Product Information Management An Engine Driving Omni- Channel Success

Transcription

1 Product Information Management An Engine Driving Omni- Channel Success ecommerce Trends from a Product Management Perspective:

2 arvato Systems North America 6 East 32nd Street, New York, New York United States All Rights Reserved Copyright 2014 This document is arvato Systems sole and exclusive property. You are not permitted to duplicate, hand out, or distribute without prior written approval. Version 1.1 November 1,

3 An effective Omni- Channel strategy redefines your company s approach to the market, customers, and especially product sourcing, marketing, and distribution. Adapting this business model starts by examining your existing vendor and product information workflows and systems. Upon completion, identify the most efficient path to centralized access points for your internal and external business partners. With technology and your business constantly changing and evolving, your data flow and management systems must be ahead of the curve. The Omni- Channel landscape can be a blessing and a curse and ideally you will leverage an ecommerce solution to convert opportunistic trends into revenue. In this brief paper, we highlight the good and the bad favorable trends to make the most of and risks presented by some of the same underlying ecommerce tides. A central theme of focus enabling the Omni- Channel evolution are the latest product information management solutions a modern approach to extracting, consolidating, centralizing and then sharing all product data components. The Ongoing Paradox The Good Technology and consumer behavior have created a marketer s dream dozens of touch points representing new and unique opportunities to engage and transact with customers across multi- tiered distribution channels. Three distinct facets of modern commerce require a single consolidated high performance data repository, capable of feeding into applications across the enterprise: Globalization has broken ground into new markets and consumer tastes, while sustaining revenues regardless of regional economic conditions. Product marketing has become more complex as languages, communication methods, currency, laws, logistics, and more vary greatly from country to country. Accordingly, total product catalog size and distribution to internal applications such as marketing have exponentially grown. Information Age is a fitting label for the current time, but with great knowledge comes great responsibility, as product information must be provided consistently across every available media channel. Customers are more likely to purchase from ecommerce merchants who replicate the physical shopping experience by serving sophisticated on- demand product information that rivals a physical encounter. Version 1.1 November 1,

4 Rich media has forever changed content production, distribution, and consumption. Product information must be available in video and other interactive formats, often requiring large file sizes, but performance and speed are required at the click of a button. Furthermore, producing this content requires more resources and consistently accurate product information. Product management teams and marketing departments are increasingly demanding content management systems which automate workflow, govern access, and provide storage for rich media content. Investing in resources that support content marketing for growing product catalogs can increase efficiency and facilitate timely, quality production processes in- house. The Bad Amid the positive trends lie threats to sustainable Omni- Channel success. What risks are you exposed to when your product management capabilities lag behind the growth curve? Below are three common pitfalls even the most successful companies must constantly seek to avoid: Damaged brand image: Your brand is one of your most core valuable assets. An overloaded or patchwork of manual data feeds serving as your product information management system increases the odds of inaccurate or missing content. These costly mistakes may include lost revenues, diminished competitive edge, and intangible brand points. Product information management solutions ensure extracted source data in various formats and structures is cleansed and validated, before being made available via a single data hub. Consider the integrity of your product data management and processes, because proactive measures are less expensive than the afore- mentioned risks. Product Returns and Bad Transactions consume internal resources and reflect negatively on your brand, buyer perception, and bottom line. Centralized product information and streamlined workflows for applications requiring product data are the first line of defense, protecting you from costly errors or consumer misinformation. Fewer returns insulates profit margins by limiting processing expenses. Opportunity Costs add up over time as an outsourced product information management solution can generate cost savings in areas such as customer support, supplier onboarding, and catalog creation. The Better Shifting to the future, how can product information tools help stimulate and sustain growth? An Omni- Channel strategy gets better with age, and below are three key drivers of growth positively impacted by best practices in product information management. Marketing channels have multiplied from traditional broadcast, radio, and print to include hundreds of formats within the Digital channel alone. Your marketing gurus must have access to countless combinations of product information and correlating output formats. The Omni- Channel evolution has created insatiable demand for data integrity and consistency within marketing departments. Your success hinges on enabling them to adapt and rapidly create content and messaging. Version 1.1 November 1,

5 Speed to Market remains critical to success. B2C retailers have embraced, refined, and improved the Omni- Channel model, while B2B companies, once laggards, are now undergoing a similar transformation. Your product marketing technology must be capable of implementing a streamlined Omni- Channel approach as marketing channels and distribution strategies expand and evolve. Omni- Channel product marketing demands efficiency and accuracy as information is accessed, as literally hundreds of marketing iterations or descriptions are needed to reach the marketplace. Expansion in the form of new products, product line extensions, geographical, horizontal and vertical integration, M&A, spinoffs, and new brands are the name of the game. To that end, revitalizing product management for your existing portfolio is bare bones critical. Consider the overarching benefits of having infrastructure in place to support exponential growth in products and accompanying information without sacrificing accuracy, reliability or performance when accessing content. Key Takeaway An end- to- end ecommerce platform with an integrated product information management solution is good to have today, only getting better in the future, and can provide insurance against the ugly risks that lurk amid the Omni- Channel evolution. For more information contact arvato systems North America or call arvato Systems North America arvato Systems uses the technology, talent, and expertise of over 2,700 people at more than 25 sites throughout the world to create integrated, future- proof business infrastructures that help make our clients more agile and competitive, and enable them to deliver new standards of service to their customers. We create streamlined digital processes that support innovative business models while providing operation and support services. arvato Systems is a hybris Platinum partner with a solid reputation, over eight years of hybris implementation and product development expertise (B2B module, B2B Accelerator, Telco Accelerator, Digital Module, OMS). Version 1.1 November 1,