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Shoptalk is the first large-scale NextGen Commerce event. Attend our session on “Redefining Commerce: The New Retail Reality” on May 16th, 3:10-3:50PM.
Two Sides of Data- Customer and Product
We know that product and customer data is uber important. But how do you keep organized to leverage that data and your other data most effectively and quickly? In this blog, we’ll explain the role PIM plays in leveraging your product data, and how to use your customer data to improve conversion rates via personalization.
PIM in Today’s Omnichannel World. Simply put, product content can be put in context of a value chain, just like a simple supply chain.
A Product Information Management (PIM) system takes product information and transforms it into differentiated content in the form of publications. How does this functionality work together? The diagram below provides a high-level view:
PIM is designed to support the integrations, onboarding, maintenance and publication of endless-aisle products sourced from multiple distributors to multiple omnichannel form factors and touchpoints (for details on this, see our whitepaper).
In fact, this important system is a discussion in almost every commerce engagement at FitForCommerce (learn about our services). Today, product content (Product Information, Ratings and Reviews, Images, Editorial Content, Social Sharing, etc.) is the most important driver of purchase consideration. Integrating customer content into the Content Value chain will continue to grow in importance as customer content continues to grow in scale. It is therefore no surprise that retailers continue to invest in it, raising product content expectations. PIM is technology that can manage the maintenance and publication of most product content objects.
To learn about the ins & outs of PIM, read our recently published whitepaper.
So, once you have the data organized, how do you leverage it to drive the action you’re looking for?
Data is the Secret Sauce of Personalization. And we all know the importance and impact of personalization (if you don’t, catch up here: FitForCommerce Annual Report).
Data informs personalization strategies – what we communicate, to whom, how and when. Beyond basic customer profile information, true personalization requires a complete view of the customer throughout the entire shopping journey and across channels, including her preferences, habits, interests, etc.
We know data comes from many sources:
So, here’s where you begin:
Identify the data you already have
Harness the data you can observe (environmental, site behavior, referral sites, etc.)
Start with projects where data is easily accessible and content is easy to leverage or create (e.g., email campaigns, website content slots, display advertising).
Augment with 1st party data (CRM, POS, segmented email lists)
Test and learn
Add 3rd party data (demographics, browsing behavior on external sites, etc.)
Continue to test, personalize and grow
There are unlimited opportunities for what can be done with data to create personalized customer experiences. Although personalization is not a small initiative, it does not need to be overwhelming. At FitForCommerce, we always recommend a “crawl, walk, run” approach. It is possible to start simply while building the foundation for more advanced personalization tactics. Check out ‘10 Ways to Get Started’ guide from our new whitepaper.
When initial programs are stabilized and running well, continue the momentum by applying new learnings to more sophisticated tactics, launch personalization in other channels and eventually reach the “Holy Grail” of 1-to-1 personalization! Let us know how we can help with your omnichannel strategy and programs.
Let us know if you need help making sense of everything related to data!