An article written by Digital Wave Technology’s CEO, Lori Schafer. Find the original article published by RIS News here.
The retail landscape has undergone a seismic transformation in the last two decades. Gone are the days of plain product detail pages; today's consumers demand dynamic images, user-generated content, and a captivating brand narrative. This shift has given rise to a plethora of new technologies designed to elevate the product story, resulting in a profusion of acronyms, such as PLM, PCM, and the latest addition, PXM.
Product experience management (PXM) emerges as the ultimate solution, offering retailers a single source of product truth that encompasses data, content, digital assets, and more. While retailers often rely on their vendors for product data, it can frequently be inadequate for customer-facing information.
PXM steps in to bridge the information gap, minimizing errors and enhancing productivity across product catalogs. It has the power to harmonize product information, adapt it to various channel formats, tailor it for specific audiences, and more, irrespective of the quality of data provided by consumer brands.
Nevertheless, PXM's potential remains underutilized by some retailers due to three common misconceptions:
1. All Data Management Platforms Are the Same
With a myriad of acronyms like PXM, PLM, and PCM, it's easy for retailers to confuse the distinct advantages of each tool. These platforms all fall under the category of product data management but serve different purposes.
PLM oversees everything from product conception to post-purchase, while PXM concentrates on centralized, complete product information to streamline omnichannel selling. If a retailer's goal is to manage and organize company content, a product content management (PCM) tool might be preferred.
However, for those looking to elevate data quality and syndicate information to various platforms, PXM is the way to go. Selecting the right data management platform requires a thorough understanding of each tool's unique applications.
2. PXM Only Involves Managing Product Content
PXM is more than a content manager; it's a data enhancer. Even when retailers are given minimal product details by suppliers, PXM steps in to improve the quality of data to ensure complete, accurate information is paired with compelling visuals.
This proactive approach is pivotal for retailers as inaccurate product descriptions increase the likelihood of returns, eroding customer trust and profitability.
3. Employing PXM Across Multiple Channels and Systems Is Time-Consuming
While integrating any new technology may require an initial time investment, the benefits of PXM far outweigh any temporary inconveniences. PXM automates manual processes to streamline data entry and correction, providing improved speed to market. It seamlessly connects product information across sales and marketing teams, creating a single source of truth for all product details and content.
Furthermore, as a retailer's digital strategy evolves, PXM simplifies the process. For instance, it ensures uniform product visuals across all channels, fostering a cohesive brand identity.
Understanding PXM in the Modern Environment
In today's bustling retail environment, it's imperative that retailers craft compelling narratives for their products. Regardless of the data provided by suppliers, consumers demand thorough, error-free, and informative product descriptions and experiences. To meet these expectations and create truly captivating stories, retailers should embrace the power of product experience management.
PXM serves as the linchpin for elevating product storytelling, ensuring that every product shines in the spotlight of the digital marketplace. PXM is the secret weapon for retailers looking to excel in the dynamic world of ecommerce.
— Lori Schafer, CEO, Digital Wave Technology