Dec 07, 2022
Akeneo announced today the results of their commissioned study conducted by Forrester Consulting.
December 6, 2022 – Boston, MA – Akeneo, the global leader in product information management (PIM) and product experience management (PXM) solutions, announced today the results of their commissioned study which shows they deliver significant Return on Investment (ROI) based on the operational efficiencies, revenue opportunities, reduced returns and speed-to-market gains it provides to commerce businesses, in ’The Total Economic Impact™ of Akeneo’s Product Information Solution’ study, conducted by Forrester Consulting.
The study explores the revenue-unlocking opportunities and operational business benefits of centralized and unified product data enabled by Akeneo’s PIM solution. The results are based on a composite organization comprised of interviewees’ experiences using the Product Information Management Solution. Key findings from the study include:
In addition, the study found that Akeneo helps retailers boost revenue and support brand-immersive product experiences on owned channels and through third-party resellers and marketplaces. Akeneo’s solutions also support more full-price selling while reducing the volume and operational burden of returns, helping retailers maximize margins on increased sales volumes.
Fred de Gombert, CEO and Co-Founder at Akeneo, commented, “Brands and retailers are increasingly recognizing that business performance relies on mastering three fundamental experiences: that of customers, employees, and products. If businesses invest in these three core capabilities, they stand to realize revenue and new market opportunities, as well as enable more full-price selling, drive down returns, and increase operational efficiencies. Especially in a volatile market like we are experiencing, it is more important than ever to prioritize this investment in product experiences.”
These multifaceted benefits — both to the business operationally and to its ability to increase revenue performance at higher margins — is redefining how retailers are viewing the role of product experiences (PX), which is now linked to the success of the customer experience (CX). Original research in the PXM is The Key to Delivering Best-In-Class CX report showed that 78% of senior global product leaders now rate product data as being just as critical as customer data when seeking to achieve their CX goals. Accordingly, 88% say their organization is prioritizing product data quality.
However, more than 50% of respondents polled in the report said their business had difficulty with the fundamentals of PXM — at a time when product experiences are becoming increasingly important to consumers in their buying journeys. Original research of over 1,800 shoppers in Akeneo’s latest 2022 B2C Survey: Product Experience Satisfaction Around the World report showed that 63% of shoppers now want retailers and brands to do more to improve product information to support their buying journeys, putting PX at the front and center of their path to purchase.
For more information on how PXM solutions can support retail businesses in unlocking growth and long-term shopper loyalty, download the ‘The Total Economic Impact™ of Akeneo’ study: HERE
Akeneo brings a complete and composable SaaS-based solution for managing, orchestrating, activating, and optimizing the entire product record in order to drive compelling and consistent product experiences across all owned and unowned channels and routes-to-market. With its open platform, leading PIM for product data and asset management, and ecosystem connectivity with Akeneo App Store, Akeneo Product Cloud empowers commerce businesses to deliver world-class product experiences that unlock growth.
Leading global brands, manufacturers, distributors, and retailers, including Thrasio, Staples Canada, boohoo, and Air Liquide trust Akeneo to scale and customize their omnichannel commerce initiatives. Using Akeneo Product Cloud, brands and retailers can activate product experiences in any channel, therefore driving improved customer experiences, increased sales, reduced time to market, accelerated expansion, and increased team productivity.
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