Are You Prepared for the Product Experience Future?
If you’ve shopped for anything lately, you know the retail world is in the middle of a customer experience evolution thanks to the industry’s digital transformation.
Think about it – how often do you buy anything without looking online first? Most of the time, the most convenient option is to shop online and have what you need shipped to your home. And, even if you ultimately go to a store to make the final purchase, you likely start by browsing the web for what you need at the best price.
Because of the ever-increasing access to technology, customers expect to find everything they need with a few taps on their phones. This has led to the deconstruction of the linear, step-by-step customer journey and created an environment where customers are more “informed, empowered, impatient, demanding and unpredictable.”
Part of this evolution is an emphasis on product experiences, which depend on streamlined supplier-retailer relations and content sharing. With Edgenet’s product experience management (PXM) platform, we help you achieve just that.
What Are Product Experiences?
A true product experience is one in which customers are given access to detailed, valuable information that can be used to make purchasing decisions. Product experiences are superpowered by great content, such as accurate pricing, clear product descriptions, dynamic videos and images, and more. When customers can easily learn about all relevant product features and components, they will be able to quickly determine if the product fits their wants and needs.
According to a Harris Poll survey, 56% of international adults are likely to choose digital resources over their significant other when it comes to product and service recommendations. While personal recommendations still mean a lot, customers have come to expect and depend on content to guide their decision. It’s no longer just about having a great product; retailers need great content that supports and enhances the product. And this great content starts with suppliers.
What Is PXM?
Product experience management (PXM) goes beyond standard product information management (PIM) and product content management (PCM). True PXM platforms include product content management, digital asset management, and GDSN and automotive aftermarket standards – meaning suppliers can store and score content and assets, and automate delivery from the same place.
This makes it so retailers receive complete, accurate content according to their requirements – fast. They can then get products in front of customers more quickly, which maximizes revenue and minimizes returns.
In the end, everyone benefits from PXM. Retailers receive what they need, when they need it; suppliers strengthen their retailer relationships; and customers have access to robust, helpful content as they’re shopping.
Where Are We Headed?
Evolving customer expectations in the digital retail world must be top of mind for retailers if they want to remain competitive; without a clear focus on the customer, they risk becoming obsolete.
Here are a few ways to keep this focus and deliver superpowered product experiences:
- Get to know your customers better than ever. Real-time, personalized experiences are critical to reaching the next level of customer engagement. Your goal should be to always understand customer buying habits better. This will enable you to predict what they want and need before they know it themselves. Customers want to cut through the noise and get to the products that matter to them.
- Increase customer touch points. Customers have come to expect multiple touch points when they’re shopping. While the average customer 15 years ago only used two touch points to buy a product, the average customer today uses six. This will only continue to grow, meaning retailers will need to tailor their marketing content for each customer on each platform — from their website to social media to email campaigns.
- Enhance your content. Great product content is the foundation for exceeding customer expectations and delivering true product experiences. A robust PXM platform makes this possible, enabling suppliers to get content to retailers and products in front of customers faster. When a customer has a great experience when searching for a product because content is so good, the retailer is more likely to win the sale.