Top 6 Data Syndication Tips to Accelerate Your Go-to-Market Strategy

In the next five years, third-party (3P) marketplaces are expected to lead as the largest and fastest-growing retail channels globally, Ascential’s 2022 Future of Marketplaces Report says. They’re projected to grow at an impressive rate of 10.4% from 2022 to 2027, contributing an extra USD1.3 trillion in sales.

For businesses competing in this bustling market, developing a rapid go-to-market strategy is crucial for staying ahead. A vital part of this strategy is effective product data syndication, ensuring quick and effective customer communication. The importance of this approach to speeding up market entry cannot be overstated.

At Gepard PIM, we understand the significance of a quick go-to-market strategy and the essential role of efficient product data syndication. This article will provide practical tips on data syndication to help streamline your market entry. Keep reading for actionable insights.

What is Product Data Syndication?

Product data syndication is the strategic distribution of detailed product information to multiple eCommerce channels, platforms, and marketplaces, each with unique requirements. This process includes sharing specifics like product descriptions, pricing, images, and specifications in a compatible and optimized format for each individual sales channel. Doing so ensures that the data is accurately represented and effectively utilized across various online retail environments.

The Significance of Product Data Syndication

The significance of product data syndication (PDS) in the current digital business landscape is multi-faceted.

• Supply Chain Efficiency. Effective PDS ensures the timely and accurate distribution of product details across platforms, avoiding delays and inconsistencies. This leads to more efficient order processing and improved customer satisfaction​​.
• Regulatory Compliance. PDS aids in meeting regulatory standards in highly regulated industries by ensuring clear and accessible product information, thus avoiding compliance issues​​.
• Enhanced Partner Relationships. Accurate and comprehensive product data fosters trust and reduces errors in content between businesses and partners, improving sales figures​​.
• Faster Product Introduction. A robust PDS strategy enables the quicker and more efficient introduction of new products to the market, significantly benefiting the competitive positioning of businesses​​.
• Cross-selling and Upselling. PDS can recommend related products based on customer history, boosting order value and encouraging additional purchases. It also creates opportunities for upselling by highlighting products with superior features or benefits​​.
• Reduced Operational Costs. By streamlining the data exchange process and reducing inaccuracies, PDS helps cut costs and allows for the reallocation of resources to more strategic operational areas​​.
• Improved Customer Experience. Detailed product descriptions and high-quality images enhance the shopping experience, increasing engagement, conversion rates, and loyalty. In B2B contexts, providing partners with accurate product information optimizes the value chain, reducing errors and delays​​.

Top 6 Product Data Syndication Tips

1. Consolidate Your Data Sources

Begin by merging all your data sources into a single source of truth. This includes retiring outdated databases and combining spreadsheets and shared documents into a unified format. Utilize next-gen Product Information Management (PIM) software to adapt data to your specific attribute hierarchy. This centralization is foundational for effective product data syndication, streamlining management, and updating​​.

2. Master Data Mapping

The data mapping module guides the organization of product attributes. This step is where the complexity of multiple spreadsheets and databases is transformed into a cohesive database. Data mapping software can split a single brand’s product attributes into a set tailored for specific sales channels or merge different product attributes into one comprehensive attribute, ensuring uniformity across platforms​​.

3. Prioritize Data Quality Assessment

Once the data is integrated, use the PIM to evaluate the quality of your product data. This built-in feature filters whole catalogs by the products that need editing first, ensuring that data quality is consistently high.

4. Automate Data Clean-up Processes

Simplify corrections and enhancements to product data through automation. Utilize bulk update functions in your PIM software for efficient data management, reducing manual effort and increasing accuracy​​.

5. Enable Cross-Departmental Data Access

As you refine product data, ensure other departments such as product development, web development, marketing, and customer service have the necessary access. Next-gen PIM software offers customizable user permissions, allowing you to control who sees what and who can edit, ensuring data is used optimally across your organization.

6. Accelerate Data Distribution

Use the PIM’s channel management features to select the exact version of the data you need when distributing updated data to sellers or platforms. This ensures that the latest, most accurate product information is always used, keeping your offerings current and competitive.

Product Unit Mapping & Transformation Best Practices

Product unit mapping involves correlating units of measure used within your business to those used by different sales channels or marketplaces. This process ensures that product measurements, sizes, and quantities are accurately and consistently represented across all platforms.

Implementing Transformation Strategies

To effectively transform and standardize product units, it is necessary:

• Identify Variances: Recognize the different units of measure used across various platforms.
• Create Conversion Rules: Develop rules for converting units into a standard format.
• Automate the Process: Utilize software solutions that can automatically convert and update unit measurements as per channel-specific requirements.
• Ensure Accuracy: Regularly review and update conversion rules to maintain accuracy in product listings.
• Streamline Communication: Clearly communicate these standards within the organization and with external partners to ensure consistent application.

By meticulously mapping and transforming product units, businesses can avoid confusion, enhance customer understanding of products, and maintain consistency in product information across diverse sales channels.

Conclusion

Effectively using product data syndication is key to success in today’s digital market. By applying these strategies, businesses are not just keeping up but are also set to lead in the online retail world. In a marketplace driven by data, those who skillfully handle and share their product information will lead the way, opening up new opportunities and fostering growth.