What is Product Information Management (PIM)
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Consumers worldwide will spend nearly $3.46 trillion online in 2019, up from $2.93 trillion in 2018, according to the forecast from Internet Retailer.
An increasing number of online shops have made the business of eCommerce world more intense for eCommerce industry players. In a cut-throat competition where profit maximization, larger customer base, and bigger market share are basic needs to perform, decision making through business data at all product buying stages has become essential.
So, all small and big-sized online shops prefer to have concrete and business-oriented product information. Hence, the value of a product information management (PIM) software program streamlines the route of eCommerce data aggregating, publishing, and optimizing conveniently. It clearly helps in building better product experiences.
What is Product Information Management (PIM)?
As its name suggests, product information management assists in managing the product information of different eCommerce platforms.
It collects data from various sources and aggregates product information for the creation of a product catalog. Then, the same information is allocated to online platforms, like POS and mobile applications. It improves product attributes, variations, categories, and families. Finally, the updated data is exported back to the eCommerce stores.
This tool is useful for manufacturers, retailers, online traders, and wholesalers.
PIM: A Win-Win Solution for All
Sales teams of any size and type need easy, clean, accurate, user-friendly, and updated data. E-commerce managers need updated and regular content to enhance user experience and inflate conversion rates. Marketing teams need relevant and bulk content to make online campaigns across multiple channels. Plus, online customers prefer to buy products with quality information, real-time data, and brand loyalty. All such people come up with a long list of problems that need genuine and hassle-free solutions.
PIM software program is designed for such people who are engaged in the sale of products through multiple channels and the management of complex product content. From time management to data management and from quality improvement to the elimination of manual tasks, there is a long list of benefits that a PIM software is capable of offering to its end-users.
- No data redundancy, bottlenecks and exceeded data storage
- Freedom from manual data updating and entry
- Product data consistency and faster data import
- Faster access to desired data and market penetration
- Lower overheads and reduced wasted resources
- Optimized content for end-users
- Easier and convenient product expansion
- Faster data sorting, management, and use
- Enhanced customer experience
- Streamlining the on-board process successfully
To sum up, PIM is a win-win solution for sales teams, e-commerce managers, marketing teams, and targeted audience. Here, a company looking for sale of products through multiple channels can manage complex product content. In the same manner, an online buyer searching for more product data can improve his or her customer experience on any eCommerce platform.
PIM Brings People, Technology, and Product Content Together
PIM is a big step to implement a successful omnichannel strategy, managing product variants, and making new marketing and selling strategies.
Marketing people always think of driving revenues and reducing costs without any sort of disturbance. For such people, the product information management system (PIM) is a boon as it simply makes product content, people, and technology organized in order to increase revenue and sales with the successful management of online digital assets.
Ideally designed for Omni-channels, PIM is ideal for the growth of brands that are interested in optimizing, syndicating, and centralizing information. It clearly helps in maximizing revenue with convincing and complete product pages.
When an eCommerce site owns thousands of products available for sales and it faces lots of challenges in managing a product catalog, PIM makes it easy for the site to manage all products in one place and work on different tasks simultaneously.
In addition to improving data quality and managing costs, the software program easily integrates with different eCommerce channels. Be it inventory management, multiple data entry, or the distribution of product information on multiple channels, PIM gives an edge to a retailer without affecting the ongoing processes.
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