Last week, attendees from around the world, including myself, took part in an ‘accelerated’ week of learning and networking at the annual GS1 Connect 2018.
The conference highlighted that today’s fast-paced, digital environment connects us all and the power is fully in the hands of consumers.
Bob Carpenter, President and CEO, GS1 US, opened the conference highlighting the urgency and velocity of change needed to evolve at the pace of consumers, technology and business models. Bob spoke with passion and issued a call to arms to take action in leveraging data as an asset vs. liability.
Bob’s opening remarks echoed the many themes I heard in talking with 1WorldSync customers…the time is now to unleash product content.
My 5 takeaways are highlighted below:
- Product attributes fuel the path to purchase: I think we’re all aware that today’s digital consumers have never been so discerning. In the past price and availability sold products. Today, consumers judge products based upon attributes. Attributes include product description names, prices, size, romance copy and images. Consumers use product attribute to filter and compare choices. Thus, if you’re missing product information, you’ve lost the consumer on the path to purchase.
- You can’t put fresh paint over rotten wood: During the keynote, Bob gave the analogy of fresh paint over rotten wood, when comparing implementing a technology tool to help your organization manage product content. The bottom line is that at core, you’ve got to spend the time, energy and resources getting your product content accurate and robust. Technology may bring innovation but the data has to be accurate and collaboration is imperative. The time is now, to rip out the old wood and get the product content complete, accurate and digitally ready with expanded attributes that make the product shoppable on the digital shelf.
- Protect your product identity as you do your personal identity. Piggybacking on the fresh paint on old wood analogy, the bottom line is companies must take pride in their products identity that includes all content and attributes. The product content shared on digital channels is wrong far too often. Bob Carpenter mentioned that only 54% of data on the digital shelf matched the information on the product’s packaging. Inaccurate product data has a serious, and usually underestimated, negative impact on business and customer experience. Product content is the identity of the product. Better get it right!
- Leverage your data as an asset, not a liability. I heard this piece of advice both in the keynotes and in the 1WorldSync Annual User Group. Data should not be holding you back. Data and product content should be your biggest asset and differentiator. If you leverage standards, technology, partners and internal collaboration then data should be your company’s biggest asset. Protect that asset and the product’s identity with everything you have.
- Own the narrative behind your product content: The final piece of advice I heard from 1WorldSync customers and from the keynotes is the importance of the narrative behind the data. Data can be boring and hard for your executive leadership to understand the importance of if you don’t get the narrative right. Yet, we know that the data and product content is the cornerstone of the products identity. Thus, be well versed in understanding the implications of not getting your product content strategy right. Leverage your data as an asset not a liability and own the narrative behind the product content so that all people within the organization understand the importance and impact.
The Time Is Now: Unleash Your Product Content
More and more, eCommerce, social media, mobile and in-store are becoming distinctions without a difference and product content is the core of this omni-channel experience. From discovery to decision making, product content is the driver of every shopper’s journey. For years, supply chain professional have been investing in supply chain standards and ensuring supply chain efficiencies.
Now is the time, to shine a light on all the hard work and investment you’ve made in ensuring complete, accurate and quality supply chain and logistics content and demonstrate the value of this supply chain content.
Are you ready to unleash it to the evolving world of digital commerce? Visit http://solutions.1worldsync.com/omni-all-in-one today!
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