Product Master Data
Information is key. And comprehensive, uncluttered data is the key to a successful business. Read all about how to best manage product master data when using a Scan & Go solution – and how it can help the growth of your retail store’s success.
There are many kinds of data, but in the retail sector product master data is perhaps the most crucial, especially for merchants who work with a Scan & Go solution. It combines all the essential product data in one place, thus being a touch point for all areas of business – from administration, to marketing, to sales.
The importance of master data also becomes evident when looking at various well-established providers who already offer specific master data management solutions to manage other companies’ data.
Master data via ERP integration
In order to offer even better and more insightful information to customers, it pays off to invest in creating a true omnichannel experience – by integrating all the product and price data into a single source: the Scan & Go app.
To do this, retailers require an enterprise resource planning (ERP) system to standardize import, storage, and export of data and thus make the integration as efficient as can be.
What kind of master data is there?
In the context of Scan & Go, product master data means just about any information that is necessary to complete a purchase, while at the same time making the shopping experience as effortless, timesaving, and self-explanatory as possible.
Since the variety of products available today is wider than ever before and modern shoppers want to know a lot more details about their items before they make a buying decision, specific product information as part of master data should be a vital part of any Scan & Go App. Whether a product is gluten-free, vegan, organic, local, or sustainable is just as important as further information such as recipes, facts about the producer, and price comparison.
Product information which is vital for completing a purchase via mobile self-checkout includes
- the product name,
- the SKU,
- EAN Codes,
- images of the product,
- the product category,
and also whether it is a loose product or a product sold by weight.
Apart from these various product insights, price information is another pillar of master data, which is equally important for the customers as it is for the retailers themselves. Pricing for different stores and for different customers (e.g. members of loyalty programs) becomes available at any time and place and moreover, the configuration is much easier when all the data is in the same place.
To make all these insights easily and readily available, integrating product master data into the Scan & Go app, which customers already use for their shopping trip anyway, is the logical solution. This way, a personalized, pocket-sized shopping consultant who always has the mobile product information at the ready is available at the touch of a button or a scan of a barcode.
Analyzing product master data
Since choosing a mobile app for their Scan & Go solution, retailers may benefit from yet another opportunity for growth: It is easier than ever to collect data concerning the shopping behavior of customers via their devices, and use this to link it to loyalty systems, location data and payments. Naturally, the app will anonymize all data to comply with data protection standards, like the GDPR.
Furthermore, the retail store’s layout, targeted promotions, and pricing may be adapted according to the data available, thus offering each individual customer special offers and recommendations according to their behavior in store.