I am very excited that Forrester has named us as a Leader in The Forrester Wave™: Product Information Management Solutions, Q4 2016.
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Vendors included in the report all offer established enterprise Product Information Management (PIM) offerings that are standalone and focus on retail, distribution, CPG, and manufacturing verticals. Our CEO Upen Varanasi mentioned in the Press Release, “..We believe that Riversand’s position as a leader reflects our vision and commitment towards continuous innovation along with excellence in execution..”
Riversand has been leading PIM solutions through innovation starting from 2001. In 2016 Riversand has been actively working bring the next generation PIM capabilities under the PIM 2.0 strategy which involves bringing insight and relevance in addition to trusted data. As Riversand’s Product Manager, Shyam Potta mentioned, “We are now focused on developing new technologies that allow enterprises to better capture, analyze, understand, and utilize data from their customers, vendors, internal and external resources.”
Nonstore retailer sales and online sales are growing faster and are projected to exceed in store sales.
US Census Bureau reported in October 2016 that 10 month retail sales in 2016 was estimated at $3.9 trillion, up 2.5% over last year. Nonstore retailers were up 12.9 % Y/Y, while Miscellaneous stores retailers were up 9.5 % from last year.
“By 2020, 55% of total US retail sales will be web-impacted – that is, sales for which customers do at least some part of their, shopping journey via a digital touchpoint,” per Forrester Research’s Mastering the Art of OmniChannel Retailing by Brendan Witcher, November 2016.
Managing product information is one of the fundamental strategic imperatives for enterprises. While in a store customers use the smartphones to look up for product information and at the same time expect store associates to help them out with quality information. A couple of Forrester Research’s reports points in this direction as well.
- The top action customers expect from mobile-equipped sales associates is looking up product information, According to Forrester’s April 2016 Landscape Report: The State of The Digital Store.
- Looking up product information is a top 3 way in which in-store shoppers use their smartphones while shopping in a physical store, According to Forrester’s July 2016 Brief: Retailers Must Embrace In-Store Technologies To Differentiate
Beyond information, customers are looking at how other customers are rating products and reviewing them. So it is not just enough to provide rich information, customers are expecting retailers and manufacturers to provide contextual, and consistent product information on all points of access along the buy-lifecycle of a customer. Enterprises need to rethink how to discover, manage, govern, and analyze data, transactions, interactions, and policies. Riversand is actively solving these next generation PIM problems starting by introducing a NoSQL based platform to bring advanced Governance and Insights capabilities to supplement traditional master data management functionality.