Product Experience Management (PxM) is a part of an entire experience of a buyer, starting from the moment they log in to the time they quit the application. During the whole experience, the product experience manager delivers product information in context to the buyer’s experience at every touchpoint. After all, providing the correct product data and experience according to the buyer’s expectations is the base of an outstanding customer experience.
Product experience management collects product information from all sources like CRM, ERP, and marketing automation solutions and integrates it for sales and marketing channels. In addition, it often collects contextual data like device, location, and social data. According to a Forrester report, more than 80% of customers rate product information as the top feature they expect from a website.
PxM allows retail companies and brands to deliver a superior product and buying experience, leading to optimized brand loyalty, increased customer conversion rates, reduced returns, and enhanced customer satisfaction.
PIM in Product Experience Management
Product Information Management (PIM) is a crucial component required to enable the practice of PxM, as it focuses on the content portion of the product experience. PIM is ‘what’ you use as a platform to describe your products, goods, and services. PxM is ‘how’ you stage a product experience.
It automates the boring, manual, repetitive, and tedious tasks of accumulating, standardizing, enhancing, and distributing product information. eCommerce stores worldwide are using Unbxd PIM’s AI-powered technology to centralize, assist, and combine product information.
A PIM application’s consistent and accurate product information is essential for an excellent buying experience. It also acts as a critical feature in the foundation of a transformed product experience.
On the other hand, PxM is about collecting customer data from various touchpoints, including contextual data. Thus, it delivers the correct information at the right time and helps shoppers make the right purchasing decision.
Get more details of the journey from PIM to PxM here.
Benefits of a Robust PxM for Internal Teams
In eCommerce today, excellent customer experience is mandatory and the main element that lets you win over the competition in the retail industry. As a result, many retailers are jumping on the bandwagon of implementing a robust PIM platform and PxM system to offer great customer and product experiences, providing a single source of truth for product information and information in context. Through its implementation, businesses have achieved higher customer conversions, increased market share, and improved brand loyalty.
PxM’s master data record helps streamline workflows, establish collaboration, and improve the productivity of your company’s different internal teams like supply chain, customer service, etc.
Through PxM, every department will have access to high-quality product data gathered and stored in a predefined manner. Such consistent master records will make their work easier and less time-consuming. Besides, it helps develop a common product language amongst departments, which is easier to understand and eliminates inter-departmental mistakes
Role of a PXM Platform in Internal Processes
With your business’s expansion, the data and media assets collected from multiple sources will also grow. Every individual department stores, monitors, and updates certain data assets of a product. So, you need to get a master record ready for your product data. Your master data record will serve as your product’s biography and provide you with a consolidated view of your product’s data. It will be stored on a PXM portal. With this, you can establish a seamless connection between various sources of your product’s information.
All departments can easily access the product’s master record through an advanced and powerful Product Experience Portal (PXP). It will provide a complete view of the product information and assets of the organization. In addition, it builds an absolute association between multiple sources with less complexity.
The PXP will act as a two-way portal. It will collect information from your suppliers and classify and store it with the respective product’s master record. This information will be available to various departments and your company’s stakeholders for review and other processes.
The PxM UI is easy to use and can be accessed through a web browser. It will enable every department with their daily job roles by giving access to device tools, tasks, and credentials. Every user will be assigned user credentials by the PxM Super Admin. The Super Admin controls and defines each user’s privilege levels. Besides, it also defines the tasks that a particular device can execute with certain device credentials. Thus, the PxM portal lets your organization categorize tasks based on credentials.
Importance of PxM
● Accurate and Quality ContentWithout accurate and detailed product information, search engines are less likely to find your products. Thus, they will remain invisible to customers, affecting the sales and profits of your company. With PxM, you will not have to worry about your product’s visibility. Instead, it ensures that your products have an accurate and detailed description before publishing them on the website. This way, customers can find your product quickly through search keywords and know more about them. According to a survey, products with a video description have 73% more chances of being bought by customers.
● Enables Faster MarketingIf you have launched a new product or are planning to upgrade an existing product, a robust and advanced PxM is your best solution for updating the same on all eCommerce websites. The product experience manager optimizes and streamlines workflows for brands and retailers. Thus, you can quickly add new products or channels and save yourself from missing out on your product’s sales if it is unavailable at the right time. Besides, it even elevates a customer’s happiness when they find their brand rushes a new product to the market before any other brands.
● Enhanced Customer ExperienceDigitization has increased competition. Everyone has a variety of options and a unique buying experience. Customers can now access the global marketplace with a single click. Hence, they now expect to get relevant, accurate, and specific products or product information while searching on the internet. This is where PxM plays a vital role. It helps your organization deliver a personalized experience on all channels while selling your products and allows customers to buy products using their preferred methods.
Benefits of a Centralized Platform and a Data Governance Policy for Team Productivity
A master data record, or what you can also call a PIM platform, is worth the investment, as it can increase brand awareness and loyalty. Moreover, various organizations need media assets. But some internal teams cannot use legacy or manual PIM systems.
A master data record must also have consistent product data. Data governance should be implied while creating the master data record. For instance, if all internal teams agree to 3X5 dimensions, it should be consistent throughout the master data record. Thus, through PxM, you can have consistent data throughout the master data record.
An enterprise-level mas data record or PIM platform increases productivity. There are other benefits of it as well, which are as follows:
- Removes silos to make everything more accessible
- Increases quality and consistency across the board
- Facilitates the speed and productivity of internal teams
- Assigns roles and permissions to individuals and teams as per their task
- Makes it easier for organizations to integrate with emerging technologies
- Improves relationships between internal teams and other departments
- Tracks activity log to ensure efficient collaboration
- Manages workflow in a better way
Use Unbxd PIM and forget about enriching your product’s data, and shift your aim to online revenue and sales.
- Product Experience Management (PxM) delivers product information that matches a customer’s buying experience collected from various touchpoints.
- Product Information Management (PIM) describes your goods, services, and products.
- Through PxM, you stage your product’s experience to a buyer.
- PxM is beneficial for marketing, sales, and other internal teams that require updated, high-quality product information.
- A robust and advanced PxM strategy can enhance user experience, fulfill customer expectations, quicken product launch in the market, and integrate and manage quality data from various sources.