Spreadsheets for small databases and budgets are great without any doubt. But you know how awful it is when managed every day, particularly when you are a manufacturer or a supplier. Thousands of SKU data can be processed in a range of sheets with precision, efficiency, and cost-efficiency.
Try to map the thousands of SKU details regularly! You need to look for a solution that would simplify the task – without compromises with accuracy, and without exceeding costs.
There is a solution that is powerful and cost-effective for your data management which is a PIM system.
What is a PIM System?
To simplify the description, a Product Information Management (PIM) solution provides the consumer with a single platform to collect, manage and enrich the complete product information easily and accurately.
It produces and distributes a product catalog on the sales and eCommerce platforms, be it an eCommerce website, a mobile app, printing material, or some other selling point.
Product information management is software that contains several processes and advanced tools for centralization and management to ensure a single, accurate, and easy view of product data for an electronic commerce company (SKUs, descriptions, specifications, prices, images, etc.).
Your product information is growing dramatically as your eCommerce company evolves and your product/service is expanding, making it very difficult to adjust anything correctly across excel sheets.
The adoption of a solution for product information administration makes it easier to coordinate, import, update, maintain and exchange increasingly accurate information.
Not to mention, it saves numerous data input and management hours and reduces the human error factor associated with a manual spreadsheet update substantially.
A PIM offers a variety of features which are currencies and product details for various geographical locations that make it very easy to expand a company.
Benefits of Using PIM System
PIM is a great software for companies that use various platforms to handle plenty of product details and market the product. As far as quality is concerned, it offers businesses many advantages.
You will save time for you and your team, monitor your goods, and boost data quality by taking advantage of PIM.
1. Systematic Workflow
PIM lets manufacturers, retailers, or brands efficiently handle diverse products. It enables the goods to be describe by category. A proper categorization simplifies the navigation flow and lets customers easily reach what they want.
By using PIM System, the product details can be shown extremely systematically, which provides the company with greater resources and increases the conversion rate.
2. Lead Generation
A key feature of any company is the identification of prospects. It is a process for recruiting more clients and turning them into future clients and ultimately building a long-term customer relationship.
You have to maximize customer loyalty to increase the conversion rate. To improve customer satisfaction, one of the easy and effective ways is that it provides accurate, accurate, and complete information about the product you intend to buy.
3. Fast production
To manage the company smoothly, manufacturers must effectively conduct their production-related jobs. Faster development of goods that are extremely necessary to achieve the best result for any company.
PIM allows manufacturers to store and maintain software production data and access each product information whenever necessary. You may also distribute the details on your products through all the various channels.
4. Customer experiences
McKinsey reports that product reviews contribute to 35 percent of Amazon sales. Nearly all leading electronic commerce sites and marketplaces advise consumers on goods. They evaluate the purchasing habits of consumers to propose their items of interest.
PIM assists the consumers in creating and providing customized experiences by providing feedback on the product.
It is very important for unique product attributes to provide personalized recommendations.
The first level in personalization is to get insights into your target audience’s buying behavior and understand what they want.
The next move is to align the buyer’s information with the items concerned. You must structure all the details about your products in a variety to recommend the right product.
Both of these moves can be performed with PIM. This enables product data to be collected and referred to eCommerce data and customer behavior marketplace data so that the appropriate Products can be recommended to the buyers.
5. Increase online sales
Increased online transactions play a key role in product ties. If a customer enters a physical store, the customer’s goal is to ensure that the best choice is in mind for the customer to leave the shop.
Your web store must also operate in the same manner. In addition, the online store is much better able to perform this task using the digitized product details on the PIM.
6. Automation of data flow
Without the help of the right technologies, massive product information management cannot be manage effectively and properly.
PIM automates the flow of transactions of data type and ensures that the company has a single source of reality. Further, your current ERP system and distribution networks enable PIM to be incorporated to make successful imports of your product information and exports.
Who Gets the Most From a PIM System?
Data management team
It’s very important for the management team who wants to monitor and satisfy the product’s compliance needs.
Analytics and the Data Science Team
Product Information Management software (PIM) will provide the analytical team with resources.
Marketers and Product Managers
Marketers and managers are the keys to the success of every product. They are constantly committed to providing a consistent and superior experience with the omnichannel strategy.
Brands and retailers
Brands and retailers are still looking forward to improving relationships with their suppliers.
E-Commerce managers understand the effect on global online sales of quality product information.
Transport and Logistics team
To reduce the time needed to sell (or point of sale) your product range and reduce storage costs.
Team for Sales and Distribution
Take an example that FMCG has a variety of consumer products. PIM offers all time that salespersons can easily pass to their distributors, the most accurate and consistent details.
How a PIM Simplifies Product Content Management?
1. The variance of product information
The details about the product are not just a name or item, or color and size definition. Each product has several thousand attributes and the product is characterized by these attributes. So new content needs to be create for each product by the marketing team.
For instance, for trousers and TV, you cannot have the same attributes. A client who wants to buy a television is more interested in the resolution. On the contrary, the form of fiber and directions are important for buyers when making purchasing decisions about pants.
For certain products, for any platform, brand, or language, the product information will be the same. However, it varies for every channel, brand, and language when we speak about the product description. As such, different content is efficiently managed with a lot of difficulties.
Every eCommerce company wants to grow worldwide. To do this, they need to work effectively with foreign manufacturers and retailers. You can reach an international norm like GS1 through a good partnership with your partners.
In addition to classifying the products for the local market of the company according to its respective hierarchies, PIM also classifies them in the international market. It adds more detailed attributes to product details.
Through these classifications, decision-makers can access the full and reliable product details, which impacts the conversion rate directly.
3. Structure and product references
Similar products with comparable product content are often link to the product structuring community. Providing a range of features PIM enables companies to group products to the right markets with the right products. You may propose product combinations for consumers with an added benefit.
You may, for example, tell them to purchase a mixture of trousers, shirts, and shoes if we talk about clothing. Also, you may increase the conversion rate by providing references to the goods. It also enhances the company’s cross-sales and up sales.
Another way that consumer conversions can be improved is to enable them to substitute the product if they do not find or get a defective product as expected.
4. Quality of product data
Given that product content in your omnichannel ecosystem grows constantly, product data quality in today’s competitive age is a serious business.
To improve the data quality the PIM products handled should be consider as one source of reality. A trustworthy PIM system ensures the consistency of product data.
PIM allows data quality to be analyzed, reports to be generated, data quality to be improved and the rules of business to be enforced. And it maximizes conversions overall networks for the implementation of so many data quality activities.
An image-free product is hard to sell because consumers want to see what they buy in the very first step of the purchase.
And only 1 or 2 images are not enough. They want a clearer understanding of product size, characteristics, color, etc. from various angles. So, you need 5-15 pictures per product if you count.
6. Onboarding of Product
“Onboarding” is a popular and often used concept when speaking about PIM. In the sense of PIM, onboarding aims to obtain and store and manage product content types that are difficult channels.
An advanced PIM can combine and map data from various sources by importing and combining it.
The product information management solution such as Pimcore development will handle the huge quantity of product data, including millions of product data areas, thousands of different brand categories, and provide a holistic, full silo picture of all your data.
It enables the data to be collected, managed, enriched, and districted through various sales channels.
Using end-to-end Pimcore development services, a solid PIM solution can be built to help the company transform digitally.
The Pimcore PIM system provides a paradigm shift in the manner in which retailers and producers operate, sell, market, and manage all the activities.