Every successful brand has a story to tell. One thing that is unique in all these stories is the point at which that success is achieved. There can be many determining factors that trigger success such as a new partnership with a new client who brings in immense business prospects, a sudden change in market dynamics in your favor, or the development of a new product that outshines other products in a particular segment. These are some of the factors which seem to initiate brand success. However, this is the view from the outside. In reality, there is a lot that needs to be done by a brand owner to get to that stage where the elusive trigger for success can be found. None of the above-mentioned success story ‘factors’ could materialize if the basics are not done right.
The Value of Traditional Data Management Methods in 2021
Fundamentals, basics, principles, or standard practices, call them what you may, the value and relevance of these intangible things are timeless and essential for achieving business success. As a manufacturer, you need to fill up the excel sheets on time, send your faxes periodically and follow up on delivery updates and contracts with vendors through regular communication over the phone.
A retailer needs to collate information from multiple manufacturers. If the data is coming in a particular format, it needs to be accounted for and then managed in the same format. Or else, it has to be manually inputted into the native format used by the retailer. Both these methods are neither convenient nor very accurate.
So, does it mean that the hard yards simply have to be put in if one wants to grow as a retailer/manufacturer? Right?
Well, actually…right and wrong. Hard work is needed in a lot of different functions, but the part about Excel sheets, manual data entry, continuous faxes, regular phone communication for information checking and conversion of data format can be bypassed completely. For a manufacturer or brand owner, it is entirely possible to stay in sync with its sellers through a single-point interface such as DataKart. The same is true when we look at the process from a retailer’s point of view. A single-point platform for master data exchange can simplify things and allow you to perform basic responsibilities of sharing product data and changes in the iely manner, without any fuss.
Critical Challenges for Retailers in the Times of Covid-19
Succeeding as a retailer can be quite a challenge. Although a retailer is an integral part of the supply chain, its success in the supply chain depends on the goods made by several manufacturers. How well a retailer accounts for the products manufactured by different brand owners, displays them at the store, and then sells them through its Point of Sale (POS) systems directly influences its success.
The biggest challenges for retailers in the current market are:
- Managing and addressing customer expectations
- Building trust through quality and choices
- Retaining customers and expanding the current customer base
- Addressing customers’ queries through multiple channels
DataKart for Driving Retailer Success Story
DataKart is a platform that is powered by the globe’s biggest data network for a wide range of products’ information, including GDSN (Global Data Synchronization Network), GEPIR, etc. DataKart is a smart and robust platform that provides master data for almost every type of product for business transaction to happen smoothly. Not only it helps you forge better relations at the B2B level, but it also inspires confidence amongst consumers as it is accessible via GS1 India’s Smart Consumer mobile app. The sheer accuracy and real time data exchange that it brings into the entire supply chain makes it a reliable solution for solving present-day business challenges for retailers.
DataKart also offers great value to retailers in terms of keeping them alert about new items launched by different manufactures. It facilitates faster product listing and quicker receiving of the goods to the warehouse as all the information is made readily accessible in the native file format to the retailers.
At a time when every retailer is looking to build trust, there can be no compromise in the quality of master data available to them. In this regard, DataKart has absolutely no ambiguity and can be described as a single version of truth for all involved parties. All in all, it offers the perfect setup to create one’s very own retail success story.