Cologne (Germany), Oct. 02, 2014 – 1WorldSync held their 5th Annual Congress at Cologne’s World Cup Soccer Stadium with 130 representatives from over 20 countries. Industry experts drove discussions on consequences for increasing regulations, modified consumer expectations and new omni-channel strategies for multi-enterprise product information exchange. The annual congress brought together industry leaders from around the world who shared best practices of how enterprises can effeciently meet the deadline to comply with new regulations and support increasing consumer demands by working with 1WorldSync, the leading provider of product information networks and data pool solutions certified for the Global Data Synchronization Network ™ (GDSN®). Continue reading
E-commerce as a sales channel for the retail industry continues to grow. Currently, e-commerce accounts for about 6% of overall retail sales, and about 11% of the top 30 product categories, according to Forrester. The growth rate of e-commerce sales is currently estimated around 15% annually, much higher than that of traditional in store sales.
But, with that said, many look at that one metric, e-commerce sales and can be mislead because it is relatively small at 6%. So even with good growth, it will remain a very small, niche “channel” in the minds of many retailers.
International trading has always played an important role in Asian countries. In a practical business, it takes a lot of effort to get customers’ orders shipped out; however, it is even more challenging on the back-end of production. There’s potential risk which can cause continuous logistical errors. Product information errors cause a domino effect of errors resulting in invoicing and sizing errors…just to name a few. All of which result in a decrease of profits.
Now, more than ever, global supply chains are under pressure to be agile and transparent, in the face of renewed consumer demand and the massive rise of Omni-channel commerce. In today’s digital world, your product information is one of your most valuable assets. Before your customers and trading partners ever see the physical product, they will have access to the digital information representing it. With the explosion of product information in the marketplace, the demand for quality, accurate product data has grown exponentially.
Did you know that *over $272,000 is spent online every minute and **72% of people are influenced socially through ratings, reviews and recommendations? Shopping behavior has changed significantly due to the multitude of online channels with information that is easily accessible to consumers to help make smart purchase decisions. Traditionally purchase decisions were influenced through advertisements and promotions directly from the brand owner or retailer. This trend is changing significantly and today’s shoppers increasingly leverage information from multiple online channels provided through mobile devices and social networks to enrich their shopping experience.
We’ve talked a lot about how the retail industry is going through a transformation in this blog. The consumer, and their desire to make informed purchase decisions are driving most of this change. As retailers begin to adapt to the connected consumer, many of their systems will begin to change in order to support the experience the consumer is demanding. The one system change that will likely take the lead in this change is the Point of Sale (POS).
Retail stores are doing everything they can to entice consumers to visit their location, and forego shopping online. The theory is that a superb in-store experience, combined with instant fulfillment, will make even the savviest connected consumer spend more time and money in the store. For this to happen however, there is a bar for convenience that has been set by the e-commerce industry that must be matched – checkout.