What is it that makes your online shopping so easier and faster? Ever wondered!
Product quality, price, and many other factors influence the purchase choice of the user, however a seamless and smooth user experience takes the front seat. People these days search for experiences while assessing a brand.
As the holiday season is right around the corner, this is the right time to make an impression on your audience by providing a memorable user experience on numerous ecommerce platforms. For understanding the pulse of the market and to deliver the most engaging user experience, you need a tailored product information management system.
According to the National Retail Federation, around 33% of the users have already started crossing items off their shopping lists. You risk losing your customers if your infrastructure for product information isn’t prepared for this huge demand. However, the crucial question is, how retailers can use PIM software to maximize their profit during this holiday season.
Introducing new products
Customers anticipate new product releases, hourly specials, festive discounts, and other limited-time package offerings throughout their holiday shopping. A product’s design and development process can be revolutionary. The success of a product, however, depends on how you present its information on internet platforms. According to Harvard Business School, more than 75% of product launches fail each year, with the major cause being the inability to handle fast growth. A product information management system is vital for bringing new products into the market at the right time.
Manually launching a new product is a time-consuming and resource-intensive procedure that will delay your time to market. With PIM software, this procedure can be expedited as the new product line will be integrated with the parent product. Relevant content needs to be updated rapidly across all sales channels in order to swiftly convey the word about new product releases. PIM solutions can facilitate this procedure and make sure that any modification made in the system is communicated to all necessary channels. For instance, if you are launching a new product this festive season, you need to adhere to the guidelines created by Amazon for new product launches. A specialized PIM solution can make it simple to syndicate your data according to their preferred standards.
Reduced return rates
67% of consumers look at the return page before making a purchase, and 30% of all online purchases are returned. The majority of returns occur because the product obtained falls short of what the customer had anticipated. By guaranteeing uniform and consistent product information across all sales and marketing platforms, such a gap may be significantly reduced . PIM makes sure that the product information is accurate through automatic data enrichment and validation so that the audience will have a credible perception of the product on any e-commerce platform.
PIM systems assist you in making effective product data and assets, such as technical specifications, photos, and descriptions, so that the information customers get is reliable and interesting. With a product information management system (PIM), all product data is gathered in one place and is directly improved and augmented at this “single point of truth”. PIM also helps the user to gather customer reviews and complaints to gather the right insights about product performance and make improvements according to that.
Optimizing marketing efforts
When planning and implementing campaigns and promotions, marketers must be flexible. Inaccurate and redundant data will lead to unreliable insights and that in turn fails the marketing efforts. Today marketers can rely on accurate and current product data, thanks to the inception of PIM solutions. Majority of the time, marketers spend a lot of time contacting various departments in order to gather all the data and resources required to run a campaign. PIM syndicates data to both external and internal sources for marketers to access all the information and assets with just a click. A PIM tool saves both your time and money by being a one-stop-solution for all your product information needs.
A customized PIM tool streamlines the workflow which enables the stakeholders to make modifications to the content at any time. It eliminates boundaries between departments, allowing for the sharing, accessibility, and synchronization of data throughout the organization. When departments have total access to all product data in PIM, they can quickly design campaigns, monitor their progress, and eliminate risks before it’s too late.
For global brands, it’s inevitable to provide an omnichannel user experience to its clients to have a positive brand image. With growing players in the market, online customers are looking for unique experiences. The product information should be clear, accurate, interesting, and consistent across all channels to improve the consumer experience.
When you increase the platforms through which your products reach the end consumer, the process gets more and more complicated. Companies using omnichannel customer interaction strategies retain 89% of their customers on average. Product information management solutions let eCommerce businesses organize and store product-related data in huge volumes in a safe, and secure location. They consolidate product data in one single repository to ensure consistency across all the channels. A brand’s attempt to standardize its product data and achieve omnichannel consistency will be enhanced by an effective PIM solution.
Still not convinced about the benefits delivered by PIM software? Download this whitepaper to get a deep understanding of various use cases of PIM to maximize your sales this holiday season.