Tag Archives: data quality

The Struggle to Overcome Cross-Channel Commerce Challenges is Real

1WorldSync Omni-Channel Data Study: Charting Course for Global Commerce

A new data study commissioned by 1WorldSync highlighted some of the key challenges suppliers and retailers face when trying to achieve true cross-commerce capabilities.  The study surveyed 400 merchants and suppliers from Europe and the U.S. with more than $500 million in annual revenue, and uncovered key insights into the struggles that are faced in today’s omni-channel world.

As the global $1.9 trillion e-commerce landscape continues to expand, companies are facing difficulties successfully managing cross-channel commerce across continents, supply chains, and software systems, and are losing revenue as a result. Some even doubt the value of investing in these capabilities. In a key finding nearly half of global merchants and suppliers report having lost at least a million dollars in revenue to cross-channel commerce challenges.

The study sheds light on the apparent struggles both ends of the supply chain face in a fast paced market places where Artificial Intelligence, and online/mobile commerce emerge as top trends for consumers.

Merchants and Suppliers Face Significant Roadblocks in Navigating Cross-Channel Commerce

Key findings suggest that a majority of merchants and suppliers are not fully prepared to meet the varied demands of modern customers. Channel readiness is a significant struggle throughout the supply chain as e-commerce continues to evolve. Other data highlights include:

  • Future investment plans don’t address current e-commerce weakness: Forty-five percent of merchants and suppliers have lost more than $1 million in revenue due to cross-channel commerce challenges, and more than one in ten (13 percent) have lost more than $3 million.
  • Lack of content solutions hamper success: Half of merchants and suppliers do not use a third-party content provider, which hinders their ability to syndicate product content across channels and platforms.
  • Merchants lag when it comes to cross-channel commerce: Fifty-one percent of merchants cannot support mobile commerce, and 80 percent don’t integrate product information management across web, mobile, applications, and physical stores.

Market Leaders Show the Path Forward

While many merchants and suppliers surveyed struggle with different aspects of the retail experience, there are clear lessons to be learned from market leaders (defined as companies that complete 51 percent or more of sales online). For companies looking to learn from these market leaders and upgrade their e-commerce capabilities, top action items include:

  • Invest now in cross-channel capabilities: Sixty-five percent of market leaders have dedicated more than 30 percent of their commerce budget to digital and mobile commerce expansion in the last year. Today, 73 percent of merchant market leaders can fully execute mobile commerce, nearly 20 percent more than market laggards. Investments here help in the short and long term.
  • Engage with a third-party content provider: Eighty percent of market leaders use a third-party content provider, which is undoubtedly one reason this group reports greater visibility between trading partners.
  • Migrate to the cloud: Ninety-five percent of supplier market leaders use a cloud-based product information system, which simplifies the online sales process and enhances supply chain efficiency.

Blurred Lines & Blended Commerce – The Changing Face of Retail

“The shift in retail to the Internet is a huge change… every retail company is trying to manage the transition. It’s not well defined or understood and there’s no road map” said Simeon Gutman, a retailing analyst for Morgan Stanley (New York Times 2015).

Download a copy of our full data study here.

Discover the 1WorldSync Professional Services Team

Recent research indicates that the product information management (PIM) market will be worth $15.78 billion by 2021 (Whatech 2017). The rising demand compliance and verification and need for operational excellence and data quality are driving the PIM market.

“Online retailers that offer compelling, engaging, and complete content to shoppers will be rewarded by repeat purchases, lower levels of returns, and long-term loyalty” says Nihat Arkan, CEO of 1WorldSync.

Compete With Trusted Product Content Your Customers Can Rely On

88% of consumers say that detailed product content is extremely or very important to their purchasing decision (Google Shopping Guide, 2016). 

Accurate and timely product information is critical in the path to purchase from discovery to delight. It helps instill trust and customer loyalty in the interchangeable and complex world of retail.

Think about it! Can you imagine how drastically different our purchasing decisions would be if product content wasn’t as detailed as it is today?! Society relies heavily on the importance of obtaining detailed content…it would take us forever to get what we need and let’s face it, we aren’t getting any younger!

Common product content challenges that can slow down consumers’ product information journey include:

  • Identification of data quality issues that inhibit complete, consistent, usable, high quality product content for internal and external use
  • Demand of evolving cross-channel needs to aggregate and manage product data in one centralized location.
  • Inability to deliver expected transparency into products and related attributes.

Discover 1WorldSync Services Experts in Product Content Management

1WorldSync Professional Services Team can address these challenges while building a partnerships that will outlast the initial engagement.

  • We are global. Helping more than 25,000 global brands in 60 countries, the 1WorldSync Professional Services understands that no matter where you conduct business, trusted content matters.
  • We know our stuff. Leading organizations put their faith in our hands because we bring over a decade of experience and offer a full spectrum of best-in-class product information strategies and services to support customer vision and growth.
  • We’ve got your back. We understand your business, understand the toughest product content challenges you face and can deliver valuable services to address these challenges.  
  • We take you places. Then we can build the right blend of service offerings to help you share authentic, trusted content with your customers and move your business forward with decisions that you want – and confidence that you need.

 

Let’s get you set up for success today

 

 

References

  1. “Recent Research: Product information management market growing worth 15.78 billion USD by 2021”. Whatech 2017. https://www.whatech.com/market-research/it/260447-product-information-management-market-growing-worth-15-78-billion-usd-by-2021
  2. ‘Seven Steps To Successful Customer Experience Measurement’. Forrester 2016. Programs https://go.forrester.com/wp-content/uploads/Forrester-Seven-Steps-To-Successful-Customer-Experience.pdf

Blurred Lines & Blended Commerce – Are You Organized To Win?

Sync-Up! With Nihat
Nihat Arkan, CEO, 1WorldSync

The retail industry is in a transition.  Some of those changes have been unfolding over a long period of time, but more rapid changes have propelled the industry into a near revolution.  Retail as a whole was always complex and diverse, but with today’s technological advancements and globalization, the industry landscape has dramatically changed.   Consumer behaviors, shopping tastes and expectations are evolving and have become key drivers in retail’s transformation to a more consumer-centric industry.  International retailers (and consumer product manufacturers) have relied on developing markets and technology to fuel growth and I believe that a change in retail strategy is needed.

According to a recent study released by PwC, “The 2020 retail landscape may represent one of the more complex environments retailers and their trading partners have ever faced. Retail organizations that do not change where and how they sell and operate will fail to adapt and succeed in this challenging landscape.”  

Retailers are at a critical fork in the road.  A strategic mindset is needed.  Change, expand or become obsolete.  Globalization, cross-channel commerce, and transparency of product information must find an intersection point for retail businesses to thrive current day.

The Global Landscape

Amid ongoing economic turbulence, developing markets continue to offer retailers prime opportunities for growth. China, for example, has become the world’s undisputed leader in e-commerce, with 2015 online sales of $672 billion after 42 percent year-over-year growth. The rapid rise of e-commerce has turned China into a leading innovator in mobile payments (Global Retail Development Index, 2016).

I had the pleasure of attending a customer event in Berlin recently and had an opportunity to speak with customers about their challenges and their agendas.  During one particular conversation, a major global retailer in the U.K. shared that mobile commerce is now surpassing desktop (Criterio Research, September 2016).  The result is that they can no longer ignore mobile (whether apps or the mobile web) nor mobile targeting strategies if they wish to engage shoppers.

Retailers worldwide are challenged to rethink everything from store formats and payment methods, to digital impact on their operations. In order to survive and thrive in this evolving environment, retailers and suppliers alike need to acknowledge that changing landscape, identify those most critical to their business and chart a course for adaptation and change.

Here’s a great example of just that.  More and more customers and industry insiders are talking about Artificial Intelligence (AI) and how they can leverage this in relation to product content. Specifically, people are talking about how to reduce friction associated with mass data management by implementing AI assisted content entry, validation and data quality.  We’ve taken steps in this arena by engaging a leading machine learning professor Dr. Sascha Lange (PSIORI GmbH) to prove out predictive standards allocation.  We were pleased to discover that we had over a 95% accuracy rate for application of standardized product classification structures to product information at the point of entry to our catalogs.   

With the rise of SO/LO/MO (social/local/mobile) commerce our retail customers are demanding that tens of millions of products be available to present to consumers, with thousands of attributes per item.  AI will be instrumental in helping to source, classify, structure and analyze content for commerce.

The Changing Global Omni-Shopper:

Today’s “omni-shopper” shops when they want, how they want and where they want.  Consumers proactively search for savings, are generally brand loyal and shop across channels (McKinsey, March 2016).  They have more places and ways to shop and are exposed to an infinite number of shopping choices online.

As such, retailers are able to engage with shoppers via a variety of touch points, from a traditional shop around the corner to the 24/7 accessibility and convenience of their laptops, tablets and smartphones.  According to a report from Zebra (Zebra, 2015), “Today’s consumer seeks out stores updated to reflect the new shopping paradigm, equipped with digital tools like mobile checkout, to flexible delivery options that reflect their omni-channel purchasing patterns, such as buy online, pick up in-store.”

The notion of a global omni shopper is extremely powerful since this essentially means that the consumer, not the channel, is defining retail.  These global shoppers, no matter if they are in Los Angeles, Hong Kong or Dubai (and wish to shop within and between those countries), have infinitely more choices in today’s environment.  For the brand and retailer, that means a challenge or an opportunity.

Transparency and Knowledge-Centric Shopping

As consumers shop when/how/where they want, they are also more demanding of ‘what’ they want.  Today’s omni-shopper has high expectations for a rich and consistent experience with a retailer’s products and brand, across multiple commerce channels and borders.  Therefore, the way a retailer informs, educates and engages customers and consumers using product information must be comprehensive, trustworthy and current. One cannot ignore the value of that product information.  Of course, perhaps I’m biased in this regard.  Yet, I should mention that one of the largest retailers in the world told me that “digital product information is as important as the product itself.”

In that light, it’s clear that the quality and completeness of product presentation in online retail has a quantifiable and direct impact on product sales.   My belief is that the on-line retailers that offer compelling, engaging, and complete content to shoppers will be rewarded by repeat purchases, lower levels of returns, and long-term loyalty.

The key to success is identifying and maximizing the opportunities where they exist.  Just as consumers are more connected, retailers will need to follow suit, engaging with consumers wherever they are and at each stage of the promotion of a product or service: the before, during and after have never been more important.

Final Thoughts

As an organization that operates between businesses, 1WorldSync has privileged access to over 23,000 brands and hundreds of analog, digital and blended commerce players.  That gives us an ideal insider advantage – we can observe and advise our customers’ journey towards a blended commerce.  

Finally, let me conclude with a question.  Is your business already organized in a way that you can operate seamlessly between analog and digital channels to market?  If the answer is no, that’s OK.  Only a handful of companies can answer ‘yes’ to this question.  However, I can tell you that hundreds of companies are already on that path.

1WorldSync 2016 Annual User Group, Europe is just around the corner!

Join us for 1WorldSync 2016 Annual User Group, Europe taking place September 19 & 20 in the heart of Berlin!

You will have the opportunity to engage with industry peers and trading partners and learn the emerging trends and developments surrounding omni-channel commerce. You will also hear success stories from Europe’s industry trailblazers from EHI Retail Institute, METRO Group, Nestlé Purina Petcare Deutschland, PSIORI, Salesforce and more!

If your role involves a focus in Consumer Transparency, Omni-Channel Commerce or Data Quality, then this is a must-attend event!  

As a registered attendee, you will have admission to the annual Power of 1 Awards Networking Reception, on September 19, at Berlin’s chic Gendarmerie Hauptstadtrestaurant. This year’s reception dinner will honor leading companies that have made outstanding advances in innovation and community engagement in the global product content aggregation and distribution space. The night will conclude with plenty of networking opportunities and great entertainment.

On September 20, the 1WorldSync Annual User Group Europe will be located at the new Titanic Chaussee Hotel with special opening remarks by 1WorldSync’s CEO, Nihat Arkan. The day’s agenda is filled with power packed and thought-provoking sessions, including an exciting industry panel touching on the enhancements and implications of digital supply chain in Europe. Later on, there will be dedicated industry workshops focused on insights in Healthcare, DIY, FMCG & Foodservice sectors.

Don’t wait! Register your participation for this year’s 1WorldSync Annual User Group Europe!  Be a part of this exciting event that is tailored-made to address your needs into the next phase of product database and supply chain management in Europe.

To view the full Agenda of the power packed event, please visit our Annual User Group, Europe website.

For more information or questions, contact us at events.eu@1worldsync.com.

Have you attended 1WorldSync Annual User Group, yet?

One of the main value adds we bring to our customers is the ability to provide our community with collaborative platforms for open engagement and industry alignment. 1WorldSync Annual User Groups ensures opportunity for community engagement and encourages user-led information sharing.

Driven by 1WorldSync experts coupled with leadership and guidance from our valued customers, 1WorldSync has a series of usergroups to capture the community needs and develop roadmaps towards industry betterment.

During the week of May 31- June 3, 1WorldSync held its Annual User Group, Americas and Joint Industry Council meetings in co-location with GS1 Connect in Washington DC. This event and all associated activities and workshops were very well organized and ushered remarkable customer attendance from the US/Canada to Germany, UK and Japan. Having such a diverse community, along with GDSN’s post Major Release 3 excitement, initiated very interesting discussions around today’s demand for omni-channel requirements and product content management.

I received many positive comments around 1WorldSync’s User Group workshops where many of our customers (Sam’s Club and The Kroger Co. to Target and Kellogg’s)  shared their experiences, opportunities and best practices. I was particularly pleased to see how well 1WorldSync customers eCommerce content acquisition strategy is aligned with 1WorldSync’s omni-channel strategy (linking  GDSN to Digital Commerce  requirements).

As a global organization, 1WorldSync hosts various community activities throughout the year. In fact, building on the momentum and success of 1WorldSync Annual User Group, Americas, we are in the final planning stages of 1WorldSync Annual User Group, Europe scheduled for September 19 – 20 in Berlin, Germany.

This is 1WorldSync’s largest event in Europe with over 200 community members from CPG, Retail, Foodservice, Healthcare and DIY industries discussing strategies on Data Quality, Supply Chain Enablement, Transparency, Compliance and Omni-Channel Commerce.

We will keep you fully engaged and informed on all our community events and will continue to invest in global community enablement and engagement.  In the meantime, I would like to thank 1WorldSync customers and partners for openly sharing their experiences and insight with the community. We all look forward to seeing you soon at our upcoming European event.

Attend 1WorldSync 2016 Annual User Group, Europe!

1WorldSync 2016 Annual User Group, Europe associated with GS1 Germany ECR Tag  is right around the corner!

1WorldSync Annual User Group season kicked off with great success at the 1WorldSync 2016 Annual User Group, Americas in Washington D.C. As we build off the momentum, we are excited to see the community at the 1WorldSync 2016 Annual User Group, Europe on September 19 – 20 at the Titanic Chaussee Hotel in the beautiful city of Berlin!

Every year more than 200 community members, decision makers and industry experts from CPG, Retail, FMCG & Foodservice, Healthcare and DIY industries discuss strategies on Data Quality, Transparency & Compliance, Supply Chain Enablement and Omni-Channel Commerce and more!

This event brings together community members from around the world for networking, collaborative industry workshops, plenary sessions, keynote speakers discussing insights and best practices.

Key Topics include:

  • How to increase supply chain efficiency
  • Comply with regulatory demands
  • Make products digital, discoverable and shop-able across all channels

CONNECT. TRUST. EMPOWER.

These three important words represent this year’s Annual User Group theme and demonstrate that product information and content is key for a sustainable growth and competitive advantage in an Omni-Channel world.

Don’t miss this exclusive and exciting event, held on September 19 – 20, at the Titanic Chaussee Hotel in Berlin, Germany.

We look forward to welcoming you there!

To register, please visit the event website.

Are you ready for UDI compliance?

This free workshop provides insight for how your business can comply with the FDA UDI regulation. You will learn about:

  • how to transform compliance into a competitive advantage?
  • what are your obligations under the FDA UDI regulation (Class I and Class II products)?
  • how leading manufacturers successfully use 1WorldSync solutions to efficiently manage those challenges
  • Audience: Supply Chain, Data Quality and Regulatory Affairs managers
Register today

 

These workshops are free and seats are limited:

United Kingdom

Date and Time: 23rd June 2016, 10:00 a.m. to 12:30 p.m.
Location: Leicester Marriott Hotel, Smith Way, Grove Park, Enderby, Leicester, LE19 1SW UK
Register now

Germany (this workshop is held in German)

Date and Time: 23.06.2016 10:00 – 13:00 Uhr
Location: Tuttlinger Hallen – Tagungsraum 1,
Am Europaplatz – Königstraße 39, 78532 Tuttlingen
Register now

France (this workshop is held in French)

Date and Time : 28.6.2016, de 9h30 à 12h00
Location: Centre Regus Opéra, 27 avenue de l’Opéra, 75001 Paris
Register now

Major Release 3: Trick or Treat?

There are seven months until the GDSN Major Release 3.  

Are you aware of the impacts to your organization? Do you know what to expect? Are you needlessly afraid?

If you prepare now, you could set yourself up for delightful surprises.

MjR3 has improvements that could save your organization time and aid accuracy, such as industry-specific use cases, new attribute sets, validations and modules which improve data quality.

1WorldSync can help by ensuring that its community members take the opportunity to make an implementation plan, to ensure that data migration is successful and no opportunities are missed.

MjR3 Essentials LIVE webinars and Face-to-Face Classroom Sessions are presented by knowledgeable MjR3 Experts. Interacting with specialists is the best way to understand what is relevant for you and your organization. Our MjR3 webinars and F2F classroom sessions are one of the most effective ways of getting ready for Major Release 3, since there is a structured environment and agenda, with plenty of time to ask questions specific to your concerns.

Have you ever asked where to start assessing impact but don’t know where exactly?

Let’s talk about: the MjR3 Pre-Production test environment, available responses, how to use the available documents and the best method to test against the Pre-Production test environment.

You will be taken through a step-by-step process instructing you how to perform analysis to assess the specific impact to your organization.

You’ll leave knowing everything from the detailed timing of the rollout specific to your 1WorldSync platform, to some of the exciting new industry-specific capabilities offered by MjR3.

Click here to register if you use the Item Management platform;   WS users may register here.

What people are saying

“Great presentation!”
“Excellent job – the presenter was well spoken and easy to listen to. I would definitely recommend this webinar.”
“The presenters were perfect for the task. Their explanations were explicit and they moved at a good pace.”

1WorldSync Annual User Group, Europe

The 2015 Annual User Group, Europe was a fun and informative event, bringing 184 participants from 89 companies and 18 countries together for a day of collaboration and sharing! Our key theme was: “Be efficient, Be compliant, Be transparent”.
The event kicked off with a networking boat cruise and the EMEA Power of 1 Awards.
This year’s winners include:
  • Data Quality – Dr. Oetker
  • GDSN Adoption – Robert Bosch GmbH
  • Innovation – Mars, Incorporated
  • Compass Award – David Sheldon, Nestle
The AUG agenda was packed with the first industry workshops for DIY, Healthcare and FMCG/Foodservice. Customer and partner speakers for the plenary sessions included Google, Mars, Lansa, SCA, Jorg Pretzel of GS1 Germany, The World Customs Organisation, and KPMG
PicMonkey Collage
Visit the 1WorldSync Annual User Group site to read more.

1WorldSync Annual User Group Europe is just around the corner!

This year the 2015 Annual User Group Europe will be co-located with GS1 Germany’s ECR Tag at the World Conference Center in Bonn, Germany. Join us for an evening of networking and a full day (September  21 – 22) of engagement with your trading partners and industry peers. At AUG Europe, we will help you gain knowledge on critical implementation practices and intelligence on CPG/Grocery. Hardlines and Healthcare industry insights and trends. If your role involves a focus in Master Data Quality, Regulatory Compliance, Supply Chain Processes or E-commerce, then this conference is for you!

Continue reading