How PIM and Digital Advancements Impact the Do-It-Yourself Industry
I recently had the opportunity to sit down with Justin King and discuss how PIM and Digital Advancements impact the do-it-yourself industry. Many brands make up the products we need for home improvement, home repair, and projects around the house and yard. However, the purchase path for these brands and products is different from casual shopping.
Consider the situation where you have ordered parts online. Everything arrives in time for you to begin your project, but you realize that some of the critical components you purchased are wrong once you get started. The product data was inaccurate, and you bought the wrong material. Your project grinds to a halt, and your weekend plans are shot. You must now go through the hassle of returning the incorrect materials, waiting for a refund, searching for the right stuff, and waiting for it to be delivered. What’s worse is your next four weekends are booked, so you are now a month out from even starting the project!
With the stakes higher than usual in DIY online purchasing, the lucrative nature of DIY Online sales is very alluring. For example, did you know that the Average Order Value (AOV) in DIY is $285 per order? This number is second only to the Furniture industry, where a single couch, chair, or bed can be costly. Another metric that should get Brands psyched is the conversion rate. Although the average online conversion rate ticked up from 1.77% to 1.79% last year, the DIY market boasts an impressive 3.2% conversion rate! So let’s face it, when we need those DIY materials, we really need them!
I could write about this fascinating industry for pages and pages, but you know what’s more interesting? Listening to me and Justin talk about it in the video below this post. You may even score a few laughs listening to what happened to Justin and me when we attempted some of our own DIY projects.
- Top trends to know in the ecommerce home improvement space
- Examples for how to successfully navigate changes
- Insights from major retailers like Home Depot, Lowe’s, and Amazon, as well as how to address long-tail retailers