In this latest installment of our limited series recounting what we do at TraceGains, we speak with Product Manager – Growth Emma Karp.
TraceGains: What’s the difference between TraceGains’ marketplace and a traditional ingredient or industry marketplace?
Emma Karp: What sets the TraceGains marketplace apart from everyone else is how much deeper our data is than other “2-D” marketplace directories because of the documentation and the verified data on TraceGains via our detailed online supplier forms. A lot of different directories might boast some surface-level content about a company or a product, but they lack verified data that’s coming from firsthand documentation such as spec sheets, COAs, or nutrition fact sheets, and from our online forms, which are industry-compliant data collection tools. We can surface product attributes within the marketplace that are verified and standardized.
Another key differentiator is that other directories might seem like they have a lot of rich information, but if you try to connect and do business, you’re left hanging. One thing we’ve heard firsthand is that other directories often go and build out their content by scraping other websites. So, the supplier isn’t actively engaged in that directory solution – their ingredients catalog has just been pulled from their website into this other directory.
Suppliers are incentivized to be active and regularly engaged with our networked solution because they’re already using TraceGains – and our network – for document exchange and request fulfillment.
TG: How do people and companies use TraceGains’ marketplace?
EK: Let’s talk about the suppliers first. Suppliers have been using TraceGains Network for a long time because our customers use our platform to request documentation and information about their items and locations, so suppliers are engaged already. Now, with the latest developments we’re working on, we’ll be adding many more opportunities for suppliers to share their stories.
We’re opening up the value proposition to sales and marketing teams. Traditionally, quality documentation teams have been using TraceGains to fulfill those document requests and manage the visibility of their ingredients and other offerings. Now sales and marketing teams for suppliers will have an opportunity to work in a marketplace that’s already wildly popular and widely used by our customers as a sourcing tool and manage their listings, RFIs, and sample requests. In addition, they’ll be able to add press releases, feature ingredients, timely discounts, and other relevant product information.
So, the marketplace is quickly becoming a tool for sales and marketing teams to showcase their company’s capabilities and latest innovations, which are easily discoverable in a marketplace with comprehensive visibility and adoption.
TG: How about buyers? How should they use the TraceGains marketplace?
EK: There are a couple of different ways, but the most traditional is for sourcing and procurement; someone who’s looking for alternatives, an ingredients supplier, or they’re trying to build a new product, and they need to source ingredients with established specifications and claims requirements. With the TraceGains marketplace, they gain access to a massive network of ingredients and suppliers with many filterable fields and attributes about the company, production locations, and ingredient details. And as I said before, because of our network and the way TraceGains encourages regular engagement and activity within our products, there’s going to be a human on the other side of that request, rather than landing into the void like with some other directories.
And with some of the changes coming later this summer, I think R&D will be highly interested in the TraceGains marketplace. So today you can pull the nutrition and allergen information into our Formula Management product for experimentation and rapid innovation. And we’ll bring many enhancements to this capability that will help companies stay abreast of everchanging consumer tastes.