Brands and retailers often face the consequence of lost revenue thanks to bad product data. In the last decade, there has been a revolution in the way we manage product content. Today, customers look beyond product features & shipping information. They respond to 360-degree immersive narratives that include multiple brand images and video, AR generated lifestyle images and rich product copy. Today, at the heart of a successful ecommerce strategy lays product content that can make or break a sale.
The key is to evolve to meet the demands of today’s connected shoppers. How can you do that? By making the shopper feel empowered with all the information they want, when they want it & on a platform of their choice. With a modern product information management (PIM) solution this is possible. From product discovery to syndication, a PIM solution collects, cleanses, enriches, and adapts your content to meet specific channel requirements for a seamless omnichannel experience. This is even more important in the Amazon-age, with nearly 66% shoppers (2/3 of US shoppers) beginning their search for products here; brands and retailers have to ensure they have the capability of updating their product data quickly to meet the ever changing and ever increasing product content guidelines.
Let’s look at some of the typical challenges faced by ecommerce players that are still managing product information on excel files and shared drives and legacy systems:
- Product horror story – companies that don’t have access to a centralized repository of trusted product information struggle with easily finding and publishing content in a timely manner that ultimately lead to higher return rates. Never mind poor customer satisfaction levels.
- Manual syndication – manually managing multiple versions of product data across different departments and channels over hundreds of spreadsheets is near impossible for brands that wish to stay competitive by continuously optimizing their products to capture a larger market share. When the customer expectation is to buy anything at any time, the last thing retailers & manufacturers need is to get stuck with troublesome errors and brand and cross-channel inconsistencies that are fully visible to customers.
- Zero scalability & delays in launching new products – the ability to list and manage tens or hundreds of thousands of new SKUs is essential to executing an endless aisle strategy to compete with Amazon and other players. Manual methods and legacy systems often fail to accomplish this, hurting a business’s agility in the marketplace.
- Damaged brand reputation – all of the above situations negatively impact purchase decisions and lead to an irreversibly damaged brand reputation.
So how can you ensure exceptional product data quality, i.e. completeness, timeliness, conformity, consistency and accuracy in collaboration with suppliers & partners? By integrating a cloud based PIM solution in your marketing technology stack. This core solution software aggregates content (including rich selling content) from all data sources, transforms it, creates a harmonized data set, and synchronizes all content to your eCommerce website and various 3rd party digital marketing and sales channels including search engines, social media, and marketplaces. It supports content syndication both in terms of product mix and completeness and format of data, including multilingual content adaptation, needed by the various digital commerce channels.
New platforms like PIM can ensure product content directly supports the KPIs that drive success across all sales channels and has an impact on increasing conversion rates, average order value, stickiness, SEO, & profitability while decreasing return and cart abandonment rates.
Get in touch to talk to a PIM expert today.