Coping and competing in this new environment of always-connected, highly informed consumers can be rewarding when done right.
This post elaborates on some of the trends that took place this year that we introduced a few days ago!
- Regulatory Compliance Drives Product Transparency Initiatives: Global companies may face different challenges than their domestic-only counterparts when it comes to product data management. With the emergence of multi-channel commerce, and mobile/social engagement, international regulatory and industry initiatives exacerbate pressures on manufacturers to provide a more robust set of trusted, quality product information.
Organizations all over the world are driven by these local, federal, and global regulations to streamline their product information distribution systems for accuracy and transparency. The complexity of compliance in cross border commerce is prevalent and impacts multiple categories and industries including:
- Product Health & Safety (e.g. RoHs, MSDS)
- Food & Nutrition (SmartLabel, EU1169 & Food Safety)
- Product Traceability (UDI Device Traceability)
- Product Sustainability & Social Responsibility
- Security and Counter Terrorism
Noel Geoffroy, senior vice president of morning foods marketing and innovation at Kellogg’s, says: “The expectation of transparency from brands is increasing, and we believe in maintaining an open and honest conversation with consumers” (American Marketing Association 2015).
As the leading product information network, 1WorldSync offers a comprehensive solution for addressing transparent and compliant product information across your supply chain. The 1WorldSync Transparency & Compliance solution helps global businesses to simplify and manage the process of exchanging and managing product information, certificates and documentation, across trading partner communities around the world.
- Predictive Commerce Uncovers Unprecedented Insight
Retailers have finally begun to embrace predictive models and analytics in the hope of determining the intent of their customers and tracking valuable user behavior.
After 36 months, predictive intelligence influenced 34.71% of brands’ total orders (Predictive Intelligence Benchmark Report 2014). With the ability for more effective marketing, happier and more engaged customers, higher profits and more controlled outgoings it’s easy to see why predictive analytics have become a critical component to an ecommerce retailer.
At times, consumers may not be able to vocalize what they like. But predictive analytics can still recommend the right products. Intelligence gained through predictive analytics helps build a culture of better decision making, where any question that is raised can be modeled using the right data inputs. Without the deep understanding of customers and their shopping patterns, retailers will be flying blind when trying to create an experience that drives conversions.
Done well, it enables online retailers to target consumers on the basis of their behaviors. Then retailers are in a great position to offer complementary and/or alternative products, search options, and brands, send targeted product promotions even when a shopper is offline. The added bonus for retailers is that they’re able to keep visitors on their site longer to help drive traffic, boost sales and enhance experience.
Investing in predictive analytics is a must for retailers also looking to analyze purchasing patterns to configure pricing algorithms as well as reduce fraud.
Retailers that can harness predictive data can offer relevant, targeted promotions to individual consumers. Moreover, retailers will also be able to achieve other goals that will change the consumer experience, boost conversions, and even improve margins such as predicting the next best-selling product, preventing out-of-stock scenarios, and ensuring proper staffing at stores.
Be the Retailer That Consumers Want to See In the World
2017 unveils a unique opportunity for agile retailers looking to embrace and incorporate trends sweeping the industry in the form of higher conversions, enhanced engagement, and a loyal army of consumer advocates.
1 “Kellogg Lifts the Flap With New Transparency Effort”-American Marketing Association. 17 Feb 2015, https://www.ama.org/publications/eNewsletters/Marketing-News-Weekly/Pages/kellogg-open-for-breakfast.aspx
2 “75 Digital Marketing Stats from Salesforce Marketing Cloud Research.” Predictive Analytics Benchmark Report. 18 November 2014. https://www.marketingcloud.com/blog/uk/75-digital-marketing-stats-from-salesforce-marketing-cloud-research-2/