15 May Perspective: Storefront Management, a Big Data Approach to Worldwide Digital Sales
It’s not all doom and gloom, however, as these operational challenges can be solved. Further, there is evidence that if a consumer is connected with content they are interested in at the right price, they will transact. So, how can content owners effectively and efficiently execute on their libraries at scale?
The answer is product lifecycle management software with a big data approach designed for worldwide digital content sales. First, the solution set must connect the dots between availabilities, retailer storefronts and interested consumers worldwide with data that’s refreshed daily. Next, it must provide the ability to easily execute changes to retailer storefronts and deliver social media campaigns reflecting those changes (where applicable).
For example, with storefront management software, a content owner should be able to see all horror titles / availabilities worldwide that are 20-plus years old, priced higher than $12 and with a user rating above five stars. Then within minutes, execute a price reduction to $4.99 during October, generate a fully localized worldwide ad campaign targeted to social media users interested in those titles (and aspects of those titles) and have it delivered to the targeted consumers in their native language. From there, review results, adjust as needed and repeat. While that may sound complex it’s a combination of the basics: what do you have, is it where it’s supposed to be, who’s interested in it, and the ability to execute.
Basic capabilities of storefront management include: comparing live storefront to availability accuracy; cross retailer title availability and price parity; new release storefront checks; managing VOD availability windows; confirming placement; retailer parity; monitoring for going live early and numerous others. With this type of capability, content owners could also take things a step further and tie availabilities into machine learning and sentiment analysis to power decision making that leads to execution.
Bringing all this together requires a number of elements. The core is data and the correlation of titles across retailers. This sounds straightforward, but without ubiquitous unifying content IDs this presents a significant challenge. Once the data is correlated, metadata and assets can be applied against titles and availabilities by retailer, territory and language in an organized, searchable and filterable manner. Next is execution, without which, content owners are only slightly better off because execution via humans doesn’t scale and will not provide timely action. Finally, there needs to be a UI that organizes this vast amount of information into easy to use filterable exception-based views in which data can be reviewed and shared, decisions made and actions taken. The benefits include inventory maximization, consumer awareness, catalog transactions, massive supply chain efficiency and collaboration across departments and territories.
Storefront management software tied into content libraries, digital retailers and social media is the future of driving consumer engagement with these vast libraries and the ability to monetize them to their fullest potential.
What do I have? Where is it? Where isn’t it? Is it priced correctly? Who’s interested in it? How do I do something about it? These are basic questions anyone with inventory should be able to answer, and now with robust storefront management software, they can.