Major retailers know that a strong supplier network is essential to their success. Cultivating a wide vendor community is key, but it’s not just a numbers game! A network is only as strong as the quality of its product content, and without a solution to ensure just that, retailers are left scrambling to ensure accurate and complete content from every one of their brands. An inefficient and ineffective approach to validating product content stands in the way of smooth vendor onboarding, higher sales, and thriving networks.
Our blueprint for how to win in retail highlights vendor onboarding data as one of the primary sources that Syndigo, the Active Content Engine leverages for retailer success. In this blog, we’ll unpack that data type a bit more.
What do we mean by vendor onboarding data?
When we reference vendor onboarding data, we’re talking about the information needed for retailers to seamlessly get a large supplier community up and running. Syndigo’s robust network of brands means our platform is already equipped with much of the data pieces needed for supplier onboarding—details like brand names and main product images. This also helps retailers better manage the process of sourcing new vendors in the first place.
In a nutshell, Syndigo’s existing (and growing number of) supplier relationships ensure vendor onboarding data is at the ready for retailers, delivering product content from vendors that is complete and accurate. Not only is this easier for the recipients, it’s easier for the brands (which, in turn, simplifies the end-to-end process for the retailers!). This is backed up by our 2021 study with Forrester Consulting, which found that:
94% of decision-makers in product content management
believe an end-to-end solution that creates, manages, syndicates, enriches, and optimizes all of their content is extremely valuable.
What does it help achieve?
In addition to streamlined onboarding, of course, having this data enables the retailer to get their unique, evolving requirements into the hands of suppliers early on, resulting in less confusion and fewer errors. And since managing different recipient requirements was one of the top supplier-reported challenges in our Forrester Consulting study, this solution is critical for retailers to know their requirements are being met.
Moreover, a common priority among survey respondents was growing eCommerce presence, leading us to the next winning factor of retailers using this data: identifying a compelling product assortment. With thousands of engaged suppliers in Syndigo’s global network prepared to deliver the right content, eCommerce growth becomes an easy win-win on both sides.
Finally, when the right data is available in the right moments, processing speeds and overall speed to market improve. The recipient workflow enables more efficient reviews and internal enrichment—in the end, successfully controlling costs.
It all comes back to the importance of a strong network. Retailers can use Syndigo to boost efficiencies in the sourcing and onboarding of their suppliers, all from the data cultivated from our robust two-sided ecosystem. Retailers can also count on Syndigo serving as their advocate with brands—not only supporting alignment, but also helping to foster any new connections where there is interest.