Here are five reasons why using a product information management system (PIM) is important for your company if you aren’t already doing so. PIMs have been revolutionizing the way businesses conduct their data for years, so let’s take a look at why using a PIM is important for your company if you already aren’t doing so.
What is PIM and how does it work?
A Product Information Management System (PIMS) is a collection of practices or programs that are used to manage product information across organizations, supply chains, commerce, and customers. A Product Information Management System (PIMS) is also known as a Product Information Management System (PIMS). Product Information Management (PIM) is an abbreviation that stands for Product Information Management.
An online Product Information Management System (PIM) allows you to collect, organize, and enrich product data, create online product catalogs and deliver reports to sales and eCommerce channels, all from a single platform or application. your sales and eCommerce channels with relevant information This is a simple must-have when it comes to retail businesses, particularly those that handle their operations online.
Should be taken into consideration is the fact that this system does not manage all product information, and that not all information is supplied into the PIM system, such as prices, discounts, and stock information.
It will be necessary to examine additional authority in order to gain access to this information. That it always contains only marketing and sales information, and nothing else, is the most crucial principle of this system.
What is the aim of employing a PIM system?
When a retail organization’s product information is dissolved across different channels, Product Information Management (PIM) systems can be quite valuable. At the same time, it initiates a parallel process of product enrichment and enhancement. Multiple members of your team will be able to edit, update, and share your product information from a single location. The PIM system will keep track of every item of information that has been transferred and amended, ensuring that no modifications are overwritten.
Using a Product Information Management System (PIM) has become a headache for many businesses, especially when they have hundreds of products to maintain. Alternatively, stores with a small number of items, particularly those with a powerful number of variables and customizations to maintain, can benefit from hiring a product specialist.
So, what is the relevance of PIM in the first place?
The fact that this program analyses, stores, manages, and aids you in the delivery of your stuff is appealing for a variety of reasons. After all, what more could you ask for?
Effectiveness and efficiency have both increased.
It is a one-stop solution for your complete team when it comes to accessing all of the key information regarding a specific product through the single hub. No time or confusion will be wasted by attempting to identify, tidy up, or piece together your product information in any way. The time you would have saved could have been put to better use by bringing on additional items and expanding your product line, which would have resulted in greater productivity.
A back-office system for all of your products, which your staff can access and modify without interfering with your eCommerce business, allowing you to work more quickly and efficiently than you were previously able to do. When you have a product information management system (PIM) in place, your team can establish on making your product information as accurate as possible.
The general quality of the product content has been improved.
Because of the success of the enrichment approach, products are more likely to promote the attention they deserve when it is applied to their promotion. The expectation of customers is that they would read through and accurate product descriptions, as well as see images or videos of the things they are purchasing on the website. If they are helpless to locate what they are looking for or receive what they wish, it is possible that they will shop at another merchant.
You may streamline and improve the way you combine your products and services if you use a Product Information Management System (PIM). Therefore, writing high-quality product information will be a breeze for you in the future. Goods descriptions that are well-written assist in bringing the correct shoppers one step closer to making a choice to acquire the product being advertised. The ability of a product to accept product photographs, video clips, and other assets in a single location is critical to advancing it past the checkout phase.
A single point of contact for all of your product content is the third point.
An Product Information Management (PIM), as previously said, enables you to distribute product content and information from a central location.
As opposed to having to seek the most up-to-date images or descriptions, you’ll be able to access them all from within your personal information manager. As an example, while creating a new product line, you can enter all of the product information, along with any supporting images, press releases, and any other assets, into your Product Information Management System (PIMS). With Product Information Management (PIM), you have the advantage of linking products, assets, and other objects together into catalogs, making everything easily accessible.
Increased client satisfaction as a result of the above.
A product information management system (PIM) makes it easier to establish product categories and organizational structures that are centered on the needs of customers. As a result of this, the navigation on the site becomes substantially more user-friendly for visitors. When customers conduct specialized searches, such as seeking a specific size or color, all relevant products are displayed to them.
Customers that use the site search tool convert 400 percent more than customers who do not use the search feature, according to the company. Therefore, it is encouraged for clean, correct data to be uploaded into your website from your PIM, which aids in the development of brand courage and the improvement of the purchasing experience for your clients.
An increase in the rate of return on investment.
You will be able to significantly increase the amount of sales you conceive if you have a modern, well-designed PIM system in place. When compared to their competitors, many organisations who use PIM report higher conversion rates and fewer product returns.
Companies that have invested in PIM systems can hope a return on investment that is as much as 40% lower, with a conversion rate that is four times higher!
