Many Consumer Products and Retail organizations are in an unenviable position of having to support steadily increasing number of channels where customers and consumers research, share information about, and buy goods/services. The most practical approach to improve distribution and increase sales is to be in channels where your prospective and current customers are researching, sharing and buying good and services. Which means having presence in some or all of the below.
Getting Ready for Ubiquitous E-commerce
The pandemic has accelerated customer adoption of ubiquitous e-commerce and amplified the advantage for organizations that are better prepared to support ubiquitous e-commerce. Our experience indicates that organizations need to consider wholesale transformation to support ubiquitous e-commerce.
Master Data Needs of Major E-commerce and Digital Marketing Channels
Master data needs for different digital commerce and marketing channels can vary but the general elements tend to be similar. For example, the picture below shows key master data elements of Amazon.
Major Master Data Elements for Amazon
Much of E-commerce and Digital Marketing is geared towards promoting and selling products and product like services. As a result, a product and SKU oriented master data strategy and elements are good starting points for achieving excellence in Master Data Management for E-commerce and related Digital Marketing.
Our recommendation is that established organizations should first look at the types of master data elements that Amazon supports and recommends. These recommendations apply regardless of whether your organization is a vendor to Amazon and/or 3rd party seller on Amazon. Most other E-commerce channels support similar master data elements with slightly different names. For example, Shopify’s master data needs below are similar.
Products in Shopify
Descriptions and Media in Shopify
Pricing and Inventory in Shopify