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PIM vs PXM: What's the Difference?
B2B and B2C customer experiences are constantly evolving with time as personalisation is strengthening customer relationships with the brand. Digital marketers are now more than ever focused on devising a smoother and more personalised product experience that attracts and retains customers. An IDC study suggested that by the year 2022, 35% of customer-focused businesses will have adopted a “commerce everywhere” business model that will help them generate 50% of their revenue through contextual discovery experiences
PIM is a system that helps in centralizing the product information and streamlines workflow. PXM is a much wider approach that encompasses PIM solutions and other tools such as digital asset management tools, enhanced content, insights, syndication, etc. which helps in increasing customer engagement and loyalty.
PXM enables you to take digital content to a level that meets customer expectations. Meeting these demands is crucial as that will make or break your product experience. According to Forrest Research, by the year 2023, 58% of US retail sales, roughly 2.9 trillion will be digitally influenced. The consumer journey is getting complex by the day and marketers are in pursuit of offering a personalised experience to each of them. This is where PXM shines. To deliver a great product experience, organizations must connect product content with insights about their customers.
Although numerous retailers are early adopters of PXM technologies that help them offer contextualised content, product experience is no longer relevant only for retailers or B2C organisations. Brands have advanced from selling products to their customers to building a strong relationship with them using captivating digital experiences.
Contextualised product information means providing relevant product data that is in sync with what you know about the customer or the channel activity. This could include customers’ current device, language, market segment, demographics, etc. Amaze PXM’s product information management software helps in compartmentalising such data and dispense it efficiently.
Contextual Description: An online apparel retailer can provide hundreds of text variations to describe a pair of sneakers or display the same in abstract colours. This completely depends on the customer insights that they possess and how they wish to utilise them.
Contextual Size Recommendations: Artificial Intelligence can learn about the customer reviews to extract key phrases that will help it offer additional assistance to the shopper, viz if the majority of customers have issues with size, the AI will suggest a size chart that will best fit the customer.
Consumer buying behaviour evolves over time and as a business, we need to be ready to adapt to such changes. PXM incorporates discovery and conversion analysis to continuously tweak your customer experience.