Tag Archives: Big Data

Why Trusted Product Data Matters for Omni-Channel Retail

Big Data’s Big Election Fail

If you followed this year’s United States presidential polls at all closely, chances are that you expected Hillary Clinton to win. So did all of the major prediction models that use polls to game out election outcome probabilities.

This year’s divisive election painted a picture of data divisions by race, gender,  and education. Pollsters will be digging for months (at least) to figure out how exactly their results may have been off. What can we learn from this year’s election?

The election may have divided us, but one thing that we are all unified on is the need for accurate data. This is especially true when it come to product data demands. The rules of competition have changed and your product information is now as important as the product itself, at least in the eyes of the consumer.  

With 81% of consumers scouring through product information online to find or verify the data about a product they are considering, and over 33% abandon shopping carts when the information they crave is absent, it’s apparent how critical product information is in the consumer’s path to purchase (ClickZ 2016).

The Challenge with Managing Product Information

One may think that managing product content and data is easy, but the challenges include:

  • 10’s enterprise systems in typical back end to manage product data.
  • 100’s people sourcing, aggregating, cleansing data needed for commerce.
  • 1000’s trading partners requiring exchange data with in a variety of formats.
  • 10,000’s of websites, apps and 3rd parties, representing your product/brand to the consumer.

Deliver Trusted Product Content Your Customers Can Rely On

With the proliferation of omni-channel commerce and the rising customer expectations, the stakes have been raised. Businesses that fail to provide consistent and contextual experiences across channels stand to lose customers and revenues.

Yes, product information matters – the quality, the completeness and the accuracy matters.  And as suppliers connect and partner with multiple retailers, the need for accurate, complete product information is even greater. Four in 10 shoppers say they’ve given up on an online purchase because they didn’t have enough information on the purchase (Internet Retailing 2014).

For example, consider Google’s 2016 mandate for GTINS (Global Trade Item Numbers which help classify and display products on Google Shopping) now needed for all products.   As of May 16, 2016, Google disapproved relevant products that didn’t meet the GTIN requirements, so it’s critical that suppliers double check that product data is correct and up to date. And according to Google, the financial implications can be significant:  “Merchants who’ve added correct GTINs to their product data have seen conversion rates increase up to 20%.”

The Google GTINS mandate demonstrates that they understand that product content (descriptions, feature bullets, images, videos, reviews) is a critical factor in driving conversion.  Consumers demand to know exactly what they are buying – and the right content makes for a great consumer experience.

Sourcing A Single Source of Truth

Accurate and timely product information helps instill trust and customer loyalty in the interchangeable and complex world of retail.

By working with 25,000+ brands and retailers to build scalable process to ensure the highest impact, consistency and levels of quality, 1WorldSync is the product information company. The 1WorldSync Product Information Cloud solutions deliver rich and trusted product content to engage customers and consumers regardless of the medium. 1WorldSync helps organizations align on the product information governance strategy to apply GTIN standardization, and implement for Google, GDSN, Walmart and beyond.

References

1 ClickZ, 2016

2 Internet Retailing 2014. ‘Four in 10 Abandon Purchase For Lack Of Information Study’. http://internetretailing.net/2014/02/four-in-10-abandon-purchase-for-lack-of-information-study/

 

Anstieg unstrukturierter Daten

Big Data: Nothing without Data Quality Management

Sascha Kasper,  Director Solution Partners & New Businesses at 1WorldSync, writes on Big Data.

Sascha attended the congress “Big Data in our everyday  life – How is it used today and in the future?” that took place in Dortmund on February 25th.  Read more in German.

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The Power of 1WorldSync Product Information Cloud

As an avid reader of Bloomberg Businessweek, I was excited to see cloud technology, code, data management, everything that we, 1WorldSync, live and breathe, dominating the June 2015 issue. It got me thinking, how do we as a world, as an industry, as a business, educate decision makers on:

  • ‘Understanding and unlocking’ the value of the cloud?
  • Understanding the power and presence of data?

It is a new frontier, a ‘Data Revolution’, and the healthcare industry, specifically, is on the proverbial cliff ready to jump in head first. With the ongoing transformation of the U.S. healthcare delivery system, supply chain has become a key component to meeting organizational goals by driving clinical value, implementing innovation, and delivering operational efficiency. In order to fulfil its multifaceted objectives, supply chain is engaging with various stakeholders in pursuit of a common mission to foster a coordinated healthcare delivery system. Specifically, the impact of the ‘Data Revolution’ and the ‘Big Data’ explosion on the healthcare industry has spurred the creation of governmental and regulatory mandates, such as the Unique Device Identification (UDI) regulation set forth by the FDA. The UDI regulation require all medical device manufacturers to publish complete and accurate product information to the Global UDI Database (GUDID). To comply with the regulation, all medical device manufacturers must publish all required medical device product attributes to the GUDID by the specified time or face strong consequences.

Whether it’s in the form of regulatory compliance, seamless deployment along the supply chain, expanded storage, or collaborative networks or solutions, companies and businesses are looking to improve their top and bottom lines, and trusted product information is proving itself as a time and cost saver with the ability to help businesses grow. This is the core of 1WorldSync services and solutions. By building genuine business relationships and developing detailed strategic solutions 1WorldSync services address the most critical challenges within organizations in support of supply chain efficiency and regulatory compliance.

Join 1WorldSync at AHRMM15 to explore key ideas, trends, and best practices around building strategic stakeholder engagement, with an emphasis on supply chain perspective. Visit 1WorldSync at booth 924 and learn how the leaders in data pool management solutions and services can support your business for trusted product information exchange.

We look forward to seeing you there!

 

OUR Mission:

To be the Healthcare industry leader in product information exchange and the change agent that drives the industry forward through global regulatory compliance and improving healthcare standards.

GDSN® all grown up…

It’s been over 10 years since the first data was exchanged via the Global Data Synchronization Network (GDSN) and much has changed.  In my 10 years of involvement in product data exchange through the GDSN, data synchronization and information exchange has never been more exciting than it is now.  The ability to talk first-hand about “Big Data” at a cocktail party has never gotten so much attention.

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