Introduction
Savvy. Digital. Demanding. Today’s consumers are fueling disruption across every industry. Winning companies are putting smart data to work to bolster innovation across digital and physical. They know smart data helps keep pace with consumers’ rapidly evolving appetite for information and deliver experiences that drive consumer loyalty. As an industry-driven organization, GS1 US® works with businesses to help capture opportunities and overcome challenges in serving consumers.
Consumers want clear, reliable product information. When they don’t get it, they often express their displeasure by refusing to purchase a company’s product or service or by speaking out publicly. More than ever, consumers want a wealth of product information as they make purchase decisions: Where does the product come from? How was it made? Does it include the desired features? In addition to those answers, consumers want instructional content on how a product and its brand fit into the larger context of their lives. And they expect product content to be accurate, complete, and consistent—whether they’re shopping in store or on their smart devices.
Consumers are using a growing array of devices—with adoption of virtual personal assistants outpacing that of smart phones. In an Internet of Things world (IOT), consumers recognize that anything that can be connected will be connected—from the kitchen to the supermarket. Innovators are working to collect data (what’s in the cupboard, what to make for dinner), connect it to other data (where tomato sauce is on sale, where it came from), and turn it into information that can be used (a recipe, a list of the ingredients to buy at the grocery store, nutritional facts, and maybe a coupon). Each innovation further cements consumers’ expectation that no matter the device or its location—at home, in a car, or in the grocery store—everything and everyone is connected.
Read the New York Times article.
“Make it about me” is not just a consumer mantra. It’s a way for companies to differentiate themselves. A recent Infosys survey reported that 78 percent of consumers are more likely to be repeat customers if a retailer provides them with targeted, personalized offers. What’s more, 86 percent of consumers will pay up to 25 percent more for a better experience, according to a RightNow Customer Impact Report.
Delivering such experiences requires merchandising and marketing strategies built on a foundation of actionable consumer data. With no time to collect, analyze, and redirect, companies must be able to see and react in real time to consumer behaviors across channels to drive demand.
Businesses no longer control every product message. Consumer-created content is now a major component of the product information landscape, with consumers readily sharing product opinions, experiences, and ideas in online communities. Forward-thinking businesses are finding ways to seize the opportunities inherent in social media.
Many young adults have never known a “dumb” phone. These youthful consumers expect more visualization, they embrace virtual reality, and they’re drawn to gamified experiences that make it fun to connect with other people. Businesses need ways to enable these differentiated experiences.
Today’s Challenges
Supply chain fundamentals are being revolutionized to compete and win consumer loyalty. Brands, retailers, and their trading partners are collaborating to rethink the way a product moves, is packaged, and is presented to shoppers.
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Leveraging Smart Data