{"id":312,"date":"2020-03-04T08:01:51","date_gmt":"2020-03-04T08:01:51","guid":{"rendered":"https:\/\/www.storefrog.com\/?p=312"},"modified":"2020-04-02T13:33:58","modified_gmt":"2020-04-02T13:33:58","slug":"importance-of-product-management-in-e-commerce","status":"publish","type":"post","link":"https:\/\/www.storefrog.com\/importance-of-product-management-in-e-commerce","title":{"rendered":"Importance of Product Management in E-commerce"},"content":{"rendered":"\n

What is Product Management?<\/h2>\n\n\n\n

\u201cA great product manager has the brain of an engineer, the heart of a designer, and the speech of a diplomat.<\/em>\u201d \u2014 Deep Nishar, SoftBank Group International<\/p><\/blockquote>\n\n\n\n

Product management is the process of\ndeveloping and launching and looking after all the marketing and customer\nnecessities of the product. <\/p>\n\n\n\n

Product management in an e-commerce environment is not only about what you sell to your customers. It is managing the overall aspects that come before and after selling that product. It is an intersection of a good business model, technology, and user experience.<\/p>\n\n\n\n

Product management involves creating a\nproduct vision and building a strategic plan to implement it. It is a shared\nresponsibility with other teams in the business in successfully following this\nplan. But it does not stop with just that. It is also about taking care of the\npost-sales process, which includes (but not limited to) sales performance,\ncustomer experience, and inventory stock.<\/p>\n\n\n\n

For detailed information, read this article<\/a> that discusses the strategies for product management in e-commerce.<\/p>\n\n\n\n

So, why is product management important?<\/h2>\n\n\n\n

Did you know that fully optimized product management could increase the profit of a company by 34.2%?<\/em> (Source: 280 Group<\/a>) <\/p>\n\n\n\n

Let us look at the reasons behind the importance of product management in e-commerce (or any commerce really).<\/p>\n\n\n\n

Understanding your customers<\/h3>\n\n\n\n

67% of customers are ready to abandon a brand for another because of bad customer experience.<\/em> (Source: Fortunly<\/a>) <\/p>\n\n\n\n

A significant part of product management\ngoes into deciding “what” would make customers buy the products. To\ndo that, you need to study your customer base \u2013 their likes and dislikes and\nmannerism of shopping. Hence, proper product management opens space for\nunderstanding your customers.<\/p>\n\n\n\n

\u201cAt the heart of every product person, there\u2019s a desire to make someone\u2019s life easier or simpler. If we listen to the customer and give them what they need, they\u2019ll reciprocate with love and loyalty to your brand.<\/em>\u201d \u2013 Francis Brown, Product Development Manager at Alaska Airlines<\/p><\/blockquote>\n\n\n\n

It would help if you also get customer\nfeedback to manage the products. This enables a vast scope of improvement and\nmaking their experience better. Any e-commerce store’s aim should be to make\nits customers happy. If you know well who you are serving, then that becomes an\neasy task.<\/p>\n\n\n\n

Understanding your competitors <\/h3>\n\n\n\n

Another product management strategy\nincludes understanding your competitors. Analyzing the competitors lets you get\nan insight into what you are up against. With such analyses, you will be able\nto understand the existing problems in the market, how others approach them,\nand how your business can bring a solution. You will also distinguish their\nbusiness strategy and how they market their products. <\/p>\n\n\n\n

\u201cOnly a fool learns from his own mistakes. The wise man learns from the mistakes of others.<\/em>\u201d  \u2013 Otto van Bismark<\/p><\/blockquote>\n\n\n\n

Competition study lets you develop unique\nand better ideas that will make you stand apart from others. Your competitors\ncould be your best inspiration. <\/p>\n\n\n\n

A ready business plan<\/h3>\n\n\n\n

\u201cGoing into business without a business plan is like going on a mountain trek without a map or GPS support \u2013 you\u2019ll eventually get lost and starve!<\/em>\u201d \u2015 Kevin J. Donaldson<\/p><\/blockquote>\n\n\n\n

Product management paves the way to\nstrategize your business plan or roadmap. In product management, you must study\nthe market and come up with products and the marketing plan to sell it. It\ngives you a clear idea of what should be your niche and where you can generate\nmaximum revenue.<\/p>\n\n\n\n

Planning the business strategy includes\ndoing all the risk assessments. This makes you ready to face challenges that\nyou may come across in the business.<\/p>\n\n\n\n

When it’s the time to launch the\nproduct\/store, you will have a definite plan ready to implement.<\/p>\n\n\n\n

Better time management<\/h3>\n\n\n\n

\u201cUntil we can manage time, we can manage nothing else.<\/em>\u201d – Peter F. Drucker<\/p><\/blockquote>\n\n\n\n

There is a time for everything. This holds\nfor product management as well. Time management is part of product management.\nIf you cannot manage time, you have not succeeded in managing your products.\nTime is money, and it must be used wisely to marketing your products to the\ncustomers and meeting their expectations.<\/p>\n\n\n\n

Effective product management will help you\nin juggling through the tasks and stay organized. You will know what task\nrequires more attention than others. This helps in prioritizing the time.<\/p>\n\n\n\n

Improving product quality<\/h3>\n\n\n\n

Customer service may outweigh the product quality. However, if the quality below is below par, it’s bad news for your business. It does not matter how much brand power is there or how much you advertise it; customer satisfaction depends hugely on the quality of the product.<\/p>\n\n\n\n

You must build quality into your products\nand any services that are part of the business. The product management lets you\nidentify any shortcomings at an early stage of planning the product. You can\naddress them at the beginning itself to avoid any distressing moments in the\nfuture. <\/p>\n\n\n\n

Site optimization<\/h3>\n\n\n\n

In e-commerce, most often, there are\nvisitors turned customers. People search for their favorite products online and\nclick on the links that the search engines list on their first page. A website\nneeds to be optimized for search engines to rank well.<\/p>\n\n\n\n

Product management leaves room for a lot of\nsearch engine optimization (SEO) of the e-commerce website. In an e-commerce\nproduct management, the “product” is also the overall site content.\nIt involves implementing SEO tactics on the site to help it land on the first\npage of search engines. Product information is drafted to suit the SEO needs,\nthus helping your website to gain more traffic.<\/p>\n\n\n\n

Room for improvement<\/h3>\n\n\n\n

\u201cIf you are not embarrassed by the first version of your product, you\u2019ve launched too late.<\/em>\u201d \u2013 Reid Hoffman, co-founder and executive chairman of LinkedIn<\/p><\/blockquote>\n\n\n\n

There will always be room for improvement\nin a business. Even if you fail to meet your goal at first, good product\nmanagement will leave the door open for a second chance.  <\/p>\n\n\n\n

One of the advantages of product management is having a scope for improving your business. With product management, you would get to know where you are lacking. <\/p>\n\n\n\n

Actively considering feedback from customers and even non-customers will let you know if there is any problem you need to address. It helps in identifying the inadequacies or any errors, and you can rectify them accordingly.<\/p>\n\n\n\n

Wrapping Up<\/h2>\n\n\n\n

Product management is crucial for not just e-commerce but any business. In e-commerce, the difference is that the entire store becomes your product. It lets you develop and execute a comprehensive vision for your e-commerce business.<\/p>\n\n\n\n

If you think there are more reasons that\njustify the importance of product management, please share it in the comment\nsection.<\/p>\n\n\n\n

Disclaimer: This article is the result of the author\u2019s research and observation, and the purpose of the article is to share general information with the readers. For any e-commerce business-related assistance, we recommend getting professional guidance. <\/em> <\/td><\/tr><\/tbody><\/table><\/figure>\n","protected":false},"excerpt":{"rendered":"

What is Product Management? \u201cA great product manager has the brain of an engineer, the heart of a designer, and the speech of a diplomat.\u201d \u2014 Deep Nishar, SoftBank Group International Product management is the process of developing and launching and looking after all the marketing and customer necessities of the product. Product management in […]<\/p>\n","protected":false},"author":6,"featured_media":471,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"footnotes":""},"categories":[22],"tags":[18,16,20],"yoast_head":"\nImportance of Product Management in E-commerce - StoreFrog<\/title>\n<meta name=\"description\" content=\"Did you know that the importance of optimizing product management at your business is so huge that it would result in a large increase in profits?\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.storefrog.com\/importance-of-product-management-in-e-commerce\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Importance of Product Management in E-commerce - 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