Product Relationship Management

Definition

Product Relationship Management (PRM) involves defining, managing, and leveraging the connections between different products within a catalog. These relationships can be diverse, including cross-sells (complementary products), up-sells (upgraded versions), bundles (products sold together), alternatives (substitutes), or related items (e.g., replacement parts, compatibility). PRM ensures that these connections are accurately maintained and can be used to drive merchandising strategies, improve product discovery, and enhance the overall customer experience by providing relevant recommendations and options.

Why It's Important for E-commerce

For e-commerce, effective Product Relationship Management is a powerful tool for increasing average order value (AOV) and improving customer satisfaction. By intelligently recommending related products, businesses can guide customers to additional purchases and help them find the perfect solutions. This strategic merchandising also enhances product discovery and engagement, reducing bounce rates and leading to a more personalized shopping journey. Accurate PRM data, managed in a PIM, ensures these recommendations are always relevant and up-to-date, directly contributing to higher conversion rates and customer loyalty.

Examples

• Recommending 'batteries' (cross-sell) when a customer views a 'toy car'.
• Suggesting a 'premium version' (up-sell) of a smartphone when a customer is looking at the standard model.
• Offering a 'camera kit' (bundle) that includes the camera body, a lens, and a memory card.
• Displaying 'compatible printer ink' for a specific printer model on its product detail page.
• Showing 'similar styles' or 'alternative brands' when a specific product is out of stock.

How WISEPIM Helps

• <b>Centralized Relationship Management:</b> WISEPIM allows you to define and manage complex product relationships centrally, ensuring consistency across all sales channels.
• <b>Enhanced Merchandising Strategies:</b> Leverage rich product relationships to power intelligent cross-sell, up-sell, and bundling recommendations, boosting average order value.
• <b>Improved Product Discovery:</b> Facilitate better navigation and discovery on your e-commerce site by clearly linking related products, helping customers find exactly what they need.

Related Terms

Also Known As