The COVID-19 pandemic took many by surprise, but forward-thinking organizations saw the PIMdemic coming from a mile away. They saw digital transformation spreading worldwide, and wisely prioritized building a strong foundation of product data.
Let’s look at the push behind the PIMdemic and the steps you should take to thrive.
A Digital Explosion
Digital transformation was on everyone’s radar at the beginning of 2020. Then, the pandemic hit – and digital commerce became a literal lifesaver in the face of health and safety concerns.
In the U.S., retail ecommerce rose 44.5% YoY, and retail app engagement was up 38% YoY from March-June. This seismic shift in customer habits created a case of digital haves and have-nots, separating leaders and laggards like never before.
The Great Divide
What happened next was a great divide in digital commerce. Companies that weren’t prepared to pivot began scrambling, losing revenue and customers along the way. Yet organizations already equipped to provide seamless digital experiences were able to transition without missing a beat.
Look at the following examples – and think about the retailer or brand that impacted you personally. Everyone has a story to tell of a commerce interaction that made their life easier when everything seemed out of control.
- Grocery stores with robust online ordering were ready to leap into action when COVID hit, becoming an essential service. However, those without an established digital presence spent months catching up.
- QSR (Quick Service Restaurant) chains with intuitive mobile apps for curbside pickup and delivery were able to keep customers happy even after dine-in options closed. Some were even able to shift business models to offer groceries. Now, these chains have a leg-up on customer loyalty.
- Consumer (CPG) brands with a strong ecommerce presence kept their products moving – while others lost massive revenue as their products sat on in-store shelves.
- Retailers had to step up their Buy Online Pickup In-Store (BOPIS) game fast. Some quickly ramped up BOPIS, while others lacked the infrastructure to rapidly add-on these ‘new normal’ capabilities.
How did these successful companies stay flexible in the face of disruption?
They placed an emphasis on Product Information Management (PIM). With the PIMdemic taking hold, this strategy will continue to prove invaluable in meeting changing customer demands.
Viewing Data as Currency
What is the lesson for enterprises? Data is currency. And you must manage data as closely as your finances. If you’re not prioritizing it, the costs to your company can be substantial.
By realizing the value of data (and the costs of falling behind), you can start to prioritize its place in your organization and develop a strategy for the future.
Your digital transformation goals may many forms (new channels, a better app experience, etc.), but they’ll only be a good as the data you feed them.
Ultimately, well-managed data through a PIM platform can help you:
- Advance your digital initiatives.
- Stay ahead of customer demands.
- Pivot quickly when disruption (or opportunity) hits.
- Keep supplier and trading partner relationships running smoothly.
- Gain the insights you need to guide your decisions.
Taking the Next Step
Wherever you are in your digital transformation journey, the next step may not always be clear. That’s where we can help.
Prior to and throughout the pandemic, we’ve worked with organizations across industries to develop digital strategies and improve their data maturity. The first step is to start a conversation around your goals and current initiatives, then assess where to go next. You don’t have to know the entire path – we can help you fill in the gaps.
To learn more, take a look at how we’ve implemented data and digital strategies for rapidly changing industries, like CPG, QSR, and Grocery.
Ready to tackle those urgent data and digital initiatives? There’s still time in 2020. Let’s talk.