How much PXM (Product Experience Management) important for eCommerce?
Nowadays most people do online shopping. While doing shopping the decision of the customer depends on the quality of the content. Which is provided with the product.
If customers find the quality in the content this will help us in increasing the sale conversion. Results in reducing the number of returns.
Which results in exponential increment in customer satisfaction. As well as good experience with the e-store.
Here comes the picture of Product Experience Management. And how it is beneficial for eCommerce
Why Product Experience Management is required?
Product Experience Management means what kind of experience the customer had with the product.
To had a better experience and increasing customer attraction to the store. PXM delivers the product information in context.
It delivers the right information to the right place to the right customers.
Here the PIM is the root of the data storage. PXM works as the representation of information. This information is reflected to the customer.
In this way, this leads to brand creation and maintenance. Satisfied product information seen by customers attracts them. This is helpful in customer engagement.
Leads to the sale conversion too.
“According to Forrester, 85% of customers rate product information as the top feature they want from a website.”
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What is PXM?
So, we can understand that PXM plays a vital role to represent that product to customers which is more relevant to them.
Product Experience Management in any eCommerce makes the emotional attachments with the buyers.
With the PIM and PCM, a retailer can define his goods and services.
Whereas with the PXM a merchant can set up the experience with clients.
PXM provides the feature to build the products. The feature that is more convenient for the customer. With the PIM, a merchant can create, enrich, and distribute the products to different channels.
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Features of PXM.
Here we will discuss the beneficial parameters of PXM.
Omnichannel
Connect through multiple websites to the right customer at the right place.
Supplier chain management:
Connect the information about the supplier. Also of the supplier’s product.
User role
The user is one who aims in mentioning permissions on both PIM actions/views. Also, have access to the API endpoints.
workflow
When a product passes through a certain process to enrich the content of the product is workflow. Else elaborating any product is called workflow.
PXM provides some additional features of PIM.
Product Content Analytics:
Analytics of content on the user behavior and summarize user interaction.
Personalization:
Personalization is done on the basis of analytics. This helps in meeting the individual requirements of customers.
Contextualization:
To display the content of the product in a way that can be understood by the customer.
Automation and Optimization using AI/ML:
This is useable to understand real-life data.
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How Product Experience Management is beneficial for eCommerce?
Following are the points that reflect how PXM is beneficial for business.
Product Master Data
Product master data include the set of the primary set of identifiers, product attributes. They explain about the product. This data is maintained at MDM, ERP, etc.
Rich Product Content/ Product Information Management (PIM)
It combines transforms and distributes the breakup of product data. It produces customer-centric and which is useful for them.
This data is useful for multichannel marketing.
Digital Asset Management (DAM)
DAM manages unstructured product files. Files can be pictures, multimedia, videos, documents, etc.
A typical DAM takes care of the planning, creation, storage of files. Also manages the assets and metadata.
Product Content Syndication (PCS)
The output of a PIM or a DAM solution is then shared onto the marketplaces, target channels. This is done with the help of a PCS.
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Benefits of Product Experience Management in an eCommerce:
Here PXM is useful in maintaining customer engagement. Buyers look for quick answers while online purchase. It has been observed that 53% of customers leave the e-commerce store. This is due to without finding appropriate content.
Improvised content delivery results in a 60% increment of customers. These are those who are willing to pay more.
It is analyzed if customer engagement is improvised by their emotions. Reorder and recommendation will increase by 3 times.
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Use case: How PXM gives benefit to eCommerce?
Suppose a person finds a yellow t-shirt on a website. That he/she was looking for, for a long time. The person read the detail about it and was unsatisfied with the content. So they left the page.
The same person signs in to any account of social media. For eg: Instagram, Facebook, or any other. There they see the same product with extra detailing.
Once they click on it and they find the number of shades and color of the same t-shirt.
One will also see the recommended product of the same category. Like with a yellow t-shirt blue jeans get suggest. This result in a person bought that t-shirt.
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How PXM depends on PIM? :
Here we will discuss the relation between PXM and PIM.
Product Information Management is a fast-growing solution for the eCommerce business. PIM also provides the capability to export the data. It is with an asset like images, files, and videos.
That data works as the root data for the PXM. PIM is responsible for what is the data. Whereas PXM means how to represent the information.
Features of PIM:
Below are the parameters that define the features of PIM.
Fast services
A merchant can integrate the eCommerce channels. This is done to reduce the server loads. Here a merchant can manage the product export too.
Management Cost
A PIM automates the manual work to manage products and export the products. It takes fewer man-hours to manage things with PIM.
If the merchant is dealing with a large amount of the products in PIM. Then it will be easy to manage the product in PIM with less cost.
Transparency and Ownership
With the PIM, a merchant can easily update thousands of products. A merchant can create a different group for the employees. Also, he assigns privilege to them.
It makes more transparency for merchants. As well as ownership for merchants too.
Future scope
PXM is going to touch heights in the coming years. As it is embedded with many numbers of technologies.
Ecommerce platforms are applying PXM to improve their customer engagement. With rich content, they can retain them.
This results in the growth of the e-commerce platform. Which gives high ROI and growth.
Get in touch:
That’s all from the Product Experience Management for e-commerce. For any query reach out to us at support@webkul.com. You can also raise a ticket at our HelpDesk System.
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