Some businesses struggled in 2021, despite the fact that e-commerce experienced another year of rapid growth. What these organisations can do to overcome these challenges, as well as how PIM software can assist, will be discussed in this blog.
Customers’ expectations have been raised
It includes features such as personalization, a user-friendly website, excellent customer service, free returns, a variety of payment methods, among others. There is an almost limitless number of things that the modern informed customer wants when it comes to online shopping. If you are unable to meet their requirements, they will look elsewhere.
For the most part, PIM simply provides support for these activities. Your website will be jam-packed with up-to-date, detailed product information, which will make browsing and filtering products much more convenient for customers. Images will be of high resolution and will load in a short period of time. Product returns will decrease as the accuracy and detail of the information you provide to your customers improves over time. Your customer service team may also have access to the PIM, which will allow them to respond to customer inquiries accurately and promptly.
Increased levels of competition
It should go without saying that the rapid growth of e-commerce has resulted in increased competition in the marketplace. Retail e-commerce sales are expected to reach approximately 4.9 trillion US dollars in 2021, according to projections. According to projections, this figure will more than double in the next four years, reaching approximately 7.4 trillion dollars by 2025.
PIM enables you to stay one step ahead of the competition in a variety of ways, including reducing time-to-market and providing customers with more detailed product information than competitors. A product information management system (PIM) will also assist you in managing multiple sales channels, such as Amazon and your own e-commerce website.
Customer satisfaction is important.
The quality of the user experience on your e-commerce website is critical to the success of your company. When it comes to increasing user satisfaction on your website, having a powerful search bar, a clean and simple user interface, a fast and responsive website, clear call-to-actions, and efficient checkout options are all important factors.
PIM can assist you by ensuring that your categories are up to date and easily accessible. Alternatively, you can provide more detailed product information to allow customers to more easily navigate through your offerings. As an added bonus, a PIM can deliver higher-quality media that loads more quickly, allowing users to better visualise products and simulate in-store experiences.
Customer loyalty is important.
It is extremely valuable to a business to have repeat customers because they lower the cost of acquisition in the first place. As a matter of fact, acquiring a new customer can be up to five times more expensive than maintaining an existing one. Existing customers are 50 percent more likely than new customers to try a new product, and they spend 31 percent more on average per purchase than new customers.
A positive experience with your products and brand encourages customers to become loyal to your company. Customer satisfaction can be increased simply by using PIM, making customer retention easier.
Product swapping is an option.
Before making a purchase from an online retailer, more than 60% of online shoppers said they looked at the retailer’s return policy. In today’s e-commerce environment, having a clear and reasonable return policy is essential. In contrast, if a company receives a large number of returns or return requests, it may suffer financial consequences.
The use of product information management systems (PIM) can help mitigate these risks by providing customers with much clearer and more accurate product data, thereby decreasing the likelihood that they will return it. Providing exact measurements for your t-shirts, rather than simply offering “Small, Medium, and Large” size options, will allow customers to predict what will fit them correctly when purchasing your t-shirts.
For more information on what PIM can do for your e-commerce business in 2022, please get in touch with us.