Gone are the days when customers make a purchase just by going through a product catalog available on your eCommerce store. You cannot satisfy them by addressing their requirements. Instead of just products, they have started considering experiences delivered by your brand.
The eCommerce space is getting more and more challenging as the customers constantly demand a compelling experience. They want easy, personalized, and contextualized experiences for your eCommerce platform while making a buying decision.
And, Product Experience Management helps you enable your customers with a delightful shopping experience. Shoppers look for ample information about products to make sure whether the product is what they intended to buy.
Retailers can offer superior experiences to the consumers by embracing Product Information Management solutions that eventually help them to achieve stronger brand loyalty, increased conversions, improved customer satisfaction, and reduced return.
Now, you might have many questions about the Product Experience Management. This post will offer you almost every information that is essential for you to consider PxM for your business.
Let’s start the journey together to unveil all essentials of PxM.
What Is Product Experience Management (PxM)?
Product Experience Management is a modern multi-channel strategy that focuses on customer interaction to enable them with delightful buying experience they are opting for. It ensures your product information is complete, relevant, and accurate and available to your customers on time at their preferred channels and touchpoints.
In simple words, Product Experience Management is a process to deliver the right product information to the right customer at the right moment via the right device or touchpoint.
The foundation of Product Experience Management is to deliver a great customer experience. It enables organizations with the offer the right data and insights about the type of product experience that buyers are looking for.
Additionally, PxM helps you to leverage omnichannel eCommerce by allowing customers to shop online and pick the product from the store.
In short, PxM provides you all the information relayed to your products and customer that allows you to deliver personalized, social powered, omnichannel or multichannel, customer-centric, and search guided experiences that engage and convert the shoppers.
3 Core Ingredients of Product Experience Management
To enable customers with the exact information they are looking for, you need to define the below listed three areas.
Create your product content in such a way that helps buyers find your products and understand exactly what they will receive while they make a purchase. In product information, you need to display the right product information, material, videos, photos, colors, dimensions, shipping details, and more.
This is the key Crux of PxM that helps you in creating and delivering relevant and personalized experience about your product. You need to explore all the different ways your shoppers are searching for your product. Also, you have to optimize all the assets that might affect their experience across all different touchpoints, devices, and channels.
Keep track of your product performance and continuously apply A/B testing in order to improve your customer experience on an ongoing basis.
What capabilities you should consider in the Product Experience Management solution?
You can collect product data from the different internal and external sources of your organization. But, to access this data, you need to use PxM with different connectors or APIs that have import capabilities t collect the data from various applications. The robust PxM solutions trace product content from trusted sources.
If you want to have a Product Experience Management solution for your retail business, then find out the one with inbuilt capabilities of data collection. It helps to on-board product data from your supplier and improves time to market of your product.
Once you collect the data from different touchpoints or channels, you need to standardize it and create a single record. A consolidated view of the data enables you with profound insight into your product performance and customer behavior.
Select a PxM solution that allows you to populate product attributes based on the standardized data using business rules. Also, make sure the solution contains a validation workflow to deliver accurate data.
Data enrichment is the key part of any powerful PxM system where not only text attributes but also images of the product also get enriched. The solution should be capable to enrich the product by location, by channel, and in the correct context.
Contextualization is all about making your product information relevant to the buyers. To enable customers with the correct context, you need to ask below questions to yourself.
- Where will your customers interact to access the product information?
- What languages do they prefer to read?
- Are all the images or videos relevant to all the markets you are targeting or you need to use different images and videos for different countries or markets?
If you really care about customer experience, then you cannot underestimate to populate contextual and relevant product data for each channel and each location. It is very essential to deliver a compelling product experience to the customers. In fact, it helps you establish an emotional connection with your buyers.
Well, after performing the above listed four processes, your product information is accurate, complete and in context. Now, your PxM solution can deploy your product catalog on different channels.
Integrated APIs, connectors, and export profiles make the Product Experience Management a complete solution to build a catalog that works for all channels such as marketplaces, eCommerce store, vocal assistance, POS, print, and more.
How to Make Product Experience Management Significant for Your Business?
Contextualization and personalization become mainstream
Personalization is key.
Without getting a detailed understanding of customers’ buying journey and consumer behavior, it’s quite impossible to address their unpredictable needs in real-time. To inspire customers to take action, it is very essential to deliver them valuable and relevant product information.
To enable shoppers with contextual product information, you can use the PxM solution that helps you to measure, optimize and deliver personalized experiences.
To deliver better product experience, you need to understand the context in which customer product interaction. If the product holds emotional significance for the customers in the context of their problems or challenges, then you can quickly grab their attention.
Marketers are using different contextual technologies to identify customer interests and desires and use the data to get customer attention.
Integration of AI & ML help understand customer interests
Artificial Intelligence (AI) and Machine Learning (ML) are the hottest technologies these days.
If we talk about AI, Product Experience Management solutions are also using these technologies to fetch a lot of information about your product and learn about how the customers repeatedly engage with the site searches.
Till the time PIM receives data with the help of AI, PIM continuously collection information about products based on the criteria and relationship set within the solution.
Leveraging smart search, AI provides you more insights about customer preferences and choices. Consumer inputs help you to bring up a more specific product and allow you to offer what is being asked by them.
Thus, PxM helps you establish a relationship between product and customer. But, to make AI work effectively, you need to fetch information from the PxM in a highly organized manner.
ML enables you with the contextual knowledge for product categories. This data could be related to a particular customer segment or an individual buyer. The technology majorly helps you to predict possible buying scenarios and keep updating the predictions as and when the new data is available.
Product Experience Management starts with Product Information Management
Technically, PIM is the base of PxM. Without product information, it is not possible to establish a relation between products and customers. But, PxM solutions are completely different from PIM systems.
PxM allows retailers to respond effectively to the challenging needs of all customers and different channels. Eventually, it allows you to deliver a great product experience that adds new customers and retains the existing one.
With the help of API led connectivity and personalization engine, PxM can deliver the product content whenever and wherever customers demand it. Product Experience Management solutions improve customer’s trust and boost sales.
Furthermore, the solutions help your digital marketing and eCommerce teams to achieve improved time to market and better business growth.
Drive customer loyalty by offering emotional experiences
Appealing to user’s needs is no more helping you to grow your business. Retailers have to deliver emotional experiences.
When there are a lot of options available for the same product, the customers become more choosey. They browse the product information for hours before making a buying decision. But, when they do not get satisfactory information, they buy nothing.
Before buying a product, customers tend to analyze the product quality and worth as per the standards defined by them. Thus, every single Stock Keeping Unit (SKU) impacts their purchasing decision.
When the time of discovery turns into a moment of buying, along with revenue, it improves buyers’ perception of your brand and boosts brand recall. If the customers face disappointment during the phase of product discovery, there are high chances of losing the prospect.
The fact is, the market is highly competitive as many brands offer the same products to the customers. So, if you miss a customer touchpoint or product content, it directly costs you to lose a buyer along with the customer lifetime value.
Benefits of Product Experience Management Solution
Connecting customer data and product data, Product Experience Management helps you to understand your customers in a better way so that you can personalize your services, interactions, and communication on an individual level. Here are a few most essential benefits of PxM.
- Offering the right product information to the right customer at the right moment through the right channel, you can improve the omnichannel experience for the buyers.
- PxM solution allows you to target product information more effectively and precisely by providing information about where your customer is and what device they are using to explore the product information.
- You can provide more meaningful and relevant purchase recommendations as you know about what your customers are looking for and which product can address their needs.
- Improve your relationship with suppliers as you can connect information about the suppliers with information about the products delivered by them.
- Suggesting relevant products to the customers, you can earn a good volume of discounts from suppliers and/or drive up a good price margin. It helps you to make the products available in the stock.
Why Retailers Should Consider Product Experience Management of Pimcore?
Pimcore is all in one solution that consists of multiple solutions under one roof. You can use its different solutions separately as per your requirement as well as you can use them together to build a complete business solution.
To deliver an excellent product Experience, the open-source platform allows you to utilize its different solutions including PIM, DAM, MDM, CMS, Customer Data Platform, and Digital Commerce Platform.
Connecting all these different components of Pimcore, you can build an experience manger that enables you to provide the right product information to the right customer at the right time through the preferred channels and devices.
How Credencys Can Help Retailers develop a Product Experience Management Solution Using Pimcore?
Being a strategic partner of Pimcore, Credencys has proven expertise in developing robust solutions by using the different components of Pimcore separately and together. We have a team of skilled developers who are trained by Pimcore and offer you end-to-end Pimcore development services to develop and deliver a robust web and mobile solutions as per your specific business needs.
Let’s work together to build a product experience management solution that helps you attain all your business objectives by enabling you will all product data and customer data.