In my last blog about Product Experience Management (PxM), I talked about the difference between Product Information Management (PIM) and PxM, and who benefits from optimizing customer experience with personalized, contextualized and emotionally engaging product content. However, for successful PxM, digital marketing and ecommerce must connect product content with insights into their customers’ profiles and their supply chains.
Customer Insights and Data
Having a 360 view of customers is the foundation for customer segmentation and personalization. There are many ways digital marketing and ecommerce can create value from matching product information with individual customer insights and analyzing business-critical relationships.
- Provide personalized product recommendations (next best offer), services and marketing; e.g. optimize cross-/up-selling, and assortment by understanding purchase patterns from other customers who bought the same product
- Combine information about products purchased or returned with customer profile to make recommendations for new product and e.g. the right size (combine reasons for returning e.g. size: too small to large)
- Insights from frequently used search terms to improve key words for Search Engine Optimization (SEO), Search Engine Marketing (SEM) or product assortment
Connecting Product Content with Supplier Insights
A growing number of conscious customers also care about where products they are buying are coming from, how they were manufactured, or where and how ingredients were produced. According to a survey by Nielsen , sustainably sourced products will make up 25% of sales by 2021, with a compound growth rate four times larger than conventional products and consumers who are willing to pay more for sustainably sourced goods. Consequently, sustainable and ethical sourcing is becoming a brand differentiator. PIM helps brands provide transparency into the actions of suppliers and provides opportunities for improved audits and governance of their supply chains.
For this market segment, forward-thinking organizations can go one step beyond and start the PxM journey with a trusted 360 view of suppliers and sub-suppliers. A full visibility across vendors and the products they deliver helps ensure supply chain transparency and compliance. For example, a fashion retailer can be certain that the suit they are sourcing from a specific Asian vendor has been produced without child labor, thanks to a trusted 360 view of their suppliers. They will not only avoid compliance issues, but also be fully transparent with customers who question the origin of their products.
End-to-End PXM Strategy
End-to-end PXM starts with onboarding supplier information and ends with publishing contextualized product content to the end-customer. It has to go hand in hand with future-ready data governance and a scalable, end-to-end master data management (MDM) and PIM strategy.
PxM needs a PIM system as a foundation so product data will have the high product information quality standards and consistency across channels you need to convince and retain your customers. Since agility is key in digital commerce and marketing, many organizations tend to start small, test and become familiar with the impacts of introducing robust technologies and automation into their process, and grow to the scale that they need with a multidomain MDM platform that includes customer and suppliers to support all their future end-to-end PxM needs.
Product information is a crucial part of the buying process for today’s customers. If you’d like to learn how you can leverage product data to engage customers and enhance the purchase journey, read our eBook, 5 Ways to Enhance Product Experience.
Want to learn more about digital commerce platforms and supplier relationship management? Then register for our Digital Commerce and Supply Chain Summit.