The COVID-19 crisis is forcing businesses to create urgent strategies for survival. Social distancing, while critical to mitigating the spread of the virus, has forced the closure of countless brick and mortar operations across the globe. The result is intense pressure for businesses to bolster their online strategies. Increased competition amidst a looming recession means that no checkout can be taken for granted. Further, this relatively instantaneous shift in consumer lifestyle demands that companies rapidly adjust their product mix in response to this new “normal”. After all, when’s the last time toilet paper was considered a “hot item”?
Consider what this “age of isolation” has done for other unassuming items, such as, say, Vitamin D supplements, new or expanded subscriptions for streaming services, food delivery services, in-home fitness equipment, toys, books, and games. Conversely, what might this continued need to shelter in place do to sales of items like sunscreen, outdoor apparel, and team sports athletic equipment? Beauty products? In other words, can retailers really count on their legacy product assortment to survive in these uncharted waters? If so, for how long?
As expected, these shifts in demand are already creating ripple effects throughout the global economy.
COVID19 has significantly accelerated the existing trend towards digital marketplaces for the foreseeable future. Our traditional way of doing business—whether you are in retail, manufacturing, CPG, medical, or any other industry—has changed, and the companies that can be nimble, and can adjust their approach accordingly, will be the ones who come out on top in the recovery.
The key question that differentiates leaders from laggards in the current situation is:
Here are five reasons why companies need to change the way they manage their product information in order to enable digital commerce capabilities, and increase agility and flexibility during times of crisis and in preparation for recovery:
A Product Information Management (PIM) solution helps organization to effectively manage and collaborate on product content and feed sales and marketing channels with trusted, rich and relevant product data. With a PIM solution, retailers, manufacturers and distributions can implement key strategies to create market resilience during this tumultuous time:
Key metrics that Informatica customers have realized with MDM – Product 360:
Now is the time for your organization to take market share by significantly differentiating in the online marketplace. Accurate and complete attribution including digital assets are table stakes to competing in the digital market today. Companies that are digitally enabled, that have trusted insights into their data and that are able to fast and efficiently market their products and services across digital touchpoints will be more successful as the economy transitions to a more virtual model.
Want to learn more about digital commerce platforms and supplier relationship management? Then register for our Digital Commerce and Supply Chain Summit.