As the volume of data exponentially increases, organizations are looking for smarter ways to create the most value from their data. One approach to achieve this goal is through developing data products. Although the idea was initially presented in the 1990s, the data product concept still remains nascent leading to different domains forming their own interpretations. Leveraging the literature and multiple case studies, we aim at harmonizing the understanding and identify six characteristics of data products. Our empirical findings shed light on the motivations to develop data products as well the emerging data product categories. By clarifying the foundations of data products, our study contributes to the ongoing discourse around scaling data and analytics in enterprises to repurpose and consume data in an efficient and cost-effective way. For practitioners, our study can help guide their data product initiative.