Personalization, data and bridging the physical and digital shopping experience were among the top themes at this year’s NRF 2020 Vision: Retail’s Big Show, where industry leaders convened to discuss the latest trends reshaping the future of retail.
Today, with a single click or tap of a button, consumers can order virtually anything they want and have it delivered in mere minutes to their doorstep. Technology innovation is enabling a significantly improved, anticipatory shopping experience in the future – one that blends the physical and digital. Data analytics and AI are bringing new possibilities for automating and optimizing retail operations, product and inventory management and more importantly, to deepen customer relationships by building personalization engines.
Ecommerce now accounts for more than three quarters of overall retail growth, and U.S. eCommerce sales are projected to reach US$666.28 billion in 2020. Clearly, if you are a retailer that hasn’t jumped on the eCommerce train you are living in the past [Read More: 5 Reasons Why Retailers Need a PIM]. As the competition rages on for consumer attention and share of wallet, savvy retailers and brands must prioritize on personalization to deliver a seamless shopping experience.
As such, investing in data analytics and more specifically in a product information management (PIM) platform is crucial for driving commerce success. A robust PIM delivers a single source of content for messages to be personalized and disseminated across multiple channels and at different touchpoints along the customer journey.
Consider these tips for commerce success:
- Enrichment never stops: The product enrichment cycle is never-ending. Many small teams struggle to keep up with the demands of completing products with rich descriptions, full attribution, and multiple digital assets. Gain greater visibility to product data quality and completeness with a proper PIM solution.
- Automation is key: We may not have terminators, but the scope for automating product enrichment is limitless. Leveraging PIM software to automate enrichment based on business rules not only speeds the process but increases conversion rates with more complete product content.
- Consistent product channels: Providing consistent, complementary, compelling and correctly targeted product content everywhere it’s needed is essential for driving sales and building customer loyalty. A PIM solution enables a retailer, distributor, or manufacturer to integrate, optimize and syndicate content efficiently to websites, microsites, external marketplaces and even printed catalogs.
- Continuous analytics: Establishing an analytical feedback loop and having quality metrics is essential to stay ahead of the game.
Ready to take your commerce strategy to the next level? Take our 3-Minute PIM Readiness Assessment—16 simple questions designed to help you establish if your business could benefit from PIM. Or, contact our product information experts and we’ll help you evaluate your business needs and determine if you are ready for a PIM solution.