Enterprise Data Management and Risk & Compliance screening specialist, Datanomic, has launched its new dn:Director for eCommerce solution, specifically designed to help multi-channel retailers to maximise customer lifetime value and profitability through their online presence. The new solution solves the persistent and fundamental product data issues that prevent the creation of an accurate and reliable Single View of Product (SVP). Issues such as lack of search tags, inaccurate or inconsistent product descriptions, code duplications, erroneous global product classifications, incomplete dimensions, pack quantities, and shipping weights plague eCommerce, requiring into customer purchasing histories to automatically identify cross- and link-sales opportunities. Datanomic's solution automatically identifies and resolves product data issues, to significantly reduce manual remediation effort, dramatically increasing profitability, agility and insight.
Although technology exists to allow retailers to quickly create web stores and phone apps, the product data that is imported to underpin these new multichannel sales outlets is frequently deficient in the necessary attributes that make purchasing easy and straightforward for customers. Legacy product data often contains numerous attributes in a single, limited-character description field, filled with inconsistent abbreviations, making it practically impossible to search. This presents a significant headache for eCommerce managers, who frequently require additional resources to conduct manual rewrites, eroding extremely tight profit margins on which e-stores operate. This problem is set to compound as multi-channel retailers look to further refine granular categorisations and flexible criteria searches that optimise user experience and increase shopping basket conversions. Even those who believe their data is already detailed will be affected, as the average number of attributes relating to individual items is projected to increase from 50 to 250 in the near future in line with global product data initiatives.
Through their inability to extract and search the hundreds of merged item attributes, many eCommerce systems are incapable of proactively suggesting appropriate alternatives or alternatives with higher margins, and cannot be properly leveraged with the Marketing department's Single View of Customer (SVC) to target up- and cross-sell opportunities.
"To remain competitive, multi-channel retailers need to be as operationally streamlined as possible, and that includes leveraging accurate, granular product data for maximum customer impact," said Jeremy Lovett, Vice President Data Management Applications for Datanomic. "Increasingly, their eCommerce teams are looking to deploy web content management and product information management systems to allow a 'create once, use many' approach to data entry and maintenance. However, populating and maintaining the accuracy of that data within such a system is difficult when there is little consistency from data suppliers within and outside of the organisation. By directly solving the underlying issues around product data accuracy to build a Single View of Product, and enabling eCommerce teams to seamlessly integrate it with the Single View of Customer created by our dn:Director for Marketing solution, we are able to help multi-channel retailers extend and increase customer life-time value and profitability, whilst also taking significant cost out of product data management."
Datanomic's new dn:Director for eCommerce solution allows e-tailers to:
Quickly and easily consolidate data from multiple sources
Automatically investigate and audit data completeness, accuracy and appropriateness
Deploy context-sensitive parsing to granulate data by extracting out key terms
Harmonise data - automatically validate and standardise data to ensure consistency
Remove 'noise' characters and resolve type case issues
Automatically build descriptions and "phrases" from existing data
Automatically apply rules, validations and cross referencing
Ensure accuracy by collaborating with merchandisers, managers and product experts
Create search tags to allow for optimised searching and comparison by customers
Reduce the likelihood of customer ordering errors, and therefore returns for credit
Remove the need for teams performing manual checks
Enhance the accuracy and reliability of stockholding/churn information
Protect enhanced product data from degradation at point of entry
Match customers transaction history to existing products for up-sell opportunities
"In a market where margins are already extremely tight, such widespread inefficiency and inconsistency adds unnecessary cost, delays the on-boarding of new products, and dramatically impacts sales volumes and competitive advantage," said Steven Esom, former Managing Director of Waitrose and member of the Datanomic Independent Advisory Board.
"Efforts by organisations such as GS1 to create unified standards for product data will help in time, but have also highlighted the fact that data held by UK retailers and their supply chain is inconsistent in 80% of instances, resulting in losses estimated at 200m per year, and creating a huge burden for retailers, particularly in eCommerce. Datanomic's new solution removes much of that burden, allowing e-tailers to focus on less menial tasks."
dn:Director for eCommerce provides a complete data management solution tailored to the specific needs of Heads of eCommerce & Product Marketing, Product Managers, Retail Operations and Catalogue Management by allowing them to take control of their product data themselves and make it fit-for-purpose. The solution can work with multiple sources simultaneously, standardising data into a uniform format before automatically identifying and resolving errors and duplications within the data, eliminating the need for teams of people manually checking for errors. Used in real-time mode, the solution can also intercept problem data directly at input, thereby preventing errors and inconsistencies returning to the product database. The result is lower resource overheads, streamlined workflows, and guaranteed Right First Time accuracy. dn:Director for eCommerce is the latest in a suite of business solutions for maximising performance, minimising manual overhead and mitigating risk through fit-for-purpose data.