Merchandising isn’t just for retail anymore. The state of B2B commerce is in flux in the age of Amazon and omnichannel marketing and it is impacting buyer engagement. In August 2019, inRiver commissioned a survey to better understand the trials, tribulations, and triumphs of B2B decision makers globally. With fierce competition and product information challenges increasing with each new market and channel, new insights are needed to help uncover what drives B2B commerce today. The pressure to adapt more and more to buyer demands is real.
Here’s what the US data showed:
- 8 out of 10 businesses face more competition now than just 5 years ago
- 7 out of 10 businesses are up against global competitors
- Only 10% of businesses have less than 5 competitors
- Nearly half of businesses 48% operate in more than 10 countries
- The volume of content needed to compete in countless channels and markets is paralyzing
- One out of three businesses have had their product frequently pulled from shelves or delayed because of inadequacies or inconsistencies with product information.
- Keeping track of which product information has been updated and where that content resides is the number one pain point for more than half of businesses.
- Making sure product information meets all standards and formats for a new market or channel is the single most challenging aspect of product launches, according to more than half of business leaders.
- Almost half of businesses take at least six to 11 months to create or update product content for a new channel or market. That doesn’t scale for manufacturing and retail teams that launch products several times a year.
Commerce today is now, not tomorrow, or a year from now.
Adaptive Merchandising™ is the key to breaking through the noise
With a clear challenge around how information is managed by businesses today and an increasing need to quickly adapt to customer demands, businesses must be prepared to connect with customers at the product level anywhere and everywhere.
While marketing has become the “standard” for how businesses create and nurture relationships between their brand and their buyers, the art of merchandising encourages growth and aligns with the way buyers buy. “Adaptive merchandising” means focusing on how the customer feels when they see the product, even before they buy, with the end goal of earning their trust.
Product Information Management (PIM) is the modern solution to keep your product information consistent, accurate, and updated across all channels and markets. With inRiver PIM, you can merchandise your products and adapt to ever-changing customer needs and face increasing competition ahead on the digital shelf and off.
Redefine commerce. Adaptive merchandising is the new way to market and sell with powerful product information management. Stay tuned for the full study results here on our blog. Follow us via Twitter for news live from #PIMpoint2019
*inRiver commissioned Savanta to conduct the survey of 1,333 B2B professionals in the US and Europe.