About $600 billion in revenue per year is lost due to the increasing product returns. This fact has a negative impact on the business: it reduces both profit and the level of customer confidence. Some returns can be attributed to the usual customer behavior. For example, people buy many expensive items for one-time usage with a subsequent return. However, the majority of returns are the result of various mistakes made by retailers.
These mistakes are often simple as a damage to the product during the production process or delivery. This is easy to fix. However, there are many cases of refunds caused by incorrect product descriptions: the customer receives inaccurate information about the product and as a result gets something that does not meet their expectations.
PIM (Product Information Management) and PXM (Product Experience Management) systems such as KennerPIM can help you avoid refunds caused by wrong product description: they can optimize product information, providing content consistency and accuracy. PIM users note about 40% decrease in the number of refunds, thanks to some specialized features. Let’s talk about each of those features in detail:
Minimize errors with automatic enrichment rules
Regardless of the number of SKUs, the automated PIM and PXM functions will help you avoid data confusion and get everything right. In addition, they will help save your employees from routine tasks and make updating product information stable and accurate. Standardizing and updating data using automated rules also improves the quality of product descriptions, eliminating the human factor.
Information сompleteness
When a customer can’t access all the information he need (photos, videos, characteristics), the probability of a refund becomes higher. PIM and PХM can prevent this situation by using a specialized feature that provides all necessary information about the quality of product enrichment. These functions also help ensure that all this information is up-to-date and correct before being added to the distribution channel.
Validation features
No one is perfect, mistakes are a part of all of us. But when it comes to even the smallest problem in communication with the client, the result can be negative for the business as a whole. In order to prevent these there are always a number of validation features. These functions are the way to easily verify both the overall data completeness and each individual part of product data.
Using such features of PIM and PXM as automated enrichment rules, validation and product completeness will help you greatly improve the quality and accuracy of product information.
