have caused discomfort and concerns when using the products.
- Analysing product returns by customers and digging deep into reasons that prompted such moves.
- Identification of various opportunities for product optimisation that lead to enhanced prospects of sustainability.
- While business invest considerably in activities like product and concept testing and end up gathering voluminous amount of data, without action points to process them further. Reporting tools can help in synthesizing the data into streamlined channels that can contribute to sharpening the entire production process.
Product reporting leads to informed decisions
Production is the master vertical of any manufacturing organization and all other activities like packaging, logistics, accounting and marketing revolve around the quality of production process. Quality of production depends on the quality of production related decisions made by the senior management. Without proper information and reporting, the management errs in making decisions on time or ends up in making short-sighted and biased decisions that might hamper organizational credibility.
- Through customer feedback forums like interviews, reviews and online questionnaires and surveys, lot of quantitative information on product usage is gathered. Product analytics process such information leading to sound decisions made on the wealth of such first-hand information.
- Effective reporting is the key to finding answers on critical questions like, “What features in the product appeal the most to customers?”, “What leads to shopping cart abandonment?”, “How much time do customer use the product for daily?” and “What features in the products of competitors are preferred by customers?”.
- Product analytics can help identify those features in the product that trigger dysfunction or those attributes that are no longer needed by customers. As a result production process gets optimized in the wake of informed decisions.
A tool to fathom buyer psychology
The extent of value proposition conceived by buyers when they choose your products in preference to close substitutes is something worth pursuing. Building on these strengths is an important way for your business to sustain the pangs of competition.
- Reporting tools, by analysing usage patterns and trends can place businesses on the threshold to introducing new products and new features in existing product. When your customer returns a product for trouble in one of the features, your production manager can contemplate a productive revision in future models that are going to be introduced.
- In case of new product launch, flawless reporting chips in with predictive analysis of customer reactions and market receptiveness, so that the stages of revision and iteration can lead to lasting results in sustaining customer demands.
Since personal interaction with buyers in the online business scenario is miniscule, it is only the objectivity embedded in reporting tools that can give a clear picture of how buyers react to your products and services, before they buy, when they buy and thereafter.