PXM: definition, opportunities and challenges
53% of consumers research a product before buying it to be sure they make “the best possible choice”. With the rise in the use of the internet, buyers now have access to numerous resources to help them find the product that perfectly suits their needs. They have become experts in using all the channels available to identify and examine the product they are looking for: eCommerce sites, marketplaces, print or digital catalogs…
It has become essential for a brand to provide their clients with high quality, personalized and sometimes contextualized product information at all stages of the customer journey. Descriptions, characteristics, images… every detail plays a part in providing the client with a unique and appealing picture of the product. This awareness is what led to the Product Experience Management concept, more commonly known as PXM. So how can you get a full understanding of PXM and what really lies behind this concept?
What is PXM?
From CXM to PXM, what changes?
The customer experience involves all the emotions experienced by the buyer during their shopping journey. The Customer Experience Management (CXM) concept aims to create a strong bond between the customer and the brand through a successful customer experience: top quality product, attentiveness, speedy service…
But in today's market “quality products” or “great service” are no longer enough to attract the buyer. Faced with a huge variety of products, the customer expects to find information adapted to their needs, context and chosen channels. A new approach was developed to satisfy these expectations: Product Experience Management or PXM.
PXM or how to improve you client's product experience?
PXM (Product Experience Management) is the key to any successful client experience. In this day of personalized communication, brands were quick to see the potential of this new concept: strengthen the customer's bond with the brand by providing them with a unique product experience.
PXM and Business opportunities
Stand out from the competition
Today's buyers go through a complex process to choose their “ideal” product from among a multitude of brands: information search, product comparison, product assessment…
To stand out, attract attention and gain the loyalty of a client, it is wise to put a lot of effort into making the buying experience as great as possible. A client having experienced an exceptional shopping experience with a given brand spends 140% more than other buyers.
Choosing to implement PXM means providing your customer with a unique and differentiating experience around your product: HD images, precise descriptions, video of the product in situation… The quality and density of information provided on the product contributes to enticing the client by allowing them to visualize the product and to imagine themselves using it.
Boost your conversion rate
You don't address a client in the same way on an eCommerce site as on a marketplace or in a product catalog. Each time a buyer interacts with your brand they want to find information about their chosen product that is both complementary and unique. By channeling the singularities and the specifics of each channel, you will satisfy the demands of the buyer at a specific stage of their customer journey.
Providing consistent product information on each point of contact is essential for increasing the conversion rate and boosting your sales. 75% of today's consumers expect a consistent experience across all the channels used throughout their customer journey (eCommerce sites, marketplaces, stores…). 73% would be tempted to try another brand if they do not find consistency between the different contact points.
PXM, what are the challenges for business
In this omnichannel era, PXM has become a pivotal element in strengthening the client's attachment to a brand.
For a business, this means providing personalized and consistent product information to the client at all stages of their customer journey. To achieve this, Product and Marketing teams have to work their data to ensure that it is systematically adapted to each channel, each target audience, each context… a task which can be extremely complex in the context of thousands of product references over multiple channels, in different languages and for different countries.
Rising to this challenge, businesses are increasingly turning to PIM (Product Information Management) software. Recognized for its efficient management of product data, PIM has become a cornerstone for any brand wishing to provide a unique product experience for their clients. To fully understand PXM, check out the Goaland PIM solution.