Effective data classification is vital to ensure companies maximize their sales in the current economic climate, it has been claimed.
According to technology provider D&H Distributing, improving data quality solutions can enable companies to market themselves, convey value and increase sales in the downturn.
Jeff Davis, senior vice president at the company, commented: "More detailed taxonomy and quality data can help differentiate their inventory and their overall proposition for buyers, creating a better transaction experience. That can generate a competitive edge at a time when many companies are lowering their standards."
The group went on to explain that effective aggregation of data can help companies improve the accuracy and detail of subscribers' e-commerce storefronts, online catalogs and electronic marketing materials, creating a better experience for the end-user.
This week, home improvement company Godfrey DIY stated that adding address lookup functionality to its website has helped reduce the possibility of customer drop-off at website checkouts.