Data Journey 1: Data’s the NEW PURPLE

WHAT’S PURPLE?

It’s just another color, sure. But in the old times, rulers of ancient Egypt, Persia, & Rome governed in purple. The purple dye was extremely tedious to produce, extracted from a mollusk that lived in the ancient city of Tyre, now Lebanon. It took nearly 10,000 mollusks to produce one gram of purple. Cause of the rare production, only the most affluent rulers could afford to wear purple. Even Theopompus said that “purple for dyes fetched its weight in silver.”

purple royaltyThis is why purple is often associated with the wealthy & powerful. William Perkins discovered in 1856 the first synthetic dye, mauve, to be considerably cheaper to produce. He patented it and put it into production. Then purple was available to anybody.

Why or how is this relevant for businesses and the growth of technology? Data is the new purple and it’s following almost the same exact trend as the dye itself. Big corporations used to be the only ones with access to the large amounts of data.  Amazon, Wayfair, Overstock, and so-on have mastered data management by understanding that standardized, usable, and shareable product data was the most important ingredient in conquering online retail. Big dot-coms have so much data coming in from consumers and users that it takes data specialists and IT resources in order to standardize and access that data.

DATA MANAGEMENT FOR THE BIG GUYS

amazon has the most data

Small to mid-size businesses don’t have those same resources to understand or access that data. All businesses now, with the ever-so growing data economy, need data in order to compete. Data management can be frustrating and tedious. Data isn’t user-friendly; it’s very fragmented and too cluttered to manage. Allocating people’s time in managing these large quantities of data is very costly and time consuming. With this information, it’s not just about the product data itself, but also about increasing those profit margins. Datalink maximizes untapped revenue for retailers and vendors with a consistent data management system.

 

Just like with Perkins and the purple dye, there has been a sea change in the marketplace. Data democratization allows vendors and retailers to access and understand standard data information without specialists. It can be readily accessible to anyone through Datalink. For the Home Furnishings industry, Datalink leads the way in democratizing data.

DATALINK FOR ANYONE

Any vendor through a centralized source can standardize product data and offer it in real time. Product details and images are streamed directly to retailers and can be easily uploaded to an e-commerce site in seconds increasing data management efficiency. It goes through our data refinement process and is converted into optimized, product data feeds. Connecting Datalink to your in-store POS eliminates gatekeepers and lets you power your e-commerce site with accurate information twenty-four hours a day, seven days a week.

Purple began as something only known to royalty. It was only for people that could afford it. Then it became available to everybody. Data started out to be something only obtained with companies with big budgets and managed by specialists. Now, your business can manage and access this data. You can compete with the big dogs and understand the power you can have with data.
Try a free demo now to see how you can have purple too.

To get a more in-depth understanding of product data, you can watch or listen to our RMI Talks with Patrick Bain

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