Here’s how competitors can cooperate to unlock opportunities across the value chain.
Consumers evaluate and purchase products today in an omnichannel world. Many prefer online channels for the convenience, but the inability to physically evaluate a product is one of the biggest barriers for completing the purchase online. Many senior leaders across consumer-facing industries are starting to recognize that their companies can standardize “foundational” data required to identify a product, such as brand name, weight, dimensions, and ingredients, to ensure consumers see the same information across channels, partners, and geographies.
A standard data model will increase transparency for consumers and improve the omnichannel experience. With higher-quality, more-consistent product data, consumers will be able to search and evaluate products more easily, make better decisions, and trust retailers and brands even more.
A standard model will increase operational efficiencies with faster, easier, and cheaper management and exchange of foundational data. Brand owners will require less effort to map and exchange data due to a reduction in the number of retailer formats. Retailers will no longer need to create their own models for each new category or to train new brand partners on data requirements.
For more information on GS1 Global Data Model, visit: www.gs1.org/standards/gs1-global-data-model
The report is also available on McKinsey & Company website: www.mckinsey.com/industries/consumer-packaged-goods/our-insights/want-to-improve-consumer-experience-collaborate-to-build-a-product-data-standard