Many organizations cope with the required categorization of their products. When your products are properly classified, customers will be able to find the products they’re looking for more easily. This contributes to an enriched customer journey which could in turn lead to an increase in your conversion rate. Moreover, proper classification of products could also lead to a better overview for your employees.
It seems that proper product classifications are of great relevance, especially to enrich the customer experience. Retailers or wholesalers that sell a lot of products, however, spend much time on classifying their products into the right category. Then there are also different sorts of classifications, which complicates things even more. Wouldn’t it be possible to find a cheaper and less time-consuming solution for this process? And what are the types of product classifications? In this article you will read more about classifying products, and how retailers and wholesalers would be able to execute this process in a more efficient way.
Types of classifications
- The first type is a product class. This is a group of products which is homogeneous and generally considered as a substitute for each other. An example of a product class would be soda: even though there are a lot of different types of soda, they could generally be considered as a substitute for each other.
- The second type is a product family. This is a group of products that are related because they are manufactured the same brand. This phenomenon may create more loyalty of existing customers towards the brand; if they like one of the products, e.g., an Adidas short, they may also like the matching tee.
- The last type is a product group. This is a group of products that share some common attributes like features, use, production processes, customer segments etc. These products are not necessarily used for the same purpose as those in product classes. However, they are manufactured by the same brand. An example of a product group would be Samsung’s broad range of consumer goods (TVs, tablets, smartphones etc.)
Categorizing your products is possible in different ways. First of all, you could hire someone to do it manually. Especially for organizations that sell many different products, this process would be extremely time-consuming and therefore expensive. Moreover, the work is pretty monotonous and boring. Luckily, there is the option to automate this process which could save your company a lot of valuable time and unnecessary costs.
Using Artificial Intelligence to categorize your products
There are some tools that are capable of using artificial intelligence in order to classify products into the right category. These tools are especially convenient for larger wholesalers and retailers that sell many products in different categories. Such tools are able to categorize products based on existing product information like manufacturer, product description, -features, -keywords and -images. Powerclass.ai is such a smart classification tool. It uses all available product data to assign a product to a certain class, family, or group, and provides you with a risk level indication of how sure the algorithm is for the product. In this way, all that’s left to do is check and validate these classifications. This will save your organization a lot of valuable time and unnecessary costs.
Sounds complicated, doesn’t it?
Automated classification may sound complicated and the processes that go behind it are indeed pretty complicated. However, the Powerclass.ai software doesn’t require any technical knowledge from its users. Let the algorithm do the hard work for you and just sit back while you save lots of time and money. Provide your employees and your customers with convenience to filter products more easily. No more costs for product classifiers: artificial intelligence provides methods that do the work for you in a more efficient way.
Increasing your efficiency with product data
Nowadays, product data could be a crucial aspect of doing business. With the increasing possibilities of artificial intelligence, there are many business processes that could be improved in efficiency. Take Powertext.ai, a smart product description generator that also works with product data. Just as Powerclass, this tool provides solutions based on product data, just for a different purpose. Simply implement product data into the tool and Powertext will generate thousands of unique and qualitative product descriptions within the instant. In this way, your company does not need to hire someone to manually write these descriptions, which enables you to save lots of time and money.