The rise in digital, and the success of online shopping giants Amazon and Alibaba, is pushing some traditional brick and mortar retailers such as Fnac, Best Buy, and Carrefour to launch online marketplaces: “A type of ecommerce site where product or service information is provided by multiple third parties, whereas transactions are processed by the marketplace operator."¹

Creating online marketplaces is a way that traditional retailers can join ‘the party’ online as well as better meet customer expectations. The latter is, according to a recent survey, the number one reason that retailers are implementing digital transformation initiatives (78% of surveyed retailers agree).

When opening the internet for commercial use in 1995, the idea was that technology could help consumers and producers make markets more efficient. Soon after, the idea of replicating the flea-market garage sale concept and other traditional markets in the online world grew in the minds of entrepreneurs.

The first successful attempt to create an online marketplace on a large scale was eBay.com, which was mainly focused on peer to peer transactions, allowing anyone to become a seller and consumers to access a broad assortment of products.

Last Sunday, on my first walk through the Expo Hall at the NRF's 105th Annual Convention & EXPO, I came across a vendor handing out a piece of booth collateral titled, “The Idiot’s Guide to Omnichannel.”

Author: Sara Edwards

Author: Tim Toews, Sr. Consultant, FitForCommerce

Think back to the last time you visited your favorite retailer’s website. Immediately upon accessing the site, a cookie is dropped into your browser. Later, as you watch television, you see a commercial for new deals available through that retailer’s mobile app. The next thing you do is reach for your mobile device, make a purchase and opt for in-store pickup, and then you’re off to the physical store. Perhaps while you are in the store, you scan a QR code in search of additional deals. Congratulations. You are an omni-channel shopper and this scenario is reality.

Previously on the blog I’ve discussed the importance of Master Data Management (MDM) solutions to various industries, focusing on retail in particular.

In this post I wanted to take a look at one established and widely used application for MDM in the form of product information management or PIM, and consider the important role it can play in future-proofing a business.