Ecommerce Product Information Management Software- Everything you need to know
The amount of data that businesses deal with is enormous. It is desirable that this phrase conjures up ideas of sales charts, website traffic statistics, and other sorts of data, however these are only a few of the data types involved in business administration. These forms of data are collected by businesses to aid in the formulation of strategies and the identification of areas for improvement; however, we’re going to talk about a different type of data that a business develops and keeps on its own behalf. Ecommerce Product Information Management Software , in particular, and its authority are important.
Product data includes any and all forms of information about a product that a company offers, including manufacturing materials, technical specs, size and weight, photos and schematics, and a plethora of other advice. This is the information that your firm presents to potential customers in order to assist them decide whether or not to purchase your items, and it is therefore essential to your company’s profitability.
A variety of areas, including your eCommerce website, your products’ packaging, your marketing materials, and other sources, show product information.
When product information needs to be altered or added, the issue occurs, especially when there is a vast amount of information owing to the size of your inventory. In order to ensure that the relevant new or updated product information reaches all of your channels in a timely manner, it might be challenging to conduct several channels.
The Data Management Challenges Facing eCommerce Businesses
As inventories rise, existing infrastructures are finding it increasingly crucial to categorise all of the data associated with each individual product in their database. It may not be difficult to add new product information in a single spot, such as on your eCommerce website, but that is not the only place that this data is used; there are diverse other places as well.
Ecommerce Product Information that has been changed or updated must be communicated to all channels, which may include several eCommerce storefronts, external sales channels such as Amazon, Facebook, and Google Shopping, as well as internal channels such as your marketing department and packaging designers.
Without an productive method of distributing accurate product data across all channels, your organisation risks squandering time, money, and personnel – or worse, enabling inaccurate information to endure while time-consuming data management chores chug around in the background.
Allowing wrong product information to remain, regardless of whether the mistakes are the consequence of outdated advice or the inherent risk of human error that comes with manual data entry, can affect your company’s bottom line. Customers who are disappointed will assume that they have captured the improper products and will come to the conclusion that they cannot rely on your company.
Even while the amount of time and resources you’ll be obligated to commit to customer support and returned purchase handling will be daunting and expensive, it will be insignificant in connection to the damage done to your brand’s reputation. Additionally, additional costs and waste can emerge as a result of inappropriate packaging being manufactured since a portion of your staff is not yet aware of the adjustment.
Businesses that are expanding require more active Ecommerce Product Information Management Software.
For the most part, firms either fail to adopt a strategy for development and change within their own inventories or underestimate the significance of such a system. It’s simple to see how this mistake could be made, especially for organisations that began off small enough that everything could be done manually.
Growing your business can be an exhilarating experience; but, it also necessitates the development of more capable infrastructure as well as the development of more effective means of handling a constantly expanding workload. Larger organisations must improve their systems at a pace that both backing their growth and keeps them within their budgetary constraints.
The first stage is typically the implementation of an Ecommerce Product Information Management Software; however, this platform may not include all of the functionality required for omnichannel product information management.
If you want to swiftly add any number of new goods to your company’s infrastructure, as well as update data for any current items as needed, you’ll need the perfect tools that will allow you to do so with the least amount of time, effort, and expense possible.
What Causes Product Information to Become Out of Date?
Even if you have never had to have your items’ information updated, you may be curious about how product reports can become out of date. What causes product information to be subject to change, and how does it happen?
Sometimes it’s as simple as spotting an error or inaccuracy during the course of typical business operations and reporting it. For example, if customers continually ask the same question about a product before purchasing it, it is clear that you have omitted some critical information from your product description. Customer complaints about products not matching their descriptions are another example of erroneous information being provided to customers that should be corrected as promptly as feasible.
Alternatively, it is possible that, despite the fact that your product information is true, you will need to boost its SEO or make other adjustments in order to capitalise on new marketing opportunities. This could necessitate the discharge of a new version of one of your items.
It is understandable that you want to ensure that your ecommerce PIM software is authentic from the start; yet, modifications may be required due to events beyond your control, such as a change in your supply chain. Manufacturers hardly alter key components of their manufacturing processes, such as the materials utilised or where they’re acquired, the weight or size of specific completed products, or other variables, to meet changing market demands.
Because rising manufacturing expenses make it more valuable for your company to purchase a manufacturer’s goods, you may be forced to raise your own prices as a result of the increase in manufacturer’s costs.
Any number of factors, from government regulation to public opinion to natural calamities and everything in between, can cause these shifts to occur.
For example, Madagascar, which is prone to cyclones, produces 80 percent of the world’s vanilla. Vanilla vines bear beans after 2–4 years of growth, and the beans must be allowed to cure for many months before they can be utilised in the manufacturing of vanilla extract. It has been several years since catastrophic weather in Madagascar caused crop losses that would take years to recover from. As a result, the price of vanilla has increased several times, whether as a bottled extract or as an ingredient in your favourite cake recipe.
Vanilla prices have grown so substantially in recent years that companies who use vanilla in their products have either had to hike their own pricing in order to be profitable or have had to switch to artificial vanilla flavouring to remain profitable. In order to be successful, both approaches needed that product information be updated as soon as feasible.
To make matters even more unpredictable, vanilla is not native to Madagascar, which means that the blooms must be hand pollinated in a very short period of time — only one day. To make matters even more unclear, the flowers must be hand pollinated in a very short period of time. Even if the weather cooperates, anything that prevents the vanilla farmers from following their rigid timetable can cause the harvest to be delayed, resulting in more price changes and the need for all dependent businesses to update their product information.
The idea is that anything is conceivable in this situation. The weather in Madagascar may or may not have an impact on your company, but this is an excellent example of how a seemingly unrelated occurrence can have far-reaching consequences for your product sourcing and manufacturing operations. A quick and efficient way to update product information is essential for your organisation to be prepared for any situation that may arise.
What is the level of difficulty in maintaining Ecommerce Product Information Management ?
For example, entering data for a single product on a single channel can be relatively straightforward, so if your company is still in its infancy, it may be difficult to comprehend the enormous amount of work involved in updating thousands of products across multiple platforms and keeping them all consistent. Even worse, if the process goes too lengthy, further updates may be discovered during the process, further compounding the problem.
Some business owners fail to recognise that product information can change, and as a result, they may not have a simple means to update their own website when this takes place. This difficulty can be avoided, thanks to the existence of specialised Ecommerce Product Information Management Software that includes product management features.
It is critical that product information be accurate, consistent in structure, and effective in conveying the value of your items to potential customers. In addition to thorough confession, high-quality photographs, and other features, you’ll need them.
For products that currently have excellent customer reviews on your website, you will want to incorporate the product’s star rating when listing the product for sale on Facebook or Google Shopping. In other words, product information is significantly more complex than simply prices and specifications, making efficient management even more challenging.
As you progress in your career, the amount of work you have to do increases tremendously. The greater the size of your organisation, the more data you’ll have to manage – and as your firm grows, the technologies that once worked effectively for you will no longer be ample.
Data management is comparable to any other activity in that it necessitates the use of more powerful technologies when the job becomes larger. Using a garden trowel, you could simply dig a tiny hole; however, how would you go about digging the foundation for a new structure? Of course not; you’d engage a team of excavation professionals.
Using the information we just covered, can you maintain track of 50 products in a spreadsheet with all of the information we just discussed? It’s possible, but what about 50,000 dollars? In this instance, it’s time to bring in the big guns – in this example, the Ecommerce Product Information Management Software.
What is Ecommerce Product Information Management Software?
The use of Product Information Management systems grant you to keep all of your product information in one place, where it can be accessed by all of your channels and departments. A properly settled product information management system provides a substantial competitive advantage by standardising product data and expediting the process of sending it out to all channels.
Ecommerce Product Information Management Software is available from a number of vendors and may frequently interact with certain components of your other PIM Ecommerce software, such as backlog tracking and control systems. A number of eCommerce platforms incorporate PIM functionality straight out of the box.
A well-designed product information management system will dramatically backlog the amount of time spent adding, updating, and disseminating product information across numerous channels. You may automate the process of pushing updates to your other channels, either as they happen or on a regular basis, with certain PIM systems including this feature.
In order to reduce the challenges of product data consistency and management across your entire organisation, to ensure as easy distribution of the highest-quality product data as possible, and to provide you with the tools and opportunity to improve your product information across the board, product information management (PIM) is used.
The Advantages of Using Ecommerce Product Information Management Software
- The most fundamental advantage of product information management (PIM) is that it significantly advance the way your company handles product data. But what does this imply in practise? Now let’s take a closer look at how a solid PIM system might benefit your company in a number of different ways:
- Using product information management (PIM), it is possible to collect product data in a single, centralised location. This implies that your company will only have to manage one database, rather than manually updating information in different locations around the organisation. In addition to saving significant time, it also prevents errors from spreading across the system.
- Because PIM Software is centralised, all of your channels and departments will receive the same information, guaranteeing consistency throughout your whole organisation. Greater efficiency and speed as a result of these improvements.
- In addition, product information management systems can import product data directly from suppliers, ensuring accuracy while saving even more time. It is true that you should make an effort to write a rare product description and re-word bullet points where possible in order to avoid a potential SEO penalty for duplicate content, but pulling technical specifications and other details directly from the supplier’s database is still extremely beneficial.
- Products are categorised and their information is pushed to the appropriate location using PIM’s extensive organisational features, whether you are adding a single product or thousands at a time. As a result, your products will enter the market more quickly and will begin to generate revenue sooner.
- Because product data can be easily exported to other eCommerce websites and marketplaces, omnichannel sales become virtually second nature when using Ecommerce Product Information Management Software(and updated just as quickly). Your organisation can sell things on your Facebook Business Page, generate listings for Google Shopping, and even list products on eBay with just a few mouse clicks. There are additional alternatives for, among other things, synchronising information across numerous websites owned by your firm.
- Because product information management (PIM) makes it easier to add, update, and disseminate product information, your organisation can commit more time and effort to that information while still feeling certain that it will reach the proper channels and audiences. The current situation presents a fantastic event to strengthen your product information by including better descriptions and media that can elicit emotional responses from clients and assist them in connecting with your brand more rapidly.
- A Ecommerce Product Information Management Software allows for rapid updates to product information, preventing outdated information from persisting on your online catalogue or other sales channels. This helps to escape negative customer experiences related to purchasing “the wrong product” or feeling misled by your company.
A Ecommerce Product Information Management Software can assist you combat the unpredictable nature of certain markets by providing a rapid means for keeping your product information up to date.
In summary, PIM capabilities enhance a variety of corporate functions, all of which commit to enhanced efficiency and sales.
Are There Any Disadvantages in Using PIM?
While PIM offers numerous advantages, it also has a number of disadvantages, which you should anticipate when attempting to integrate any form of software or technology within your organisation. It is important to note, however, that selecting a PIM system that is suitable with your eCommerce software can alleviate the majority of the downsides.
It is necessary to collect more data types for some product kinds than others; for example, you may require precise technical requirements, parts numbers, and/or any other information. PIM software can be difficult to customise in order to include the additional features necessary to keep track of this information.
There is a steep learning curve associated with some Ecommerce Product Information Management Software, which makes it tough to get started implementing it in your organisation.
When you can combine your PIM with your ERP (enterprise resource planning) system, you may incorporate inventory counts and other variables in your reports, which is incredibly valuable. You could want the inventory count and star rating for each product to be retrieved from your online store and shown on Facebook, for example, if you are exporting products to another sales channel, such as a Facebook shop. The unfortunate reality is that some PIM solutions are not capable of integrating with your ERP and thus cannot access this type of information.
The general integration of some Ecommerce Product Information Management Software is inadequate, making it difficult to operate with your existing infrastructure.
Many Ecommerce Product Information Management Software are only meant for large organisations, preventing smaller businesses from realising the benefits of these solutions because of exorbitant prices, special development needs, or other obstacles to adoption.
As previously stated, you can avoid these problems by carefully select your personal information manager (PIM).
How to Implement Ecommerce Product Information Management Software in Your Organization
You’re probably considering implementing a PIM solution to assist optimise your own operations now that you understand what PIM is and how it may benefit your company (as well as the drawbacks to be aware of).
Continue reading for some further information to help you determine whether PIM is applicable for you and how to begin.
When Should a Ecommerce Product Information Management Software Be Implemented?
Earlier, we compared PIM to heavy machinery in the sense of bringing it in to handle larger chores that would be too difficult or time-consuming to complete manually in the first place. That does not imply that you should wait until you are already in difficulty before seeking help. Putting a PIM system in place can have an actual positive impact on the performance of some firms, even small ones.
Take into consideration the following questions about your firm while considering whether or not it is time to use PIM.
- What is the current number of products that you have on the market?
- What level of detail is there in your product information? This comprises both the information (such as technical specifications) and the structure of your categories.
- Do you intend to offer any new items in the near future?
- Is there room for improvement in the information you provide about your products? Are there ways to improve it, such as by including better media and additional details, as well as higher-quality descriptions, to assist clients visualise themselves utilising your products?
- Having trouble giving your product information the attention it needs because you’re rushed for time? If so, you’re not alone.
- Do you now sell through several channels (such as Facebook, eBay, Google Shopping, and so on) or do you have plans to do so in the near future? If you do not currently sell through multiple channels, what are your plans for the near future?
- If your company is currently experiencing rapid growth, it may be necessary to develop your operations in the near future.
Of course, pricing is a key issue when searching for a PIM eCommerce solution, but this does not necessarily imply that PIM is out of your price range at this time. As eCommerce grows in scope and multichannel selling gets more sophisticated, the requirement for enterprise resource planning (ERP) in every firm has been much more widely recognised and accepted. PIM software that is reasonably priced is available from a variety of vendors, and it can even be linked into the eCommerce software that you use for your website.
What to Look for When Purchasing a Ecommerce Product Information Management Software
When it comes to selecting a Ecommerce Product Information Management Software, the first steps you take will most likely be decided by the size of your organisation and the scale at which you are accustomed to operating. If you are the owner of a small startup that is wanting to expand, you may want to start your investigation on the internet. Your first port of call should be your company’s development team or a consultant if you work for a large firm and are seeking for improved data management solutions.
In any case, excellent Ecommerce Product Information Management Software is currently available for your company; therefore, you should investigate those possibilities before deciding to develop a custom solution. While some firms have extremely limited requirements and conditions, the great majority of businesses may acquire everything they require from existing software.
When designing custom software for your firm, whether it’s a product information management system or your own eCommerce platform, there are a number of additional considerations. During the initial stages of the project, most firms are uninformed of the full extent of the undertaking and the vast amounts of labour required to keep things up to date and operational perpetually. The majority of the time, what starts out as a cost-cutting technique ends up producing unexpected complications that lead costs to escalate over time.
According to a close examination of the situation, the majority of companies’ motivations for seeking custom software development boil down to a sense of pride in ownership and a desire for independence, both of which are entirely understandable, as well as a mistaken belief that no existing solution could fully meet the needs of the business. In many cases, this results in firms disregarding potentially valuable software and services while wasting valuable time and resources on the same old thing.
When it comes to software, the SaaS (software as a service) model is the one that saves the most time, labour, and money for the user. When using a SaaS solution, the software provider is responsible for all maintenance, web hosting, security, software development and upgrades, as well as any other technical elements. The user only has to log into the service; there is no requirement for the user to install or maintain the programme on their own computer or device.
When it comes to eCommerce, SaaS provides unprecedented facility and ease of use. A one-person operation can now be run entirely from a laptop, but the sheer accessibility of SaaS solutions has led some larger organisations to dismiss them, believing that they are only suitable for beginners and not suitable for enterprise eCommerce. This simply isn’t true in this instance. Cloud-based software is a realistic alternative for enterprises of all sizes, and the appropriate PIM eCommerce platform is currently available at your fingertips.
The Quickest and Easiest Way to PIM: Use an eCommerce Platform with Built-In PIM Features.
All too frequently, businesses begin looking for a PIM solution after their workload has expanded to the point where inaccurate product information is all over the place and sales are already hurting. For obvious reasons, this is the wrong planning.
PIM approval in a firm can also result in costly downtime while systems are changed and workflows are adjusted to match the new software. This is sometimes unavoidable, but it does not have to be the case for every firm. Depending on your eCommerce software, the ease of implementing PIM (and transferring your present configuration to operate with it) varies.
The greatest approach for any firm is to have PIM capabilities from the outset, eliminating both of the above scenarios. This means you’ll require eCommerce software that blend PIM features, but does such a solution exist?
MarketStudio by Questudio, yes.
MarketStudio’s Operation as a PIM eCommerce Solution
MarketStudio is a full-featured SaaS Ecommerce Product Information Management Software built for optimum functionality and skill in any size business. MarketStudio can be used to develop a whole website, centralise sales and inventory management across different platforms, or add an online store to an existing website. MarketStudio’s built-in PIM features are great for multichannel sales and ensuring that your product information is consistent across all channels.
Let’s take a look at MarketStudio’s product and inventory features and how they work:
Product pages are extensive and configurable, with plenty of area for specifications, lengthy descriptions, media, and more. Every product page can feature the richer product information customers ask for, plus you’ll have unlimited disc capacity to include all the high-quality photographs and video you need.
You can manually add products to your MarketStudio store or upload them in bulk via CSV file, which is necessary for enterprises with huge catalogues.
Unlimited product options and variants mean that you may present every product alternative you sell without the need to erroneously split a single product into multiple listings, which is typically required on other platforms. You can also utilise Advanced Options to assign different weights, pricing, or other data to multiple product variations.
Unlimited, powerful categorisation allows you to classify your products anyway you see fit, benefiting your clients in locating what they’re seeking for while also enhancing your SEO.
With built-in multichannel connectors, you can export comprehensive product listings to channels like as eBay, Facebook, Google, and others. This means that your complete, correct product data is always available for eBay and Amazon listings, your Facebook Business Page, Facebook advertising, Instagram Shoppable Posts, Google Shopping, Google advertisements, and other platforms.
The exported product data incorporates up-to-date information such as current pricing (including any active discounts), star ratings determined from customer reviews, and in-stock status calculated from inventory count.
Import feature is also available, allowing you to pull all of your existing products from eBay or other platforms such as Houzz.
Your inventory and sales are synchronised across all platforms to ensure that you always have an accurate count of every product you sell, regardless of where it was sold.
To centralise your workflow, you may handle all of your sales straight from your MarketStudio dashboard.
Integrate with your suppliers to import whatever product data they supply, including dropshipping and print-on-demand services.
MarketStudio’s robust product management system is built for multichannel sales and serves as a Ecommerce Product Information Management Software out of the box. Several third-party apps are also available to assist connect your MarketStudio store to different services and further expand your business’s eCommerce potential.
A firm of any size may use MarketStudio to construct a full-featured eCommerce website and sell across various channels from the outset.
While any organisation can integrate with an external PIM system, it’s ideal to pick one that integrates easily with your ERP so it can access data such as inventory counts and sales reporting. This means that there is no better way than to run your business on an eCommerce platform that includes a PIM system.
Built-in PIM also means that even the most new enterprises will have these features available as soon as they are needed and will not have to expend resources later on to build PIM. In fact, applying PIM from the outset assures that your organisation will never encounter the disruptions that occur with having to change and update your product information management practises in the middle of the process, much like trying to build a boat while it’s already going down the river. Instead, you’ll have everything you need to start with endless scalability.
MarketStudio is the appropriate Ecommerce Product Information Management Software for any size business that wishes to sell online across numerous channels and archive rich product information in a centralised database, all while tracking inventory and managing sales from a centralised dashboard. This means significant time and burden savings, allowing you to effectively disperse your resources and focus on expanding your business rather than battling with incompatible software or manually inputting redundant data.
MarketStudio develops with your business, saving you the headache of switching to a different platform – unlike other systems that are only suitable for firms at specific stages. Furthermore, enterprise-grade capabilities such as PIM are included into the MarketStudio Ecommerce Product Information Management Software, guaranteeing that your organisation has access to the greatest tools from the outset. This will offer you with a huge advantage over your competitors.
The business world is unpredictable, and eCommerce competition is always fierce, but MarketStudio provides everything you need to not only survive, but prosper.