Who wins or loses in the online channel (either B2C or B2B) is determined by who best manages the shopping experience to make it seamless, fast and simple for everyone to find, compare, select then buy. Anything less and the customer leaves an empty shopping cart. The growing list of famous brands that are disappearing is evidence of their failure to react to this new normal.
Building eCommerce Sites
Building an eCommerce site that looks amazing is only a piece of the puzzle. Picture this, you enter a large room filled to the ceiling with thousands of multicolored, distinct puzzle pieces. Your job is to select, sort, assemble, manage, and maintain each piece so that anyone who enters that room can quickly find that exact piece they need in less than three seconds or they run to the next room. How do you start? Basically, there are two ways. You can jump on the pile and start snapping pieces randomly together or plan your model by separating, categorizing, relating and cleaning the pieces. Having boxes of thousand-piece puzzles stored in our basement, I recommend the second option as the trustworthy route to success. That’s the art of Taxonomy and why it is indispensable to Master Data Management and Data Modeling.
Product Data and Digital Assets
But you knew that already and that’s why Amazon has been hiring so much of the Taxonomy talent and paying attention to Master Data Management. Let’s relate this practice to your product data and digital assets. It’s interesting to learn what our consultants most often discover when studying an organization’s product data and digital assets. They find a huge jigsaw puzzle of multiple, duplicated, complex spreadsheets in countless folders of photos, PDFs and videos all hoarded in several locations, technologies and geographies. To unscramble this puzzle, they use two tools utilizing two methods to provide the solution and foundation to successfully manage product data and digital assets to simplify the digital shopping experience. Their tools are Product Information Management and Digital Asset Management with the methods used to implement these tools as Data Modeling and Master Data Management.
Product Information & Digital Asset Management
Product Information Management (PIM) is the technology, practice and process of aggregating and collecting data or content about a company’s products and services. PIM is the method in which a company or organization manages the lifecycle of product data that may come from multiple sources and then delivers it to a customer or distribution channel for sales or marketing consideration. This usually has the purpose of feeding product data to web sites, print catalogs, database publishing, ERP systems, and multi-channel trading or syndication partners.
Digital Asset Management (DAM) is the technology, practice and process of aggregating, organizing and presenting Digital Assets. The most common Digital Assets are images. Other kinds of common assets are PDF or MS Word documents which people can download from the website or portal.
A Data Model pertains to the data, its characteristics as well as how it’s related to other data. It is also required to comprehend how to address the needs and how to design the database for your organization.
Master Data Management (MDM) is generally known as a method of empowering a company to access, distribute and integrate all relevant data from a single source or location. MDM should improve data quality, completeness, reduce redundancy, simplify collaboration and bring a systematic approach to sharing data that ensures the consistent consumption and use of data.
Taxonomy is used in the Data Modeling and MDM to name, classify and map attributes, items, objects or concepts to a consistent structure. When the same term has different meanings, taxonomy provides methods for understanding context and content to make its meaning well-defined, consist and understandable to avoid any ambiguity.
Imagine a world where products are easily found, descriptions are always complete and accurate, images display consistently, related content helps guide buying decisions, and suggestions are always relevant. This can only happen when your product data architecture has considered every aspect of the digital experience. There are a lot of moving parts to consider. Millions of SKUs from hundreds of suppliers in different formats. Multiple platforms that need to pass data back and forth. It is a perfect storm that must come together to deliver a seamless experience to the customer. There is nothing easy or sexy about it but it is a crucial investment that the top performers in the market have made.
How Pimcore Can Help with ROI
One solution incorporates all these tools and methods into a single platform or framework and that is Pimcore, a curated open source product with no licensing cost. This award-winning solution has over 80,000 customers in over 50 countries and natively supports over 20 languages. This is a consolidated (All-in-One) platform that includes: PIM, MDM, DAM, CDM, CMS, UX and eCommerce. The entire digital ecosystem of Product Information Management, Master Data Management, Digital Asset Management, Customer Data Management, Content Management (Website, Portals, Catalogs) and eCommerce. Pimcore provides a measurable ROI through managing omni-channel commerce, portals, web to print catalogs in many industries and marketplaces. As a single source end-to-end solution, the Pimcore all-in-one platform deliverers the unique capability of providing actionable insights into your customer buying behaviors and the effect your product content is having on those behaviors. This has long been a business justification for MDM and PIM and Pimcore makes this a reality.
Pimcore was designed and developed as a Multi-domain MDM solution. Pimcore’s PIM uniquely incorporates the best characteristics of an MDM solution into a consolidated platform that manages all structured data and digital assets within a data governance framework. The result is the fastest time-to-market, unmatched connectivity, getting the right product its rich, trusted content to the right customer at the right time, reducing supply chain costs and identifying bottlenecks through improved reporting.
Whether it’s managing the business process or gathering business intelligence, efficient enterprise data management is a prerequisite. With a deep focus on user-friendly and consistent organization, aggregation, classification, and translation of rich product information, Pimcore is uniquely placed to address PIM and MDM needs of enterprises. We recognize that efficiency and accuracy in handling data is at the core of a reliable data governance. Besides, being an open source data management platform, Pimcore provides ample scope for scalability, consistency, and optimization.