Introducing Product Experience Management – For A Better Customer Experience
Modern digital innovations have made the power shift from organizations into the hands of consumers. As more and more customers look for specific products that are relevant to their individual needs and wants, the first thing they want is the ability to find the right products, evaluate them, and move forward in the buyer journey. In a world with online consumer experiences are dramatically shifting every day they also expect personalized offers, secure payment options, and consistent shopping experiences across channels and devices.
Given how competitive the retail space has become and how demanding today’s audience is, only those companies that can offer the most relevant and compelling product experiences can achieve customer delight. And one of the best ways to achieve this is by embracing the concept of Product Experience Management or PXM.
What is PXM?
PXM is a mechanism that can be used by modern brands to deliver customer-centric, personalized, and omnichannel shopping experiences. Applying machine learning and other AI-based techniques to information about customers, products, markets, trends, and cycles allows brands to deliver relevant and contextual products and experiences. Since PXM centralizes the management of customer-related data, it enables organizations to scalably improve their understanding of customers’ needs, better tailor interactions, and offer engaging content to the right audience at the right time and in the right way.
Why do organizations need PXM?
Today’s brands can no longer rely solely on good-quality products to attract and retain customers. It has become mandatory to enable seamless and comprehensive integration across product data. Obviously, this integration will allow them to serve the shopper exactly the information required, but it also allows them to unearth timely, contextual, and relevant insights and deliver truly personalized customer experiences.
Here are some reasons why organizations today need PXM:
- To create a single view of product data across all customer touchpoints
- To offer the right product at the right time and right place and improve omnichannel customer experiences
- To facilitate the creation of cross-selling and upselling opportunities
- To tailor product offers and new launches to specific markets and specific buyer micro-categories
- To create a foundation for data management and improve the accuracy and completeness of product data
- To deliver meaningful and timely product recommendations
- To strengthen customer relationships and build loyalty
- To better manage supplier information and improve the relationships with suppliers
- To enable (and sustain) personalized interactions
- To minimize time to onboard information about new products and improve the effectiveness of digital marketing strategies
- To get a deeper understanding of customer buying behavior and better meet their demands
What does PXM entail?
As a holistic approach to digital commerce, PXM incorporates an array of tools, including PIM, to increase consumer engagement and loyalty. These include:
1. Enhanced content:
In today’s highly dynamic business environment, product content has assumed a key place as the fuel of digital commerce. For effective PXM, accurate, updated, consistent, and enhanced product content is essential to empower customers to make quick and easy purchasing decisions. This means going beyond basic product description, feature list, pricing information, etc. onto detailed product information, videos, user guides, maintenance information, and more. By providing the right information at every touchpoint of the buying journey, enhanced content helps resolve all the questions and concerns customers may have.
Given the various places where digital information gets stored, digital asset management or DAM aids in storing, organizing, and managing digital assets from a single location: right from videos and images to music, documents, and more. Storing large amounts of digital content centrally also enhances the security, manageability, and searchability of digital assets. Using DAM, teams from different departments can seamlessly access digital assets, automate associated workflows, locate the data they need when they need it, and make timely and data-driven business decisions. They can also share assets with external partners and ensure brand consistency and uniformity across all involved parties making it easier to onboard new products and partners.
3. Analytics and insights:
Using statistical algorithms and machine learning techniques to unearth insights about customers, businesses, and markets is a crucial part of PXM. Leveraging deep data, industry, and technology expertise, analytics can aid brands in making timely and accurate decisions that drive overall revenue performance gains. For instance, supply chain analytics can help reduce demand/supply uncertainties, sales analytics can help improve sales predictability and sales productivity, customer analytics can help maximize cross-sell and up-sell opportunities, and market analytics can help maximize marketing ROI.
Efficiently distributing high-quality, channel-specific product information across all touchpoints is an integral function of PXM. Since today’s brands have to sell more and more products in more and more places via traditional and new channels, content syndication allows brands to tailor product catalogs and comply with channel requirements for a seamless and consistent product experience. By ensuring product data is accurate, comprehensive, complete, and contextual for each channel, syndication helps streamline the distribution of product information to every channel where buyers make purchases. Such syndication can not only help deliver consistent omnichannel product experiences; it can also improve conversion rates while extending product reach to thousands of marketplaces.
Delivering unmatched product experiences across the customer lifecycle has now become critical to growing market share. PXM empowers today’s brands to deliver compelling product content that is continually optimized for success. Using enhanced content, effective digital asset management, data-driven insights, and content syndication, you can deliver relevant experiences that today’s consumers demand. You can do so while improving customer experience, accelerating time-to-market, increasing conversions, and reducing churns and returns – even as the digital landscape keeps evolving.
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