Black Friday 2020 Arrives Early – Get Your Product Data Ready with PIM
By Kerry Young on Nov 6, 2020
2020 has been a year of adjustments for retailers, and this holiday season is no exception. With pandemic-weary shoppers avoiding big crowds, retailers are shifting their Black Friday strategy to embrace multiple rounds of eCommerce sales, starting earlier than ever. To succeed this holiday season, where eCommerce plays a critical role, retailers must get their product data in order with Product Information Management (PIM).
A New Black Friday Strategy
Every year during the holidays, retailers look for creative ways to outpace fierce competition. This year, it’s all about eCommerce.
Recently, Walmart announced a reversal from last year. They’ll close their doors on Thanksgiving and launch major ‘Black Friday’ online events across three upcoming occasions. They’re not alone, with Home Depot and Target announcing similar strategies.
These changes aim to not only keep shoppers healthy and safe, but also capitalize on a major trend in 2020 – the unprecedented shift to eCommerce shopping.
Experts Predict a 160% Boost in Digital Purchases
The pandemic conditioned shoppers to rely heavily on eCommerce. As the holidays inch closer, this shift has not slowed down.
September online sales increased by 43% YoY, and researchers predict a 160% increase in digital purchases by first-time eCommerce users. This holiday season, consumers want to shop online, early, and often.
Retailers and brands feel pressure to step up their eCommerce game and capture their share of online revenue. Of course, this requires a strong handle on data management. Specifically, you need to stand out with compelling product experiences.
Get Ahead This Holiday with PIM
An effective product data program isn’t just about compiling information. You need to cleanse, enrich, and syndicate your product data across your website, in-store, and third-party marketplaces. That’s why PIM is more crucial than ever.
How can PIM help your data stand out from the crowd? By:
- Becoming the go-to source for reliable and consistent product information.
“87% of consumers said they would be unlikely or very unlikely to make a repeat purchase with a retailer that provided inaccurate product information.”
- Offering the omnichannel experience that consumers crave.
“Truly omnichannel shoppers who regularly buy from a retailer both on and offline spend 15% more per purchase than other shoppers.”
- Leveraging Digital Asset Management (DAM) to distribute rich, engaging media to your growing online customer base.
“Customers want a 360-degree view of a product they’re considering purchasing. They want to be able to zoom in and scrutinize every detail first hand.”
- Lowering your return rates.
Approximately $90 billion in retail returns plague the holiday season. Many returns – especially those purchased online – are caused by incorrect or inadequate product details. Ensuring product information is accurate cuts down on the frequency of returns.
- Provide a personalized experience with relevant recommendations.
NRF found that holiday shoppers, in particular, are highly receptive to retailer recommendations (more than half of online holiday shoppers said they purchased an item that was recommended directly from a retailer).
Those are just five of the ways you can use better product data to unlock more holiday revenue. However, as you continue along your PIM journey, you’ll find there’s a lot you can accomplish when your data is centralized, accessible, and automated.
Beyond the Basics – How to Maximize Your Holiday Sales with PIM
This year may not have gone as planned. However, with the holidays approaching, smart retailers can use PIM and DAM to respond to an unprecedented season of ecommerce sales.
Ready to go beyond the basics? We’ve packed expert tips into our eBook, Tis the Season for Product Content: A Playbook to Maximize Your Holiday Sales with PIM. This guide will help you understand why your data is essential and reveal strategies to unlock more revenue this holiday season.
Download our eBook today, and help your organization end the year on a profitable note.
About the author
Kerry Young joined EnterWorks in 2006 when Ennovative, Inc., the multi-channel publishing software company he co-founded, was acquired by EnterWorks. He directs EnterWorks’ operations and leads EnterWorks’ professional services and consulting organization, ensuring effective customer implementations and ongoing success. Mr. Young brings more than 25 years of technology and business management experience to EnterWorks, having served as CTO for a subsidiary of the Dow Chemical Company, and earlier as VP, Information Technology for Marshall Industries, a $1.7 billion industrial electronics distributor. He previously managed information systems for a subsidiary of McDonnell Douglas Corporation. Mr. Young holds a B.S. degree in Computer Science from Cal Poly, San Luis Obispo and an M.B.A. from California State University Fullerton.
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