When it comes to developing their differentiating value, brands and marketers are influenced by their customers’ product experiences. Previously, the emphasis was on providing accurate and complete data; however, with the method of digitalisation and the dispersion of customers into an increasing number of online and offline channels, the emphasis has shifted to a greater emphasis on the overall shopping experience (or “shopping experience”).
What is Product Experience Management (PXM) and how does it work?
In order to improve customer satisfaction, Product Experience Management is an essential process that analyses all decisions and resources that have an impact on the product experience and its delivery.
Therefore, product experience management (PXM) is more than a system or a tool; it is a strategic process that analyses everything that must be considered when presenting the best possible product image to the customer.
It is important to consider the need to generate accurate product data, collect and distribute it efficiently, enrich it on a regular basis, and adapt it to different platforms and end customers when developing a Product Experience Management strategy.
Furthermore, in order to achieve these objectives and have the raw material that generates higher engagement levels, more sales opportunities and valuable experiences, other critical systems such as PIM must be utilized in conjunction with them.
What is Product Information Management and how does it work? (PIM)
It would be pointless to have Product Experience Management without PIM (Product Information Management), which serves as a platform for capturing, syndicating, editing, and disseminating product information.
Product information management (PIM) is a critical system for the product experience, especially now that manufacturers and retailers must manage an increasing number of product data sources and outputs, such as ecommerce platforms, marketplaces, catalog design teams, developers and IT teams, distributors, suppliers, analysts, product labels, and so forth.
Any company from any industry can benefit from a product information management (PIM) solution because it allows them to centralize all of their product data, work on it more quickly, save money and management time, and gain flexibility in modifying and connecting product information to any person or location.
Using the customized connections provided by a PIM system, catalog data can be sent to any platform, including a website, mobile application, Amazon or Google Manufacturer marketplaces, catalog and brochure design and printing software, and so on.
Due to the quality analysis functions included in PIM systems such as Sales Layer, users have a great deal of freedom in terms of data management. The data is always accurate and complete as a result of having a single source of truth.
Data structuring, syndication and governance, workflow management, and platform and system integration are all addressed by a Product Information Management system to assist with the Product Experience Management strategy.
The primary differences between PIM and PXM are as follows:
It is now abundantly clear that the debate between PXM and PIM is pointless because they are both components of the same process.
Procurement and product information management (PIM) are concerned with the collection and improvement of product data.
In order to improve the customer experience, PXM analyses and improves it.
Product data must be used in the following ways by a PXM strategy: PXM strategies must use product data for the following purposes in order to provide this one-of-a-kind experience in an increasingly competitive environment:
Contextualization refers to the use of products that are appropriate for each platform or shopping situation (e.g. winter clothing in a country where it is cold at the moment, or display information in English if the search is conducted from the UK).
Women’s parkas for a customer who has previously expressed an interest in that type of product is an example of how customization can be used to recommend the best products for each specific segment or shopper.
For many years, it was clear that the product information management industry needed to take the next step and harness the power of its technology to provide product intelligence. A large number of businesses believed that simply providing the right data was sufficient; however, the increasingly omnichannel market has highlighted the importance of using that data in the appropriate places and in the appropriate manner.
The priority now for brands and retailers is to deliver the correct data, which has been enriched and distributed correctly through a PIM platform, in order for the PXM strategy to achieve its objectives and for catalog material to be constantly ready to adapt to changes in shopper expectations and habits.
Moreover, with the rise of artificial intelligence and machine learning, it is essential that product information be up to date and accurate at all times. The integration with PIM allows such systems to generate real-time analysis and recommendations that are tailored to the needs of individual customers.
Do you require a product information manager (PIM) to manage your product experience?
It is undeniably the case that PIM and PXM are two sides of the same coin that will become increasingly intertwined in the future.
An efficient and memorable shopping experience is impossible to deliver in the absence of effective product data management. While having complete product information is important, it is not enough if you also lack customization and accurate segmentation of the target market in all of the appropriate channels.
In short, product management via PIM is required to achieve PXM goals and, as a result, the entire marketing and sales action plan: to have high-quality content and to apply it in order to provide excellent and active customer experiences.