In an omnichannel world, poorly managed product data often results in low conversions and high return rates. Product information has the potential to tell a compelling story to consumers; when it is comprehensive and correct, it convinces them to make a purchase that sticks.
What is PXM?
A product experience management (PXM) system is an advanced product information management (PIM) system that enables retailers and brands to efficiently sell on multiple channels. It offers a simple solution for companies interested in streamlining content aggregation through the publishing stages of the product lifecycle. SKUs, vendors, brands, geographies, and more can all be managed by a single system designed to put your products online quickly and accurately.
An efficient product information management strategy is paramount to the success of retailers, brands, and similar organizations that have historically used spreadsheets or other tools that hinder organization and collaboration. The vast amount of information that your organization needs to collect, enrich, and then syndicate is organized into an intelligent, user-friendly application—a PXM.
Let’s explore the benefits of PXM for retail.
Benefits of PXM for Retail
- Improved Data Quality
One of the primary benefits of product experience management is improved data quality. A PXM system ensures that all product information is complete, accurate, and up to date. This is achieved by using a centralized PXM system that acts as the single source of truth for all product data, which can be accessed and edited by authorized users. With this kind of solution, retailers ensure that their product data is consistent across all channels, reducing the risk of errors, customer complaints, and returns.
- Faster Time-to-Market
Retailers need to be able to launch new products quickly and efficiently. PXM makes this possible by providing a centralized platform for managing product information, which allows retailers to streamline the process of creating and launching new products. With such a smart solution, tasks that used to eat up your team’s time are eliminated or streamlined.
- Cuts Costs
Finding ways to improve content management directly results in lower operational and supply chain costs, not to mention the money saved by automating manual processes. You will see reduced management costs, a shift from managing product data to applying it, heightened productivity, and more that all contribute to increased bottom lines.
- Improved Customer Experience
By ensuring that product information is accurate and consistent across all channels, retailers provide customers with a seamless experience across all touchpoints. When customers easily find the information they need to make informed purchasing decisions, it will lead to increased customer satisfaction and loyalty.
- Streamlined Omnichannel Selling
PXM can help retailers streamline omnichannel selling by providing a centralized platform for product information management across all channels. With PXM, retailers can ensure that product information is consistent across all touchpoints, from in-store displays to e-commerce platforms. This can help retailers provide a seamless shopping experience for customers, regardless of the channel they use.
- Increased Accountability and Visibility
Managing product data is typically a joint effort, and with such a wide distribution of responsibility often comes difficulty holding team members accountable and complications in following the product across its entire lifecycle. With a PXM solution, ownership for each step of content aggregation and enrichment is clearly defined and clarity into a product’s readiness is easily accessible.
On top of these significant advantages of PXM, you will benefit from other features of the solution, such as:
- Detecting errors in the product information
- Optimizing for SEO (Search Engine Optimization)
- Putting forward a consistent brand image
- Automate description creation
- Improving conversions
- Reducing returns and shopping cart abandonment
- Validating content before it becomes customer facing
Digital Wave Technology: PXM for Retail
Digital Wave Technology’s AI-powered PXM for retail can handle massive amounts of information across assorted brands, geographies, and languages all in one system that customizes data to meet the requirements of each channel where your customers shop. Digital Wave helps the seamless sharing of product stories in bricks, clicks, and print!
We make omnichannel possible! Contact our team to learn more about how your company can benefit from a product experience management solution.