The basis for all transactions involving products on the Internet is Quality product data. Knowing what the product record is in each store’s web page and matching the same products on different sites is part of the Quality Product Data equation. Quality Product Data results in higher conversions and hence revenues.
Lets look at which businesses need Quality Product Data and what their data needs are. The figure below shows some of the businesses that require Quality Product Data.
Content companies need to monetize their product data by associating links in social messages and in collections with matched product records to enable shopping and brand and direct ads. Content companies need to monetize social messages containing product information with matched product records. Quality Product Data will improve the relevancy of direct and brand advertising
Online stores and mega retailers need to fix their product data.
Online malls need to inform the stores which upload product records about bad and missing data and how to fix the bad/missing data.
Link aggregators such as Skimlinks and Viglink need to know which stores sell a particular product in order to implement more efficient advertising engines.
AdTech companies need Quality Product Data with matched product records will improve the relevancy of direct and brand advertising and will help with post processing.
Digital marketing companies connect brands and stores to consumers. Digital marketing companies need to know which products consumers are interested in.
Mega retailers such as Amazon, Target, Walmart, and Rakuten need Quality product data and need to fix their data, adjust prices based on changes in prices/inventory at competitors, and track what 3rd party stores are posting in their malls.
Sales Optimization Market companies such as Wizer, PriceZag, Profitero, and 360pi need matched product records with up to date pricing.
Commerce platforms such as BigCommerce, Saleforce (Demandware), and Shopify host hundreds of thousands of stores. The product information on these sites contain the same type of errors as at other stores. commerce platforms should offer their customers (the stores) a data inspection system which checks the uploaded data for errors.
Commerce content management companies provide tools for managing store data.
The common denominator for all Internet companies involved with products is that they need Quality Product Data. The Quality Product Data is made by detecting bad data and matching the same product at different sites.
Data Record Science helps the Internet make money with Quality Product Data.