Retailers and consumer product companies have always dealt with poor data quality. However, never before has it been so important to fix the issue.
The last couple of decades, retailers and consumer products companies have tried to collaborate to solve the issue of poor product data. Their goal was to create an efficient supply chain by synchronizing their product data. And those processes that suffered from poor data quality, could still be controlled by making people available to fixing hick ups on the fly. But things have changed. Today, shoppers like to make an informed purchase decision and rely on different sources for gathering product data as they move along the path to purchase. Even when shopping in a physical store, many shoppers look up product data on the internet, through social media networks, or an app in no particular order. And above all, shoppers search for product information beyond what is available on the product label. The boundary between online and offline has ceased to exist. If shoppers don’t find the product information they need, they immediately switch to a retailer or brand that provides them with the information they need. Gone are those days when accurate product data was important only for efficient exchange of trade information between supplier and retailer. Product data now has become equally important to improve the omni channel customer experience.
It is a well-known fact that missing, incomplete or wrong product data results in a steep drop in online as well as store traffic, reduced conversion and diminishing customer loyalty. If you want to know how to monetize product data in an omnichannel retail environment do read our POV: "The devil is in Product Data Details".