With all the new acronyms in the business world, how many times have you heard of PIM? It’s used so often, but it’s always misunderstood by many and valuable to those who know how to use it. So what is the fuss all about?
PIM, or Product Information Management System is a tool used to store and manage product information across several channels. As your business scales and you expand your product catalog, you need to leverage this system to save time in micromanagement and focus on other aspects of the business.
You see, online customers today use multiple shopping channels and marketplaces. As a retailer, you essentially rely on your product information management tool to store, upload, and manage all your products. With PIM, you’ll have a single repository for all outgoing product data and be assured that everyone gets the same information.
The Importance of a Product Information Management System
In general, anyone selling tangible products can benefit from PIM. This means that if you’re a retailer or a manufacturer, then you most certainly need to have it. The bigger your product catalog, the more products you sell. The more complex they are, the more need you have for a centralized database for all that product information.
Having a central source of all that information will make things easy for everyone, from employees who upload the data to customers who need to view it. In the competitive online world, we are working in, it’s no longer about content, but context. You see, even with the highest quality products, unless you get your word out there that you have it, then you won’t be making any sales.
What Are the Benefits of PIM?
With a bigger product catalog, you are more likely to encounter errors, inconsistencies, and repetitions during catalog updates. With a product information management system, you can easily prevent these unpleasant scenarios, and in a completely automated way. PIM systems offer many more benefits that you’ll discover below and decide whether your business really needs one.
It’ll Save You Time and Money
This is hands down one of the major benefits of a product information management system. The system will streamline all the product data you have and keep it one place that’s accessible to everyone.
When you or your team upload new products or update new information on existing products, the information is automatically added to all the platforms you have integrated it with.
Now, you are wondering how this saves you time and money, right? Well, essentially, automatic updates save you the trouble of manually updating all that data, which saves you time. Beyond that, you’ll no longer have to pay staff to make amendments and correct recurring errors.
It’ll Improve Your Customer Experience
Customer experience is of extreme importance to the success of a business. The thing is, a satisfied customer is likely to come back. This translates to repeat business and even better recommendations. Regardless of whether your business is a B2B or B2C, it is essential to give your customers all the information they need, when they need it.
The quicker your customers can access that information, the better it is, and a PIM system will help you deliver it. This makes it possible for your staff to send customers as soon as they need it. To reinforce how important this is, understand that 80% of consumers abandon a business because of poor customer experience.
It’ll Improve Consistency
We cannot emphasize how important consistency is. More so if you’re running multiple sales channels, printed materials, social media platforms, events, communications, and even trade shows. Your products and services need to be well synchronized, and the product information management system can reinforce this.
As the central database, your information will be updated, enriched, and complete in all your channels at the same time. Your team will have access to the same information. This means that their messages to customers will be consistent, and it’ll create a solid brand image for your business.
Integrated Social Media
Social media has become one of the most powerful marketing platforms for any kind of business, and it’s only right that you take full advantage of it. It’s beneficial to gain loyal customers from platforms such as Facebook, Instagram, and Pinterest.
With a centralized data center, like what PIM offers, you’ll have the ability to add new sales channels and new materials, such as images, tutorials, videos, and more.
An Increase in Speed to Market
When your business has new products to offer, it’s important that you get them to the market as fast as possible. Every minute you spend with that product without getting it out there, you’re essentially losing money. Even worse, you’d be giving your competitors a chance to get similar products in the market before you, reducing the impact of your launch.
A product information management system is one of the best ways to increase speed to market. Once you upload the product information, it will be integrated with all platforms automatically, and you’ll be ready to sell immediately.
It’ll Equip Your Business for Scalability
There may be so many ways for you to grow your business. However, to implement all your strategies successfully, you need the right tools, and PIM is one that you can use effectively. Let’s suppose you have decided to add new products to your business, on an already established line.
You need to adapt every marketing material you use, from your website to your brochures, datasheets, and everything else. This process will not only be quick but super effective with the right product information management system. Most of the time you’ll find that a business starts as a one-man operation or a partnership. There may come a time, however, when you have an opportunity to grow.
When this time comes, you need to be ready with quality control and data input, customer acquisition, and even product development. An integrated PIM system will allow you to focus on these matters and help you grow your business with minimal to no distractions.
It’ll Simplify Product Classifications
Depending on the products you’re dealing with, you may be required to meet certain classifications and standards, quite the complicated process. Doing this will take much of your valuable time, regardless of whether you’re a wholesaler or manufacturer.
The last thing you want is to find yourself in legal problems, so having this system will help you keep everything in order.
Optimized SEO
When your business is evaluating more markets, you need to be sure that you’re working with error-free information about your products. It would be easy for you to send product information to new channels once your marketing team already has SEO opportunities then adapt that data to the new markets.
A PIM system will allow you to personalize data, which has become very important for consumers.
Up to Date Information
Even when you have the perfect product and all the necessary information uploaded, it doesn’t end there. At some point, it’ll need to be updated, changed, or improved because your target market, trends, and tastes will eventually evolve. You’ll need to adapt and respond to these changes.
With the centralized PIM information system, you’ll have history feeds and a chance to analyze them and update information as it should be. A professional PIM system will track activities, workflow, and changes, giving you total control of all the data you have.
Product Information Management System Improve Search and Make It Easy
It’s almost impossible for an online store to work without the search feature. Customers need easy access to the products and information they’re searching for. It’s also imperative for your sales agents to have easy access to information instantly so they can answer customer questions without hesitation.
With a product information management system, you will have all the latest information in the same place, making searches fast.
Product Information Management System Will Boost Your Performance
A product management system will benefit your business in more ways than just centralized information. It’ll also maximize your team’s productivity and improve their work satisfaction at the same time. With a great PIM information system, you’ll reduce redundancy and avoid working with complicated spreadsheets.
This will uncomplicate workflows for your team, eliminate some manual work, and automate the core processes. It’ll create time for other value-added activities.
Importance of a Product Information Management System: The Bottom Line
Not all businesses need a product information management system, but if you have, or may have complex product data in the near future, it’s best to have one ready to go. If you’re looking to launch new products in the market and you want to speed it up, then a PIM system is a good tool to have. It’s also useful for businesses that sell globally, in different markets, using different languages.
It’ll enrich the customer experience, and in turn, you’ll experience less negative reviews, fewer returns, and fewer exchanges. To deliver high-quality services to your customers, having a PIM system goes a long way.
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