Satisfying the consumer appetite is what drives today’s food manufacturers. Yet this industry is rapidly evolving, as shoppers also hunger for endless options and information. Beverage and food manufacturers are pressed to find “out of the box” ways to make operations more efficient while delivering enhanced product information and improving the commerce experience. To do so, many organizations are setting their strategic sights on Product Information Management (PIM) and MDM solutions to drive digital transformation.
Product Information is the Fuel for Food Commerce
A recent study by Acosta shows that consumers are increasingly “in-tune” with the food they are purchasing. They are more health-conscious, knowledge-driven, and socially-connected than ever before. Therefore, food manufacturers and brands must provide detailed, accurate product content to reach these “engaged” shoppers and remain competitive.
The reality is, product information is the fuel for food commerce. However, as the demand for product content grows – and the content becomes more complex – organizations struggle to keep product information continuously updated and consistent across every consumer touchpoint.
Food Product Content: “Beyond the Label” and “Beyond the Aisle”
When it comes to product information, food manufacturers must go beyond the label as well as beyond the aisle.
A recent survey conducted by Harris Poll and Digimarc found that 85 percent of U.S. adult shoppers say reading a product package helps them make in-store purchase decisions. However, 78 percent also wanted additional information about a product after reading the package. And if they can’t find the product information they need in store, 75 percent say they will likely research and purchase the product online instead.
Furthermore, a Deloitte/FMI/GMA study found that 51 percent of respondents weigh “evolving drivers” (including health and wellness, safety, social impact, experience and transparency) in their purchasing decisions beyond basic taste, price and convenience.
Jim Flannery, senior executive vice president, operations and industry collaboration at GMA, notes: “Brands that win with consumers will likely be those that provide the information they seek, well beyond what is on the label.”
The message to manufacturers is clear: Be ready. Food manufacturers must consider how their products’ presence translates to e-commerce. And, be prepared to provide complete, consistent product information to shoppers in the channel of their choice.
Can PIM and MDM Be Your Recipe for Success?
Many organizations still rely on manual processes and “home-grown” back-office systems and spreadsheets. These outdated systems simply can’t keep up with the growing demand for high-quality, consistent, accurate product content and data. That’s why many beverage and food manufacturers are turning to PIM and Master Data Management (MDM) solutions to help them:
Ensure a consistent omnichannel experience. A PIM solution helps ensure correct, brand-sanctioned information is available across all online sites, print catalogs, store displays, kiosks, mobile apps, and more. This gives consumers confidence in purchasing your products, no matter the channel.
Easily adapt to crucial industry initiatives. A PIM solution also helps manage compliance with many food and beverage regulatory obligations, and streamlines information that must be available to customers. For example, through a single source of content brands can easily participate in new programs like GMA SmartLabel™. The Smart Label program helps manufacturers share enhanced product information and offer consumers greater transparency.
Support vast product catalogs. Private-labels and expanded product lines means a greater strain on product information management resources. PIM provides a scalable solution to continuously manage all information efficiently across the business.
Achieve a single view of trusted product information. PIM and MDM solutions provide a central repository to gather, cleanse and synchronize data. This trusted, consumer-ready information can then be quickly accessible to internal users and external partners.
Effortlessly manage an array of visual assets. In food, an image is worth a thousand words. A PIM solution with Digital Asset Management (DAM) allows manufacturers to easily incorporate documents, images, audio and video files into your content assets.
Reduce time-to-market for new product launches. Manual and inefficient processes are no longer a bottleneck to product launch success. A PIM solution eases the process of introducing new items. Product details can be quickly added and disseminated across every channel. This includes updating data in the Global Data Synchronization Network (GDSN).
As you can see, making an investment now into a PIM or MDM solution gives you the power to move forward as the food industry becomes more digital, engaged, and personal. To learn more about the EnterWorks Enable solution for food and beverage manufacturers, contact us or visit our solution site.