Feeling skeptical? Here are the numbers to back it up: two-thirds of shoppers saying that they have abandoned buying a product because of bad product information experience obtained from any source. What’s more, research also suggests that compelling product experiences can increase customer engagement, enhance brand perception, and improve lead generation and customer acquisition.

Offering a handful of compelling individual experiences, however, is not enough. You need to build an entire strategy that elevates your product experience across every channel, marketplace, and touchpoint.

Building an impactful product experience (PX) strategy is all about improving the customer experience — but that can’t be done unless you start at the foundation: Product Experience Management (PXM).

PXM is the set of best practices and key metrics for successfully making the most out of the people, processes, and technology needed to deliver world-class product experiences.

All that content means one thing: a lot of digital assets.

As the amount of content we put out into the world continues to increase, so does our need for digital asset management software. Let’s dive into everything you need to know about this key piece of your data puzzle.

What Are Digital Assets?

Digital assets are unique files that are created and stored on a computer, server, or in the cloud. They are easily identifiable and provide value to your organization.

In the context of product marketing, digital assets include any file that you use to sell or market your products across any channel or marketplace. Most commonly this includes photos and images, videos, graphics, and written product information. It also includes the color palettes, fonts, and so on that you need to create these assets. Even your brand logo is a digital asset. 

Beyond the most common marketing purposes, the digital asset definition can also include sales enablement collateral such as PowerPoints and one-pagers, operations-related assets like diagrams and process documents, and assets from your design and engineering teams such as blueprints and 3D renderings.

There’s also another, more recent answer to “What are digital assets?” With the dawn of cryptocurrency and blockchain technology, more and more people are becoming familiar with the concept of digital assets as currency, virtual real estate, and non-fungible tokens (NFTs).

While these certainly count as digital assets, they are not typically what organizations are referring to when they discuss digital asset management software, so we’ve left them out of this discussion.

What Is a Digital Asset Management System?

A digital asset management system consists of the processes you use to collect, manage, and make use of your digital assets across your organization and across the entire product lifecycle. Most DAM systems today involve software and provide a single database for all of your digital assets and an easy way to share and distribute them around the world.

DAM software will be able to easily import your digital assets from many different sources and in many different file formats, including audio, video, image, and other programs. It will allow you to organize those assets in a flexible and customizable way. And it will connect to your various sales channels so that you can easily transmit those files.

In essence, effective digital asset management ensures that anyone in your organization and outside of it can find the files they need, when they need them.

What Does DAM Software Do?

Today’s digital asset manager systems have come a long way since those of the 1990s. Many of them now run in the cloud, so there is no expensive hardware to maintain, although on-site servers still exist.

Tools for digital asset management include templates you can use to standardize the creation of assets, as well as the ability to upload, organize, and store various file formats. You’ll be able to tag your assets with metadata including the type of asset, technology used, and version. Then you can create workflows that automate various tasks and processes.

Most DAM software also includes collaboration tools, like the ability to make edits and leave comments. Once your file is final, it will provide numerous ways you can distribute the content, such as connecting to your product information management (PIM) software or uploading directly to your website.

Other essential functions of DAM software include unlimited storage, file backups, and version control, which ensures that the latest version is being used. You’ll also be able to set permissions, which allows you to limit who can see and make changes to each asset and helps prevent errors and intellectual property theft. 

DAM systems don’t just store your files—they give you a complete and holistic view into their history and current status. And they do it in a user-friendly way.

Why Do You Need a DAM System?

According to one survey, marketers and creatives estimate their teams spend 91 hours per week searching for digital assets. Nearly half report that this slows down their productivity. And only 14% are happy with how their digital assets are stored.

This is a huge opportunity for organizations to not only improve their efficiencies, but also create happier and more satisfied employees. The same survey found that those who do have a DAM system are 41% more likely to be satisfied with their digital asset workflow.

The larger your digital asset library, the greater your need for DAM software. and it isn’t just marketing teams that benefit. When your sales, customer service, web development, and other teams have easy access to your files, that means your marketing and creative teams don’t have to spend as much time fulfilling digital content management requests.

A good asset management strategy will improve your organizational communication, collaboration, and agility. It will streamline your workflows and optimize digital asset production. It will reduce errors and duplicate content.

Most importantly, good digital asset management will lead to a better customer experience by ensuring that all assets are accurate, consistent, and up to date.

So what is DAM? It’s actually a solution to many of your organizational challenges.

How to Choose the Best DAM Software for Your Business

Managing brand assets doesn’t have to be difficult. Above all, DAM software should solve your business challenges, not contribute to them. Here’s what to look for so you can find a solution that does just that.

Features and Customization

The real question for your organization is, “What is a digital asset management system to you?” Asset manager systems come with many different capabilities. Do you mainly need to store design files? Or do you need mostly digital content management? While many solutions have similar features, some may excel more in the areas that are important to you. 

Any solution you choose should come with the ability to add and remove features as needed. Open source DAM software is an excellent option if customization is especially important to you.

Tech Stack Integration

You don’t want your DAM system to put up walls instead of breaking down silos. The data you upload should never become an island. The best DAM systems are made to not only share, but to easily integrate with your existing tech stack.

Depending on the type of files you work with, you’ll want the ability to import from Microsoft Office, Adobe Creative Cloud, and project management tools. You’ll also want to connect your DAM to your other data management tools, like your master data management (MDM) and PIM systems. If you don’t see your tools listed, ask the company if they provide the ability for your developers to connect via API.

Search Capabilities

Searching for assets is one of the most important capabilities of DAM software. You’ll want to be able to search in two directions: search the metadata to find your assets, and search within an asset to find its metadata.

 You’ll also want to make sure it’s easy to label your assets in the first place, using simple adjustments and customizable fields rather than complicated code that requires a developer. Also consider the ease of filtering your search results. Does the DAM system have the filters you need or will you need to create them?

Security and Recoverability

Security for your digital assets is especially important if you work in an industry involving R&D or other intellectual property. Up-to-date security protocols and the latest encryption are essential, as is a secure server where your data will be stored. Your DAM system should also ensure your files are redundant and recoverable and that the system is backed up and reliable.

Permissions are another aspect of security that’s important. If your DAM software doesn’t provide detailed enough access rights with role based permissions, you may not be able to assign the permissions you want.

Sharing

Your DAM software should make it easier to share files among your team and with outside organizations. You want fast, efficient file transfer that leverages compression without affecting quality.

You’ll also want the ability to easily group files based on who you are sharing them with, like marketing teams, product teams, customers, and suppliers or distributors. Then you’ll want to be sure you can give those people access as needed.

 The real answer to the question “What is DAM?” is that it is quickly becoming one of the most essential tools for asset management, especially for large enterprises and eCommerce. Along with tools like PIM, it’s part of the overall strategy you need to implement to ensure a consistent and streamlined customer experience across all of your channels. In fact, the match between DAM and PIM was made in heaven.

 Want to learn more about how DAM and PIM can work together? Check out this webinar with tech and business experts to learn how this integration can benefit your business. Then book a demo and let us show you how it works.

What is Product Lifecycle Management?

Who Needs PLM?

What Are the Product Lifecycle Stages?

Alternatives to the Traditional PLM Model

Benefits of Product Lifecycle Management

• Produce higher-quality, safer products
• Get products to market faster
• Reveal hidden opportunities in markets
• Reduce errors and costs
• Reduce waste of both materials and time
• Produce better bills of materials and requests for quotes
• Predict and manage seasonal changes
• Improve your forecasting
• Maximize your supply chain efficiency

Examples of Product Lifecycle Management

Best Practices for Product Lifecycle Management

• Differentiate your product. Beginning in the development phase, think about how you will position your product against the competition. Your positioning will affect your product design. For example, if you decide to make a more affordable version of the product or a more powerful version, this will affect what goes into the product.
• Set the right pricing. In many industries, especially eCommerce product management, pricing is always changing depending on the supply chain, consumer sentiments, and even the time of year. Effective PLM helps you tailor your pricing strategy to the part of the lifecycle your product is in as well as outside factors. For example, discounts in the introduction and maturity phases can help increase demand.
• Be ready to innovate. One of the best ways to extend your growth and maturity phases is to constantly iterate on your product. Adding new features isn’t the only way. You can try new marketing strategies, bundling your products, or cross-selling. You can even change your business model entirely, like Netflix did when it made the switch from DVD rentals to streaming.
• Measure your success. You’ll only know if your PLM is succeeding if you measure it continuously. Fast lead times are an indicator that you’re meeting customer demand. Less waste of materials, labor, and money means your supply chain is efficient, while excess materials and products may mean you overestimated demand. Low numbers of returns and complaints mean you have happy customers and quality products.

What is eCommerce inventory management software?

1. Raw materials. The materials that go directly into your product, like fabric and thread for a clothing manufacturer.
2. Production goods. Items used to make your product that aren’t directly a part of it, like sewing machines for clothing. 
3. Works-in-progress. Products that are still in the design phase, like next season’s fashions.
4. Finished goods. Products that are ready for sale, like current fashions either in a warehouse or on the rack. 

Why is inventory management software important for eCommerce?

• Better forecasting. Even the most basic eCommerce inventory management software provides insights into what you have and where it is, from the warehouse to your customers’ doorsteps. That means you know when to restock, how much to buy, and where to store it so that you make the most profit. 
• More successful product launches. When you know what’s selling—and what’s not selling—you can apply that information to future product launches. Did customers go crazy for your stuffed pickle dog toy, but weren’t sold on the red rope? We see more fun food-inspired toys in your future. 
• Improved quality control. Inventory management software will tell you when something was made, when it arrived at the warehouse, and when it needs to be sold, so you know exactly what to prioritize. Instead of stock going missing, you can get it out the door before it goes out of date—or out of fashion. 
• Positive omnichannel customer experiences. Your goal is always to keep your customers coming back. How do you do that? By providing an amazing buying experience wherever your customers are. eCommerce inventory management software will sync with your digital product catalog and other channels so that your inventory counts are always correct, and your customers always get what they ordered.

Essential features of inventory management software

What is MDM? 

What is PIM? 

MDM vs PIM

MDM to PIM Integration Best Practices 

One of the most frequently asked questions we get here at Akeneo is about the return on investment (ROI) that organizations may realize by implementing a PIM solution. That’s why we commissioned Forrester Consulting this past year to conduct a Total Economic Impact (TEI) study to quantify results that existing Akeneo PIM customers have seen to provide those interested with a framework to evaluate the potential financial impact of Akeneo’s PIM solution on their organizations.

For the purposes of the study, Forrester collected and aggregated feedback from a number of representatives with experience using Akeneo’s PIM solution in order to better understand the benefits, costs, and risks associated with this investment. 

The results were astounding; for a full breakdown, you can download the report here, but let’s dive into a cursory view of a few key issues that these organizations were facing, and how they used Akeneo’s PIM software to help.

Many of the interviewees noted how their organizations struggled with common challenges, including:

1. Lacking a single source of the truth 

Without a PIM solution in place (or an inefficient, outdated PIM system), many organizations saw product data scattered everywhere. Some data is stored in the ERP, in legacy technology, or even in random spreadsheets, meaning that multiple departments had different parts of the product record. Users faced constraints on available fields, field sizes, product categorizations, and organizing product data for intended product data users. 

Duplicate effort occurred in maintaining the data and excess effort occurred accessing the data. Ensuring data quality was not possible, so inaccurate input was not caught and departments frequently had common data that conflicted.

With no central repository of product data, organizations struggled with:

• Labor redundancy
• Data duplication
• Incomplete data
• Ineffective data sharing
• An abundance of data errors

2. Slow to expand ways of selling

The report also uncovered that many organizations felt that they lacked the combination of resources, technical skills, and nimbleness to respond to new market opportunities.This meant that teams were slow to respond to new markets and channels, and struggled to take advantage of new revenue streams. This hampered not only their ambitions to expand selling channels, but also bottle-necked the number of products they were able to sell through various sales channels and approaches, such as upselling, cross-selling, selling by product groupings, and product rankings.

This also meant that distributors were losing new product placement opportunities because competitors were able to provide new product information to retailers and eCommerce partners faster than they were able to.

3. Inefficient internal operations

Several organizations interviewed stated that product managers were being forced to spend a large amount of time on inefficient activities such as collecting and managing product data, which in turn led to inefficient activities to activate that data with channel partners or with their own catalogs and eCommerce systems. Creating redundant work for these product catalog managers meant that they were spending more time hunting down and organizing product information (or even worse, creating it from scratch when it already existed somewhere) instead of utilizing their precious time in a better way.

Do any of these struggles ring a bell? Good news is you’re not alone – the better news is that Akeneo PIM can help. Our easy-to-use interface and administrative workflows meant that we were able to provide these organizations with complete and accurate product information and an easier process for internal and external product data communication.

In particular, the Forrester report found that, after implementing Akeneo PIM: 

1. Revenue increases of $10.4 million due to faster time-to-market (TTM) 

With a centralized system of product information, organizations interviewed were able to expand the number of products sold and facilitate new product adoption sooner due to an improved time-to-market (TTM). In addition, Akeneo PIM offered a single source of record for all teams and product managers to reference and utilize, leading to more value-add work, more new products, and more innovative products. With complete and accurate product information, distributors gained a competitive advantage as they were able to enter new markets faster and smoother.

2. Revenue increases of $45.4 million due to Akeneo-enabled data management and quality improvements

The ability to centrally store and manage all product information allows organizations to improve the experience for managing data and supports better insights into data quality. This also enables these organizations to supply all their sales and marketing channels more easily with rich, search-engine-optimized (SEO) product information that leads to improved product performance on partner and eCommerce sites. 

This also means less redundant work for product managers; when they are able to trust that their product data is accurate and up-to-date, they spend less time double-checking the information and more time on valuable activities. Lastly, improved data quality and management means that organizations were able to open new streams of revenue through additional cross-selling and upselling practices. 

3. Operational improvements through return reduction due to quality and decision accuracy of $1.1 million over three years

One of the biggest killers to revenue and hinderances to growth is returned products, and ambiguous product information is one of the top reasons customers return online purchases. By improving product information completeness and quality using Akeneo PIM, the organizations that were interviewed for the report experienced a reduction of returns, leading to operational savings related to the shipping and handling costs of the returns as well as any discounting or write-offs associated with the returned items. 

When customers know what they ordered and receive the product they expected to receive, they are far less likely to make the return and far more likely to come back again as a repeat customer.

At the end of the day, Akeneo PIM provides an easy-to-use interface for organizations to centralize, manage, optimize, and communicate their product information across internal and external teams, saving these businesses time, money, and resources.

For a deeper analysis of these results and more fascinating insights into how PIM can revolutionize your business, be sure to download the Total Economic Impact Report of Akeneo’s PIM in its entirety today, or reach out to an Akeneo expert to see how you can get started.

Although the crystal ball may be a bit fuzzy, we can utilize consumer behavior as our tea leaves to glean a glimpse into the future as we round out the biggest shopping season of the year. 

From personalization to value-driven purchasing to virtual reality shopping experiences, new technologies and an increased interest in where and how our products are sourced seem to be driving a major change in how consumers are buying. So let’s get out our tarot cards and divine a look into the biggest trends that will be driving growth in the coming year.

1. Omnichannel customer experiences

Nowadays, it can be nearly impossible to predict where or how your shoppers will stumble on your product. Think about how you would research and discover brands; maybe you saw an ad on Instagram, came across a listing on Amazon, asked your friends for recommendations, or simply searched what you were looking for on Google and clicked the first option that came up. Maybe you even just walked right into a store and browsed the shelves until you found what you were looking for (how very retro of you!).

Whatever the case may be, there are dozens and dozens of channels that a customer may discover you on, both digitally and in-person. In order to keep up in 2023 and beyond, organizations are going to need a way to create consistent, compelling product experiences across each of these touchpoints that exist, and those that are coming down the road. Even just one bad experience on one of these channels of not being able to find the information they’re looking for (or worse, finding the wrong information) can spell lost sales and unsatisfied customers.

Let’s take a look at a brand that’s managed to create strong product experiences across a number of channels – Fossil. A popular watch designer and manufacturer, Fossil has managed to replicate and personalize the shopping experience across all channels, whether it’s owned by them or not.

Starting with their own eCommerce site, Fossil provides in-depth tech specs, photos, videos, accurate sizing, user reviews, and shipping and stock information to ensure that a customer has all the information they need to make a purchase decision, even if this is the only point of interaction in their entire buying journey.

They even offer the opportunity for their buyers to utilize a virtual shopping assistant – interested customers can book a meeting with a Fossil sales associate from the comfort of their own home and receive all the guidance and advice they need to make an informed decision. This type of virtual shopping behavior and advancements in technology are going to have a huge impact on shopping behaviors, but more on this later.

Outside of their own eCommerce website, Fossil does a fantastic job of keeping their shopper’s experience consistent and compelling on other channels as well. Let’s take a look at both Instagram and Amazon – again, it’s important to provide all the accurate, up-to-date product information and visuals that a customer may need to make a purchase decision, but their experiences on both of these digital touchpoints will be quite different.

On Instagram, there is obviously a heavy focus on imagery and videos. Fossil makes it easy for their potential customers to research, view, compare, and purchase their products without ever having to leave the social media site. 

We’d be remiss not to take a look at Fossil’s presence on internet retailer behemoth, Amazon. With hundreds of thousands of sellers listing millions of products, it can be easy to get lost in the crowd; how do you stand out? By providing the right information, in the right way, at the right place. Fossil has managed to create compelling visuals that catch the eye and provides important product information that allows shoppers to compare products and ensure they’re making the right choice before clicking ‘Buy Now’.

Whether a shopper stumbles upon a Fossil product on Instagram or Amazon, or goes directly to their eCommerce site, Fossil has ensured that they’re providing consistent and compelling product experiences across each of these channels, and more. With two-thirds of shoppers saying that just one bad product experience can lead to an abandoned purchase, Fossil’s omnichannel product activation strategy means that they’re providing strong customer experiences across the touchpoints of today and tomorrow, setting themselves up for success in 2023 and beyond.

2. Hyperpersonalization

With advancements in technology and deeper insights into customer shopping behavior, brands and retailers are now able to offer highly personalized product recommendations and experiences to their customers. This can help to build loyalty and drive sales, as customers are more likely to make a purchase when they feel that an organization understands their needs and preferences. With 71% of consumers expecting companies to deliver personalized interactions, it’s no longer a luxury to offer this type of customized shopping experience but a need in order to stay competitive in the coming years.

Let’s take a look at Stitch Fix, an online personal styling service that’s boomed in popularity over the past few years, with over $1 billion in sales and over 3.4 million users, as of 2020. Stitch Fix relies on Artificial Intelligence (AI) and customer data to improve the shopping experience by providing completely personalized items and clothing and shops. They ask their shoppers to take a short style quiz, wherein they gather data about sizes, price range, and personal taste, and based off of their answers, Stitch Fix provides expertly-picked clothing packs and sets up a personalized store for shoppers to continue perusing.

By leveraging the technological advancement of AI to pick clothing items for their customers, Stitch Fix ensures that each and every customer is receiving personalized care and attention even through a computer screen. Plus, this level of care and attention leads to reduced returns and exchanges, and more satisfied, loyal customers.

3. Value-Driven Purchasing

With more information at our fingertips than ever before, consumers, particularly Gen-Z consumers, are starting to base more of their decisions on how much their personal values align with a brand’s values. From social unrest to sustainability, what your company cares about matters, and incorporating your brand values into your messaging is a crucial way to connect with customers and build loyalty.

Take, for example, Belco Coffee, an independent family business that sources, imports, and distributes environmentally friendly and responsibly-sourced coffee from around the globe. Belco does a fantastic job of explaining their company’s mission, which is to provide authentic, innovative, and sustainable coffee, and to create long-lasting relationships with independent roasters.

Beyond that, Belco Coffee doesn’t just inform their customers about their commitment to sustainability, but actually provides context and important information on how they’re ethically-sourcing their products. This establishes a deeper connection with their customer base, providing an in-depth look into their processes and practices so that their consumers feel comfortable and confident that the products they’re purchasing align with their personal values.

Consumers are becoming more aware of the environmental impact of their purchases, and many are looking for products that are made from sustainable materials and produced in a way that is environmentally friendly. Communicating your commitment to sustainability is not only good for the future and the environment (after all, there is no global economy if there is no globe), but brands and retailers who are able to effectively communicate what they’re passionate about are likely to see a boost in sales as more and more consumers prioritize sustainability when making their purchasing decisions.

4. Experiential shopping experiences

As we touched on earlier, the use of AI and other advanced technologies is becoming increasingly common in the retail industry, and is only expected to grow in 2023 and beyond. From augmented and virtual reality to voice search and personal assistants to cashless or contactless payment and delivery options, the blending of technology and retail can help retailers better understand their customers and provide more personalized shopping experiences, as well as streamline operational processes and costs.

A great example of this is Swedish home goods manufacturer and retailer, IKEA. Released back in 2017 and still thriving today, the IKEA Place App allows users to utilize Augmented Reality (AR) to virtually place furniture items in their own home and get an idea of how the product will fit and work in the space. You can share or save pictures, price and reserve items you like, and purchase the item to either be shipped directly to you or picked up at the nearest IKEA location.

Obviously, this provides a number of benefits to consumers; with a much better idea of the size, shape, and color of the item, customers are able to purchase with more confidence than ever before, resulting in reduced returns and satisfied, loyal customers. As technologies like AR, VR, and AI continue to evolve and improve, organizations that incorporate these innovations are able to provide stronger customer experiences and empower their consumers to keep coming back to see what’s next.

5. Social commerce

The rise of social media and other online platforms is changing the way that retailers interact with their customers. According to a study conducted by Forbes, 75% of retailers are now selling on social media, and 43% of retailers who sell on social platforms say that half or more of their profit comes from social media sales.  

 With such staggering numbers, we can expect to see more and more retailers using social media not only to advertise their products, but also to build relationships with their customers and provide them with valuable information and resources in 2023. In turn, this can help drive sales, not only because it’s an additional sales channel, but also because customers are more likely to make a purchase when they feel connected to a brand.

Social media provides a unique, personal way to directly interact with customers and share genuine user-generated content. For our last example, let’s take a look at Brazilian flip-flop brand, Havaiana’s. With a thoughtfully curated and designed Instagram feed strategic partnerships with prominent influencers, Havaiana’s has been able to craft a very strong social media presence that effectively communicates the essence of their brand. Plus, they regularly interact with followers and fans of their account by replying or reacting to comments, which encourages even more engagement. 

Havaiana’s doesn’t just stop at Instagram – if we hop on over to Tik Tok, we can see that the sandal company has done a fantastic job of curating a strong community of engaged users on the video-sharing platform. They’ve crafted content specifically for the channel, instead of just repurposing their existing content on Instagram, ensuring that their followers get a unique, but compelling, experience on every social media channel. This has garnered them many viral videos, including a series that’s accrued over 17 million views. By embracing new technologies and adapting to new social commerce platforms, Havaiana’s has been able to reach new audiences and establish stronger, more loyal relationships with their customers.

To 2023 and Beyond

Despite what many economists and analysts would want you to believe, nobody can predict the future. What we can do is take a look at consumer behavior and analyze the strategies that companies are using to successfully navigate such uncertain times. Technological advancements and economic unrest mean that the retail landscape is changing at a break-neck speed, and organizations who are able to adapt and optimize their presence on new channels and markets are the ones who will be around for the long haul.

Interested in future-proofing your organization through 2023, and beyond? Reach out to an Akeneo expert today to see how we can set you up for success.

What is ERP?

ERP Systems and Product Experience Management (PXM)

ERP and PIM Integration Best Practices

What is a Digital Product Catalog?

• Make purchases directly through the website
• Search for what they want
• Compare items based on features and price point
• Filter items by desired attributes
• Watch videos or see 3D models

• Easily create custom and shared catalogs 
• Update product information
• Track and manage your sales
• Optimize for mobile and other new channels

How a Digital Product Catalog Can Benefit Your Business

• Increasing agility. Print catalogs can take six months to a year to update. That dramatically affects your product release schedule and your time-to-market. If you operate in print or even in a basic digital catalog, you may wait to release new products. When you create a modern digital catalog, you can release your products whenever they’re ready—helping you stay agile and keep up with the competition. 
• Streamlining operations. Digital catalog software ensures your engineering, product, sales, and marketing teams are all working with the same information, and the benefits are immeasurable. You’ll make fewer mistakes. You’ll communicate better. And you’ll always know the status of your products. 
• Offloading inventory. Because print catalogs are time-consuming, many businesses only create one or two versions. With digital product catalog software, you can easily create as many versions or layouts as you want. The best idea? Create a catalog for old and surplus inventory you want to offload. Customers get a deal, and you get to focus on the future. 

Digital Catalog Creation: The Basics