How to Win in Retail: Your Board-Level Challenges, Solved with One Platform
After the eCommerce boom of 2020, retail as we knew it transformed. While it was already heading into a highly digital presence, the drastic growth of eCommerce activity accelerated that change. What has this led to? A bigger need for compelling product content, streamlined processes, transparency and more.
However, those top challenges retailers have faced for years remain largely the same. At the end of the day, retailers want to drive revenue and brand loyalty by staying ahead of the competition and meeting consumers where they are (with the items they want). More than ever, these companies need a single solution that addresses their challenges and enables them to achieve these goals.
Syndigo, the first Active Content Engine, is that solution. It ingests, validates, manages, enriches, and optimizes both supplier and private label content—with the objective of meeting retailers’ unique requirements and maintaining consistency across all their channels.
Board-level challenges of a retailer
At Syndigo, we understand the highest priorities that retail leaders have in their organization. Our decades of experience working with 1,750+ global retailers, including many Fortune 500 enterprises, has given us deep insight into the most pressing challenges retailers face.
We are continuously enhancing our solutions to ensure these companies are equipped to deal with those challenges—and overcome them with confidence. Whether it’s supply chain efficiencies, vendor management, driving incremental revenue or growing private label sales, we know these top-level challenges are always on the brain. Add in the fact that these challenges are now occurring in the face of accelerating eCommerce, and it’s crystal clear why retailers have their hands full. The culmination of all this leads to some key priorities across retail businesses.
Here are the priorities that are integral to retailers managing those board-level challenges:
Sourcing a compelling assortment of products.
Retailers need to ensure their consumers find what they want, discover things they did not know they wanted, buy and come back!
Improving speed to market for new products.
It’s critical to beat the competition and avoid delay in offering the latest trends to consumers.
Creating a captivating experience for consumers.
Retailers want to provide a best-in-class omnichannel experience with rich, accurate and engaging content that makes their website a frequently visited destination.
Selling products that meet consumer expectations.
Simply put, it’s important to make sure consumers are satisfied in order to minimize product returns and increase repeat shoppers.
Improving speed of order fulfillment.
Whether in-store, shipped or moved in the warehouse with robotics, accurate product weights and dimensions are essential so the product can fit where it’s placed/packaged and be transported successfully.
It’s a continuous goal for retailers to improve overall processing speeds, from assortment selection to order fulfillment to accurately calculating packaging needs and shipping costs—ultimately minimizing errors and rework.
Solving Your Challenges Through the Smart Application of 3 Primary Data Sources
The Active Content Engine is the comprehensive solution for addressing all these challenges and more. It was designed with three product data sources in mind—and these data types not-so-coincidentally align with the data retailers manage to achieve their goals (for both supplier and private label content)!
Vendor data is needed for retailers to get up and running with a large supplier community—things like brand names and primary product images.
Operational data is crucial to effectively packaging, shipping and fulfilling product orders, as it transforms the product from a submission to a reality.
Selling data is the icing on the cake to make sure those product pages and packages are truly compelling with elevated content experiences that educate the buyer.
It all begins with vendor data. Syndigo’s robust network means we already have a lot of the data needed for supplier onboarding, which helps streamline the process of sourcing new vendors and new items, as well as ensuring any of the retailer’s changing requirements get into those vendors’ hands early. Essentially, Syndigo acts as the retailer’s advocate with brands—not only supporting alignment between both sides, but being willing to broker a conversation for any that they’re hoping to make a connection with.
Challenges addressed by vendor data
Sourcing a compelling assortment of products – Thousands of engaged suppliers in Syndigo’s global network are prepared to deliver the product content not only for retailers’ eCommerce sites, but also for the ever-important supply chain.
Controlling costs – When the right data is available at the right time, overall processing speeds improve. Our recipient side workflow enables reviews and internal enrichment.
Next, we get into operational data, what some might say is the meat of it all. The Active Content Engine ensures this information is reliable regarding case count, warehouse slotting, weights, measures and more. Overall, accurate operational data is the key to a smoother process for fulfilling sales—not to mention, it prevents the need for an intensive IT project that’s normally needed to sort these pieces out (saving time and money).
Challenges addressed by operational data
Improving speed of order fulfillment – Foundational to Syndigo’s content creation capabilities are item weights and dimensions that are obtained via Cubiscan and verified by Syndigo teams. These measures are kept up to date with packaging changes.
Improving speed to market for new products – Syndigo created and carefully QA’d a marketplace of product content—over 1M items are constantly maintained for freshness.
Last but certainly not least, selling data is crucial. Manual/spreadsheet work gets reduced by using the Active Content Engine to input and enhance product data. With Syndigo’s solution managing this data category, retailers can ensure complete and accurate content on their website and in-store, improve shelf merchandising, incorporate wellness claims for food/health-based products and enable all their internal teams to be aligned on changes.
Challenges addressed by selling data
Creating a captivating experience for consumers – Accurate off-package content, wellness claims, derived claims, custom-derived attributes, consistent package shots, optimized images, mobile hero images, Enhanced Content with several widgets and much more are readily available to use in the Active Content Engine.
Selling products that meet consumer expectations – We offer retailers Syndigo-created content (accurate and consistent across products), 250+ off-package attributes, images and videos that provide extensive data, ensuring the consumer is knowledgeable and satisfied with their purchase. Moreover, other data including shelf life, storage temperatures and hazardous material information can help prevent returns.