You’ve got an ecommerce site up and running—now what? A Product Information Management (PIM) platform is an essential next step once you’ve implemented an ecommerce system.
While we know the physical store is far from dead, businesses around the globe are increasingly pivoting to an expanded ecommerce presence (look at Stride Rite, American Apparel, the list goes on). As retailers and brands bring thousands of SKUs to the digital world, product information management is key to driving click-and-convert traffic and fostering customer/brand loyalty.
In fact, according to a Forrester study, “69 percent of prospective online buyers rely on ecommerce features typically enabled by information managed or governed from a PIM solution.”
Furthermore, statistics show the absence of PIM and MDM is a sure way to kill your ROI. We shared some shocking numbers earlier this week that illustrate the mounting cost of poor product information management. And when it comes to ecommerce expansion, the stakes are even higher.
Six Steps to Ecommerce Success with PIM and MDM
Today, online shoppers read less text but consume more content. When shopping and researching, consumers want the full product story, including images, videos, attributes, and peer reviews. And the content must be reliable, consistent, granular, and persuasive. It’s a tall order. Here are six steps to using PIM and MDM solutions for ecommerce success, from front-end to back-end.
#1: Produce better search results
A critical step to ecommerce success is getting your products found in the first place. Search engine optimization (SEO) is key. And, PIM plays a crucial role in enabling product attributes that lead to higher click-and-converts.
With a PIM solution, product details are more granular. This allows search tools to return results that better match your customers’ expectations. Furthermore, with detailed product data centrally managed and syndicated via PIM, brands can improve their discoverability and relevance across Google.com, Google Shopping, Google Express, and other major online marketplaces.
#2: Provide accurate, consistent, and persuasive product information
The rapid expansion of marketing channels today means your customers see your products promoted via Google, your website, on email, through social media, etc. We all know brand loyalty is a fragile yet precious thing. Yet with so much scattered exposure to your products, it’s harder than ever to ensure consistent and accurate product information across channels. A PIM platform provides the essential cohesive “single view” of product information required to boost and retain consumer confidence in your products and brand.
#3: Seize upselling and cross-selling opportunities
Offering complimentary goods and services can translate into a notable increase in sales, up to 20 percent. A PIM solution allows products to be associated with one another within the PIM repository to support cross-selling, upselling, and product bundles. Mining of customer data through the PIM/MDM solution can also yield improvement in upsells and cross-sells.
#4: Deliver faster order fulfillment
Flexibility and speed of shipping are top considerations for online shoppers. PIM helps ensure that purchase orders and shipping information are reconciled to avoid partially filled trucks and mixed or partial pallets. This helps eliminate possible delays in order processing and delivery.
#5: Ensure fewer stockouts
Business-to-Business customers rely on their suppliers for components when manufacturing their own products. Meanwhile, Business-to-Consumer customers are likely to check out a business and product availability online before coming to an actual retail location. With PIM, you can assure B2B and B2C customers of accurate data on inventory levels and product availability.
#6: Decrease product return rates and boost positive reviews
The cycle of success is complete with lower product returns and a higher prevalence of positive peer reviews. Why? Because providing consumers with richer, more accurate product information helps ensure they get the product that they really want. This curbs dissatisfaction and, therefore, lowers return rates. Another trend we see is a greater prevalence of relevant and positive peer reviews because shoppers are confident in their purchases.
Your First Step to PIM Success
Many companies still lack the singular view of product information that’s necessary to expand successfully into new channels, markets, and opportunities. As product content experts, we’re here to help. EnterWorks PIM and MDM solutions are game-changing for companies pushing an ecommerce presence. Our success stories include Orgill, Johnstone Supply, and Fender—just to name a few.
So, what’s your first step to leveraging PIM for ecommerce success? Talk to us about how we can help take your business to the next level, too.