With an average growth rate of 10% per year and a massive global market, e-commerce is a fast-growing industry. In line with the growth of the sector, new marketing channels often emerge. To complicate an already overwhelming situation, customers are relentless in their demands for an omnichannel experience. They want consistency in brand identity and a seamless transition from one channel to another. While their expectations and demands are justified, it puts additional pressure on companies and their product data management strategies. It raises the question of how to quickly and efficiently distribute product data to numerous channels while maintaining accuracy. Fortunately, product data syndication provides a sustainable solution that ecommerce businesses can rely on.
WHAT IS PRODUCT DATA SYNDICATION?
Product Data Syndication (PDS) involves the distribution of accurate, consistent and optimized product information to all marketing channels and sales portals. Companies now sell and sell products on various platforms. Examples are websites, physical shop windows, marketplaces such as Amazon and eBay, and social media platforms such as Facebook and Instagram. Syndicating product data ensures that the information arriving at this point of contact accurately reflects the brand's catalog.
While PIM software already functions as a single source of truth for product data, there is still a need for syndication capabilities. PIM does a great job collecting, storing and optimizing data on all products in inventory. However, inefficiencies can derail data distribution across channels without product data syndication. Therefore syndicating product data is necessary to complement the product information management strategy.
WHY IS PRODUCT DATA SYNDICATION NEEDED?
Data formatting requirements vary between marketplaces, distributors, retailers, and sellers. While brands can define the rules for their own channels, they must adhere to them when distributing data to public channels. In addition, companies must maintain their product data management standards while distributing this information to these channels. Any attempt to manually perform this process carries a high risk of human error and waste of time. These are the inefficiencies that product data syndication platforms solve.
Product syndication optimizes key processes from centralization and data cleansing. Then data transformation takes place in multichannel compatible and custom formats as defined by the channel templates. Therefore, the information for each contact point is standardized before it is published. By combining PIM and PDS capabilities, the right information comes to the right place at the right time.
HOW DOES PRODUCT DATA SYNDICATION HELPS A COMPANY?
Using product data syndication can initiate a period of prosperity for brands following this strategy. Here are five ways syndicating product information can breathe new life into your business:
RICH CUSTOMER EXPERIENCES
Customers place great value on product data. According to Forrester, 73% of customers relies on product data when making purchasing decisions. That is why it is important to provide them with informative and detailed texts and images at every point of contact. By using 3D and Augmented Realityfeatures will boost their experiences as they scroll through your product collection. Product syndication makes delivering user-friendly product information easier.
ELIMINATES INEFFICIENCE
Product data syndication goes a long way in optimizing data management processes. It introduces much-needed automation that reduces errors. Features such as export scheduling help companies maintain control over distribution. Bulk editing capabilities also make it easy to make changes when changes occur in the price or specifications of product data.
ENSURES CHANNEL REQUIREMENTS COMPLIANCE
As previously emphasized, product data syndication plays a key role in tailoring content to each channel. The process is also largely automated, which reduces the chance of errors. In addition, syndication tools generate reports on the readiness of product data for distribution to a particular channel. This leaves room for human supervision so that silos and duplicates can be removed.
FASTER TIME TO MARKET
When making plans to take your business to a new marketplace or sales channel, product data can often cause delays. With product data syndication, the right information reaches the channel in a timely manner. This saves time, meaning products can be launched faster and market expansions can progress faster.
MORE INCOME
Of course, the sum of the above benefits is an increase in monetization. Product data syndication offers companies so many opportunities to make more money. For example, providing customers with richer experiences increases the average order value per customer. Brands can also leverage product data to create upselling and cross-selling opportunities.
In short, product data syndication is a necessary solution for companies looking to go omnichannel. Adding AI and API-driven integrations means even more reasons to be excited about PDS. That's why now is a good time to make sure syndication is part of your strategy for product information management.
