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Circularity Mindset: How Companies Can Win the Resale Market

Sustainability

Circularity Mindset: How Companies Can Win the Resale Market

As the interest in sustainability is growing in the mass market, resale and growth of the secondhand market are featured in news headlines every month. However, the variety of possible execution models, limited data availability, and fear of failure make many companies hesitant to take full advantage of the opportunity at stake.

As the interest in sustainability is growing in the mass market, resale and growth of the secondhand market are featured in news headlines every month. However, the variety of possible execution models, limited data availability, and fear of failure make many companies hesitant to take full advantage of the opportunity at stake.

As more consumers become sustainability-oriented, the demand for resale business increases for brands and retailers. Let’s quickly talk about some facts. 

  • Market growth (US): Resale in the United States experienced record growth in 2021 at 58%, and in 2022 it grew 5x as much as the retail clothing sector.
  • Fast adoption (EU): 90 million EU shoppers engaged in reselling for the first time in 2023 (compared to only 16 million in 2020). 
  • Consumer sentiment: 41% of consumers use resale as a way to access hard-to-find pieces, while 40% consider it a more sustainable choice, and 36% want to save money.
  • Circular behaviors: 9 out of 10 surveyed shoppers participating in resale market, buy new and pre-owned, while 75% resell their items.

Fashion and luxury are the most talked about from the perspective of growth in the secondhand market. But the trends apply to other sectors, such as electronics and other consumer products, as well.

 

How to Go After the Opportunity

The resale business is not a new concept in the market. The first model of general marketplaces, such as eBay, has been around for years. The next generation of the model includes specialized marketplaces – dedicated to consumer or fashion products, as well as consignment marketplaces – that actively manage the resale process. For brands or retailers, these models give quick access to a big audience, and provide easy ways to participate in the secondhand market with little operational burdens – but at the expense of not being directly involved in the consumer touchpoint nor transaction. 

The big idea of value creation in resale is customer lifetime value expansion, which is virtually impossible without owning the relationship with the consumer. To help companies with lifetime value expansion, white-label recommerce service providers have emerged in recent years. These companies support brands and retailers in establishing their resale business under their brand, with a dedicated storefront – offering out-of-the-box solutions, outsourced operations, and a branded experience for shoppers. This is a huge step in consolidating the “new” and “pre-owned” business as it takes back the ownership of the value generated by products the companies initially sold (and could resell again!). 

However, such models come with limitations – an “outsourced” business typically involves breaking points in customer experiences with limited visibility into demand and supply, and much delayed or fewer ways to build on the newly established customer touchpoints. 

 

No One Recipe for Success

There are various ways to succeed in the resale business model. For example, specialists can support brands and retailers with services for product lifetime extension and operations that will limit environmental impact, in a way that is measurable and traceable. Also, sustainability plays a major role in the resale business and is a big drive in setting up a proper ecosystem for resale execution.

Success in the resale business starts with an alignment between business objectives and brand strategy. Organizations need to keep in mind that the customer experience as well as transaction data become a foundation for expanding customer lifetime value, which benefits the resale business. Companies can build trust with consumers via the “front-office” by delivering the best, most optimized customer experience. From the “back-office” perspective, they need to be equipped with the capabilities to handle complex recommerce operations along with the right data and insights to connect supply and demand signals. 

 

Room for Innovation

Once the basic setup of a resale business is in place, the question about maximizing its revenue, profit and customer lifetime value emerges. The answer to it would look different as each company has their own story and brand equity, combined with the circular mindset.   

For some, it would be about building new experiences that consumers can try using pre-owned products – lowering the barrier to trying a new sport, variation, or style. For others, it would be a way of capturing more customers who need certain products for a short amount of time, and an easy way to bring back a product after it serves its purpose. On the luxury end, it would be more related to collecting and reselling archive pieces or merging the digital and physical ownership using NFTs, and other forms of digital ownership. 

Joanna Parizat, General Manager & Founder

SAP Recommerce

Meet ETIM Standards with Calago x Akeneo

Akeneo News

Meet ETIM Standards with Calago x Akeneo

Discover the capabilities of the newly released Calago x Akeneo ETIM app, which empowers businesses to effortlessly manage their catalogs and ensures seamless interoperability within the industry.

Recently, we introduced the latest collaboration between Akeneo and Calago: the ETIM app, which serves as a seamless connector between the ETIM API and Akeneo, revolutionizing the way catalog structures are created.  By integrating the power of ETIM with the efficiency of Akeneo, this app simplifies the process of adhering to ETIM standards and streamlines catalog management for businesses worldwide.  

What is ETIM?

ETIM, short for “European Technical Information Model,” has emerged as a critical global technical standard. ETIM provides a standardized classification and structure for technical product data across various industries, ensuring consistency, interoperability, and streamlined information exchange.  As a result, ETIM has become a fundamental framework for industries such as construction and electrical, enabling efficient data management, effective communication, and enhanced collaboration throughout the supply chain.  

Akeneo x Calago

Before the development of the Calago ETIM app, integrating the technical characteristics of the ETIM standard into Akeneo required manual effort and time-consuming processes. While the software previously created attributes and families, it did not automatically populate the product data itself.  This meant that customers had to invest significant resources in manually creating attributes, particularly for businesses dealing with a wide range of product types requiring numerous classes and features. The whole process of creating ETIM structures in Akeneo could take hours or even an entire day depending on the complexity of the product catalog. The newly introduced Calago ETIM app directly addresses the challenges faced by businesses in integrating ETIM standards into their Akeneo catalogs. The app offers a user-friendly interface that simplifies the process to just a couple of clicks, enabling users to create a complete catalog structure in Akeneo within just a few minutes.  Moreover, the app provides the option to schedule automatic updates, ensuring that the latest classes from the ETIM API are fetched and integrated into the catalog automatically. This automation eliminates the need for manual updates and allows businesses to “set and forget” their ETIM catalog structure, especially for companies whose product classes experience minimal changes over time.  

The Future of the ETIM App

Looking ahead, the Calago ETIM app aims to enhance its functionality to meet the evolving needs of businesses. One of the planned improvements includes the addition of reporting features, which will notify users of any removed attributes or features within the ETIM standard. This reporting will enable users to efficiently manage attribute removals from Akeneo, ensuring compliance with the latest ETIM standards. Furthermore, the app will introduce an export functionality, allowing users to export data from Akeneo back out according to the ETIM standards. Additionally, the app’s roadmap includes catering to businesses that already have an existing structure in Akeneo and wish to align it with the ETIM structure. This enhancement will provide flexibility for customers to maintain their own structure while still adhering to ETIM standards, offering a harmonious integration of their catalog management practices. The Calago ETIM app represents a significant step forward in simplifying the creation and maintenance of catalog structures within Akeneo, adhering to the global ETIM standard. By automating the process, reducing manual efforts, and providing a user-friendly interface, the app empowers businesses to effortlessly manage their catalogs and ensures seamless interoperability within the industry. With future updates and improvements, the ETIM app will continue to serve as an essential tool for businesses seeking to streamline their catalog management processes and enhance their compliance with industry standards. Are you interested in learning more about how Calago and Akeneo can help your organization comply with ETIM standards? Reach out to an Akeneo expert today.

Akeneo Product Cloud

Discover how Calago & Akeneo technology can help you meet ETIM standards, and more. Get started on your journey to better product experiences today.

Casey Paxton, Content Marketing Manager

Akeneo

AI, VR, & Social Media: The Future of Digital Commerce

Artificial Intelligence

AI, VR, & Social Media: The Future of Digital Commerce

The future of digital retail holds immense potential, fueled by advancements that were once only the stuff of science fiction. Discover how ground-breaking technology is shaping the way that we shop online, and see how real-life brands are harnessing these advancements to provide better customer experiences.

As we navigate the ever-changing landscape of digital commerce, one thing is certain: innovative technologies continue to reshape the way we shop online. The future of digital retail holds immense potential, fueled by advancements that were once only the stuff of science fiction. From AI-driven commerce to AR & VR experiences to live commerce or social shopping, the possibilities are endless.

Let’s take a look at the top four ground-breaking technologies that are impacting the digital commerce landscape today, and how companies are already utilizing these futuristic strategies today.

1. AI-Driven Commerce

The leaps and bounds we’ve made within Artificial Intelligence (AI) over the past few years is truly mind-boggling; what once produced clunky, robotic chunks of text can now create eloquent and natural-sounding sentences that pass through human detection with ease. Generative AI can help product teams create compelling (and SEO-friendly) product descriptions and product page copy, along with instantaneous translations and suggestions for product information. Not to mention, this technology can analyze almost unfathomable amounts of data instantaneously, sorting through millions of transactions, interactions, and browsing patterns to pull out customer insights that lead to more personalized product recommendations, advertisements, and customer experiences. And it can even digest visual content – brands can utilize AI to analyze product images to identify characteristics like color, material, and size to pull as attributes.

 

Mondial Tissus Spins AI Magic for Seamless Growth

Mondial Tissus, a leader in the French retail market for fabrics and haberdashery items, successfully leveraged AI technology to supercharge their product experience. With the combination of a composable PIM and ChatGPT’s AI capabilities, Mondial Tissus automated the generation and translation of hundreds of product attributes, resulting in improved product descriptions and easy localization of content for international markets within hours. This not only accelerated their time-to-market but also enhanced the quality of their offerings, empowering their teams to develop high-value assets, personalized for each season, and expand into new geographies with ease.

 

ChatGPT AI

 

2. AR & VR Commerce

Together, AR and VR are transforming digital commerce, blurring the lines between online and physical shopping. With VR, consumers can virtually “try on” clothes and accessories without stepping foot in store. Similarly, AR allows consumers to visualize products in their home before ever making a purchase. Visual configurators personalize the shopping experience by enabling customers to visually bundle the items of their choice and customize to their heart’s desire. By meshing the ease of online shopping with the power of physically seeing how a product incorporates into a space, brands are empowering consumers to make better shopping decisions. Plus, these brands will then have the data they need to suggest compatible products to compliment a buyer’s choice, encouraging cross-sales.

 

From Hollywood to Your Homepage: Visual Effects for eCommerce

Founded by a CGI expert who created visual effects in Hollywood, Threekit is a 3D product configurator that offers brands the opportunity to create virtual and augmented reality experiences for their customers on their own D2C site. By enabling consumers to visually change color, fabric, or size of products and see the adjustment in real-time, Threekit provides a visual representation of the exact product that the consumer wants. Plus, their AR tool for eCommerce lets users virtually place these customizable products in their space. Utilized by Starbucks Coffee, Crate&Barrel, and TaylorMade, Threekit is already supporting the visual commerce efforts of massive corporations. 

 

Threekit VR Commerce

 

3. Live Commerce

Live commerce is an emerging trend that combines live streaming and eCommerce, providing a real-time interactive shopping experience to consumers. Influencers, brands, or retailers will broadcast live video sessions where they showcase and demonstrate products, engage with viewers, and offer exclusive deals or discounts. 

Not only does this interactive format allow customers to ask questions, receive instant feedback, and make purchases directly within the livestream, but it also enables businesses without the resources for a brick-and-mortar store to still showcase their products and build trust and credibility among customers.

However, as with all aspect of digital commerce, the product experience your business can offer through live commerce is only as good as your product information. If you provide an influencer with the wrong list of ingredients for the lipstick they’re demoing, or doesn’t know the correct dates for a flash sale that someone asks about in the chat, this experience falls flat and becomes a liability for the brand.

Beauty, Brains, and Real-Time Buys at Your Fingertips

Major beauty and personal care retailer Sephora has been making waves in the world of live commerce, hosting their “Sephora Live” events, where beauty experts and influencers broadcast live sessions to showcase products, makeup tutorials, and engage with viewers in real-time. During a “Sephora Live” session, the expert host will demonstrate application techniques, answer questions, and offer deals, encouraging consumers to interact through comments and make purchases directly in the live stream. This digital commerce strategy also enables Sephora to reach customers who may not live geographically near a Sephora location, driving revenue and unlocking new markets.

 

Live Commerce

 

4. Social Commerce

Social commerce is one of the fastest growing segments of digital commerce as it fuses two of the most popular uses of the Internet: social media and online shopping. By bringing the convenience of eCommerce to popular social platforms like Instagram or TikTok, users can discover, research, and buy products all without exiting the app. 

Social commerce also enables consumers to easily access real, trustworthy user reviews, check out personalized recommendations, and purchase exactly the same item as their favorite influencer, all so that they can feel confident that they’re purchasing the right product.

Again, a strong social commerce presence relies on strong product information. Imagine a customer comes to your TikTok page to see videos of your product in action, but all they see are recycled images from Instagram plastered into a video template. Or they try to input a promo code they saw from a Tweet, but the promotion doesn’t start until the following week and the Tweet never mentioned that. This is a recipe for bad product experiences.

 

Starbucks’ Social Media Brews Up Success

Starbucks has effectively incorporated social media platforms into their digital commerce strategy, particularly Instagram and Twitter. On the photo-sharing app, Starbucks brews up visually appealing images of their products and utilizes the Instagram Shoppable post feature that allows users to click on tagged items and make purchases directly from the Starbucks website or app. Plus, they encourage user-generated content by promoting specific hashtags, featuring customer photos, and running Instagram-specific promotions.

Starbucks is equally as innovative on Twitter – through their “Tweet-a-Coffee” campaign, users are able to send digital Starbucks gift cards to friends or followers directly through just a tweet, linking their Starbucks account to their Twitter profile. Not only do these social channels allow Starbucks to promote their products and connect with customers, but they actually help drive revenue, customer loyalty, and a better customer experience.

 

Starbucks Social Commerce

 

Navigating the Future of Digital Commerce

As we look into the crystal ball of digital commerce, it becomes clear that the integration of cutting-edge technologies will define the future shopping landscape. Businesses that harness the potential of AI, AR, VR, live commerce, and social commerce while maintaining a focus on accurate product information will thrive in this ever-evolving digital retail realm. The possibilities are exciting, and the road ahead is paved with boundless opportunities for those who embrace the dynamic world of digital commerce.

For a more in-depth look into the future of digital commerce, along with actionable tips & tricks that your organization can use to kickstart your digital commerce strategy today, download the Complete Guide to Digital Commerce.

The Complete Guide to Digital Commerce

Casey Paxton, Content Marketing Manager

Akeneo

Accelerate your PX Strategy with a Quick PIM Launch

Product Experience

Accelerate your PX Strategy with a Quick PIM Launch

Discover the best practices and actionable insights provided by the Akeneo Professional Services team for a quick PIM implementation that reduces the time to value and accelerates your path towards exceptional product experiences, with a free downloadable template.

Having a well structured effective PIM is a necessity to having an effective PX Strategy. With thousands of companies using Akeneo PIM, we have been able to consolidate the most impactful ways a company can accelerate their launch of a PIM, and we wanted to walk you through three actions you can take now in anticipation of your PIM implementation to reduce your time to value. 

We at Akeneo have been assisting our clients in implementing a new PIM for over 10 years; we would like to share some of those best practices with you. 

We’ve compiled the top three focus areas with you to accelerate your time to value, and to mitigate the risk of a project failing altogether: 

  • Identify Clear Business Objectives – showcase why you’re investing in a PIM: what are you looking to achieve? Which pain points are you looking to solve? How will you measure the success of these objectives?
  • Align Resources to Project Roles – identify the personnel to be assigned to the PIM implementation roles so you and your team are ready to hit the ground running. 
  • Begin Cleansing your Product Data – your PIM is only as good as your product data, so you can get a jumpstart on cleaning up any stale data now to expedite your implementation. 

Let’s dive in a bit deeper on these three topics.

 

1. Identify Clear Business Objectives 

This is a critical first step in your PIM journey, as it provides the answer to “Why a PIM?” “Why Akeneo?” “Why NOW?” Providing answers to these questions enables you to set the foundation for proper change management internally, and to educate your team on why this investment in a PIM is so important to your organization, and to all of them individually. When identifying your business objectives, we have a recommended template to use and Action Item #1 asks the following questions:

  • What is the problem you’re trying to solve?
  • How does this problem impact you or others at your company?
  • How does this problem impact your customers?
  • How would you quantify this impact?
  • How would you like to see it improved?

 

PZ Cussons clearly articulates their “why” behind purchasing Akeneo:

In selecting Akeneo, we were confident we could achieve this consistent, high quality product experience across all channels to drive improved sales and drive long-term loyalty, all whilst making the operational process for our teams to deliver to these high standards much more seamless.

Michael Cornwall Head of Corporate Services

PZ Cussons
Aligning on your business objectives allows you and your team to know the “why” behind an investment in a PIM and how this impacts each and every person at your company. Aligning on business objectives provides a north star internally, to come together on why you are asking your team to dedicate time out of their already busy schedules to this project, and what is in it for them. 

What we also include in the template is how you may track or manage the business objectives; providing metrics associated with the business objectives allows us to measure how successful the project is, and see the tangible progress you have made.   

Action Item 1

 

2. Align Resources to Project Roles 

It is important to start planning which resources you will need internally to dedicate to your PIM project. This includes both the people that are contributors (creating and enriching product data and assets) and people that are consumers (benefiting immediately from high-quality and always up-to-date product data). 

We’ve written other blogs about Building the PIM Dream Team, as it is a vital step in preparing for your PIM journey. We have outlined roles to prepare you for your Akeneo PIM implementation in our downloadable deliverable as Action Item #2; this way, you can start writing down names to each and every role outlined so that both they and you know who is responsible for what. 

Assigning team members to roles before implementation puts you ahead of the curve and allows you time to set expectations both internally and externally as to your workload capacity to better prepare for your implementation phase and beyond in your Akeneo journey. 

An excellent example of how critical project roles are can be seen from one of our valued customers, Bongenie Grieder:

We needed to find a strategy with our purchasing department to find new goals with brands and work closely with them to create curated content and data for our products and brands. We designed a new team, dedicated to collecting data, so we have three people now. The split by line owner because we have so many types of products, so many prints, so in order for them to know their product more specifically, we split them in their specialization. It has enhanced our time to market.

Manon Lemaire Digital Project Manager

Bongenie Grieder
Action Item #2

3. Begin Cleansing your Product Data 

We all know the saying “garbage in, garbage out,” and this applies to your PIM data as well. Your PIM is only as good as the data included inside of it, so having clean data will accelerate your business’ time to value in your Akeneo PIM journey. We’ve written other blogs about the importance of clean data, and this blog here includes an actionable deliverable diving into HOW one may go about doing so. As an excellent first step, start outlining where different data sets exist, and the owner of this data. Then, start reviewing your data for the quality of it. What do we mean by data quality?

  • Product Duplicates: The same product duplicated
  • Attribute Duplicates: Attribute definitions are varied but mean the same thing resulting in inconsistency in attribution
  • Irrelevant data: Fields are used to maintain information that may not map to the PIM system schema or used to maintain information which shouldn’t be migrated
  • Incomprehensible: Meaningless data that follows no guidelines
  • Incomplete: Mandatory fields may have been circumvented
  • Inconsistent: Standards for information may have been misinterpreted or arbitrary information populated
  • Inaccurate: Information may be wrongly entered
  • Not structured: No categorisation in legacy systems for effective mapping into the PIM. Wrong categorisation leading to wrongly attributed product
  • Non conformance: Standards, structure and missing data and attributes for the product type

Even if you aren’t certain how you may want to restructure your data to fit into all of Akeneo’s features and functionalities and the best practices into how to leverage them, you can at least cleanse any data that you know needs cleaning up. And if you aren’t certain as to where to start, we recommend leveraging our downloadable deliverable and populating Action Item #3. 

One of our valued customers, Thras.io had this to say about data cleanliness:

Data Management is the initial process and that is going to feed in the PIM and that will be what everything is fed into. That will become our foundation. This will help speed the pace and the variety of things that are coming in and try to normalize it and put it into one central source.

Daniel Hawkins Group Product Manager

Thras.io
Action Item #3

Now that you’ve completed all of your action items, what is left is quite simple: beginning your Akeneo PIM journey and becoming one of the many trusted customers within the Akeneo community! 

Feel free to download our template outlining the three action steps for a quick PIM implementation, or reach out to an Akeneo expert today to see how we can help you accelerate your PX strategy.

PX Strategy Template

Julia Frenette, Professional Services Manager

Akeneo

5 Ways to Reduce Return Rates with Product Information

Reducing Returns

5 Ways to Reduce Return Rates with Product Information

Struggling with returns? You’re not alone. Though sometimes inevitable, the returns process can quickly turn sour for both the business and customer as it becomes expensive and cumbersome. Discover these five key strategies for minimizing the need for returns through compelling pre-purchase product experiences.

Let’s talk about it; the dreaded return. Businesses fear it because of the associated expenses, both in terms of direct costs like shipping, restocking fees, and processing, and indirect costs such as lost sales and negative customer experiences.  And consumers hate the time-consuming and often frustrating process of trying to obtain the item they initially ordered, with 63% of consumers saying that having to return an item gives them a negative view of the retailer.
Negative consumer feelings about returns
  It’s safe to say that it benefits both the consumer and the retailer to try to minimize the amount of returns. But in a world of “serial returners”, what’s a business to do? The secret lies in your product information; over half of all consumers (54%) blame the need for a return on  incorrect pre-purchase product information. Let’s dive into five effective strategies that your organization can implement today to improve the product experience offered to your consumers and reduce the rate of returns.     

1. Provide high-quality visual assets

A picture is worth a thousand words, and in the realm of eCommerce, it holds even more significance. High-quality visual assets such as product images, GIFs, or videos play a vital role in helping customers better visualize the product before making a purchase. By showcasing multiple angles, close-ups, and colors or sizes demonstrating the product in action, you can provide potential buyers with a clearer understanding of its features, functionality, and overall appeal, reducing the likelihood of a needed return.  Or you could take it one step further – incorporate innovative AR technology by utilizing a 3D product configurator. Imagine you’re in the market for a sofa, and you stumble upon online furniture brand “FurniCo”.  Not only do they have high-quality photos of the couch you’re interested in, but there’s also a virtual representation of the sofa, ready to be personalized. You can choose the fabric, the color, and even the configuration of the sofa—whether you prefer a classic L-shape or a spacious sectional. As you make your selections, the 3D model updates in real-time, giving you an accurate visual representation of how your customizations will look in reality and eliminating the guesswork. You can rotate the 3D model, zoom in and out, and examine the finer details of your customized sofa from every angle. You even have the option to virtually place the sofa in your living room and adjust the size and placement, ensuring that it fits perfectly within your space and assess whether the chosen design and color scheme will blend seamlessly with your existing décor before ever making a purchase.    

2. Embrace transparency around availability & shipping times

Few things are more frustrating for customers than discovering that a product they’ve eagerly purchased is out of stock or has lengthy shipping times. To avoid this frustration and potential returns, it’s essential to keep your stock and availability information up to date across all channels. Utilize inventory management systems that sync in real-time to provide accurate information to customers, regardless of where they’re shopping—whether it’s your website, third-party platforms, or physical stores. When customers can trust that the products they want are genuinely available, they are less likely to resort to alternative options or cancel their orders. By proactively sharing expected shipping times and potential delays, you can manage customer expectations, enhance their overall experience, and significantly reduce return rates. Let’s return to our furniture company, FurniCo. Let’s say you’ve selected a specific fabric and color combination for your sofa, but FurniCo’s system detects that this particular customization may require a longer production time due to high demand. Instead of leaving you guessing, FurniCo’s website displays a clear notice upfront, stating the estimated time frame for production and shipping.  Furthermore, FurniCo provides the option for customers to sign up for email or SMS notifications regarding stock updates, so that they can be notified when that specific fabric and color combination becomes available. This transparent communication sets realistic expectations and allows the consumer to make an informed decision based on your timeline and needs. By providing accurate shipping and stock information, FurniCo minimizes the likelihood of returns due to unexpected delays or out-of-stock situations. Customers can confidently plan their purchases, knowing when to expect delivery and having reassurance that their customized furniture will be available as specified.    

3. Provide up-to-date, reliable product descriptions

Accurate and reliable product descriptions are the backbone of a successful digital commerce strategy. They instill confidence in customers and foster trust in your brand. Make sure your product descriptions are comprehensive, covering essential details such as size, dimensions, material composition, care instructions, and any other relevant information that might influence a customer’s purchasing decision. Understanding the crucial role that accurate and comprehensive product descriptions play in reducing returns, our friends at FurniCo include a comprehensive description that covers essential details such as dimensions, materials, construction, and care instructions on every product detail page. To enhance the clarity of the information, FurniCo utilizes a combination of concise written descriptions, bullet points, and detailed measurements specifying the height, width, depth, and seating dimensions for every sofa. If any changes occur, such as improvements in materials or slight design modifications, they promptly update the information on their website.  To further support customers in their decision-making process, FurniCo incorporates customer reviews and ratings on their product pages. This valuable user-generated content allows potential buyers to gain insights from previous customers who have purchased the same item. By providing detailed and up-to-date product descriptions, FurniCo minimizes returns caused by misaligned customer expectations. Customers can confidently evaluate the furniture based on accurate information, ensuring that the dimensions, materials, and design align with their requirements. This transparency and attention to detail result in a higher level of customer satisfaction and a reduced likelihood of returns.  

4. Personalize information to each channel

Every channel has its own unique characteristics, and tailoring product information to suit each platform is crucial. Whether it’s your website, social media platforms, online marketplaces, or physical retailers, adapt your product information to the context and format of each channel. Consider optimizing content for search engine visibility on your website, providing concise and engaging descriptions on social media platforms, and ensuring that your product information aligns with the expectations of specific retailers. By delivering tailored information, you enhance the customer experience across various touchpoints, leading to more informed purchases and fewer returns. Let’s take a look at how FurniCo can personalize their product information for different channels:
  • Amazon: Recognizing the importance of optimizing product information for Amazon, FurniCo tailors their Amazon product listings to ensure that all essential details, such as dimensions, materials, and features are clearly outlined in the product title, bullet points, and product description. They leverage high-quality images that meet Amazon’s image guidelines and showcase the furniture from different angles and includes up-to-date pricing and shipping information.
  • D2C eCommerce site: On their own website, FurniCo has full control over the presentation of their product information. They take advantage of this opportunity to provide more in-depth descriptions, including the inspiration behind each furniture piece, the craftsmanship involved, and the quality of materials used. They also create engaging content that showcases the brand’s story, values, and commitment to creating sustainable furniture. FurniCo also optimizes their website’s user interface, ensuring a smooth and intuitive browsing experience and utilizes interactive tools, such as the 3D product configurator mentioned earlier, to allow customers to personalize their furniture choices directly on the site.
  • Social commerce platforms: To reach customers on social commerce platforms such as Instagram or Facebook, FurniCo adapts their product information to suit the format and context of these channels. They create visually captivating posts or ads that highlight their furniture’s key features, versatility, and unique design elements on Instagram. FurniCo includes concise but compelling descriptions that provide a snapshot of each product’s benefits and how it can enhance a customer’s space. On Tik Tok, they utilize user-generated content and partner with DIY influencers to feature their products, fostering trust and social proof. 
   

5. Embrace new technologies

Advancements in technology continue to reshape the digital commerce landscape, offering innovative solutions to common challenges. Embrace these technologies to provide customers with unique experiences and new ways to visualize or understand products to reduce the likelihood of a returned item. We already mentioned FurniCo’s use of a 3D product configurator, which is a great use of innovative technologies. But FurniCo could also take advantage of the advancements made in AI to FurniCo to enhance the product discovery process and provide personalized recommendations. By analyzing customer preferences, browsing behavior, and past purchases, AI algorithms can suggest furniture pieces that align with individual tastes and styles. This personalized approach helps customers find the furniture that best suits their needs, increasing the likelihood of a satisfying purchase and reducing the chances of returns due to style or design mismatch. AI can also be utilized in chatbots or virtual assistants, which could be available on FurniCo’s website or mobile app. These AI-driven assistants can answer customer queries, provide real-time product information or shipping updates, and assist with the customization process.  
  Leveraging your product information to provide a stronger pre-purchase customer experience is the best defense against the dreaded returns. Both businesses and customers benefit from better utilization and syndication of accurate and detailed product information;  businesses can enjoy increased customer satisfaction, reduced operational costs, and strengthened brand loyalty. Customers, in turn, experience a seamless and personalized shopping journey, making confident purchases that align with their expectations. Interested in learning more about how to reduce the rate of return, and what else is top of mind for the 2023 consumer? Download the results from our 2023 B2C Global Survey today!

2023 B2C Survey Results Report

Casey Paxton, Content Marketing Manager

Akeneo

Top 10 DAM Best Practices

Technology

Top 10 DAM Best Practices

Are your digital assets scattered, causing chaos and wasting valuable time? Say goodbye to inefficiencies and hello to seamless organization and productivity. From centralized data management to automated workflows, we dive into everything you need to unlock the true potential of your digital assets.

In today’s fast-paced digital world, where captivating visuals and engaging content rule the online realm, one thing is clear: digital assets are the lifeblood of effective communication and brand success. Whether it’s striking images, compelling videos, or informative product data, the proper management of these digital assets is crucial to staying ahead of the competition.

But managing all that digital data is no easy feat, especially if you don’t have the tools or technology in place to support a streamlined workflow that not only organizes, secures, and delivers your digital assets to various channels, but also communicates seamlessly with your other technology.

Implementing a Digital Asset Management (DAM) tool is a great way to kickstart this process, but diving head-first into any random software solution you find is a recipe for headaches, miscommunication, messy data, and ultimately a poor customer experience.

Let’s dive into the top 10 best practices you can do both before DAM implementation and after.

 

Before Implementation

1. Audit existing digital assets for accuracy & gaps

Before diving into DAM implementation, it is crucial to assess your current digital asset inventory. Conduct a comprehensive audit to identify inaccuracies, outdated files, and any gaps in your asset library. This process will enable you to clean up your digital assets, remove redundant files, and ensure that only relevant and up-to-date materials are included in your DAM system.

 

2. Centralize product data into a single system of record

One common challenge faced by organizations is scattered product information across various platforms, tools, and spreadsheets. To establish a solid foundation for DAM implementation, centralize your product data into a single system of record, like a Product Information Management (PIM) system, that can communicate seamlessly with your new DAM tool. By doing so, you can eliminate silos, reduce duplication, and have a holistic view of your digital assets.

 

3. Define a clear, strategic goal aligned with business objectives

Implementing a DAM system without a clear objective in mind can lead to confusion and inefficiencies. Take the time to define a strategic goal that aligns with your business objectives. Whether it is improving collaboration, accelerating time-to-market, or enhancing brand consistency, clearly identifying your objectives will guide your decision-making process and ensure that your DAM system meets your organization’s unique needs.

 

4. Identify stakeholders, assign roles & responsibilities

Successful DAM implementation requires a team effort. Identify key stakeholders within your organization who will be involved in the process. Assign clear roles and responsibilities to each team member to ensure accountability and smooth collaboration. Additionally, you should be able to implement granular user access management to control who can access, edit, and distribute specific assets. This not only ensures data security but also protects intellectual property and maintains compliance with privacy regulations, all while still providing key stakeholders with the digital assets they need, when they need it.

 

5. Identify tools that need to integrate with the DAM

To maximize the benefits of your DAM system, identify the tools and applications that need to integrate seamlessly with it. Whether it’s your content management system, eCommerce platform, PIM, or Enterprise Resource Planning (ERP) tool, ensure that your DAM system can integrate with these essential tools. This integration will enable you to leverage your digital assets efficiently across multiple channels and touchpoints, ensuring a consistent and compelling product experience no matter where your customers research and discover you.

 

After Implementation

6. Develop a clear system for standardized naming

Consistency is key when it comes to organizing and searching for digital assets. Create standardized naming conventions for your files to ensure clarity and ease of identification. By adopting a consistent naming structure, you can avoid confusion, prevent duplicate files, and improve the overall efficiency of your DAM system.

 

7. Implement metadata standards 

Metadata provides vital context and information about your digital assets, and can include information such as file descriptions, keywords, categories, and usage rights. Develop a robust metadata schema and apply it consistently across your asset library. By implementing metadata standards, you can enhance searchability, improve asset categorization, and facilitate the efficient retrieval of assets when needed.

 

8. Create automatic workflows within the DAM

Automation is a game-changer when it comes to optimizing your DAM workflows. Leverage the capabilities of your DAM system to create automatic workflows that streamline operations. For example, you can set up workflows for file approvals, metadata tagging, or asset distribution. These automated processes save time, reduce human error, and ensure that assets follow the correct approval and distribution channels. And with new technologies like Artificial Intelligence (AI) becoming more and more advanced and accessible, automating mundane or repetitive tasks within your DAM system can improve operational efficiency and ensure that your employees are focusing on high-value work.

 

9. Train and educate your DAM users for optimal efficiency

To fully harness the power of your DAM system, invest in comprehensive training and ongoing support for your users. Educate them on how to effectively use the DAM system and familiarize them with best practices for uploading, tagging, and searching for assets. By empowering your users with the necessary skills and knowledge, you can improve their efficiency, increase adoption rates, and maximize the value derived from your DAM system.

 

10. Regularly audit and maintain your DAM system

Implementing a DAM system is not a one-time task; it requires continuous maintenance and optimization. Regularly audit and assess the performance and usage of your DAM system. Seek feedback from users on the product experience, identify areas for improvement, and implement necessary updates or modifications to enhance efficiency and user satisfaction. Additionally, regularly review and maintain file organization to accommodate changing requirements and ensure that your DAM system remains scalable and adaptable to your evolving needs.

 

Implementing DAM best practices is crucial for any organization that wants to effectively manage its digital assets and optimize workflows. By conducting an initial audit, centralizing data, defining clear goals, assigning roles, and implementing user access management, you can lay a solid foundation for your DAM system. Once implemented, focus on standardized naming, metadata standards, automation, user training, and ongoing maintenance to ensure optimal efficiency and success. By following these best practices, you can unlock the full potential of your digital assets, streamline your operations, and gain a competitive edge in the digital landscape.

Want to learn more about how Akeneo technology can help support your DAM implementation by creating a central source of record and enable your team to provide stronger product experiences? Reach out to an Akeneo expert today.

Akeneo Product Cloud

Discover how Akeneo technology can support your DAM implementation, and more. Start your journey towards better product experiences today.

Casey Paxton, Content Marketing Manager

Akeneo

5 Ways to Delight Customers During a Cost-of-Living Crisis

Customer Experience

5 Ways to Delight Customers During a Cost-of-Living Crisis

Our 2023 B2C Survey uncovered that many consumers are feeling the strain of the economy. In the midst of a cost-of-living crisis, discover how to forge strong consumer relationships and stay competitive with these 5 tips to delight customers.

Shaped by the cost-of-living crisis, customer demands have taken a new direction; two-thirds of consumers now spend more time validating purchases to ensure they’re getting the best bang for their buck. Not only is today’s consumer more discerning and better informed than years past, their buying decisions are increasingly driven by price. To earn the loyalty of shoppers today, brands must be able to provide high-quality products and personalized shopping experiences, all while keeping prices as competitive as possible. In our 2023 B2C survey, we aimed to find out what product information consumers care about the most, and discovered that pricing information and information about promotions, offers, or deals ranked as most important. In fact, they often ranked as more important than product size, fit, or dimensions information. Clearly consumers are actively seeking out ways to save money and are highly receptive to the brands that help them do so. It’s now even more important for brands to show additional value beyond the quality of their product. Earning loyalty during economic uncertainty means finding new ways to delight consumers.  

1. Be transparent about stock availability, shipping estimates, and pricing

The economic shift has led to customers seeking more than just basic product details. For the first time, we decided to explore this trend in our survey, asking about availability information as a significant factor in their purchasing decisions. We found that 25% of respondents do look for availability information before making a purchase decision. However, the true impact of product availability is even larger. In fact, 82% of consumers have given up on completing a significant purchase. The most common culprits for the abandoned cart? Lack of availability and price. For brands, this means incorporating more transparency into product data. Consider listing when out-of-stock products will return or allow customers to purchase now with shipping available on a future specified date. Providing clear shipping time estimates before purchase will also have a positive impact on consumers. Simply put, the more information you’re able to provide, the more confident consumers will feel in their purchase decision.  
Akeneo B2C Survey Results: Abandoned Purchase
    
Akeneo B2C Survey Results: Abandoned Purchase
 

2. Communicate who you are as a brand

Consumers are putting their dollars where their values are, paying close attention to a brand’s values and company practices before making a purchase. Our survey dove further into value-driven purchasing, and found that 43% of consumers would be willing to pay more brands that showcase their brand values. In fact, those that answered “yes” would be wiling to pay an average of 18% more. Specifically, sustainability ranked as one of the values most prioritized by shoppers, with 35% seeing sustainability as a key piece of product information. As consumers increasingly look for brands that align with their values and are making sustainable choices, this provides another opportunity for brands to delight their customers and foster loyalty.  Be intentional about sharing your brand’s sustainable and ethical practices. Behind-the-scenes videos, educational blogs, events, community discussions, and more can all highlight company values, working to build strong relationships with consumers who share the same priorities.
Akeneo B2C Survey Results: brand values
 

3. Offer simple, personalized, and cheap return processes

In the world of retail, returns can often mean additional costly shipping logistics, plus processing and restocking fees, causing headaches for both consumers and brands alike. Though returns, unfortunately, will likely never drop to zero, brands can reduce their return rate with a focus on product information. A notable 54% of consumers have returned products due to incorrect pre-purchase product information. In a time where consumers are counting every dollar, this poor experience and the stress of a return can cause irreparable damage to brand trust. Businesses must ensure that product information is detailed and accurate to avoid unnecessary returns and dissatisfaction.  
AKeneo B2C Survey: Returns
  When a return is necessary, consumers expect it to be easy and stress-free. A whopping 40% of consumers rank an easy return process as one of the top two services a retailer should offer, making it a significant component of the customer experience. In fact, two-thirds of consumers say they would become a loyal customer if a brand offered a more compelling shopping experience, including stress-free returns. Moreover, 63% of consumers express a negative feeling about a retailer charging them for returning a product, indicating the need to make returns as seamless as possible. Research shows free returns may be financially unsustainable for brands, but offering free in-store returns and paid returns via shipping is a great compromise. This balances the customer’s need for a simple and cheap return process with the brand’s economic health, as in-person returns remove high operational costs and make managing stock and inventory that much easier. However, the best return is no return at all, so be sure to prioritize the completeness and quality of product information pre-purchase to reduce unnecessary returns. 
Akeneo B2C Survey Results: Returns

4. Provide detailed product information, including visual assets, user reviews, and more

One of the biggest changes in consumer behavior due to the cost of living crisis revolves around the decision-making process. Two-thirds (66%) of consumers now spend more time validating purchases and require more information before making a purchase. Consumers are looking for more detailed product information, including pricing and availability, to ensure that they are making an informed decision and getting the best value for their money. The importance of providing accurate and detailed product information at every touchpoint cannot be overstated. In fact, over 62% of consumers would purchase a different product than the one they originally intended to buy due to a lack of product information. Plus, product data mishaps can have lasting impacts. It only takes one bad product information experience to cause a consumer to give up on a brand forever, according to 63% of consumers surveyed.
Akeneo B2C Survey: Bad product experience
     
B2C Survey Result: bad product experience
 

5. Provide multiple touchpoints for users to discover & research

In today’s day and age, consumers are seeking a truly omnichannel experience that seamlessly blends their online and in-store shopping experiences. But be careful to include the right amount of information on each channel. According to our 2023 survey, 71% of consumers say they find additional product information when they look in multiple places. This can be cause for some concern. Consumers should be able to find the right amount of product information to fuel a purchase no matter which channel they’re on. Forcing your consumers to search in different places to get the information they need could spark them to turn to a competitor site or simply give up on the purchase altogether, seriously impacting revenue.  This highlights the importance of having a consistent and cohesive omnichannel strategy that provides consumers with accurate and comprehensive product information across all channels. And don’t forget, a bad product information experience from any source can result in 60% of consumers abandoning their purchase. So not only do brands need to show up on the right channels tailored to the right devices, but they need to ensure that they’re providing the best product experience – meaning accurate and consistent product information, branding, and messaging – everywhere. New technologies can be incredibly helpful when it comes to creating a stand-out omnichannel experience. Almost two-thirds of consumers are interested in utilizing innovative technologies such as chatbots, voice assistants, and VR tools when shopping. Sales support tools such as mobile apps and virtual reality tools like augmented reality applications are the most sought-after tools by consumers to help them make informed shopping decisions. Our survey found that an investment in technology can seriously pay off for brands. Around 41% of consumers are willing to pay more for a more exciting and compelling shopping experience, and two-thirds of consumers say they would become loyal customers if a brand or retailer offered a more engaging shopping experience. But be careful – consumers don’t want to be confined to just the online world. When considering a purchase, consumers rely heavily on both store salespeople and search engines as their top sources for professional advice. While online marketplaces and search engines are the most likely places consumers use for product discovery, 20% still regularly visit general and specialty retail stores in person to discover new products. What’s more, 84% of consumers have researched products online before buying in a store, and 77% have browsed products in-store but purchased online. What does it all mean? Providing consumers with a seamless omnichannel experience across both online and in-store shopping experiences, with accurate product information, innovative technology, and a unique and personalized shopping experience can lead to increased customer loyalty and sales.
B2C Survey Results: discovery & research
While customer expectations are on the rise, the cost of living crisis and uncertain economic conditions have made providing additional value even more critical for brands in order to off-set a renewed focus on price. Retailers must find a balance between meeting consumer demands for high-quality products and personalized shopping experiences while also providing competitive pricing and promotional offers. Providing transparent pricing and availability information, detailed product information, and promotional offers can help retailers build trust with consumers and remain competitive in the market. Want to delve into even more emerging customer trends and actionable insights into today’s shopper? Download the full 2023 Global B2C Survey Results Report today, or reach out to an Akeneo expert today to get started on your journey towards better product experiences.

2023 B2C Survey Results Report

Casey Paxton, Content Marketing Manager

Akeneo

From Clicks to Bricks: Why Omnichannel Customer Journeys Matter More Than Ever

Customer Experience

From Clicks to Bricks: Why Omnichannel Customer Journeys Matter More Than Ever

The Akeneo 2023 Global B2C Survey revealed that customers prioritize both in-person and digital shopping experiences, highlighting the need for omnichannel, hybrid customer journeys. But it also showed that the cost-of-living crisis is squeezing wallets everywhere; businesses must learn how to provide a compelling and consistent customer experience while remaining price-conscious.

As the world continues to digitize, it can become easier and easier to forget about the importance of in-person, brick-and-mortar operations. I can have groceries delivered to my doorstep within the hour. I can take a walk-through of a new home without ever leaving my old one. I can discover, research, compare, purchase, and set up a brand new desktop computer without ever interacting with a person or stepping foot outside. So why should you, as a brand, invest in physical channels when digital channels seem to be the cheapest and the easiest way to interact with customers? While digital shopping has taken the world by storm, brick-and-mortar shopping experiences still play a crucial role in providing the omnichannel journey that customers crave. Simply put, consumers want the best of both worlds: the ease and convenience of online shopping, coupled with the ability to see and touch products before making a purchase. Released just a few weeks ago, our 2023 Global B2C Survey Results Report found that consumers want an integrated, omnichannel approach to shopping, not just a digital one. From personalized digital experiences to the benefits of hybrid shopping journeys to loyalty-building in-person visits, our study uncovered the rising importance of omnichannel retail, and why businesses must embrace this trend to remain competitive in today’s market.  

Hybrid Journeys: The Best of Both Worlds

Consumers don’t want to be confined to just the online world. Our 2023 survey found that when considering a purchase, consumers rely heavily on both store salespeople and search engines as their top sources for professional advice. While online marketplaces and search engines are the most likely places consumers use for product discovery, 20% still regularly visit retail stores in person to discover new products. What’s more, 84% of consumers have researched products online before buying in-store, and 77% have browsed products in-store but purchased online.  Have you heard of Snapchat’s new AR Mirrors? In an update to its AR Enterprise Servies (ARES), Snap has allowed brands to offer a seamless integration between offline and online channels by allowing customers to try on virtual versions of clothes and accessories in-store. This technology not only provides a fun and engaging experience for shoppers but also enables retailers to create a truly omnichannel shopping experience that meets the needs of modern consumers.
Snapchat AR Mirrors
But Snapchat’s AR Mirrors are just one example of how retailers can incorporate technology to create a more integrated shopping experience. Brands can (and should) leverage other tools such as mobile apps, social media, and digital signage to provide personalized and targeted marketing to customers in-store, while also offering the convenience of online shopping. Almost two-thirds of consumers surveyed were interested in utilizing innovative technologies such as chatbots, voice assistants, and VR tools when shopping. Plus, 41% of consumers said they are willing to pay more for a more exciting and compelling shopping experience, and two-thirds of consumers say they would become loyal customers if a brand or retailer offered a more engaging shopping experience.
2023 B2C Survey Results
   
2023 Global B2C Survey Results
Our 2023 survey also found a somewhat unnerving statistic: while 71% of consumers find additional product information when they look in multiple places, a bad product information experience on any channel resulted in an abandoned purchase 60% of the time. Your customers are looking everywhere for product information, from social media pages to chatbots to retailer websites to brick-and-mortar stores and beyond, and just one bad interaction on any one of these channels can spell a lost sale. Providing consumers with a seamless omnichannel experience across both online and in-store shopping experiences, with accurate product information, innovative technology, and a unique and personalized shopping experience is key to supporting the customer journey, and can lead to increased customer loyalty and sales.  

Cost-of-Living Crisis: More, for Less

The 2023 B2C Global Survey also revealed that while customers today have high expectations when it comes to product information and omnichannel experiences, they’re also more price-conscious than ever given the current cost-of-living crisis. As a result, organizations must balance meeting customer expectations with affordability to maintain a positive relationship with their audience and keep costs under control.  We found that promotion, offers, or deals made it to the list of top 3 pieces of product information across all product categories, often ranking as more important than product size, fit, or dimensions information. What does this mean? Consumers are actively seeking out ways to save money and are highly receptive to promotional offers, likely due to the uncertain economic conditions and ongoing post-pandemic recession.
2023 B2C Survey Results
The cost of living crisis has also led to a change in consumer behavior, with two-thirds (66%) of consumers now spending more time validating purchases, requiring more information before making a purchase. Consumers are looking for more detailed product information, including pricing and availability, to ensure that they are making an informed decision and getting the best value for their money.
2023 Survey Results
In recent years, consumers have placed a significant value on the quality of product information they receive, and a substantial portion of them have indicated their willingness to pay a premium for it. However, the proportion of consumers willing to pay extra has declined since the previous year’s survey (from 26.8% in 2022 to 18%), once again likely attributed to the current cost-of-living crisis. Furthermore, eight-in-ten consumers have given up on making a significant purchase, after having spent time researching it. The most common culprits for abandoned purchases? Pricing information and lack of availability.
2023 Survey Results
  
2023 Survey Results
While customer expectations are on the rise, the cost of living crisis and uncertain economic conditions have made price an even more critical factor for consumers. Retailers must find a balance between meeting consumer demands for high-quality products and personalized shopping experiences while also providing competitive pricing and promotional offers. Providing transparent pricing and availability information, detailed product information, and promotional offers can help retailers build trust with consumers and remain competitive in the market.  

Embracing Clicks and Bricks

While the growth of online shopping has certainly disrupted the retail industry, in-person experiences remain a vital part of the shopping journey for many consumers. Customers expect the flexibility and convenience of online shopping, as well as the in-person experience of brick-and-mortar stores. Retailers who can successfully provide a hybrid and cohesive shopping experience that seamlessly integrates both digital and physical channels, all while remaining price-conscious, will be well-positioned to succeed in the years ahead. In other words, the key to delivering an effective omnichannel shopping experience is to understand the needs and preferences of your customers. By leveraging technology and data, retailers can gain valuable insights into customer behavior and tailor their approach to meet their needs. By doing so, they can create a shopping experience that is seamless, convenient, and enjoyable, and build long-lasting relationships with their customers. Want to learn more about the customer trends we identified in our 2023 study? You can download the Global B2C Survey Results Report for free today, or reach out to an Akeneo expert today to learn more.

2023 Global B2C Survey Results Report

Casey Paxton, Content Marketing Manager

Akeneo

3 Essential Tips for Maximizing ROI in Your PXM Program

Product Experience

3 Essential Tips for Maximizing ROI in Your PXM Program

In today’s competitive landscape, a robust Product Experience Management (PXM) program is vital for staying ahead of the curve. As an expert in the field, Raphael Iscar has learned valuable lessons throughout his 8-year journey in the PIM space. Join him in the latest of a 10-part series as he unveils three crucial tips for ensuring your investment in a standout product catalog yields exceptional results in the face of fierce competition.

It’s always tough to hear clients tell me their goal when implementing a PIM is to automate the product catalog management as if human processes were not essential in the project. Simply put, PIM integration CANNOT be the end goal when entering into such a project – what you’re trying to achieve is efficiency in maintaining and distributing your product catalog no matter the sales channel you’re leveraging.   By correctly organizing your teams and processes with the right technology, you can reach higher conversions on your different sales channels, offer a better customer experience, and ensure your customer can browse, compare, and select your products at the right place in the right time.  

1. Analyze Your Processes and Challenges Along the Product Lifecycle

When embarking on a PXM project, it’s crucial to define your product catalog management challenges comprehensively. This includes analyzing assets, specifications, and all aspects of the product lifecycle, from inception to data distribution across various customer touchpoints.  Avoid solely focusing on what PIM technology can do for you. Instead, start your analysis by examining the genesis of information, whether it’s product data from providers or created within your PLM system. Extend the analysis beyond PIM enrichment and stop at the point where your customers engage with your product catalog, be it on websites, marketplaces, physical catalogs, in-store displays, or social media channels.  

2. Embrace the Product Lifecycle Moonwalk Theory

To ensure a successful analysis and PXM projects that drive higher conversions, flip the traditional approach and start from your sales channels instead of the origin of data. This way of thinking enables you to shift your focus to the minimal data required by customers to make purchasing decisions.  This is what we call the Product Lifecycle Moonwalk Theory – you start from the destination in order to finish at the origin of the data, so you focus only on the data that makes a difference for your end customers. Remember that PIM is a marketing tool designed to manage customer-facing data and provide the necessary information for informed buying decisions. Starting from the sales channel perspective allows for a more streamlined implementation, reducing costs and generating a higher return on investment. You can learn more about the moonwalk strategy on this podcast.  

3. Set Clear SMART Goals and KPIs to Measure PXM Success

In the past, I’ve seen numerous PIM integrations lacking clear success metrics for customers. To ensure your PXM program’s success, it is essential to establish Specific, Measurable, Achievable, Relevant, and Time-bound (SMART) goals and Key Performance Indicators (KPIs).  While not all goals can be quantitatively measured, some may require team interviews for evaluation. Below are a few of my recommended goals and KPIs:
  • Make your teams more efficient. PXM programs are meant to optimize your product catalog management flow by correctly reallocating the right resources at the right place so your teams can work more efficiently together when enriching your product pages. And of course, with a PIM, your teams will save time and resources in the process by:
    • Eliminating duplicate efforts 
      • KPI: average number of days to publish a product
      • KPI: number of tasks needed to complete the publishing
    • Optimizing the enrichment process by reallocating team members at the right stage of your product lifecycle
      • KPI: hours spent enriching your products divided by the number of resources to complete
    • Reducing the cost of operating your customer service due to wrong product information.
      • KPI: number of calls to customer service due to wrong product information
    • Reducing the number of product returns. 
      • KPI: number of product returns due to wrong product information
  • Enhance your customer experience
    • Improve your onsite search & navigation
      • KPI: Average time spent on category page; Average time spent on the product page; Product page bounce rate; Average number of searches on Algolia or similar onsite search
    • Improve your product catalog data quality across all channels
      • KPI: At Valtech, we calculate a data quality score based on a programmatic analysis of your product information database by analyzing misspellings, duplicates, and wrong data
  • Generate more money 
    • Enhance your product and category marketing information and accelerate the publication of new and updated products across your channels to grow the number of sellable days.
      • KPI: Average number of days from product creation to syndication; Conversion rate on all channels based on the product’s completeness; Average order value
In the fast-paced business world, staying ahead of the competition is essential. By implementing a strategic and ROI-focused PXM program, you can take your product catalog to new heights and captivate your target audience. Analyze your processes, embrace the moonwalk theory, and set clear SMART goals and KPIs to measure success. With a laser-focused approach, you’ll maximize efficiency, reduce costs, and deliver an unparalleled customer experience. Don’t settle for average – invest in a PXM program that propels your brand to new levels. Ready to start your journey? Discover how the Akeneo x Valtech partnership  can drive your business forward and unlock the full potential of your product catalog. Or you can check out how enterprises can incorporate AI into their PX Strategy in this recorded webinar.   This article was written and submitted by Akeneo partner, Valtech.

Raphaël Iscar, Head of Global PXM & Product Strategy

Valtech

Utilizing ChatGPT to Generate Product Content

Artificial Intelligence

Utilizing ChatGPT to Generate Product Content

Discover how your organization can take advantage of artificial intelligence and large language models today to automate and streamline your product content creation in this guest post by valued Akeneo partner, Sitation.

ChatGPT. Bard. The future of AI is bright and likely to change almost all aspects of our modern world, but what’s actually relevant today? And more importantly, how can we leverage the remarkable innovations today without risking your business’ reputation by living on the cutting edge?  Microsoft has invested heavily in OpenAI, and massive corporations such as Google are investing massive amounts of capital and resources in this incredibly lucrative field. As it’s such a hot topic, there are already some fantastic articles on the future of AI; this article will not cover predictions for what AI can lead to in the future, but more of what is directly useful to improve your business today. While this innovative technology is still quite new and often leads to existential questions about the nature of human communication, comprehension, and creation, it doesn’t mean that it can be fully trusted today. To understand why, it’s critical to understand what AI, ChatGPT, and LLMs are.   AI: Artificial Intelligence
  • The ability of computers to accomplish tasks that a human would typically do
  • NOTE: this term is widely overused to include everything from the Terminator taking over the world to Facebook targeting me with ads for flip-flops based on my browser history. 
  LLM: Large Language Model
  • A Machine Learning model trained on massive amounts of existing text.
  • They can’t think or feel, but they are very good at pattern matching and feeling like language.
  • To dive deeper into LLMs, check out this article for more information
  • They are very good at looking true. Remember – these are language models, not knowledge models. Check the default sign-up warning below:
 
ChatGPT LLM Warning
  ChatGPT
  • One of many LLMs produced by OpenAI, works on a conversational prompt model
  • Very popular, but different than GPT-3 (and now GPT-4) which are APIs.
AI being an overused word aside, the key question with exponential benefits to companies is some version of this:

How can I use this for automation today? And what are the risks?

I have major doubts about this new technology being safe and reliable enough to use in a truly automatic way. I wouldn’t trust an LLM to rewrite a training manual for flying a plane or approve the structural integrity of a bridge today. Nor would I trust it to recommend a politician without knowing the training data leveraged. The processes behind LLM’s are not able to ascertain truth, only generating outcomes that are believable. “Hallucinate” is now the technical term of choice to describe when ChatGPT responds in odd and often concerning ways. This includes infamously trying to convince a New York Times reporter to divorce his wife.  But where does it excel? Rapidly generating believable (i.e., linguistically consistent) text with an even higher level of success if you can customize the data inputs and provide fine-tuned prompt models with high-quality input data. What we tackled first at Sitation? Copywriting. Copywriting (or “the worst job in eCommerce” as our CEO Steve Engelbrecht referred to it in his talk at Akeneo’s Unlock conference in March 2023) is the act of writing marketing materials. Sitation has been providing product content for many years. Typically, copywriters get a small amount of product information and then write descriptions and bullet points highlighting these features. They are given examples from the website or other text source, given some instructions on what the output should look like (including character count and style), and then return that content for review.  This makes it the perfect use case for an LLM-based AI (in this case ChatGPT). It’s got a clear ask (The Preamble Below) It’s trainable with seed data that can be used for analysis (that’s the “Few Shot” training below). And it can take product attributes loaded as variables for easy iteration and required content.
RoughDraftPro Prompt Models
  We’ve been fine-tuning our prompts to create high-quality responses with very few hallucinations. But these generated responses should still be reviewed and treated as a “Rough Draft”. Quality attributes, a required brand field, and a category will greatly help. But there is no substitute for a reviewer confirming the data is good enough for production. Even if the descriptions or bullet points are good 100% of the time, poor product data can result in expensive returns, unsatisfied customers, and untrustworthy product experiences.  Until a prospective customer interacts with a physical product in the real world, your product content is the product experience. AI hallucinations we have seen in early testing include made-up brands, dimensions, and functionality that will at best lead to a return, and at worst, a lawsuit. We require a final step of review and approval in RoughDraftPro app for just this reason.  To experience RoughDraftPro, consider adding the application free trial. While the full version is tailored to your data model, increasing power and generation options, the trial edition gives you the opportunity to interact with the capabilities of the tool. Map a few fields and generate up to ten free product descriptions. Contact Sitation for more on RoughDraftPro and expert-led Akeneo practice.

George Dzuricsko, Senior Director, Solution Architecture

Sitation