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. What is the cost of bad product content to your organization?
1WorldSync led a webinar around how to:
determine your data quality and how this positively impacts your business.
leverage the data you already have in GDSN for e-commerce and omni-channel purposes.
2017 was a big year for news stories spanning all the industries we serve, and 2018 is sure to bring plenty of stories that will continue to shape the world of commerce globally and across all verticals.
Extra extra…read all about it! Here are a few highlights we wanted to make sure you didn’t miss:
We would be amiss if we didn’t lead with this story as it is definitely one of the biggest stories of the year for not only CPG/retail and grocery, but ultimately a foundational shift in how consumers will shop in years to come. In USA Today’s Article, Dan Wilkinson, 1WorldSync’s Chief Commercial Officer, provides commentary on what this means for the e-commerce giant.
Nick Manzo, 1WorldSync’s Global Omni-Channel Lead, provides important insight into how organizations can improve their Omni-Channel Commerce Strategy in this article in Total Retail. The article highlights the importance of rich and consistent content across all commerce platforms, providing transparency across the entire supply chain is essential in order to meet the needs of today’s consumer, and how investing in a cloud-based solution allows organizations to adapt to new challenges.
Internet Health Management published an article on how Amazon’s healthcare plans impact existing healthcare players. It provides insight from 1WorldSync around how Amazon’s entry into the healthcare industry will impact the big players in an already accelerated industry. Dan Wilkinson, 1WorldSync’s Chief Commercial Officer, describes the need for disruption that only Amazon can provide, “This venture is a logical next step as Amazon continues to involve itself in every facet of consumers’ lives and wallets.”
This year has proven that consumers want a seamless experience from a retailer, whether they are visiting a brick and mortar store, or buying on their phone or tablet. Creating this environment for consumers proves challenging for most, but Home Depot has made great strides this year with what they call their “interconnected retail” initiative. Nick Manzo, 1WorldSync’s Global Omni-Channel Lead, comments on how this DIY/Hardlines giant is not differentiating when it comes to omnichannel in this article from Supply Chain Executive.
Campbell’s Soup is a household name that brings a feeling of nostalgia to most, but that does not make them immune to the demands of today’s consumers in their need for an experience and not just a product. Dan Wilkinson, 1WorldSync’s Chief Commercial Officer, speaks to how Campbell’s has confronted this reality head on in this piece Campbell’s shifts their focus from product to experience for the Institute’s of Food Technologists (IFT).
Initiatives like the Grocery Manufacturing Associations’(GMA) SmartLabel, highlight the common theme across all industries, that especially with foods, consumers want the most accurate and up-to-date information available. Dan Wilkinson, 1WorldSync’s Chief Commercial Officer, highlights how getting started with SmartLabel is the stepping stone to building consumer trust for your products in Food Manufacturing Magazine.
These few stories are just the tip of the iceberg when it comes to all of the exciting things that are happening globally that impact the future of commerce and product consumption.
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?
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.
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.
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.
Consumers will continue to demand more product content to enable data driven decision making.
Marketplaces will be the driver for global revenue in the retail world.
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.
Deck the Amazon.com marketplace with your product content because Amazon wants your GDSN product content in 2018!
Amazon, No.1 in the Internet Retailer 2017 Top 500, this year began inviting all their brand partners whose products are sold on Amazon to share their GDSN product content using the 1WorldSync Product Information Cloud (PIC) which will accelerate a brand’s ability to synchronize their GDSN data to Amazon.
Amazon hopes to improve the completeness and accuracy of the product content listed on Amazon.com. Further they hope to improve a brand’s user experience by reducing the number of touch points needed to get product content onto their marketplace through their partnership with 1WorldSync.
Amazon commands more than half of all product searches and their website often getting more traffic than a single brand’s website with 55 percent of online shoppers starting their product searches on Amazon (Recode 2016). Thus, it’s imperative to ensure high-quality content about your brand. Leveraging your GDSN product content on Amazon.com will differentiate your product and help it sell.
The current process to list or update product information is manual, however through Amazon’s partnership with 1WorldSync brands can synchronize GDSN data to Amazon using the 1WS data pool. This accomplishes a hands-off-the-wheel approach in updating product information to to Amazon.
All brand owners are asked to synchronize all items from your product catalog that are currently sold on Amazon. To learn more about this opportunity please join us for a webinar on December 18th at 2 pm ET. Register Now.
No single formula, algorithm or crystal ball can tell you for sure when and why each individual customer will make a purchase.
However, it’s clear that having a clearly defined omni-channel strategy is key. The word ‘omni-channel’ has been a buzzword the past few years, but what does it actually mean?
According to the dictionary omni-channel denotes or relates to a type of retail that integrates the different methods of shopping available to consumers (e.g., online, in a physical store, or by phone).
HubSpot defines it as: “the ability to deliver a seamless and consistent experience across channels, while factoring in the different devices that consumers are using to interact with your business.”
Key to Omni-Channel Success: Product Content
Regardless of your definition, the key to success in omni-channel retailing is product content. Consumers rely on access to information about products they are considering purchases. Thus, the way businesses inform, educate and engage customers and consumers using product information must be robust and accurate.
Trusted product content is king when is comes to delivering a consistent experience across channels. The quality of a product matters less to a consumer than the quality of the product content.
Product content that includes images, information, and data about the product is playing a larger role in brands’ omni-channel effectiveness. Today, consumers are leveraging product content across the path to purchase for informed data driven decision-making.
To satisfy a consumer’s quest for information, brands must ensure that the right product content is available across channels, including online, mobile, and in-store. To master omni-channel commerce, retailers must create and distribute product content across channels.
Product content includes:
Product images (including a variety of formats, resolutions and angles)
Product highlights (romance copy, directions, warnings and marketing claims)
The role product content plays in a brand’s omni-channel effectiveness is rather straight-forward:
Product images and information are necessary to engage with consumers across the path to purchase.
Product content is essential to meet retailers’ requirements so they can market and sell products across channels.
Product data is used to automate and feed internal systems (e.g. warehousing, transportation, ordering, etc.) to ensure operations can meet demand profitably.
The Struggle is Real for Omni-Channel Retailing
However, the struggle is real when it comes to success with omni-channel commerce. According to 1WorldSync’s report ‘Charting a Course for Global Commerce’ found that 80% of merchants struggle to aggregate and distribute complete, consistent and trusted product information across all channels.
The increasing detail required for product content is not the only factor adding to the complexity.
Brands owners’ challenge in providing this content – quickly and cost-effectively – is made more difficult by the internal silos in most companies. In any given organization, product images might be managed by Marketing, product dimensions by Category Management or Logistics, ingredients by R&D and other details by yet other departments.
To transform product content from an obstacle to an omni-channel advantage, brands can follow these best practices.
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. This siloed structure inside an organization can result in a fragmented customer experience. Silos must be broken down. There is no longer such thing as in-store merchandise vs online merchandise. The channel is different, however the product content supporting the product remains the same. Thus it’s more important than ever to have a holistic strategy for consolidating and distributing product content across the organization.
Leverage 1 Solution to Enable Omni-Channel Retailing: You cannot keep up with the ever increasing demand for product content, unless you have a holistic strategy 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.1WorldSync’s Omni-Channel solutions helps leading retailers capitalize on product information to drive conversion. 1WorldSync works exclusively to feed companies like Amazon and Walmart GDSN and eCommerce data. Additionally, 1WorldSync customers can publish and make updates to their 1WorldSync data pool product information and enrich their product information for cross-channel commerce, enabling global content distribution and syndication for all your product information.
Watch our video below and learn how you can organize for cross-channel sales growth!
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.
Did you know that 45% percent of merchants and suppliers have lost more than $1 million in revenue due to challenges faced when integrating cross-channel capabilities (1WorldSync Data Study 2017)?
According to Nick Manzo, Omni-Channel Lead, at 1WorldSync, “Without establishing a firm foundation, brands can’t handle the challenges that a smooth omnichannel experience entails. However, brands that invest in the right technology and implement proactive measures are more likely to succeed regardless of how sales channels or customer expectations evolve.” (Total Retail 2017).
Blurred Lines & Blended Commerce: It’s an Omni Channel World After All!
With the recent acquisition of Whole Foods, it is 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 (Bloomberg 2017).
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.
Are you ready to make your products digital, discoverable and highly shoppable?
Invest in Cross Channel Capabilities
Commit to a third-party content provider
Embrace the cloud
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. 1WorldSync’s Omni-Channel solutions helps leading retailers capitalize on product information to drive conversion.
Watch our video below and learn how you can organize for cross-channel sales growth!
Since I was a toddler, I have been exposed to multiple paradigm shifts within the marketplace that in one way or another are an attempt to reinvent how we as consumers buy things.
For me, it started with going to stores, or shopping in a catalog and then blossomed into the world of connected commerce today. Recently when I stepped back from the daily act of using my phone or computer to research and buy products I came to a realization, the revolutionary experience I have been leveraging was not all that different from when commerce started.
Commerce took a turn for increased accessibility to products and a centralized way to purchase multiple goods/services from one location. Trust, reviews, availability and price were still the cornerstones of commerce.
Customers trusted the store to offer friendly advice (owners & employees), have products on the shelves and if the prices weren’t right, the customer went to a different store. The main thing that changed was how the products were brought to the customer.
First Came The Big Box Retailers
You no longer needed to be concerned with selection, because the big box had “everything’ you could want. Stores got bigger allowing for greater availability, lower prices, and product insights from media outlets (newspapers, TV, Radio).
E-commerce has shaped our relationship with how we buy and sell products, but at it’s core e-commerce is just next evolution of catalog shopping The innovation is not the method or even commerce itself, but an expansion on the idea of getting any item even from the comfort of your couch.
Bridging the gap between digital and physical does present a challenge for the retailers/e-tailers etc. as they are looking to make the trust, availability, price and review experience seamless across all avenues of purchase.
From Brick To Click
1WorldSync recently completed a data study that highlighted some of the key challenges suppliers and retailers face when trying to achieve true cross-commerce capabilities. and uncovered key insights into the struggles that are faced in today’s omni-channel world.
Key findings suggest that a majority of merchants and suppliers are not fully prepared to meet the varied demands of modern customers. 45% of merchants and suppliers have lost more than $1 million in revenue due to challenges faced when integrating cross-channel capabilities into their commerce strategy (Source: 1WorldSync Data Study).
You can read more here about how 1WorldSync can you make your products stand out in a very crowded Omni-Channel world.
Nowadays, “going shopping” doesn’t only entail seeing a product, adding it to the shopping basket, and then checking-out.
We are actively searching for our desired product online. In order to find more comprehensive details, we compare product descriptions, read reviews, and search for pictures and videos. Our shopping universe is digital not only in our private life, but also in a B2B environment.Continue reading →
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.