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Feb 24, 2020

The Top 4 Things PIM Can Do For You

It’s no secret that business is a results-oriented world. You may have the best intentions and well-laid plans, but if they don’t come to fruition...


Reducing Returns

It’s no secret that business is a results-oriented world. You may have the best intentions and well-laid plans, but if they don’t come to fruition, they won’t do you much good. 

That’s why making a decision surrounding a business solution can be so difficult. It often isn’t enough that these purchases provide only a new way to solve an old challenge or a new perspective to view the same challenges you face every day. Your solution needs to provide tangible benefits if it’s going to be seen as a good investment.

This is certainly true when you’re considering a Product Information Management (PIM) system. A good PIM isn’t just a container for product information, nor does it simply provide a new place for you to perform old processes. Instead, your PIM should add value to your organization by transforming product enrichment and management process, and, ultimately, help you raise your revenue to new heights. Akeneo PIM is built to do just that by providing B2B and B2C businesses alike with value-added tools and features designed to take their product information to the next level. So, if you’re having a little trouble understanding or articulating the benefits Akeneo PIM could provide for your business, don’t fret — just read on to see what Akeneo PIM can do for you.

1.  Reduced Returns

The value of your PIM starts with making things right. With Akeneo PIM, you can make sure that every piece of product information that reaches your customers is correct, consistent, and complete thanks to features like automated enrichment rules, product completeness tracking, and data validation. And that’s important because if B2B buyers and consumers don’t feel like they can trust the information you’re providing them with is accurate and paints a full picture, they’ll quickly abandon the purchase in favor of a merchant that helps them better understand what they’re buying. Even if you do somehow convince a customer to make a purchase despite incorrect, inconsistent, or incomplete product information, the victory will likely only be temporary. Because when your customer eventually receives their purchase, only to find the product isn’t what they pictured or won’t fit their needs, they’ll likely return it, costing you that hard-won sale in the process. What’s worse, that return is probably the end of the relationship between you and this customer — after all, most consumers do not make repeat purchases from companies that they don’t feel they can trust. With Akeneo PIM, customers have seen reductions in product returns of up to 40 percent, which leads to higher revenue, increased customer loyalty, and increased value over the lifetime of your relationship with that customer.

2. Excellent Experiences 

Accurate product information is just the beginning, however. In the omnichannel age, consumers must be able to see your product in action or get an inside look at how your product functions via digital assets like photos or videos. This is especially true as competition becomes all the more fierce on digital channels. The advent and mass popularity of marketplaces in both B2B and B2C industries has made digital assets even more crucial. Akeneo PIM includes Asset Management capabilities that are designed to help your team more efficiently and effectively manage your digital assets right alongside product information. Its asset management capabilities for both B2B and B2C businesses are designed to offer flexibility, better asset organization, enable asset transformation and linking capabilities to support different needs in different channels, and a dedicated asset library to help you easily visualize all your digital assets. So what do you get when you combine the correct, complete, and consistent product information you get from Akeneo PIM with its Asset Manager capabilities? You get the high-quality experiences that turn shoppers into buyers and transform first-time customers into lifelong fans. Research indicates that providing your customers, whether they’re consumers looking for a new outfit or a Fortune 500 company looking for a new tech solution, with excellent experiences is the biggest thing you can do to guarantee success in the omnichannel age. In fact, according to one study, 66 percent of buyers care more about experience than they do about price when it comes to making purchase decisions, while another report found that 86 percent of buyers are willing to pay more for a better customer experience.

3. Tight Time-To-Market

Success in an omnichannel world requires speed. If you want to be able to keep pace with modern customers, your time-to-market needs to be as speedy as possible. Speeding up time-to-market without letting your product information quality suffer, however, is often easier said than done. Pushing your team to move more quickly can lead to errors and inconsistencies in product information, which kill your product experience. But with Akeneo PIM, you can accelerate your time-to-market, all while eliminating errors and inconsistencies. Thanks to better governance over processes and a more streamlined flow, Akeneo customers report significantly faster time-to-market — like the case of Australian retail giant Myer, which saw time-to-market accelerate by 400% after adopting Akeneo PIM. What’s more, with Akeneo’s Teamwork Assistant, Akeneo PIM help fosters collaboration across your teams by tracking product data completeness to ensure no incomplete makes it to your sales channel. It also helps you pick up the pace by helping you audit your enrichment processes and notifying your marketing team when a product is missing attributes, needs translation, is ready to be exported in your eCommerce or is added to the PIM.

4. Climbing Conversion Rates

With your PIM implemented, your team moving more quickly, your product information enriched consistently and correctly, your digital assets driving interest in your products, and your compelling customer experiences delighting and exciting buyers, you should begin to realize the final benefit of Akeneo PIM: increased revenue! As we’ve addressed above, today’s consumers and B2B buyers have high standards when it comes to making purchasing decisions. Fortunately, Akeneo PIM is built to meet, and exceed, those expectations by enabling you to provide dynamic, compelling customer experiences on every channel, offer localized and geographically-appropriate information, and turn shoppers into customers. Akeneo customers have reported increases in conversion rates of up to 400% — and when paired with reduced returns mentioned above, this can have a real impact on your bottom line. So if you’re ready for a PIM solution that provides you with real results, look to Akeneo PIM.

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