Tag: rich product data

Product Experience Management Begins with PIM

What is Product Experience Management?

Product information dictates whether a product sells or not. From the smallest detail that can be read, up to how an image is formatted, product content plays a key role for any business — to sell. However, while it is universally accepted that product content is one of the cornerstones of a successful business, it is still challenging to fully and intelligently use it to its greatest potential. In the end, product content fails to live up to expectations because:

/          There’s no solution in place to manage product data

/          There’s a solution but it’s not robust enough

/          There’s a solution but it’s not designed to focus on product experience delivery

So what can organizations do to make the most of their product data? Especially when managing data means working with thousands to hundreds of thousands of data? The answer involves adopting data management software.

What is Product Information Management?

Product Information Management (PIM) software is a data management solution that allows you to easily manage and deliver rich, accurate, complete and channel-ready product content – anytime, anywhere. Implementing a PIM solution to manage product data is key to start gaining the benefits rich product content can produce.

However, just implementing a PIM is still not enough. Consumers want their shopping experience to be easy and seamless. They want to know that a product is exactly what they need, and therefore need to have access to rich, accurate and up-to-date content. And they have options. If their experiences with your product are not great, they can easily go to another seller.

That’s why its critical to provide exceptional experiences to your consumers. It all begins with creating emotional connections that will entice them choose you over the competition. To do so, you must be able to predict what they want, how they want it, and when they want it. And you have achieve this using whatever data you may already have. This is not something a PIM can deliver alone. This is where PXM comes in.

What is Product Experience Management?

Product Experience Management (PXM) is the management and contextualization of your product content for the right channel, location and need. PXM enables the delivery of product information (that has been managed in a PIM) that is contextualized based on the channel, needs and location of your consumers.

PXM in Context

/          Promotions. By streamlining internal work processes and automating workflows, your marketing team can focus on defining a promotional strategy and bringing products to market faster. You can then easily prepare products and promote them for upcoming events or seasons within your target audience. This boosts sales while making consumers feel like you know what they need at just the right moment.

/          Recommendations and bundles. Bundling presents an opportunity for sellers to cross-sell or upsell related products that complement a shopper’s chosen items. These bundles can be offered as recommendations or add-ons that solve a customer need. With PXM, product bundles are easily assembled as required by an event, promotion or campaign.

/          Campaigns. PXM allows the assembly of different batches of products with external communication, be it print or targeted email campaigns, in order to deliver a message adapted to a specific time of the year and always from a product perspective.

/          Omnichannel publishing. With PXM, product presentation can be optimized for different channels. By pairing product information with a merchandising and marketing perspective, you can distribute it consistently across different channels in relation to promotions or enhancements you want to communicate to your customers.

/          Analytics. An intelligent PXM system is equipped with functionality to measure product performances and review the results. That way, it is easier for marketers in your organization to make decisions for products that audiences need to see at the right time. You can also use these insights to continuously improve your customer’s product experiences as it enables you to perform tests for products you deliver to the market.

Adopting a PXM solution is critical for companies that want to make that very sought after emotional connection to their customers. It is more than rich and up-to-date product information—it is how you deliver compelling experiences to your customers. It offers more than products; it makes them choose you because you connect with them through their experiences and needs.

COVID-19 and its Effect on the Supply Chain

COVID-19 and its Effect on the Supply Chain

Many countries have been forced to take measures to contain the spread of the COVID-19 pandemic to keep people safe. Without a doubt, such measures are highly disruptive to business operations, particularly to the interconnected supply chain around the world.

According to a survey by the Institute for Supply Management, supply chains in different regions have been affected to varying degrees, with 6% of the respondents being disrupted in early March. By the end of the month, drastic disruptions were being reported in North America (15%), Japan (17%), Europe (24%) and China (38%)1.

Shipping, for instance, can be greatly affected by closing for any period of time, with eMarketer reporting that 47% of companies would not be able to continue shipments within 2 weeks of closing a facility2. In addition, Orion Market Research reports that the manufacturing industry is encountering bottlenecks in the supply chain both nationally and internationally – especially in areas severely hit by the pandemic2.

Growth and investment impact

Almost all the countries affected by the pandemic are focusing on fulfilling the high demand for medicines, pharmaceuticals, medical supplies and equipment. This shift has reduced demand for other raw materials and many other traded commodities. Therefore, sectors delivering non-essential goods have been seriously hit with lesser or zero demand during the pandemic. This has influenced the movement of goods across nations and created a substantial gap in supply and demand.

Due to the uncertainties created by the pandemic, forecasts on the imminent economic state are not available yet3. In 2018, the worth of the global supply chain market was at $14.5 billion, growing at a CAGR of 10.5%, and was expected to reach almost $24 billion by 2024. But due to the disruptions brought by the pandemic, this growth is expected to decrease. To make matters worse, the United Nations Conference on Trade and Development (UNCTAD) estimated that the global foreign direct investment will decrease by 5% to15% due to downfall in the manufacturing sector coupled with factory shutdowns.

Going forward

This pandemic has exposed the need to create a sustainable supply chain across the globe. Now more than ever, manufacturers need to be more agile to survive and remain competitive. However, many fail to create a future-proof plan that will help them mitigate the challenges brought by a crisis like COVID-19.

The manufacturing industry needs to take concrete steps to succeed, starting with investments in solutions that help them navigate any drastic changes in supply and demand. To mitigate the effects of shifting demand in the future, manufacturers must learn from the changes brought by the pandemic, and work to preserve their consumer base by meeting consumers where and how they want to shop. This requires them to be able to deliver accurate, complete, rich and up-to-date product content across channels, so they can offer the product experiences that customers will seek during, and after times of crisis.

Sources:

1Institute for Supply Chain Management – COVID-19 Global Supply Chain Disruptions Continue

2 eMarketer – Supply Chain Disruption due to the Coronavirus According to Companies Worldwide, March 2020

3 PR Newswire – Impact of COVID-19 on the Global Manufacturing Industry, 2020

4 Entrepreneur – Covid 19: Effect of the Pandemic on Logistics and Supply Chain

The Definitive Guide to Creating a Solid Product Page

Woman looking at Desktop

The Definitive Guide to Creating a Solid Product Page

The product page is where consumers land after a Google search, or clicking on an ad or a link on social media. In a typical customer journey map or marketing funnel, consumers who visit your product page are usually in the final leg of their purchase journey or decision-making stage. This makes the product page your most valuable conversion tool. As Marketing Land’s Andrew Waber puts it, “Product pages are the new packaging.”

The question now is what kind of welcome did you prepare consumers for after their long journey? Have you done enough to persuade them to perform your desired task (e.g. contact, purchase, subscribe, renew, etc.)?

If your marketing and sales goal is to eventually convert visitors into customers and then turn existing ones into advocates, what types of information should your product page have?

Elements of a high-converting product page

Although a universal template for product pages doesn’t exist, you could get an idea from e-marketer as to what elements resonate well with consumers. According to their findings, images, descriptions/specs and reviews are the top three elements consumers are looking for in a product page:

Product Detail Page Features

Let’s look at these elements in detail:

Images/photos

The socialmediatoday compilation “14 Visual Content Marketing Statistics to Know for 2019” reveals that out of all visual materials, marketers use original graphics (37%) and stock photography (40%) the most:

Most Frequently Used Visuals

The same study shows that original graphics (40%) draw the most engagement:

Best Performing Visuals Format

It’s clear that consumers prefer custom and well-thought-out images over stock photography. Content Marketing Institute’s Buddy  Scalera advices, “Don’t use stock images on your branded website. Stock photos are cheap and easy, hence tempting. Do not be tempted by cheap and easy.” This is especially true for product pages that are expected to feature original products.  In order to make your images work harder for you, follow these best practices:

  • Present products from a variety of angles. Recreate the experience of picking up a product in-store and twirling it around for inspection. If you’re selling shoes, for example, remember that your consumers rely on your presentation to help them get a feel for a product. If possible, get a shot of all angles (or five to eight images as per a 2019 Marketing Land survey) and give consumers the feeling of not leaving any stone unturned. Observe how Lacoste did it:  

White LaCoste Sneaker

⦁ Provide a sense of scale. Help consumers gauge the size of the product by displaying it against another or placing it in actual situations. This is especially important if you’re in the furniture business. A first-time bed shopper, for example, might not know the difference between queen and king size beds without illustrations. In terms of giving a sense of scale, take a page out of Casper’s mattress size comparison guide:

How Mattresses measure up

⦁ Transmit scent and taste. Activate the consumers’ memory of what something smells and tastes like using creativity with color psychology (although a digital scent player is in existence). Help consumers smell and taste your product just by using their eyes. In Colors that Influence Food Sales, the color white connotes clean, while green denotes healthy and brown signifies natural. This Campina goat cheese page used all three of those colors to successfully communicate what their goat cheese is all about, which is probably why it’s nominated on awwwards.

Goat Cheese

⦁  Capture texture. Convey more information about your product using texture. Show consumers what it’s like to touch and feel your product using zoom and 360-degree view. In this Amazon bath towel page, the image zooms into the details of the product as users mouse over it – effectively communicating its degree of softness.

As an added value, you can also support your product page with videos. Consumers simply love watching videos and they demand brands to produce more.

  • 54% of customers want more videos from brands they support
  • 72% of consumers would rather watch a video to learn about a product or service
  • 74% of consumers who watched an explainer video subsequently bought the product

Vat19 is an example of a brand that relies heavily on video on their product pages to sell. Their goal is to have consumers experience the product on the page – and it’s working!

Mystery Box Video

Descriptions/Specs

With 85% of consumers conducting online research before making a purchase, ensure that they get what they’re looking for – and more – once they land on your product page. What are they looking for? Consumers are looking for accurate information. According to Neustar’s research “What Erodes Trust in Digital Brands”, the top reason why consumers distrust a website is inaccuracy.

Perceptions about trustworthy websites

Consumers are also looking for complete information. According to Episerver’s “Why 92% of shoppers abandon online purchases”, 98% of shoppers don’t transact on a purchase because of incomplete and incorrect content.

Beyond the standard title, description, specs, price and call to action requirement, what should your product page have to get consumers to buy?

According to Meaningful Brands® 2019 study, 77% of brands could disappear today and consumers wouldn’t care. On the flipside, brands (such as Google, Johnson & Johnson, Microsoft, etc.) who convey meaning and are perceived as making the world a better place:

  •  Outperform the stock market by 134%
  • Multiply their share of wallet by nine
  • Experience greater returns on KPIs

This means that consumers are expecting brands to deliver content with personal and collective benefits. How does this translate into the product page’s description/spec section? Let’s take a look at how Method does it on their page:

The product name “Dryer Sheets” immediately conveys the benefit. Followed by “Are your clothes getting too clingy?”, the copy goes directly to the consumers’ exact pain point. “We hate when that happens, too” is a statement of empathy. Then it goes on to provide the solution to the problem, inform consumers that they’re eco-friendly and then make a play to the imagination by writing, “We tamed the zing of ginger…
If you scroll down, you’ll find that they also provide the ingredients and what those chemicals do.
Ingredient List

For transparency, they also provided information where consumers could go or who to contact should they have more questions – effectively conveying accountability.

Product reviews (from customers)

According to the white paper “The Growing Power of Reviews“, 97% of consumers read product reviews with 85% looking out for negative reviews before making a purchase. Today’s consumers are brand-wary preferring to hear from fellow consumers as to their experience with a product or service.
Depending on your branding and strategy, you can make the review section of your product page fun just like Old Spice:

The brand didn’t need to entice customers with gimmicks and contests to make them leave ratings and comments. It’s the creative and branding concept that carried the page. Not only did Old Spice make it easier for customers to give ratings by using stars (with numeric equivalent), they also made customers feel good by using amusing made-up terms such as “Awesomabilities” and “Smellgoodedness”. On top of that, they actively responded to comments with comical lines such as, “It’s like we were meant to be! From one Oldspicer to another, thanks for being manly with us.

Where to start in creating a solid product page?

It all starts with managing your product data. Putting all the above-mentioned elements together in a page is no small feat especially if you are dealing with volumes of product data and teams scattered across the globe working with disparate systems. If the number one pet peeve of consumers on product pages is inaccuracy, address it by leveraging the right technology, such as a Product Information Management (PIM) solution, to consolidate all your product content, giving people access to it anytime, anywhere. It’s only then that you can start cleansing, enriching and sharing product information that is accurate, complete, consistent and relevant across all channels.