Definition: Classification of goods information refers to the systematic categorization of goods or products based on a set of predefined criteria such as type, quality, quantity, price, etc. This classification is crucial for various business operations including inventory management, sales analysis, and strategic planning. In the context of information systems, it aids in the efficient organization, retrieval, and analysis of data related to goods. This classification can be based on international standards or can be customized as per the specific needs of an organization. It plays a significant role in enhancing the accuracy and efficiency of business processes, facilitating decision-making, and ensuring regulatory compliance. Source: EIRA team Additional information: Classification of goods information refers to the systematic categorization of goods or products based on a set of predefined criteria or standards. This classification system is used to organize and manage a wide range of goods in a structured and coherent manner, making it easier for businesses, consumers, and regulatory authorities to identify, compare, and analyze different types of goods. The classification of goods information can be based on various factors, including the nature of the goods, their intended use, their physical characteristics, their value, and their origin. For example, goods can be classified according to their industry sector (e.g., electronics, clothing, food), their function (e.g., consumer goods, capital goods, intermediate goods), their material composition (e.g., metal goods, plastic goods, organic goods), their quality level (e.g., luxury goods, standard goods, budget goods), and their geographical origin (e.g., domestic goods, imported goods). In the context of information systems and databases, the classification of goods information is a crucial component that enables efficient data management and retrieval. By assigning each good to a specific category or class, businesses can easily track their inventory, manage their supply chain, perform market analysis, and comply with regulatory requirements. Moreover, the classification of goods information can facilitate the automation of various business processes, such as order processing, invoicing, and reporting. In the context of e-commerce and online shopping, the classification of goods information plays a key role in enhancing the user experience. It allows customers to browse through different categories of goods, compare similar products, and make informed purchasing decisions. Furthermore, it enables online retailers to personalize their product recommendations, optimize their search engine results, and target their marketing campaigns more effectively. In the context of international trade and customs, the classification of goods information is essential for determining the applicable tariffs, taxes, and regulations. It is typically based on standardized classification systems, such as the Harmonized System (HS) or the Combined Nomenclature (CN), which are used by customs authorities worldwide to classify and codify all types of goods in international trade. Overall, the classification of goods information is a fundamental element of information that contributes to the effective and efficient management of goods in various contexts, from business operations and e-commerce to international trade and customs. Example: 1. E-commerce: In the realm of online shopping, the classification of goods information is crucial. Products are categorized based on various attributes such as type, brand, price, etc. This helps customers to easily navigate through the website and find the products they are looking for. For instance, a customer looking for a laptop can easily filter out irrelevant products by selecting the 'Electronics' category and then further narrowing down the search by selecting 'Laptops'. 2. Inventory Management: Businesses use the classification of goods information to manage their inventory effectively. By categorizing their products, they can easily track the quantity and location of specific items in their inventory. This helps in maintaining optimal stock levels and avoiding overstocking or understocking situations. 3. Supply Chain Management: The classification of goods information is also used in supply chain management. It helps in planning and executing the transportation of goods from the manufacturer to the end consumer. For example, perishable goods are classified separately so that they can be transported using refrigerated trucks. 4. Market Research: Companies use the classification of goods information to conduct market research. By analyzing the sales data of different product categories, they can identify market trends and consumer preferences. This information can be used to make informed decisions about product development and marketing strategies. 5. Regulatory Compliance: The classification of goods information is also important for regulatory compliance. Different types of goods are subject to different regulations. By correctly classifying their products, businesses can ensure that they are complying with all relevant laws and regulations. 6. Customs and Taxation: In international trade, the classification of goods information is used to determine the customs duties and taxes applicable to different products. This information is crucial for businesses to calculate the total cost of importing or exporting goods. 7. Product Recommendation Systems: E-commerce platforms use the classification of goods information to develop product recommendation systems. By analyzing the browsing and purchasing behavior of customers, they can recommend products that are likely to be of interest to them. For example, if a customer frequently purchases products from the 'Books' category, the system might recommend other popular books. LOST view: OV-Customs Functional Architecture Principles Identifier: http://data.europa.eu/dr8/egovera/ClassificationOfGoodsInformationBusinessObject EIRA traceability: eira:InformationBusinessObject ABB name: egovera:ClassificationOfGoodsInformationBusinessObject EIRA concept: eira:ArchitectureBuildingBlock Last modification: 2023-08-08 dct:identifier: http://data.europa.eu/dr8/egovera/ClassificationOfGoodsInformationBusinessObject dct:title: Classification of goods Information Information