Team eCommerce Next interviewed Jennifer Krizanek from Contentserv to get more insights on the importance of delivering the product experiences customers expect. Following is our interview with her:
What is the state of product information management and digital asset management today?
While current iterations of product information management (PIM) are highly effective and play a key role in organizations of all sizes and industries, the PIM technology landscape is shifting to a broader, more powerful paradigm: the product experience. Integrated product information management and digital asset management (DAM) solutions enable organizations to seamlessly exchange information between these entities to meet requirements to market and sell products through distribution channels and apply the necessary governance within a single platform. Marketers, product, and IT teams can reap the advantages of automation for improved efficiency into their management of product content to produce newfound opportunities for monetization.
What are the characteristics of product experience management and how is it connected to PIM?
Today, brands must create emotion-stirring experiences tailored to consumers’ interests and preferences. But personalization requires serious data management and deep customer insight, so every business that wants not merely to survive, but compete, must consider the entire experience they are delivering.
Product experience solutions enable organizations to manage product content and contextualize products. Delivering relevant product information that’s relevant to an individual facilitates an emotional connection between a brand and its customers. Enticing consumers to explore, engage and convert requires richer product content consisting of attention-grabbing experiences and accurate and complete product information, resulting in the age of Product Experience Management (PXM) and Product Experience platforms. Yet, creating product experiences goes beyond simply using a PIM to improve data quality, reduce content acquisition costs, and improve time-to-market. An effective product experience platform brings together product information and rich media, combined with contextualization, to personalize experiences with relevant product content at every touchpoint along the customer journey.
Today’s customers expect more than a one-size-fits-all approach using generic product information. They demand a personalized, compelling product experience tailored to their personal and emotional needs. Creating and communicating targeted, contextual, and emotionally engaging products is vital to a brand’s success. It also allows them to be flexible and adapt quickly to changing market conditions. Pioneers that adopt product-led growth strategies are creating valuable, all-encompassing “next generation” product experiences, allowing them to thrive and remain relevant in the future while adapting to evolving environments today.
Marketplaces have been rising in popularity; what are they and can companies benefit from them?
Online marketplaces have become a critical resource for both retailers and consumers alike. These e-commerce platforms connect customers with third-party sellers, providing an opportunity for brands and manufacturers of all sizes to offer product or service information along with other third-party sellers. Online marketplaces can be a way to streamline the publishing process and become the go-to place for consumers to find and research products and, should the price be right, buy. In 2020 alone, the gross merchandise volume (GMV) generated by the world’s top 100 marketplaces was $2.68 trillion.
In return for allowing a seller to list goods, the marketplace takes a fee, either a percentage of the sale and/or a subscription-style fee. Overall, within the multichannel digital retail landscape, marketplaces occupy a space somewhere between a traditional retailer and selling direct. Like a retailer (or wholesaler, for that matter), the marketplace will want specific data related to the products it is listing. One of the significant advantages of brands using marketplaces is that they offer a quick way to reach consumers, which is particularly important for brands that may not have e-commerce expertise. Going D2C and setting up e-commerce operations from scratch can be a massive undertaking for these brands. In contrast, by using marketplaces as a step along the way, brands can develop expertise that can later be applied to an in-house-developed e-commerce site or even a more imaginative offering such as a subscription service. In this way, brands can gain a share of a D2C sector valued at $111.5 billion in the United States in 2020.
Where do you see the future of digital commerce?
Digital commerce, especially “headless” commerce, will soon become the norm for marketers. In the past year or so, if businesses weren’t selling online, it was either hurting their bottom line or worse, they had to close their doors. Recently, companies are getting serious with their digital strategy by either implementing an e-commerce platform, re-platforming, or introducing new digital commerce channels like marketplaces. In fact, 62.5 percent of all global online spending occurred via digital marketplaces in 2020, according to reports.
Businesses will continue to explore and purchase commerce solutions, but they will be adding a “headless” content management solution to the mix. Headless solutions are back-end-only content management systems that act primarily as a content repository, making the information accessible via an API for display on any device, without a built-in front-end or presentation layer. Companies can flexibly share dynamic content with different audiences in real-time by going headless. As a result, consumers receive product content and relevant offers based on their location, interests, past purchases, and product availability.
What’s in store for e-commerce as a whole?
Today, twenty-four million e-commerce stores exist worldwide, yet the industry is still growing. In 2020, retail e-commerce sales worldwide amounted to 4.28 trillion US dollars, and e-retail revenues are projected to grow to 5.4 trillion US dollars in 2022. This astounding progression shows no signs of stopping with more people shopping online, driving organizations in all industries to accelerate their shift from physical to digital.
Creating and communicating targeted, contextual, and emotionally engaging products is vital to a brand’s success. Customers continue to expect something more than a one-size-fits-all approach using generic product information. They demand a personalized, compelling product experience tailored to their personal and emotional needs. Product-led growth strategies will continue to increase, enabling brands to create valuable, all-encompassing “next generation” product experiences and remain relevant in the future while adapting to changing environments today.
About Jennifer Krizanek
Jennifer Krizanek is CMO at Contentserv, the leading provider of personalized, Product Experience Management solutions that enables brand owners and retailers to easily manage and optimize product information. To learn more visit them at https://www.contentserv.com/en/ or follow them on Twitter.
Contentserv is the leading provider of customer-centric, Product Experience Management solutions that enable brand owners and retailers to manage and optimize product information more easily. Contentserv was founded in 2012 and has 12 international branches throughout Europe, the USA, and Asia. Contentserv aims to enable retailers and brand owners to deliver breakthrough product experiences by unlocking the full potential of modern technology. Product Experience Management (PXM) refers to the enrichment of product information provided in context and personalized based on the channel, region and customer needs – wherever and wherever they are. The company provides accurate, rich, and relevant product content that creates an emotional connection between brands and customers. https://www.contentserv.com/en/ or follow them on Twitter.