How Product Information Management Increases Sales on Modern Marketplaces?
The pervasiveness of marketplaces has a specialty to it, which is not experienced by most other mediums. The fact that buyers find it in their reach at all times has turned marketplaces into more than a buying destination. It’s no coincidence that 2021 will see above 2.14 billion people purchasing online, a significant rise from the 1.66 billion people who bought via digital mediums during 2016. So, what’s enabling this change? Is it a combination of choice, convenience, and customer-centricity driving this shift? Or the fact that people have found an alternative to brick-and-mortar stores, something that customers were always waiting for? Or is it a bit of both? Whatever be the undercurrents, technology has been a driving force behind the transformation of modern marketplaces. Here we explore how a technology like Product Information Management (PIM) helps marketplaces in boosting sales.
1. Analyzing Modern Marketplaces and the Need for PIM Platform
Modern marketplaces have fluctuated between hyper-verticalization (selling a range of products) to hyper-localization (selling in a specific region/country), thereby spawning a variety of models for marketplaces—based on what works. One of the things that have been central to marketplace success is the accuracy of product data down to the last single detail. This plays a significant part in converting a visitor into a customer, especially if your product information is enriched, complete, and contains the features they are looking for. That is where a match forms—and a sale happens.
Since PIM’s core capability is to create a single, trustworthy source of product information, it delivers data promptly to marketplaces, so it can be used for reaching their target customers effectively. This is how modern marketplaces leverage PIM to gain a competitive advantage by offering the best possible customer experience to underpin conversion and customer loyalty.
2. PIM Supports the Priorities of Today’s Marketplaces
As the impact of data-powered engagement becomes increasingly palpable across marketplaces, product information management is being seen as the lifeline for marketplaces.
Constant Enhancement of Digital Experiences
PIM not only addresses the accuracy, completeness, and complexity required by marketplaces, it also supports enhanced use of information such as localizing product information in new regions across the globe, by not only having multiple language displays, but offering quick editing and centralized management of high-quality images in different languages. Besides, additional information can be included easily for promotional opportunities like flash sales and quick marketing campaigns during holiday seasons or festivals. These immediate needs require quick information scalability that can address the requirements during rush hours. That is where PIM lends a hand to marketplaces in boosting digital experiences.
Continued Technological Adaptability
As technological evolution attains a breakneck speed, marketplaces have prioritized the inclusion and adaptability towards AI, IoT-based services to promote trust, transparency, and speed. In fact, several marketplaces have become pioneers in using machine learning and AI to create seamless user experiences. PIM readily adapts with the requirements of cutting-edge technologies needed by modern marketplaces to help them stay on top of their game. Moreover, PIM supports integrated marketing strategies of marketplaces that encompass creating and executing communication plans and campaigns via video, instore (POS, kiosks, and digital signages), and IoT devices like speakers and cars.
Evolving Analytics Capabilities
Since data is inextricably linked to analytics, marketplaces are heavily dependent on constant analysis to forecast demands, make calculated predictions, and carry out necessary optimizations. Analytics are a part of PIM’s core capabilities such as workflow (business process management) and information stewardship. Today’s highly evolved product information management solutions can support complicated analytics needs of marketplace via contextualizing product data for customer-centric experiences and insights-driven business results. In other words, PIM aids rising marketplace analytics needs by integrating and collaborating with new and emerging technologies to offer a better picture.
3. How PIM is Uniquely Placed to Beat Marketplace Competition?
Product information management systems are one of the best enablers for marketplaces. They not only seamlessly connect with modern marketplaces but also suits their specific listing requirements. Through effective product content syndication, various marketplace requirements can be easily kept track of, so that product information can be represented as desired. With a plethora of brands and retailers contending on marketplaces, it’s important for marketplaces to constantly strategize about selling, promotions, placement, and positioning of products, to exploit the data to its greatest advantage. And not just selling, but frequent evaluation of their plans so they can aim for higher and higher engagement to keep on constantly adapting. All this is only possible with a robust pipeline of enriched, complete, and tailored product data. Besides, as customers are accustomed to expecting a connected, convenient, and consistent shopping process—which PIM readily enables—the marketing managers at marketplaces stand to make minimal mistakes. Simply put, PIM lets marketplaces not only meet customer expectations but exceed them throughout the shopping spectrum, right from inspiration to research, buying, delivery, and post-delivery services.
4. PIM Thoroughly Readies Product Data for Marketplaces
Marketplaces are great mediums for placing or introducing niche products or limited editions by product companies and exclusive brand partners. And PIM plays a crucial role in positioning these products that drive traffic by placing them strategically to increase sales; it enables the entry of such products through seamlessly and quickly. This not only offers brands a wide visibility quite easily but also drives digital sales. Also, by placing it with several similar brands, consumers can make comparisons and decide.
Pricing and Bundling
Marketplaces are the best places to inject speed to sagging sales by bundling the core products with several relevant peripheral products and offer a compelling package to customers at competitive prices. This helps boost the visibility of not just big brands but many smaller brands competing for attention. The ample amount of streamlined product data facilitates the slicing and dicing of product information and creation of appealing marketing communication needed to promote the new value proposition of bundled products.
Schemes and Promotions
Regular schemes and promotions are essential features for product information. From product “prime day” sales to shopping carnivals, marketplaces are needed to drive engagement through discounts, promotions, coupons, deals, and competitions to drive customer loyalty. Customizing product information becomes a basic requirement to achieve sales and revenue targets. Besides festive season and holidays are special occasions to purposely bend the rules of the game to draw traffic and customer attention.
5. Meets Data Feed Requirement with Ease
One of the key requirements for any marketplace is that it needs the data to be transformed according to its specific structure. So, Amazon UK needs product data in a particular format and eBay US needs it in a different way, and Alibaba Australia in a separate manner. With every marketplace across the world having its individual system to process data feeds, a robust system is required to send product information as well as receive order of data from every marketplace.
A product information management system makes sure that product data is optimized accordingly and mapped accurately for delivery to an array of marketplaces. A variety of brands on a marketplace depend on the way the product feed is managed whenever new content specifications come in; better feed management also means quicker feed approval. Besides, as product data gets properly mapped to an accurate category, its discoverability by buyers becomes simpler.
PIM also helps in avoiding any listing errors by adjusting to the unique structure of every marketplace. Such listing errors can not only lead to product visibility inaccuracies but may prevent products from displaying altogether. Needless to say, it can be detrimental to customer experience and can lead to lost marketplace sales. PIM handles the data feed requirement with speed and accuracy through ‘looking up’ options and easy application of business rules. In short, PIM amplifies marketplace sales through excellent product feed management.
6. Marketplace Integration with PIM Leads to:
- Improved Reach: PIM makes it extremely easy for brands to increase their reach across global marketplaces and conduct order tracking from a unified dashboard. By transcending the barriers of language, currency, and region, it helps you broaden your market scope, create excellent customer journeys on top ranking marketplaces and create engagement with global buyers to boost your worldwide sales and brand presence. And all this at significantly reduced cost of information processing.
- Simplified Catalog: For brands, PIM eliminates the need to create different catalogs for separate marketplaces. By managing product information at a single place, PIM simplifies catalog management via enriching, completing, and localizing your product data sheets and making them ready for upload on various marketplaces. Today’s advanced PIM solutions offer API-based connectivity for specific localized and globalized needs of marketplaces. Most importantly, the in-built marketplace catalog templates ease expansion into newer regions.
- Faster Operations: PIM helps brand marketers in speeding up and streamlining marketplace operations through quick content changes, pushing and managing product feed in single events while complying with product and content rules. It also enables faster marketing promotions, speedy introduction of new products, constant readjustment of sales strategy, updates of order details, among other things. This seamless flow of information helps buyers to indulge in one-stop shopping at marketplaces.
7. Uncomplicated Product Data Syndication (PDS)
Today’s high-end product information management platforms have brought down the hurdles that impede a brand’s capacity to distribute data. They offer an excellent solution for syndicating product data (a job traditionally done by product content syndication software) by helping brands prepare their product information for a plethora of shopping platforms and channels.
What PIM does is that it collects siloed product data of any type or source, standardizes it, and makes it ready for distribution in the right context and right format.
The seamless synchronization of data makes sure excellent product information is delivered to global marketplaces and other relevant shopping channels. Moreover, syndication of product information also facilitates content tailoring, feed optimization, and customization of data. However, most importantly, product syndication with PIM software helps in keeping track of the requirements of various marketplaces. Once the data is delivered, it can be used to create product promotion roadmaps and global expansions.
How Pimcore PIM helps?
Pimcore PIM lets you create tailor-made customer experiences on marketplaces for your unique buyer demographics.
The Pimcore Marketplace Integration platform offers brands a direct API connection with global and local marketplaces to increase visibility, capture new markets and sell smartly.
So, if you’re looking to build a winning strategy to step up marketplace conversion—you won’t find a better partner than Pimcore PIM!