Apr 21, 2023
8 min to read
Discover the ins and outs of eCommerce product management and its crucial role in succeeding in today's digital landscape. From sourcing and providing the right product information to optimizing product performance, learn why effective eCommerce product management is key to boosting sales and customer satisfaction.
It’s no secret that eCommerce is a crucial part of any business strategy, but simply having an online store isn’t enough to get ahead in a competitive market. To really make an impact, you need to prioritize your eCommerce product management. That means taking a strategic approach to everything from developing new products to promoting them effectively.
Why does it matter? With an effective product management strategy, you’ll be better positioned to attract and retain customers, increase sales, and stay ahead of the competition in the fast-paced world of eCommerce. Plus, by staying on top of emerging product trends and evolving customer needs, you can ensure that your products remain relevant and in-demand. Not to mention, effective product management can help you streamline your operations and improve your time-to-market.
In this article, we’ll explore the ins and outs of eCommerce product management, including what it is, what an eCommerce Product Manager does, and how a Product Information Management (PIM) solution can help streamline your product management process.
Product management involves overseeing the product roadmap, or the entire lifecycle of a product from its initial creation to its end, with the goal of creating products that meet customer needs and generate revenue for the business. It involves working cross-functionally with teams such as marketing, design, and engineering to develop, launch, optimize, and promote products.
While eCommerce product management involves the same basic principles, it specifically optimizes the entire online shopping experience, from product discovery to checkout and post-purchase support. Today’s consumers have high expectations when it comes to the online shopping experience, demanding seamless navigation, personalized product recommendations, and fast customer support. Investing in effective eCommerce product management helps brands meet these expectations, leading to a more loyal customer base.
Because things are ever-changing in the world of eCommerce, the most effective product management also incorporates monitoring the competitive landscape, following the latest eCommerce trends, and keeping up with consumer demands to stay ahead of the competition.
eCommerce Product Managers act as trusty guides along the product journey, focusing on the online retail environment. An eCommerce product manager sets and oversees the product strategy, creates a product roadmap, defines the features, and works with teams across the organization to position the product for success, creating the best possible online experience for consumers.
Though the exact responsibilities can differ based on the organization and product need, a breakdown could include:
The cost of launching a new product can vary wildly depending on the industry or brand, but most often, it falls within the $20,000 – $500,000 range. That’s a big investment for a company of any size… and one you don’t want to lose with a failed launch.
That’s where product management comes in handy. Instead of assuming a new product will meet consumer needs or resonate in the market, eCommerce product management develops a strategy to set new products up for online success from square one and reduces the risk of a product flop. This strategy is created through digital market analysis conducted to uncover the unique differentiators and needs of online shoppers.
Plus, as eCommerce competition grows and customer needs evolve, product management can help businesses stand out from the crowd and attract and retain customers.
At its most effective, product management helps businesses streamline their operations by optimizing their product offerings, reducing time-to-market, and improving inventory management.
Speaking of inventory management, a PIM system should be an eCommerce product manager’s best friend. Product managers are often juggling a lot of information, and spend quite a bit of time chasing down product details and assets from departments across the organization. A PIM system makes it easier to manage eCommerce product information in several ways:
Remember, “composability” should be on your list of PIM feature requirements. A composable PIM will offer more flexibility than a monolithic architecture. This allows you to tailor your PIM solution to your specific needs and integrate with other systems in your tech ecosystem, such as eCommerce platforms, such as BigCommerce or Salesforce CC.
Effective eCommerce product management is a non-negotiable for businesses looking to succeed in the digital economy (which is basically all businesses). A PIM system can help manage eCommerce product information, improve the customer experience, and drive sales. By investing in eCommerce product management and leveraging the power of a PIM system, businesses can stay ahead of the competition and succeed in the rapidly-evolving eCommerce landscape.
Want a better idea of how PIM and eCommerce product management can work together to hit your product goals? Get a firsthand look here.
Akeneo powers eCommerce product management and more. Start your journey towards omnichannel customer experiences.
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