I would think it depends on the industry. Some industries might have ISO standards, others might not (most probably do NOT). Really, it comes down to what the client wants. You have to get them to agree to a standard and stick to it. In the worst cases, it may actually require a change to their own business model, and that can be brutal if they've been in business for decades. Sometimes they may even classify product differently based on who the customer is and how much they like them (but you can't do that on a PUBLIC e-commerce site). Sometimes product taxonomy may be as subjective as the mood they wake up in that day. You can provide a model for them to work with but it's up to them to stick to it.
In short, this process can be painful, and since every business can vary as much as the business owner wants it to, there doesn't seem to be much standard. The one thing I've noticed is that customers that are web-savvy and already make their own purchases online have a good idea of how to format their product data, versus customers who aren't.