Product Data Syndication has become an essential capability to manage within digital transformation at merchants as wholesalers and retailers. There are 4 main scenarios.
1: Inbound product data syndication of resell (direct) products
The process involves getting the most complete set of product information available from the supplier in order to fit the optimal set of product information needed to support the often self-service based buying decision by your customers.
This can be done by direct feeds from suppliers or through feeds via the various data pools that exist in different industries and geographies.
2: Inbound product data syndication for indirect products
You also need product data for parts used in Maintenance, Repair and Operation within facility management around logistic facilities, offices, and other constructions where products for MRO are needed. With the rise of the Internet of Things (IoT) these products are becoming more and more intelligent and are operated in an automatic way. For that, product information is needed in an until now unseen degree.
Every organization needs products and services as furniture, office supplies, travel services and much more. The need for onboarding product data for these purchases is still minimal compared to the above-mentioned scenarios. However, a foreseeable increased use of Artificial Intelligence (AI) in procurement operations will ignite the requirement for product data onboarding for this scenario too in the coming years.
3: Outbound product data syndication to marketplaces
Selling products on marketplaces has become a popular alternative to selling via ones own ecommerce site. While price and delivery options are main drivers here there are still more business to win via this channel if you can provide better and more unique product information than other resellers of the same product.
4: Outbound product data syndication to customers using products as parts
Your business-to-business (B2B) customers may also need product data for parts used directly in production or in Maintenance, Repair and Operation in production facilities and within facility management around logistic facilities, offices, and other constructions where products for MRO are needed. With the rise of the Internet of Things (IoT) these products are becoming more and more intelligent and are operated in an automatic way. For that, product information is needed in an until now unseen degree.
The Need for Collaborative Product Data Syndication
The sharp rise of the need product data syndication calls for increased collaboration through data partnerships in business ecosystems.
In the Product Data Lake venture I am working on now, we have made a framework – and a piece of Software as a Service – that is able to leverage the concepts of inbound and outbound Product Data Syndication and enable the four mentioned ways of utilizing product data syndication to create better business outcomes for you as a merchant.
Product Data Lake acts as a single point of digital contact for suppliers and customers in the product data supply chain which also provide you as a merchant with single place in the cloud from where your Product Information Management (PIM), ERP and eCommerce applications get and put external product data feeds.
This concept enables automated self-service by suppliers and customers who also can subscribe to Product Data Lake. In The Product Data Lake platform you can control the product portfolio and the product attribute set you are sharing with each business partner.
Learn more about Product Data Lake here.