Akeneo, the global leader in Product Information Management (PIM) and Product Experience Management (PXM) solutions, has been credited with delivering significant ROI based on the operational efficiencies, revenue opportunities and speed to market gains it affords retail businesses, ‘The Total Economic Impact™ of Akeneo’s Product Information Solution’ report, conducted by Forrester Consulting in 2022, has found.
The report, which explores the revenue-unlocking opportunities and operational business benefits of centralised and unified product data enabled by Akeneo’s PIM solution, found that Akeneo delivers an average ROI of 365%. Forrester’s research showed that the Return On Investment (ROI) of deploying Akeneo’s solution equated to a Net Present Value (NPV) of $4.49million USD.
The report found that, by providing a single source of truth for product data, Akeneo helps brands and retailers improve the quality, consistency, and accuracy of product information. This results in reduced operational siloes, newly unlocked revenue streams, greater agility to respond to market opportunities and a faster Time To Market (TTM) in the product lifecycle.
In addition, the Forrester Total Economic Impact™ of Akeneo’s PIM solution report found that solutions not only helped retailers boost revenues and support brand-immersive product experiences on owned channels and through 3rd party resellers and marketplaces. It also supported more full-price selling whilst reducing the prevalence and operational cost burden of returns, helping retailers maximise margins on uplifted sales volumes.
And these multifaceted benefits – both to the business operationally and to its ability to drive revenue performance at higher margins – is redefining how retailers are viewing the role of product experiences (PX), which is now intrinsically linked to the success of customer experience (CX). Indeed, original research of 452 senior global product leaders in the ‘PXM Is The Key To Delivering Best-In-Class CX’ report, a Forrester Consulting paper commissioned by Akeneo in September 2022, showed that 78% now rate product data as being just as critical as customer data when seeking to achieve their CX goals. Accordingly, 88% say their organisation is prioritising product data quality.
However, more than 50% of respondents polled in the report said their business had difficulty with the fundamentals of PXM – and this at a time when product experiences are becoming increasingly important to consumers in their buying journeys. Original research of over 1,800 shoppers in Akeneo’s latest 2022 B2C Survey: Product Experience Satisfaction Around the World’ Report, showed that 63% now want retailers and brands to do more to improve product information to support their buying journeys, putting PX at front and centre of their path to purchase.
Fred de Gombert, CEO and Co-Founder at Akeneo, commented: “Brands and retailers are increasingly recognising that business performance relies on the holy trinity of experiences; that of customers, employees and products. Triangulating these three core capabilities lies at the heart not just of unlocking revenues and new market opportunities, but also for enabling more full-price selling, fewer returns and operational efficiency gains – a win, win, win for organisations looking to grow long-term revenues, drive loyalty and protect margin.”
For more information on how PXM solutions can support retail businesses in unlocking growth and long-term shopper loyalty, download the ‘The Total Economic Impact™ of Akeneo’ report: HERE