The importance of product data in your digital strategy is something you should consider.
It has become clear to manufacturers, retailers, and everyone else in the supply and commercial chain that product information is the most essential component of sales since 2020, when online sales began to soar.
Communication and relationships between commercial agents, with customers, and within the market are aided (and improved) by the product content, which dandle as the universal language.
Product Information Management (PIM) technology is the ideal tool for managing, controlling, and enriching all product information, and as a result, for attracting new customers and increasing the profitability of any company.
As well as providing numerous benefits to your team (such as saving time and avoiding errors as well as redundant data management tasks), a PIM system can have an impact on sales by allowing you to centralise all product content, automate processes in omnichannel strategies, and define better workflows.
Here are the top reasons why you should grant implementing a PIM system as part of your digital strategy if you don’t already have one in place.
Reasons why a PIM should be a part of your digital sales strategy
Product information that is of higher quality generates more sales for the company.
A product information management system (PIM) serves as a single source of truth for your product information, centralising it and ensuring that the data is accurate before sharing it through any channel.
Currently, consumers expect comprehensive and differing product information that answers all of their questions without the need for them to contact customer service. As a result, the more comprehensive your product content is, the greater the likelihood that sales will be generated through your digital channels.
Not only does a product information management platform collect product data, but it also performs quality analysis, allowing you to identify errors and repetitions as well as which products you could improve. You can also see which elements are missing from your product sheets and which fields to control in order to ensure that all variants of a product are complete.
Moreover, accurate product information helps to reduce the number of returns, exchanges, and shopper complaints, all of which are significant money drains for brands and retailers in the online sales industry.
Product visibility increases as a result of the increase in online traffic.
We’re all aware that Google places a high value on information that is original and complete. It’s quite the same as it is for the customer.
Take care of your product content, as a result, to earn the trust of your customers and, more importantly, the trust of online search engines such as Google, which serve as the primary gateway for many buyers to catch your brand or catalog.
If you have your products listed in Google Manufacturer and Google Shopping, providing thorough and complete product information increases the likelihood that Google will highlight your website in search results linked to keywords or if you have your products listed in Google Manufacturer and Google Shopping.
Rich content also makes it easier for you (and search engines) to link related products and implement cross-sell and upsell strategies because it is easier to find relevant information. Furthermore, as it becomes increasingly important to appear in searches conducted through new devices such as voice assistants or smart devices, the importance of product data will only continue to increase.
Customers have a pleasant shopping experience.
Prior to selecting a product or making a purchase, online customers consult more than two channels of information. Consistent content across all possible channels and platforms will improve the overall user experience, as well as make it easier for them to locate and choose your brand or store during their shopping expedition.
A product information management system (PIM) simplifies the task of standardising all product information, and then allows you to connect the data to any channel you choose, from Amazon-like marketplaces to your website or mobile app, ecommerce CMS platforms such as Shopify or Magento, documents you share with distributors or retailers, and more.
A product information management (PIM) tool ensures that consistent product content is available at all key points in the sales cycle and during the discovery process of new consumer products. This ensures that the information about your catalog is always correct and up to date, with no discrepancies between prices, images, and variants displayed on Google, in an ecommerce listing, in a printed catalog, and so on.
Aside from automating the connection between your PIM and other channels, you can tailor the type of product information you send to each channel based on the needs of each platform, audience, and country.
The retention and loyalty of customers are increasing.
It is a logical consequence of everything that has gone before it. Identifying reliable and complete product content is like finding gold on the Internet, which is unusual because many retailers tend to copy product information from each other or directly from the manufacturer, without customising it to their specific needs.
Consumers who would rather trust a devoted brand or store than take a chance on a new one benefit from accurate product data because it allows them to make better purchasing decisions and receive exactly what they ordered. This results in fewer returns and increased customer loyalty.
It is less difficult to broaden the scope of the international sales strategy.
Many businesses have seen their scope and ambitions expanded as a result of the growth of ecommerce. Selling to customers in other countries and regions is becoming easier and more profitable as more people use the Internet to search for products all over the world.
In contrast, implementing an international digital strategy is expensive and requires a significant amount of time and effort to coordinate catalogs in multiple languages, among other things.
Additionally, a product information management system (PIM) is essential in these projects because it allows for the management of multi-language product content, can include automated translation functions, and speeds up the editing and publication of the appropriate information for each region (for example, with different prices, currencies, units of measurement, collections…).
Product performance data is gathered by the company.
In the past, it appeared that PIM systems were simply more visually appealing software than Excel sheets. Today, they have demonstrated that their role is more than simply a data management programme that ingests data and expels it wherever the user desires it to be.
A modern product information management system (PIM) should include useful functions for making business decisions, such as product content quality analysis, workflow creation with review and approval systems, product performance reports, and other similar features. PIM stands for product information management, and it is a system that allows you to access intelligence about your products and discover ways to improve their performance, as well as what works best and worst in your digital and offline sales channels.
Therefore, the best PIMs guarantee their clients the development of machine learning and artificial intelligence capabilities that will make the day-to-day maintenance of brand and retailer catalogs easier and easier to manage as technology advances.
In summary, a PIM enhances your digital sales strategy by providing the following benefits:
- Savings in product management time are realised.
- Cost-cutting measures in technological systems.
- Errors in cataloguing are no longer an issue.
- News releases and restocking can be done more quickly.
- Decisions about multichannel and omnichannel marketing should be more agile.
- Improved positioning and search engine optimization.
- Customers who are more satisfied and loyal.