Tag Archives: customer expectations

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/