Strike gold with product data: 5 real-world examples


March 21, 2024

Product data can be transformed into a powerful treasure that takes businesses to new heights. Find out how.

Product data is more than simply basic information such as price, features, specifications, etc. It also includes the story behind your product: the inspiration, the vision, the impact, and the values that drive your brand. It can also highlight the unique aspects of your product, such as the design, the quality, the innovation, and the sustainability that set it apart from the rest.

In short, this data is the DNA of your products, and when this data is collected, managed, and conveyed correctly, it becomes a key strategic asset. Indeed, this data is the ingredient that enriches the creation, production, distribution, promotion, and customer satisfaction of your products from source to sale and beyond. Or, as we say at inriver, it can power the entire product journey. 

Explore the circular product journey

Read how inriver maximizes profitability at every touchpoint.

The hidden treasures within product data 

Product data isn’t just a dump of numbers and values in spreadsheets. It’s a dynamic and ever-changing business asset that can be creatively leveraged to unlock new revenue streams, drive product innovation, and surprise and delight customers with novel experiences.   

Let’s explore eight inspiring examples of how product data, orchestrated by Product Information Management (PIM) software, can create unexpected value for your business: 

1. Creating immersive experiences while shopping online 

Innovative brands are transforming raw product data into captivating online experiences. From virtually trying on shoes and apparel to seeing how a potential new sofa looks in your living room, these augmented product experiences rely on accurate and complete product data.   

Amazon’s new “virtual try-on” tool, allows customers to visualize how a pair of shoes will look on their feet from every angle, informing better purchasing decisions across the marketplace. Thousands of sneaker styles are currently available from brands, including New Balance, Adidas, and Puma. New Balance, an innovative footwear and apparel brand uses its Virtual Try-On tool to create captivating online experiences. Customers can virtually try on different sneaker styles from their mobile devices using Augmented Reality (AR). They can see how the shoes will look on their feet from every angle and easily swap colors of the same style. New Balance relies on the inriver PIM, integrated with AI, to capture product data, such as dimensions, colors, materials, and prices, to transform it into realistic and immersive virtual shopping experiences. 

Another example of AR-powered customer experience is Ashley Furniture’s mobile application. With the Ashley app, customers can easily visualize how Ashley Furniture pieces would look in their living space, effectively turning their home into a showroom. The mobile app lets users browse thousands of items for living rooms, bedrooms, outdoor spaces, and more. It also provides information on shipping times and in-stock items. To achieve this, Ashley Furniture has significantly improved the volume and fidelity of product imagery. This enhancement is supported by comprehensive and precise product information, powered by the inriver PIM. This includes dimensions, colors, materials, and pricing, and more. This lets shoppers effectively envision how the products would fit into their personal environments, ensuring a buyer experience that truly brings every product to life.

a jeweler working on a gold ring

2. Increasing customer lifetime value with aftermarket services  

With robust product data governance, you can track customer behavior, preferences, and feedback with ease. This enables you to suggest relevant products or services that enhance customer satisfaction and loyalty. For example, an automotive manufacturer can offer maintenance, repairs, accessories, or upgrades to their customers, or cross-sell them insurance, financing, or warranty plans. However, this is only possible with a good handle on the data that supports these products, parts, and add-on services. Accurate product data ensures a seamless post-purchase process, where the right parts are identified, ordered, and delivered promptly. This can enhance customer trust and retention, and reduce errors and complaints.  

Vestas is a leading example of how aftermarket services rely on PIM. As the world’s largest wind turbine manufacturer, Vestas knows the value of providing customers with more than just products. It uses the inriver platform to manage its product information and, by extension, its range of services, such as installation, maintenance, optimization, and digital solutions. These services generate 30% of Vestas’ total revenue of €2.1 billion. Furthermore, Vestas expects its service aftermarket segment, which covers parts, repair, and maintenance, to generate over €800m of projected earnings in 2024. With the global market for service solutions expected to grow by 8-10% annually until 2030, Vestas aims to maintain its leadership position and grow its service revenue faster than the market. Vestas’ service business has the highest margins and the lowest volatility in the wind industry, thanks to its investment in the inriver PIM. 

3. Localizing product data to different markets, languages, and customer segments 

Leading global brands and manufacturers need to tailor their product data to different markets, languages, and customer segments, ensuring that it is relevant, personalized, and compliant for every audience.

Using the example of Jacuzzi, a leading brand of wellness products, we can see how product data and PIM are the foundation for launching new products and variations faster across global markets. Jacuzzi has a large and diverse product portfolio, with over 20,000 SKUs across multiple brands, categories, and channels. To manage and enrich their product data, they use the inriver PIM, which allows them to create, edit, and approve product information collaboratively and efficiently. The inriver platform allows the brand to automate the delivery of its product data and assets to its e-commerce platforms, retailers, and marketplaces. They can also map and transform their product data to different formats, standards, and requirements, ensuring that it is compatible and compliant with different channels, languages, and customer segments, enabling the launch of new products and variations faster and more efficiently.  

young couple shopping for rings at jewelry store

4. Reducing environmental impact and promoting green credentials 

An emerging use case for an increasingly robust way of collecting and managing product data centers on sustainability. Businesses seeking better visibility of the environmental impact of their products’ creation, packaging, distribution, disposal, and other processes are turning to their product data strategy. Brands can then use this more detailed product data to communicate sustainability efforts and credentials to customers, regulators, and investors. 

For example, Lantmännen, a Swedish agricultural cooperative and leader in agriculture, machinery, bioenergy, and food products, uses the inriver PIM solution to manage and enrich its product information for a diverse and complex product portfolio across multiple brands, categories, and channels. With inriver, they can also collect and organize data on their circular approach to resource management, such as how they convert old breadcrumbs and waste from grain production into energy and biofuel.  This allows them to showcase their sustainability achievements and goals to their stakeholders, and to support their brand promise: “From field to fork”. 

5. Increasing collaboration, efficiency, and synergy across teams and business partners 

By sharing and integrating product data, your business can streamline workflows, avoid errors and duplication, and improve communication and collaboration. One example of a brand that uses product data to collaborate internally and externally is Michelin, the leading tire manufacturer. Michelin uses the inriver PIM solution to manage its product data and offer integrated solutions to its customers. Michelin collaborates with its suppliers to ensure the quality and consistency of its raw materials, such as rubber, steel, and textiles. Michelin also collaborates with its distributors and retailers to provide accurate and up-to-date product information, such as dimensions, features, prices, and availability. Michelin also collaborates with its customers, such as car manufacturers, fleet operators, and individual drivers, to offer customized and innovative solutions, such as connected tires, mobility services, and digital platforms. With inriver, Michelin can create value-added relationships and networks, and expand its reach and reputation. 

inriver: The complete PIM solution

Every investment in product data management pays off. Whether reducing costs, boosting revenues, or enhancing customer experiences, data-driven decisions propel success. Product data is the key to unlocking the full potential of your business. Your product data isn’t just a spreadsheet—it’s a gold mine waiting to be unearthed. So, are you cashing in? If not, it’s time to explore, refine, and let your product data shine. You’ll be amazed by the results. 

want to see the inriver PIM in action?

Schedule a personalized, guided demo with an inriver expert today to see how the inriver PIM can get more value from your product information.

you may also like…