What Is a PXM Platform?
by Lumavate | Last Updated: Oct 25, 2023
by Lumavate | Last Updated: Oct 25, 2023
The ability to create a positive product experience for each client can spell the difference between a thriving business and a struggling one. Your customers have multiple brands they can pick from and almost two-thirds of consumers in the United States say a positive experience with a brand influences their shopping decisions more than a great advertising campaign. This is why companies of all sizes and industries are turning to PXM platforms to meet their client's needs and expectations.
PXM stands for product experience management. It's a term companies use to define the process of giving customers an engaging, compelling, and accurate experience with their products.
Product experience management varies depending on your industry, the size of your business, and your geographic location. If you run a brick-and-mortar outlet, you may provide a product catalog, free samples, and QR codes that buyers can scan for installation instructions, warranty information, or other helpful product resources. If you have an online store, consumers will expect detailed product descriptions, clear photos, and recommendations for related items. Businesses with a multinational target demographic will need to translate product information into other languages.
While the details of creating a good product experience vary, some basic criteria apply to all business owners. To create a winning experience, you need to identify your target audience and determine what that audience wants. Next, you need to think about how potential customers go about looking for what they want and ensure your PXM solution meets their expectations. At the same time, you have to realize that each person in your audience is unique. Two people of the same age, gender, and ethnic background may interact with your brand in different ways because they have different needs or end goals in mind.
A PXM platform is a third-party software solution with the tools and features you need to provide potential customers with the best possible product experience. The platform also helps you keep product data organized by storing all information relevant to each product in a single location.
Good PXM software includes:
Product Information Management (PIM). This enables your business to keep all data stored in a centralized location.
Digital Asset Management (DAM). This enables you to store product images and videos along with text information. It also allows you to attach product-related files (i.e., warranty paperwork and installation instructions) with the rest of your product data.
A Digital Experience Platform (DXP). This functionality allows you to craft an ideal digital experience for customers without using code. It can save you a lot of time, hassle, and the expense of having to hire an IT expert who knows code.
A PIM is a single software solution that centralizes a brand’s product data, such as descriptions, pricing, and specifications. It enables businesses to maintain accurate product data throughout the product lifecycle.
A PXM platform offers PIM functionality as well as the ability to store images and videos with digital asset management (DAM) capabilities. Some PXM platforms also include the ability to create digital experiences, such as websites, landing pages, and web apps, with the inclusion of digital experience platform (DXP) functionality.
When considering your business needs and weighing a PIM vs a PXM, consider how your business will use its product data.
A PIM is well suited to store vast amounts of custom product data. Authorized employees throughout the business can have access to the PIM and update product records as needed, ensuring product data is always accurate and up-to-date.
If your business desires to do more with its product data, such as display it on websites, within digital product catalogs, or in dealer portals, a PXM is likely the right choice. A PXM with DXP capabilities means your business can store product data in one location and use that data in any digital communication. Businesses that opt for a PXM have centralized product data and accurate product information throughout their digital communications.
Salsify is a popular PXM software solution among retailers. It offers PIM and DAM functionality, syndication to multiple online marketplaces and retailers, and data quality and enrichment tools. However, compared with other leading PXM solutions, such as Lumavate, Salsify does not have digital experience platform (DXP) capabilities, mobile messaging, or form builder functionality.
Akeneo is yet another option, in large part because it offers a free, open-source PIM. However, these are by no means the only companies offering PIM/PXM services. Salsify and Akeneo competitors include Pimcore, Plytix, Catsy, and Lumavate.
Each platform offers different functionality. Akeneo is open-source but offers only PIM services. Salsify, Pimcore, and Catsy don't provide immediate access to their PXM systems. You have to provide the company with your business information, request a custom price quote, and then have a company expert set up the program on your system. Plytix also offers great tools but its Starter and Custom platforms have output limits, and the unlimited platform is quite expensive.
If you're looking for the best PXM software on the market, Lumavate is well worth your consideration. It includes product information management, digital asset management, and a digital experience platform. It has a code-free digital experience platform that enables you to build custom digital experiences to meet your exact needs. Other features include text messenger, form builder, and templates. The Lumavate platform is more than eight times faster than other comparable PXM software programs and is more affordable too. You can start using it as soon as you purchase access as it doesn't need to be installed or configured by a company professional. Multiple price plans are available, and you can switch back and forth between them as needed.
Don't let an outdated product management system hold your business back from reaching its full potential. Lumavate's cutting-edge PXM will enable you to provide each potential client with a custom experience designed to meet his or her exact needs. It can not only boost sales but also help you build brand loyalty. Get in touch with us today to learn more about what we have to offer or to try out our system for yourself.