Tag Archives: data quality

Tap Into The Power Of The Amazon Effect With 1WorldSync

The Amazon effect is a catchy phrase to describe the ongoing evolution in how Amazon has influenced people’s shopping experience. It also sums up the resulting disruption in the retail market for both online and physical outlets.

Did you know that over half of US shoppers begin their product searches on Amazon.com? Regardless of where the end-consumer decides to make their final purchase, their access to information about the product (which 50% of the time is supplied by Amazon) influences their decision to purchase.

According to FierceRetail, “Information about the product has grown to become as important as the product itself – influencing 56 cents of every dollar in retail sales.”

Have you ever searched for one of your products on Amazon.com? Are your products represented correctly? Does the product content support the product you are trying to sell?

What does the ‘Amazon Effect’ and desire for more product information mean for brands, manufacturers, and distributors?

The Amazon GDSN Product Content Initiative with 1WorldSync

Brand owners should be proud of the products they sell and ensure they are represented appropriately on Amazon.com. By taking control of your product content, you have a huge opportunity to drive incremental revenue and capture new customers.

In partnership with 1WorldSync, Amazon has joined the Global Data Synchronization Network (GDSN) to make it easier for brands, manufacturers and distributors to:

  1. Provide an automated process to manage and distribute product information to Amazon including Prime Pantry, Amazon Fresh etc..
  2. Improve the accuracy of the product content listed on Amazon.com.
  3. Understand the completeness and quality of the product content supplied via the GDSN.

Amazon is now able to receive enriched, standardized product content through the data synchronization process enabling Amazon to receive product content and changes in real time.

Utilizing the 1WorldSync Product Information Cloud (PIC), not only can brands easily improve their product completeness and accuracy of the products listed on Amazon.com,but also enable fast turnaround time on attribute changes in order for optimized product listings.

Are You Ready To Tap Into The Power Of The Amazon Effect?

Fireside Chat With 1WorldSync Leadership: Cheers to 2018!

Happy New Year! In a recent conversation with the 1Worldsync marketing team, I was asked to look forward and share insights on the direction that commerce is headed in 2018 based on some of key events that we experienced in the marketplace. Please pull up a chair and join us for a few minutes as we journey into the future!

What were some of the key priorities for 1WorldSync in 2017 that encompassed both our technology and market expansion?

2017 has truly been a momentous year for 1WorldSync. From releasing new capabilities like Sales Kit to supporting Amazon and Alibaba in their quests for quality content, to working with customers like Tyson and P&G to support their SmartLabel initiatives, our partnership with our global customer base of 25,000 has pushed us to continue to innovate.  Every year, 1WorldSync continually strives to make it easier for our customers to share and transform their trusted product content into a competitive differentiator. 2017 was no different.

What is your advice for brands and retailers that want to make their products digital, discoverable and highly shoppable in 2018?

  1. Focus on the customer: According to Forrester’s 2015 Customer Experience Index, 86% of companies want to excel at customer experience. But only 27% of brands even qualify as “good” in the eyes of their customers. Today’s shoppers want exceptional experiences exactly when and where we want it.  Understanding your consumers’ needs and then tailoring the rest of the organization to meeting those needs is crucial.
  2. Break down organizational silos: In many companies, online stores are operated by a specific “digital” team, while physical stores are run by yet another operations team. Further, there may be another team responsible for GDSN data and another for web ready product content. This siloed structure inside an organization can result in a fragmented customer experience. It is crucial to have a holistic strategy for consolidating and distributing product content across the organization.
  3. Leverage one solution to enable Omni-Channel retailing: You cannot keep up with the ever increasing demand for product content, unless you have one solution that addresses the entire project. By enabling products to stand out in a crowded omni-channel world, 1WorldSync delivers rich and trusted product content, including digital assets and insights – to engage customers and consumers – regardless of location or medium.

How do you think brands and retailers can better compete with trusted product content that their customers can count on in 2018?  

No matter where you are in your product content journey, focus on data quality! Data quality is  important because:

i) 88% of consumers say that detailed product content is extremely or very important to their purchasing decision. Consumers expect rich and trusted product content on all channels: desktop to mobile.

ii) E-commerce recipients are requiring more and more data in order to sell on their websites. Some are factoring in completeness and accuracy of data in search rankings and others are applying penalties who underperform from a data quality perspective.  

Where do you think commerce is headed in the age of the connected consumer?

Technology like connected home devices, virtual reality, streaming television services, voice ordering and drones have made digital shopping easier and more integrated into everyday life.

The shift to the connected consumer shows no signs of slowing down, and buying habits are transforming. Retail isn’t just about when customers are ready to buy anymore– it’s a constant engagement with technology and experiences that drives the future of commerce.

We predict these three trends will shape the future of retail in the years ahead.

  1. Consumers will continue to demand more product content to enable data driven decision making.
  2. Marketplaces will be the driver for global revenue in the retail world.
  3. Organizations will remove silo shackles in order to unify disparate data.

What can we look forward to from 1WorldSync this year?

 2018 will be the year of consistency and uniformity within the 1WorldSync product cloud.  With unification across our technology architecture, we will focus on an improved user experience ranging from sales engagement to support model to industry involvement.

As we wrap up another year, I want to thank you for your continued business and trust in 1WorldSync. At 1WorldSync we truly believe we are one community. The power of 1 adds up to empowering our customers with trusted content to make informed decisions for their health, and well being. We continue to strive to deliver trustworthy content, anytime, anywhere.

On behalf of the entire company, I can confirm to you that we are motivated and inspired by the opportunities that you give us to help you succeed. Continuing to deliver results that exceed your expectations is our top priority in 2018.

Say Hello To “PIM Lite” – A PIM System For Suppliers With A $100k Budget

“Data is King!”

Product data is one of the most valuable assets that a supplier owns.  Today we live in an e-Commerce world where suppliers must provide their product data to dozens, if not hundreds, of trading partners.  These trading partners take-in the product data, repurpose it, and display it on numerous channels for end-consumers to view, research, and purchase.  

Suppliers often have limited control of “how” trading partners display product data (beyond a supplier’s own website), but suppliers must have control of “what” gets displayed.  This is extremely important because the quality of product data, or often the lack thereof, directly impacts the brand image in the eyes of a buyer.  

Consumers today expect – not just appreciate – rich and trusted product content regardless of where they view it.  Suppliers that invest in providing rich and high-quality product data benefit by creating a “good” customer experience – leading to brand loyalty and more sales.  Remember that “Data is King” but also that “Data is Your Brand”!

Challenges of Providing Quality Product Data

Many suppliers understand the importance of product data, however, most struggle with managing it.  A Forrester study showed 86% of brands want to excel at customer experience, but only 27% of brands qualify as “good” in the eyes of their customers (Forrester – The US Customer Experience Index, Q1 2015).  A “poor” customer experience is usually the result of poor product data.  So why is product data so hard to manage?

Here are some common challenges that suppliers experience when managing product data:

  • Stored in an ERP system intended for transactional data, and not designed to manage and maintain product data
  • Stored in many disparate systems that aren’t integrated
  • Stored and maintained in Excel spreadsheets
  • Updated using manual processes that are susceptible to human errors
  • Manually validated or not validated at all
  • Department updates using manual internal workflow processes
  • Manually uploads for syndication to data pools (such as 1WorldSync Item Manager) and other trading partners
  • Not associated with rich assets like pictures, videos, brochures

What is a PIM?

To address these common issues, most large suppliers invest in a PIM (Product Information Management) system.  PIM systems are mission critical to create a single “source of truth” to aggregate, validate, maintain, and syndicate product data.  The result is high-quality data, efficient data governance processes, and automated data syndication.  These are huge benefits that ultimately help improve brand image and customer experience – things any supplier would be pleased by.  Unfortunately, PIM systems traditionally cost $400k to millions.  This has made it cost prohibitive for most suppliers to reap the benefits that come with a PIM system.  

Until now…

Introducing PIM Lite for Product Content Syndication

What is PIM Lite?

Long-time partners, 1WorldSync and Innovit, have joined forces to introduce PIM Lite.  PIM Lite is a pre-configured, entry-level PIM system for:

  • Small to medium suppliers (revenues under $1B) – Organizations that do not have the budget to afford a complex, highly-configured PIM system
  • Large suppliers where budget is gone – Organizations with limited funds left in the current budget cycle
  • Suppliers that prefer OpEx vs. CapEx – Organizations that desire a lower cost software subscription model with predictable cash flows

What are the benefits of PIM Lite?

PIM Lite brings immediate value by helping suppliers improve product data management processes. Benefits include: 

  • Eliminating spreadsheets, manual processes, and redundant data entry
  • Establishing a “source of truth” for product data and content relationships to manage and maintain product data in a single location.
  • Automating import of product data
  • Improving data quality with pre-configured validation rules.
  • Advancing data governance with basic PIM/MDM workflows and automating processes such as new products and product changes.
  • Syndicating validated product data thru an automated M2M XML connection to 1WorldSync Item Manager, and easily exporting product data to XML, Excel, PDF, CSV.

What is the cost of PIM Lite?

Fully installed, pre-configured PIM Lite system starts at $100k for Year 1 (includes implementation, software and “hybrid cloud” hosting), and $45k for subsequent years (includes software and “hybrid cloud” hosting).  

Implementation time is typically 8-12 weeks.  

Additional details available upon request.

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References

  1. The US Customer Experience Index, Q1 2015 – Forrester.” 6 Oct, 2016 <https://www.forrester.com/report/The+US+Customer+Experience+Index+Q1+2015/-/E-RES117482>

1WorldSync 2017 Working Group Day in Review

We’re happy to say that our 1WorldSync Working Group Day on September 14, 2017, at the GS1 Germany Knowledge Center in Cologne, Germany was a total success.

80 attendees from 9 different countries represented 52 different companies in America and Europe to network, discuss industry trends, best practices and strategies on Data Quality, Supply Chain Enablement, Transparency, Compliance, and Omni-Channel Commerce.

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Amazon’s Continued Content Attribute Explosion

According to a recent report by Kenshoo, 72% of consumers visit Amazon before making a purchase. In fact, shoppers start their product research nearly 2X more often on Amazon than Google  (BloomReach 2016). 

It’s  more important than ever  your product content is highly discoverable on Amazon. Content is what connects you to your customer and,  more importantly, to  potential customers on their  critical  path to purchase.

Amazon announced it will begin sourcing attributes via the GDSN with 1WorldSync.

Amazon has invited a select group of suppliers to participate and they working closely to expand the group to include more suppliers and attributes in the near future. Amazon is now able to receive enriched, standardized product content through the data synchronization process enabling Amazon to:

  • Receive product content and changes in real time, speeding item setup from days to hours
  • Leverage brand owner GDSN core product content already available to help ensure product content accuracy, consistency and completeness
  • Leverage the GDSN rules and validations to ensure data quality

Leverage your GDSN product data to build a foundation for sending product content to Amazon!

Leveraging your GDSN product data to build a foundation for sending product content to Amazon saves time and ensures that consistent information will be sent all recipients.

Currently that content attributes ingested to Amazon’s Vendor Central are ingredient statements, nutrient type code, daily value intake percent, measurement precision code and quantity contained and UOM. The Amazon technology roadmap includes mapping more GDSN attributes, so it’s time to get started today!

Provide More Content to Amazon and Beyond

Consistent and fully populated product content allows your products to get discovered!

When you increase product content discoverability, you increase your brand awareness. It’s a fly wheel- but it starts with product content…

So why not leverage the GDSN data you have today and get it to Amazon? Ready to leverage your GDSN and get your products discovered by Amazon…..Learn more today!

References

http://go.bloomreach.com/rs/243-XLW-551/images/state-of-amazon-2016-report.pdf

Sourcing A Single Source Of Truth For Lowe’s And Beyond

In Charting Course for Global Commerce, a recent study by 1WorldSync, 78 percent of merchants report their product content exchange system cannot keep up with enhanced consumer demands for transparency.

Did you know that you only need one solution to get your product content to Lowe’s and beyond?

Further, did you know that 1WorldSync is certified with the largest number of items in the Global Data Synchronization Network (GDSN)?  Changing data pool partners causes multiple work streams, and is time consuming and costly.

Win Consumers On Their Path To Purchase With 1WorldSync

At 1WorldSync, we’ve been reliably helping 25,000+ suppliers and brands to build product information strategies to sell products to Lowes, Amazon, Walmart and beyond!

By leveraging 1WorldSync’s technology and relationships with thousands of suppliers and brands in its network, content service platforms will always have a scalable service provider to help exchange trusted product content anytime, everywhere.

We are a dedicated partner to our customers delivering unprecedented expertise and thought leadership throughout their entire product content journey.

Exceeding Expectations and Creating Stellar Experiences

  • No Hidden Fees: Gain unlimited users and unlimited access to new recipients.
  • Save Time & Money: Save time and effort and allow your current partner to manage all of your brand and content data in the manner that Lowes would like, allowing you to keep running your business
  • Unlimited Number of Demand Side Partners: Publish product and company information to as many recipients as desired (Get your products to Lowes, Amazon, Walmart and beyond)!
  • Enhanced Data Quality: Reduce time and money in your manual processes and involve fewer systems
  • Superior Service: 1WorldSync’s Professional Services Team can help create a complete end-to­-end global product content strategy tailored to each customer specific to their industry.

Undoubtedly accurate and timely product content helps instill trust and customer loyalty in the interchangeable and complex world of retail.

1WorldSync continues to offers a one-stop location for publishing GDSN and non-GDSN data to Lowe’s.  Learn more here!

Amazon: Prime-Time For The Grocery Industry

The grocery industry is the most pedestrian of retail endeavors – customers drive to stores, pick and pack their shopping, pay and then drive home. Many have tried to e-commercialize the grocery industry, but the business model never really seemed to work. The consumers desire to touch and feel grocery products before purchasing has been a barrier to widespread adoption of online grocery.

The food industry has traditionally been based around trust and price, not technology – and Whole Foods is known for providing a high level of trust and product transparency to its consumers through detailed product information. After a short dip into e-commerce, Whole Foods has refocused on brick-and-mortar retail growing 35 fold over the last 15 years (Fortune 2017)

And now, with the acquisition of Whole Foods Amazon sends a clear message to grocers that it is ready to play and, at least partly e-commercialize the grocery game. They’ve already dipped their toes in food and grocery in the past through Amazon Fresh and Amazon Pantry, but this gives them more robust access to high-quality food and more power to delivery grocery products more immediately to customers. It is also a bold statement that Amazon is serious about brick-and-mortar and at the same time this step finally fully validates cross-channel commerce as the future of grocery.

As the lines between online and in store have blurred, Amazon has realized that location will be a key driver for commerce success. Having access to Whole Foods’ 431 existing stores, gives them valuable distribution centers to bring fresh, localized products directly to customers. Amazon was also likely motivated to reach Whole Foods’ millennial audience and develop loyalty with the younger, more quality-conscious consumer.

This generation is more particular about where they buy their food and the ingredients in it, so Amazon will be able to earn the trust of these buyers through Whole Foods’ reputation and its strong identity as a trustworthy source for organic, GMO-free, high-quality food – that consumer trust will now be transferred to Amazon.  

Consumers need to be met wherever they are, whether in store or on their smartphones, but the importance here is an integrated approach. No one channel is the clear answer, but companies that stay competitive will need to more tightly integrate all of their approaches, both physical and digital.

Consumers are the key winners here, as the bar for success in the grocery industry is going to be much higher in the future. Competitive pricing, upgraded digital experiences, and more innovation will directly benefit customers.

Companies that aren’t paying attention to larger trends will lose as consumers demand for more product content; the value of an omni-channel approach to grocery; and the importance of consistent experiences across every channel.

To summarize, consumers aren’t tolerant of brands that look different online than in-store, and this is more important in the grocery market, as missing or misleading product information has the potential for serious harm.

What is the cost of bad product content to your organization?

88% of consumers say that detailed product content is extremely or very important to their purchasing decision. Consumers expect rich and trusted product content on all channels: desktop to mobile.

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

  • determining your data quality and how this positively impacts your business
  • leveraging the data you already have in GDSN for e-commerce and omni-channel purposes
  • global transparency initiatives

Now let’s hone in on the first product content challenge: data quality. No matter where you are on your product content journey, 1WorldSync Professional Services can help improve your data quality levels.

Data quality issues…the struggle is real

We hear the same challenges from all of our customers.

  • Suppliers have a large number of separate information stores and systems as well as other manual sources that house data for individual departments. It is difficult and expensive to integrate those connections.  With data replicated across the enterprise it is very challenging to align on ownership and establish data standards.
  • Data requirements change very quickly and can be hard to keep up with.  These changes can come from multiple places. They can be internally, market or recipient driven.  
  • A large amount of the 1WorldSync Supplier community is treating GDSN data separately from e-commerce data. This segregation can cause inconsistent or even conflicting consumer experiences for the same attributes, and ultimately cause harm to a brand.   

What’s the big deal around data quality?

Data quality is important for many reasons.  Some of the most popular reasons include:

  • Recipients are using the data you send them to drive their multi areas of their business as well as their e-commerce channels.  Do you, as a brand owner, want your recipients to clean your data and potentially impact your brand’s identity?
  • E-commerce recipients are requiring more and more data in order to sell on their websites.
  • Some e-commerce recipients are factoring in completeness and accuracy of data in search ranking and returns of your products.  Other recipients are applying penalties for suppliers who consistently underperform from a data quality perspective.    

Countdown to the Cosmo: Trusted Content, Anytime, Everywhere

1WorldSync is excited to join more than 1,000 partners in Las Vegas at GS1 Connect . For companies looking to upgrade their data quality capabilities, be sure to stop by the 1WorldSync booth (#17,18)!

Our professional services team invites you to receive your customized data quality report based on your existing items and take part in a 30 minute tailored consultation on your Consistency and Completeness against several key data quality performance indicators.

This is a great way to understand potential data quality issues with your current product content, how you rank against your peers, the impact on your business and what steps you can take to improve your data quality.

Sign up here for a 30 minute consultation during GS1 Connect!

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