Tag Archives: product information network

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.

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.

Summer Release Sneak Peek!

Summer Release Sneak Peek

1WorldSync will be launching our Summer release later this month. We’re excited to debut our expanded capabilities to support your Omni-Channel and Healthcare product information initiatives. The Summer Release features new apps and solutions that include:
 
  • Foodservice Product Content Marketplace that will allow foodservice manufacturers to highlight their products to the long tail of foodservice distributors.
  • Digital Catalog which allows you to take your product content in Catalog1 and create a rich online product catalog that can be used by your internal sales and customer service teams, browsed by your customers, and leveraged by your marketing teams.
  • And several new apps that allows you to get your products Google, Walmart, Amazon and beyond!

Stay tuned for more information about our Summer Release!

The Dream of a Product Shelf. How to Get Your Products Online and Selling.

Every business person starts their journey with an idea.  An idea they hope will be life-changing.  For many, these entrepreneurial dreams hark back to summer lemonade stands, paper routes or garage made inventions.

Dessert queen, Debbie Fields[1] famously took to the streets, passing out freshly baked chocolate chip cookies to any passerby.  (Her Mrs. Field’s Cookie products are now sold in her namesake retail stores, grocery chains and an online bakery.) ScrubDaddy[2] (an ergonomically designed kitchen sponge) plied its wares on TVs Sharked Tank.  (Since the pitch, they’ve moved 10 million units for total sales of more than $50 million.)  Let’s not forget Joy Mangano, the entrepreneur known for inventions such as the self-wringing Miracle Mop.  Her first appearance on QVC helped the Miracle Mop sell out—more than 18,000 mops in less than a half an hour.

Of course, not every product has the benefit of a TV launch.  Far faster and far easier, it’s about selling your products online.  And yes, selling your product (s) on your own company online store is great and has its own benefits.  But far better is getting placement on one or more of the larger online retailers.  So how will you get your company ready for the selling with the big guys (think Amazon, Google, Walmart, etc.) so that you’re discoverable and comparable across all digital properties?

Correct Product Content

The first step is providing robust and accurate product data for your customers.  Every product online has a large amount of data associated with it, but it can be difficult for mobile applications or web pages to distinguish between two comparable products if the product data is inaccurate or incomplete.

Inaccurate or incomplete product data is extremely problematic for your customers.  Today’s consumers demand rich product information.

Is there enough detail?  Are there photos?  Is there enough detail for them to make a decision?  If not, the likely result is a lost customer and sale.

Consistent Product Content

Ensuring that the product displayed online is the exact same product sent from the fulfillment center can be a challenge.  It’s important to consider solutions that will ensure that product and package variations are managed properly in the fulfillment process so that consumer expectations are met.

Streamline Product Content Management

As consumers, we know the types of content we expect on retail websites and apps. But as a product supplier you know creating, compiling, managing, hosting, updating and publishing this content across all shopper touch points is complex and time-consuming.

For this reason, many retailers and manufacturers are working with 1WorldSync to streamline product information and content management. 1WorldSync’s Omni-channel solutions ensure product information is complete, accurate and consistent. Further, these solutions improve the consumer experience by delivering high-quality and complete data about the product in stores fortifying consumer loyalty and growing sales.

Learn how Dot Foods Increased Sales Using 1WorldSync: View the Case Study

References:

[1] http://www.forbes.com/sites/learnvest/2012/11/20/how-to-build-a-multimillion-dollar-company-the-story-of-mrs-fields-cookies/2/#4df04bfc78d3

[2] http://www.investopedia.com/articles/investing/082415/10-most-successful-products-shark-tank.asp

Game, Set, Match. Online Shopping Takes the Lead.

We confess.  We do love online shopping.  There’s nothing quite like the thud of a big brown box (or red/white/blue box) hitting your front door.  For a moment or two, it’s almost a mini Christmas morning.

Here’s confession number two – it’s happening more and more (insert festive emoji here).  So frankly we’re relieved to hear that we’re not alone.

In fact, for the first time, consumers say they bought more of their purchases on the web than in stores, according to an annual survey of more than 5,000 online shoppers by United Parcel Service Inc.  The shoppers now made 51% of their purchases on the web compared with 48% in 2015 and 47% in 2014, according to the June 2016 survey by UPS.[1] (“Although the findings are skewed toward consumers who already gravitate toward the web, and exclude the $602 billion bricks-and-mortar dominated grocery store industry, they nonetheless represent the latest in a steady climb over the past few years, as consumers become more comfortable buying items on the web.” [2])

The latest results of the survey—now in its fifth year—illustrate the degree to which the adoption of online shopping is accelerating. This year, 44% of smartphone users said they made a purchase from their device, up from 41% a year ago. It also helps explain why retailers are having so much trouble adjusting to the new cybershopping era.

There’s definitely been a dramatic shift as over time, people are getting more and more comfortable shopping online.  And unfortunately, that has hit retailers hard (conversely, Amazon accounted for 60% of total U.S. online sales growth last year alone).

Though millennials make 54% of their purchases online, the rate of adoption by older people is growing at a faster rate. Non-millennials made 49% of their purchases online, according to the survey, compared with 44% in 2014. And as for shopping by smartphone users: the survey found that 63% of millennials use their phones to shop, while 19% of baby boomers and 8% of seniors use their phones to make purchases.

Fortunately, 1WorldSync customers are well positioned to continue building on this trend.  Our customers are able to provide better quality product images and information, while reducing the cost data acquisition.  Ultimately, their customers (online shoppers) will experience fewer errors when searching for products, resulting in more time to concentrate on growing their business.

[1] https://www.consumeraffairs.com/news/

[2] http://www.cnbc.com/2016/06/08/digital-buyers-becoming-even-more-loyal.html

“Retailers & “Summer-itis” – 3 Tips on How Online Retailers Can Avoid the Summer Blues”

“Summeritis”

“A rapidly spreading condition occurring every year when the weather begins to warm up and summer approaches. Symptoms include: extreme laziness, distraction and sudden lack of effort.”

Yes, indeed it’s a real disease (according to the Urban Dictionary). So here we are, with Memorial Day in our rear view mirror and summer literally days away.  And of course, with summer comes…. vacation and people wishing they were on vacation… and full blown cases of what we call “shopping summeritis.”  While this may be a joyous time of the year for many, online retailers may not exactly share the same excitement. Don’t believe us?  Well, there’s research to confirm that. When temperatures rise, online sales go down – way down.

“When consumers start reaching for sun block and ice cream rather than their credit cards and tablets, that shows up on e-retailers’ bottom lines. An analysis of online shopping habits in the summer by SumAll shows gross sales for online merchants in July decline 30% from December highs, and average order value falls nearly 5% below the annual average in August.”[1]

Well, have no fear.  We have a few great suggestions that will help keep your shoppers engaged and avoid the dreaded ‘summer-itis.’

  1. Leverage Monday Madness

Online shoppers spend the most per item on summer Mondays ($41.13) and the least on summer Fridays ($34.74). So it’s a great opportunity to incorporate sales incentives, such as free shipping for orders of $100 or more on Mondays. This will help push consumers to purchase higher priced items.

  1. Increase your Social Media Engagement

Remember those millennial shoppers we’ve talked about?  Winter, Spring, Summer or Fall, no matter what the season, you can always count on millennial’s heavy usage of social media.  This means that their phones and tablets are still within reach. Take advantage of this opportunity to constantly update your social media channels to engage with your customers. Whether you are showing off a new product or providing a discount code. One day to focus your energy towards is Wednesday. During the summer, Wednesday accounts for a very high number of sales throughout June to August, according to Internet Retailer.

  1. Information, Information, Information!

While people may not be reaching for their keyboard or laptop, their mobile device is always within reach. Take this opportunity to create a summer focused communication sharing information pertaining to discounts, new products and special promotions. Provide links to product specifications, photos & videos and customer comments.  Don’t underestimate the power of relevant, complete and trusted product information to boost your online sales this summer.  It might just be the antidote you need to combat the dreaded summer blues.

[1] Internet Retailer

Ask the Experts at GS1 Connect

“Ask the Experts” about Major Release 3 at 1WorldSync Annual User Group and GS1 Connect Conference

Major Release 3 at GS1 Connect

Major Release 3 will be a big topic of conversation at the 1WorldSync Annual User Group and GS1 Connect.  Conference attendees will have the opportunity to interact with 1WorldSync MjR3 experts 1-on-1 and in group sessions.

Every year, 1WorldSync hosts its Annual User Group conference co-located with GS1 Connect.  This year, the events will be held in Austin, Texas.  If you haven’t yet registered, sign up today.

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A Better Way to Find Stuff Online

Finding and comparing products online is far more frustrating than it needs to be.  Especially if you’re trying to find the online version of a product you found in the store. There is almost no correlation between the offline product world and the online product world. I can say this confidently, because I found out from personal experience recently. Continue reading

How to Be MjR3 Ready!

1WorldSync understands the implications of Major Release 3 for its diverse community of trading partners. The impact to each organization may be very different depending on what attributes they support and what interface they have into their data pool.  1WorldSync is helping its community Be MjR3 Ready by breaking it down into three steps and providing the support needed to successfully complete each step along the way. Continue reading

Early Availability of New Product Information

The demand on brand owners for accurate product information continues to grow – consumers want to have confidence in the information for food & other products, such as ingredients and allergens.  Retailers want to understand accurate dimensions of products for shelf planning and supply chain purposes.   When it comes to new products that have not yet been produced, the initial set of information is desired well before the final product is ever produced so that buying decisions can be made between the merchant and the brand owner. Continue reading