Before making a purchase, approximately 81% of consumers now research products online. In fact, many consumers now research products even while inside a brick-and-mortar store. As a result, even traditional brick-and-mortar retailers such as grocery stores are being forced to adapt for the Information Age.
To keep up with changing consumer trends, you must also implement new data management technology. That’s why we created Item Master data management: to help retailers and grocers manage their inventory for the digital age. And to help our customers keep up with the latest trends in product content management, here are three trends to keep an eye on:
- Neural Networks: Similar to the neural networks in our brains, there are artificial neural networks that can track patterns and create connections. With processor units numbering in the hundreds and thousands, neural networks are able to take in and analyze large quantities of information. The networks are then able to extract very useful data, like the patterns in visual object recognition, speech, and shopper profiles. In a product content management system, neural networks will one day prioritize what products should be primarily displayed and advertised to consumers.
- Virtual Reality: Typically associated with the gaming industry, virtual reality is being used more frequently for both consumers and retailers. Shoppers are now accustomed to being able to view products online with e-commerce images, but in the near future, they will also be able to use augmented reality to view merchandise beyond the store and in their lives. For retailers, virtual reality can create new environments like an updated store layout that would be otherwise difficult to produce and conceive of.
- Radio Frequency Identification: This technology can assist in making a catalog management system more seamless by really catering to omnichannel shoppers. It sounds like a high-tech word, but an omnichannel shopper is someone who uses different platforms — digital and real — to purchase their product. For example, a shopper opens a store’s app on their smartphone and can see if that item is in stock at a store near them, giving them the option to pick it up in store or order for delivery. Often, the information on the app or grocery images database is out of date. Retailers can operate in real time, with RFID tags on every shelf to keep track of in-store stocking. RFID can also help provide details about the profiles of differing consumer traffic patterns.
The Item Master data management system incorporates as many new technologies as possible. We believe that retailers and shoppers can have a more seamless and integrated experience when the product catalog software implements the latest advancements.