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Is your product data optimized for omnichannel commerce?

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. 


Marketing to Millennials

Millennials are changing the way brands are doing business, from catching onto contextual advertising trends to becoming early adopters of latest marketing channels (like Instagram) – it’s no surprise their purchasing power is projected to reach $1.4 trillion in 2020.

In this blog we’ll examine tomorrow’s trillion-dollar demographic and provide insights on how to engage the largest group of category killers across industries.

Online search

E-commerce made up nearly 10% of all retail sales in the last quarter of 2018, but that doesn’t necessarily point to the fact that all shopping is happening online. Online shopping statistics are vital for retailers to understand why a large chunk of purchase decisions still happen at the shelf. Other than shopping, digital has a huge influence on how Millennials reach the physical store – digital helps them search and find products in real-time,stay in tune with thousands of product reviews, prices, and best deals both online and offline, and gather updated product information they need to find the best products& shopping experiences.

The key is a seamless shopping transition from smartphone to personal computer to store. This also explains why this generation prefers the BOPIS (Buy Online Pick in Store) experience.

Impulse buying

Most millennial shoppers indulge in unplanned shopping – ‘throw extra items in the cart while you’re there’suggesting a demand for instant gratification and convenience over saving money on product price. Marketers have understood this and are developing millennial versions of the in-store ‘SALE’ signage that make the consumer not think twice about making a spontaneous purchase. Like related products, free shipping, or first-time buyer discounts. For example, grocery e-tailers convince shoppers to add items they might have forgotten at checkout based on items in their shopping cart.

Influenza economy

Almost three-quarters of consumers say that there has been a direct link between watching a video online and making a purchase. (Source: Adweek).

We live in a sharing economy and ‘Influencers’ have emerged as the game changers in the ecommerce space.  “In 2018, 72% of major brands stated that they were outsourcing a significant portion of their marketing resources to online Influencers. Followers feel as though they’re getting a product recommendation from a friend, making them more likely to buy quickly.” (Source: weforum) Successful brands have quickly adapted their marketing strategies to include Influencer collaborations that leverage their massive following resulting in an online buzz about the brand, product information, and updates. From brand discovery to purchase drivers, online mentions and reviews will be paramount to uplifting brand & sales in 2020.

Retailers and brands are redefining their strategies as the digital landscape and shopping behaviors evolve every day. If they are to capture the purchasing power of this segment, some organizations may have to modernize their legacy systems to keep themselves from falling behind. Two things: marketing technology. The right marketing technology, combined with the right data, people, processes & partners can enable retailers and corporate brands to deliver a consistent and elevated customer experience across all sales channels, including eCommerce, mobile, social, print, and retail points of sale.

Check out our Services page for more information to get started with mapping your ideal marketing technology stack.

Modernize how you manage product information using a PIM system

Customers need to make informed decisions before they buy any commodity. Before a purchase is made, a customer wants to know how the product will be of benefit to him or her. They want to be sure of the features and they are keen to know if it will truly solve the problem they are purchasing this product for. They also want to be sure the product specifications meet their requirements. Providing rich product information is key to converting sales and keeping loyal customers.

Unfortunately, most companies struggle with managing and providing the right product information that customers demand today. Bad or inadequate data results in poor customer experience and lost sales opportunities. For example, with a shabbily written product description, a company puts its designers, merchants, marketers, sales managers and product managers at risk of misinterpreting the product details. When product information is not properly synchronized across the enterprise, different departments interpret it wrongly and customers might end up buying a product which is not exactly what they wanted or thought they’re getting.

Product Information Management (PIM) is a direct and modern solution to tackling the issues raised above.

Why you should use PIM to organize Product Information

Traditionally, product information has been managed using software like Enterprise resource planning (ERP) systems in large firms or in excel spreadsheets or home-grown systems in smaller firms. A PIM (Product Information Management) is a more detailed, focused and targeted means of managing product data for company operating efficiency. PIM enables the centralization of product data from internal and external sources to help provide an exceptional experience for the buyer. Legacy systems are inflexible and often prevent a company from creating rich product data experiences for its customers.

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Consistency in product information is key to acquire and keep loyal customers. With advancements in internet and stiffer competition, it is easy for customers to go to the next online shop if they observe inconsistencies or gaps in information such as product descriptions and features. Managing product information using PIM is the modern way of organizing business online. PIM provides consistent details, better quality and provides all the answers that will keep the customer glued to you. PIM is best used for when there is a high quantity of products and product data, diverse marketing funnels and sales channels, lots of suppliers and a large volume of product data management needs on an ongoing basis.

PIM also harmonizes the information between different sectors of the business. It keeps team members, stakeholders, partners and customers informed as the status of products and services change. PIM communicates these changes fast so as to increase efficiency, decrease time to market, and increase sales. PIM is easy to use and integrate and eliminates over-reliance on spreadsheets. It is very scalable and centralized at the same time and it helps produce accurate product data that stays consistent over time as it establishes a central source of information which stays true. Also, by using PIM, a company can provide a compelling product and customer experience that can accelerate sales.

PIM is a modern way of doing business efficiently as it helps better manage risks and lower costs. This increase in efficiency makes work a lot more fun, increases worker’s productivity and creates more wealth for the company.

Use PIM to scale your product counts and fuel digital transformation

In a world of digital revolution, businesses all over the world are doing more with less. Digital Transformation for your business literally means adopting the use of new digital systems to aid your business processes, and ace your sales! This could be you, only if you knew how. Guess what? You are about to find out.

A system called PIM, which means Product Information Management, is one of the most recent and effective systems used to collect, polish and distribute content (which could be anything related to all kinds of products or services), to various parts of the world using the internet. A unique feature of the Product Information Management system is its compatibility with all kinds of data sources and systems, both online and offline. Deploying it is literally a Digital Transformation for your business.

The Product Information Management system provides centralized data and a general facelift for the buying experience of your customers.

Here’s why you should consider using Product Information Management for your business

USE PIM TO SCALE YOUR PRODUCT COUNTS AND FUEL DIGITAL TRANSFORMATION

  • The number of sales that happen on the internet every day is on a continuous and swift rise. The best time to take advantage of the rise is now. Most businesses are now operating on a digital platform, but that is not enough to stand you out above competition. Automation is key, so you need to the right systems working for you. With Product Information Management enabled commerce platforms, you will take every prospective buyer that visits your website through a detailed and user-friendly buyer journey, maximizing the chances that the prospects are converted into buyers!
  • Many of the existing systems used to organize and keep data are not fit for agile business processes. This rigidity and complexity make it very difficult for businesses to use alternatives such as multiple excel spreadsheets and legacy systems, to provide an impeccable customer experience and drive incredible sales. Spreadsheets could be difficult to collate and edit especially when you are preparing your products. However, a Product Information Management system allows you to do mass editing, data validation, and much more through the use of a centralized system that collects and collates all kinds of data from different sources. This digital transformation will definitely lead to Customer Satisfaction, and with ease!
  • The amount of time it takes to take a prepared product through ERP, sales and marketing systems for approval, before it is considered ready for marketing and selling is always long. Sometimes, it takes weeks! Say hello to PIM, who is going to speed everything up. Product Information Management system reduces your product’s time to market.

PIM can increase your product count, take you global, and even reinforce the credibility of your brand. When the process of preparing your products and giving customers an impeccable, high quality presentation is made easier, you can take on as many products as you want.

The adoption of a modern Product Information Management system in your business will not only make your processes easier, but also put your business in the forefront of companies that are taking advantage of the Digital Transformation wave sweeping the business sector.