An omnichannel presence for retailers, suppliers and manufacturers is now more important than ever due to the rise in consumer expectations. To be able to purchase products from anywhere in the world and have them delivered straight to their door or nearest store with fulfillment models such as ‘click and collect’, is not the exception anymore – but rather the rule for omnichannel businesses.
Businesses that have implemented an omnichannel offering allow buyers to enjoy a seamless customer experience on any purchase journey, whichever platform they are navigating. This includes keeping all product information, such as on-hand stock data, transparent. In order to achieve this, companies need to implement a robust and resilient information management tool.
PIM & Omnichannel: The Perfect Match
Product Information Management (PIM) is a necessity for any prosperous brand or manufacturer and is a priority across all channels. With an omnichannel business model, product data can become increasingly challenging to manage due to the large amount of information collected over a short period of time. Finding innovative ways to fully optimize this data will be the key to becoming the shopper’s first choice.
By implementing a PIM tool, retailers, suppliers and manufacturers will be able to improve efficiency whilst enhancing their omnichannel offering. A robust and resilient PIM platform allows businesses to integrate every channel and manage them all simultaneously – saving time and money. According to a study, omnichannel customers are more loyal than buyers who shop using a single channel – with omnichannel logging 23% more repeat purchase expeditions. The study further proves that the more channels utilized, the higher their sales are.
An omnichannel approach offers a vast array of opportunities. But to meet the ever-increasing expectations of the customer, PIM is key to leveraging the potential of each channel. When deciding to utilize multiple channels, sales are expected to increase as buyers are supplied with multiple opportunities to find their products, increasing traffic and consequently selling more items. By creating a consistent and seamless customer experience between various channels, retailers and manufacturers can maximize the success of implementing an omnichannel approach.
Increased Sales with Personalization
The primary factor in driving sales is the number of platforms a product is available on, therefore utilizing multiple channels is a fundamental revenue driver. The more channels the item is listed on, the bigger the opportunity is for a sale. Additionally, the better a particular product and brand’s SEO score is, the more likely they will appear in the first page of a search engine. If potential buyers can’t easily find the benefit, specification, or experience they’re looking for, they’ll be gone in less time than it takes to click ‘add to cart’.
Personalization is critical to success in creating a seamless shopper journey across multiple channels. Retailers, suppliers and manufacturers alike need to focus on creating a likeable and recognizable brand. By tailoring each platform’s reach to each prospective buyer, the strategy can become precise and focused. By utilizing a PIM tool, the entire system’s content and accumulated data are centralized and easily accessible to all necessary departments. Consequently, this allows the entire team to work collaboratively and productively.
Enhancing the Customer Journey
With one central database of all the product information, the customer journey becomes effortless. According to Retail Dive, 30% of customers report that they have abandoned a shopping cart due to poor and inaccurate product information and 86% of buyers stated that they will be unlikely to return for a repurchase if their initial purchase had incorrect product information. Consistency is key. A PIM tool acts as a single point of truth, automating processes to free up time for creativity and customer relations management.
In order to ensure that the data provided is correct and thorough, sellers need to ask themselves “What does the buyer want to know?”. Industry-specific product information is vital in understanding a particular target market. When retailers and manufacturers ensure that all the relevant information is available to the buyer, consumer confidence increases, boosting loyalty and makes shoppers more likely to return to the same store again.
Not only does a PIM tool aid in product accuracy, but it allows products to hit the market in ample time. Optimizing a product launch without the risk of errors and omitting information, has never been easier.
The market is fading out any brand that cannot deliver the omnichannel experience for shoppers. An omnichannel business model has immense repercussions on on-site traffic, revenue, and the overall customer experience. In fact, sellers that offer multiple channels are 90% more likely to retain their customers than those that only offer one platform. To connect all the varying channels and provide a seamless buying journey, retailers and manufacturers need to start with a single source of truth. A PIM system assists organizations in supporting all of these endeavors.