How to unlock business growth using Product Information Management

67% of business leaders believe their business will no longer be competitive without embracing digital transformation. In a world of convenience, eCommerce has emerged as the front runner in product experience. How a product or service is presented to a consumer is key to their experience with your company.

The process of managing all the information needed to market and sell items through distribution channels is known as product information management (PIM).

PIM aims to provide your products to each consumer in the most advantageous way possible, giving them all the information they need to commit to a purchase. PIM acts as a platform for seamless content creation, product data management, and distribution across all of your sales channels and customer touchpoints. With this data-driven strategy, you can design shoppable experiences that give each customer the relevant information at the opportune moment.

As an Akeneo Gold Partner, we utilise Akeneo’s PIM solution, which is simple and adaptable, enables you to design product experiences, organise and enhance product catalogues, deliver engaging product experiences across all of your channels, and expand to new territories, ultimately unlocking business opportunities.

Benefits of Product Information Management

Product Information Management (PIM) has a host of benefits that are fundamental to improving your eCommerce business from management of data to increasing your overall revenue. Here are some of the major benefits:

Enhanced Data Management

Akeneo PIM is capable of dealing with complex, rich sets of data. It gives users a more flexible approach to retrieving and rearranging product data with the data being able to be marketed via a variety of sales channels. It will handle detailed product descriptions, technical specifications, and any media input like images and videos for each product.

Improving Customer Experience (CX)

Customer experience is at the heart of business growth, particularly in the present landscape where opinions are formed quickly and customers have so many options if one doesn’t meet their needs. Customers who make informed purchases that are exactly what they want are less likely to return the item. Product Information Management will also provide consistent product information that is validated and relevant to your customers.

Increased Revenue

Most of the time, we don’t focus on losses while discussing revenue, especially when it comes to product returns. Due to the fact that consumers actually receive what they have requested, PIM helps lower the number of returned goods and when integrated properly, a conversion rate uplift of 50+% can be seen.

Increased Speed To Market

You can introduce new items faster than your competition if you have enhanced product information. By automating procedures and reducing human data management with PIM solutions like Akeneo, you significantly improve operational efficiency.

Product Information Management VS Product Experience Management

Product experience management or PXM is a comprehensive approach to commerce that integrates PIM and other tools for boosting customer engagement and loyalty,

The fundamental ideas of PIM and PXM are inherently the same, with both approaches entailing personalising data to give consumers richer experiences. The main difference comes with PIM offering a further level of personalisation.

A few examples of PIM include tailoring to location, language and also different marketplaces. For instance, with different marketplaces, you can modify the data to use technical terminology that B2B buyers prefer or decide to use more emotive language in your product descriptions if you are selling to B2C customers. You use PIM to improve the product data and then PXM as the staging method for the customer experience.

Ultimately, both work in conjunction to improve your eCommerce site’s customer experience and business efficiency.

Akeneo Product Information Management

Akeneo PIM allows for a collaborative and easy to monitor way of producing enriched product information. The quality and accuracy of product data are significantly increased by Akeneo’s product information management and product data intelligence solutions, which also make managing product catalogues across channels easier and faster. As a result, both large omnichannel stores and online-only businesses may easily organise and guarantee consistency in product data.

The ideal tool to assist in providing a seamless eCommerce experience is a PIM system like Akeneo. The process of translation and localisation can be easily managed thanks to features that enable many languages, hastening the launch of new products. The solution has a multitude of key features from Franklin Insights; a built-in data intelligence assistant powered by AI to Reference Entities which allow you to connect products together based on similar product data and properties.

With an increased speed to market and the ability to collate data on a large scale, Akeneo’s PIM solution is able to rapidly develop businesses, expanding their opportunities for growth.

Akeneo, iWeb and Jaguar Land Rover

The Akeneo Unlock Awards honour PXM success stories and demonstrate how a solid PIM foundation can have an influence on your people, processes, and technology while unlocking any opportunity for business expansion. We won the Akeneo Global Unlock Award with our client Jaguar Land Rover.

With more than 39,000 workers and a global revenue of more than £23 billion, the leading British automotive company, Jaguar Land Rover creates high-end, sport utility vehicles and aftermarket accessories & parts to accompany them. Their two brands, although possessing distinct personalities, uphold the principles of quality and sustainability that support Jaguar Land Rover’s future of modern luxury through design. Both are infused with a vast collection of classic designs that strike a chord with consumers and foster intimacy and emotional connection that is unmatched on a global scale.

With so many products and parts, JLR had internal systems and product catalogues across multiple departments that we were able to unify using Akeneo. Due to the brand’s absence of a standardised way for exporting product data to other parties, collaboration with commercial partners was also becoming more challenging. With thousands of product SKUs, a PIM solution was ideal because collating massive amounts of product data into spreadsheets was becoming unworkable. They struggled to scale as quickly as they would have liked while still offering a superior product experience as a result, which caused them to have a lengthy time to market.

Jaguar Land Rover and iWeb achieved ground-breaking progress by innovatively implementing Akeneo’s suite of PXM Studio solutions. The iWeb team undertook comprehensive user testing and research to design a unique customer experience that takes consumers through a seamless and informed purchase path, ultimately increasing revenue and traffic and also growing the business on a global scale.

Akeneo Gold Partner PIM Consultancy

Learn more about creating better experiences with PIM in our PIM Customer Experiences post.

As an Akeneo PIM Partner, iWeb can assist you in combining all of your data into a single, user-friendly solution. Better product information means increased conversion rates and fewer returns.

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