Commerce is constantly evolving, and after the unprecedented COVID-19 crisis, B2B manufacturers are looking for ways to differentiate from the competition and reach customers with a unique competitive advantage.
Manufacturers have started to look within their own organizations to determine what opportunities are available to enhance the customer experience and successfully drive business, and many businesses have found that digitizing product information plays a significant role in their success. Even more, organized and consistent product information management helps organizations formulate a go-to-market strategy that not only appeals to buyers but is good for business in the long run.
Pairing Digital Systems and Product Information
Over 65% of organizations feel that beating a competitor to market after launching a new product is first priority. But to keep up with the competition, businesses have learned that their manufacturing processes need to become more global and digitized, meaning investing in new or more technologies like product information management (PIM), master data management (MDM), and customer experience (CX) software to manage product information.
In addition to the increased use of these technologies, more organizations are incorporating automation and artificial intelligence (AI) solutions to support, tailor, and present product information as it becomes more intricate and complex to different channels and marketplaces while keeping it consistent and accurate. Over 90% of organizations use AI and automation to tailor this information to these channels and more businesses are branching out by utilizing content such as augmented reality (AR) or videos to sell products. Sixty-eight percent of organizations placed using product videos in their top three most successful content for driving sales. These technologies and solutions can support and provide accurate product information, better inform users about your products and services, and produce new buyers to your organization.
Manufacturers Must Continue to Evolve
Keeping up with your buyer’s need for easy and quick access to information should be one of your main goals as a manufacturer. But to do it the right way, it’s important to continuously modify product information to meet evolving customer expectations, as their needs will continue to change. Forty-three percent of organizations state that customers are dissatisfied by products that don’t meet expectations and often lose repeat customers for that reason.
Not only is listening to your customers’ needs crucial to expanding the possibilities for your go-to-market strategy, but it’s effective in quickly putting the right product or service into your buyers’ hands as opposed to the wrong product. Creating trust between your organization and your buyers as you both evolve is the differentiating factor to continuous success.
Take Advantage and Improve Your Organization
Building strong relationships with your customers and investing in the right technology can be a successful approach for your commerce strategy and better scale your organization for success. For more information on streamlining your B2B manufacturing report, download inRiver’s Driving Digital Commerce in Manufacturing report and tune into their on-demand webinar, New Baselines for B2B Manufacturing. Check out our PIM practice and contact our experts today for more information.