The term “omnichannel” would take first place in a competition for the most popular buzzword in e-commerce over the last decade if we were to statergy such an event. This term encompasses much more than just multi-channel marketing and sales. According to this strategy, each sales channel is equally important and deserves the same amount of time and attention.
Mobile sales, marketplaces, websites, and physical stores are just some of the points of contact between a customer and a product that exist today. It is also common in the MLM model to have subscription sales or sales of any kind. Once this is accomplished, it is critical that all product information be consistent across all channels. One of the objectives of PIM is to attain this.
PIM is put to work in the name of data accuracy.
More information about the advantages of PIM can be found on our blog or in the ebook. As a product information management system, it is used to not only complete product information but also to streamline work in product catalogue teams and to create product templates.
It is possible that the data consistency problem was less severe in the early days of e-commerce because there were simply fewer opportunities to reach customers. However, this is not the case. In addition to an e-commerce platform and, possibly, a marketplace, there were no other places where you could sell your products.
It is critical to keep data under control and to manage it in an effective manner now that there are many (and I mean a LOT) more stores, customers, and, perhaps most importantly, data sources.
This central hub receives information from various sources (ERP, PDF files, Excel spreadsheets, etc.) and distributes it to various sales channels. PIM is an acronym for Product Information Management. When it comes to PIM, it is a perfect example of the entire concept of omnichannel, which is the ability to provide a high level of consumer experience at every stage and across every shopping channel.
One of the most significant advantages of PIM is the consistency (or, more accurately, correctness) of data across multiple distribution channels. Consider the following scenario: you sell on a marketplace but also have catalogue sales; it is critical that the data is properly aligned. Orders are kept safe in the product catalogue thanks to PIM.
The data can be exported to all channels or only selected channels, depending on your pricing strategy and current promotions. You no longer have to be troubled about the buyer seeing an incorrect price (which is always a disadvantage for the seller) or incomplete product information – unclear photos, a lack of information about the material used in manufacturing, or a lack of available sizes – on your website or in your store.
Product in an omnichannel environment
Customers are at the centre of all activities, which was true in the early days of online sales and continues to be true today. Achieving success means not only completing the sale, but also providing the best possible experience to your customers throughout their entire purchasing process. This is a general rule that will never go out of style: the customer is always at the forefront of everything you do.
The product’s role in the omnichannel environment, as well as how it influences purchase decisions, are both equally crucial considerations. The manner in which customers interact with you varies depending on the channel. This ensures that our data is accurate and consistent – and that our customers have the best possible shopping experience.
The inconsistency and incorrectness of data across channels can cause “cognitive dissonance” in the customer, who may become confused by the disparate information and, as a result, have a negative impact on the brand’s reputation.
PIM is more than just a repository for data gathered from various sources and routed to various distribution channels; it is also a tool for collaboration and communication. Here you can enter product information, add images and videos to support your product, and even make your own custom product templates. Product information management (PIM) is a tool that prioritises the product, but it also benefits the entire team that manages product data.
The following are the primary advantages of PIM in omnichannel:
Sending accurate data to various distribution channels in real time is essential.
The use of a central data source allows you to manage all of your data from a single location.
Adapt to the specifics of the business environment and the characteristics of individual channels.
Beyond the obvious advantages of PIM in an omnichannel environment, it is important to note that it contributes to a positive shopping practice for users by reducing abandoned shopping carts and return rates. When you open a package containing a product that has been accurately described, there is less chance of being disappointed.
Is it possible to have an omnichannel strategy today without a PIM?
The use of a customer relationship management system (CRM) is a critical component of being able to fully capitalise on the opportunities presented by omnichannel, to reach customers through various channels and provide them with the best shopping experience in each of those channels.
A product information manager (PIM) is used for more than just transferring product information from an Excel spreadsheet to the store platform. It serves as a centralised location for data management, which includes the formation of product templates tailored to specific assortments and product families, as well as the establishment of data completeness levels for each assortment and product family.
To say that PIM system is only useful for e-commerce would be overly simplistic; in reality, it can be used by any organisation that deals with data and wishes to streamline workflow processes between team members.