Creating a Smart Strategy for Master Data Management in 2020
A robust product information management (PIM) platform can be a game changer for eCommerce businesses to solve their customer experience woes, as Shashin Shah, CEO of Pimcore describes.
Adoption of a central PIM platform helps brands create and access a single source of truth, ushering superb user experience with multi-channel consistency, data accuracy, and constant data upgrade and assortment. Here is how PIM can be instrumental in delivering that.
Buyers seek interactions that enable fast product discovery and ensure product quality. Thanks to 2D and 3D technologies, brands can design experiences that allow real-time rendering of products digitally. In fact, some brands exploit Augmented Reality (AR) to display a digital projection of products within customers’ physical space. The immersive product experience assures customers about the product quality; they also know for sure if that’s what they want. Besides providing superior customer satisfaction, a visually compelling interaction improves the conversion ratio.
A PIM system manages and displays the rich interactive configuration of complex products. It also filters products based on visual attributes, improving the search experience. The data assets in the PIM information base can be textual, visual, audio, or documented. Users can utilize product images to confirm their orders and even place it verbally.
As the customer base across channels reaches the saturation point, organisations strive to ensure a continuous experience besides providing a consistent one. Unified commerce enables customers to pick up from wherever they left off on another channel. This frictionless experience makes shoppers feel their needs are being understood and fulfilled, fuelling their loyalty towards the brand.
With flexible data modeling abilities, a PIM system can create a new product data model within minutes. It also streamlines product-related content and attributes like product availability, price, and promotions across channels. This helps brands to attain unified commerce, providing superior customer experience, which, in turn, grows the customer base.
Customers now more than ever expect a personalised experience and favor sellers who offer customisable solutions. In fact, sellers who personalise customer experiences see greater engagement and higher retention, leading to higher conversion rates and increased average order value and repurchasing.
The trend of personalisation was first initiated by B2C retail eeommerce and then adopted by other sectors, such as government, finance, media and publishing, and healthcare. These sectors have also started personalising greetings, messages, navigation, promotions, product recommendations, and payment to increase conversion and order value.
A robust PIM system ensures a single point of truth for all product-related data, ensuring consistent, accurate, and up-to-date information required to personalize experience across all touchpoints. With PIM, you can store a multitude of customer data - segregated on the basis of different categories - and leverage it later to deliver compelling experiences with a humane touch and emotional feel.
Billions of connected devices are slowly gaining the ability to be potential customers. Machines are evolving from being programmatic executioners of simple tasks to being intelligent and capable of either choosing from multiple options and making a purchase decision or automating purchase based on predefined rules.
While major industrial manufacturers have already been offering predictive maintenance to improve operational performance, now such services have also found their way to customer-facing products (such as automobiles). These automated services, on behalf of customers, order products for replacement. This enhances the customer experience by making the reordering process effortless, leading to customer satisfaction and loyalty.
Things commerce is changing how organisations conduct business as they have not just humans as their customers but machines too. If done right, it can bring incremental revenue and loyal customers.
PIM systems maintain the quality and accuracy of product data. It ensures that the data is fed in a structured manner into digital commerce platforms, which is a dynamic and unified environment. It also ensures smart management and optimisation of product data for improved business intelligence (BI) and analytics. They say that humans might forgive, machines don’t. PIM essentially delivers value in that aspect, never unsatisfying the data-based customers.
The post originally published here.