In 2019, we have a goal to work towards joining the thought leadership conversation in the area of E-commerce & Omnichannel. This conversation is already taking place on properties such as (to mention a few places where we see interesting content):
In the last post of this series, we discussed the need for a dynamic taxonomy to power search across the omnichannel experience. If this future was to exist, it would be interesting to understand what effect this would have on the concept of a single source of truth - the apparent holy grail of product data management. To explore this topic we will need to first cover where we are at right now in regards to maintaining a single source of truth for our product data. We can then consider the future needs which we discussed both here and here, with the aim of overlaying where we are at with where we need to go to see whether a single source of truth is viable going forward.
Static data standards: Over the last decade, there has been a lot of talk about a single source of truth and creating data standards to match. However, during this period we have seen data fragmentation at an unprecedented scale. For any single product, there are hundreds if not thousands of data endpoints all being powered by different data sources with different needs and different levels of accuracy and currency. To say that brands have lost control of their product data would be a dramatic understatement.
Scientists lead search demand When Label Insight first began working with the FDA in 2008, our core use case was powering more detailed search. Fast forward 10 years - e-commerce and robust search has become critically important and, surprisingly, FDA scientists are still leading the way in regards to deep search demand.
The rise of e-commerce in CPG It is no surprise that e-commerce in the CPG industry is expected to grow, but you may be surprised to see just how much. Recent Nielsen Syndicated Data estimations project that by 2020 e-commerce will grow in dollar growth vs today by 49%. Furthermore when looking at ‘the digitally engaged food shopper’ Nielsen and FMI project that by 2025 e-commerce may drive more than 20% of food spend.