Importance of digital asset management in the retail industry
Today, the retail industry is more competitive than ever. To stay ahead of the curve, retailers need to leverage every advantage. One such advantage is digital asset management (DAM).
DAM is a system that helps businesses store, organise, and track digital content.
This can include product images, videos, marketing collateral, and more. By using a DAM system, retailers can centrally manage their digital assets and ensure that they are being used effectively.
Moreover, DAM can help retailers track the performance of their marketing campaigns and make data-driven decisions about future initiatives. In a highly competitive landscape, retailers that use DAM will be well-positioned to succeed. Here are some of the importance of digital asset management in retail.
Streamline and automate admin processes
DAM is all about managing complexity. With DAM, retailers can automate many of their admin processes. A big part of this is streamlining the creation of content.
By automating the creation of product images, retailers can free up their teams to focus on more important tasks. This includes creating new content and marketing campaigns.
Similar to inventory management, a streamlined content creation process can also help alleviate workflow inefficiencies in retail. Streamlining processes also include automating sales and marketing campaigns.
With fewer people needing attention, retailers can use DAM to automate their sales and marketing processes better. This can reduce the risk of human errors that could impact these processes.
Using digital asset management software like Brandfolder, retailers can see which campaigns drive traffic and conversions. This data can then be used to optimise future marketing initiatives.
Reduce margin for error
In today's competitive retail market, every advantage can make a difference. DAM enables retailers better to manage the creation and distribution of their products. This can reduce the risk of errors that could lead to inventory shrinkage and margin compression.
A business with a reduced margin is more likely to fail. DAM ensures retailers that they are not taking any unnecessary risks.
Retailers can offer a better in-store experience with a more streamlined inventory management system. This includes a more efficient process for fulfilling online orders and quicker stock replenishment.
Improve the management of your product library
The digital asset library is the cornerstone of any DAM system. This is where retailers can store all the digital assets (e.g., product images, videos, etc.) that they are using across their channels.
A product library can help brands discover new and innovative ways to use these assets. They can also easily find the right assets for future marketing campaigns.
Using the product library allows retailers to reduce the risk of creating redundant content or images.
Retailers can also scale their marketing campaigns more efficiently by improving product library management. They can use DAM to manage their inventory more precisely. This can help retailers avoid excess inventory and keep their brand promise.
Save time and money
Digital asset management can help retailers save time and money in several ways:
● It can help reduce the need for costly print materials. This includes product catalogs, signage, and packaging.
● DAM can help reduce the time needed to create and distribute content. This includes both online and offline content.
● DAM can help retailers save money on storage and distribution costs. This includes the cost of physical storage (e.g., hard drives, tapes, etc.) and the cost of digital storage (e.g., cloud storage).
Using DAM enables retailers to reduce the physical and digital storage they need. This can help save both time and money in the long run.
Digital asset management is one of the most important steps in any retail organisation's digital transformation. It enables effective and efficient management of digital assets and provides an overview of the current state of your brand presence across multiple channels.
While digital asset management is essential, it's also important to remember that it is just one part of the equation. The key is to find a solution that provides a wealth of data and helps to make sense of that data.
